![]() Through growth and acquisitions in its almost 200-year history, it’s become one of the “Big Four” banks in the country.*Eligible individuals will be sent redemption instructions for the My Mortgage Gift SM award approximately 2 weeks after closing on a new purchase or refinance loan secured by an eligible first mortgage or deed of trust with Wells Fargo Home Mortgage (“New Loan”), subject to qualification, approval and closing. The company was founded in 1852 to transport gold and express mail delivery from the eastern United States to fast-growing California during the Gold Rush. Wells Fargo is a San Francisco-based, multinational financial institution and one of the largest banks in the country. ![]() Similar to its savings accounts, you can increase your yield by 0.01 percentage points if you qualify for the relationship APY by connecting the account to an eligible Wells Fargo checking account. Wells Fargo Standard Fixed Rate CDs can be opened with a minimum deposit of $2,500 with rates of: You can open a Wells Fargo Special Fixed Rate CDs with a minimum deposit of $5,000 with a base rate of 4.75% APY for a seven-month CD. These accounts come with a fixed interest rate for the duration of their renewal term. ![]() In addition to its savings accounts, Wells Fargo offers certificates of deposit (CDs), also known as Time Accounts. Of course, you could have multiple savings accounts. That puts Wells Fargo’s Platinum Savings account right in line with an average savings account, though the Way2Save Savings account falls short.Įven the Platinum Savings account from Wells Fargo is a relatively low-yield way to save compared with high-yield savings accounts, which can reach around 1.00% to 2.00% APY on any balance with no fees or balance minimums.įor a high savings balance, like the $1,000,000 or more you need to earn the account’s highest APY, a CD or investment account can offer a much higher return on investment than a standard savings account. The national average deposit rate for a savings account is 0.47% as of March 18, 2024, according to the FDIC’s official record. Learn more: Should you open a savings account? How Wells Fargo compares The amount you can typically earn in interest on a standard savings account with Wells Fargo is relatively insignificant compared with other savings and investment options, and will likely pale in comparison to inflation. Interest compounds daily and is paid monthly on the money you deposit, so the longer your money sits in an account, the more it will earn. The amount you can earn in interest in a Wells Fargo savings account depends mostly on how much you contribute and how long you have to wait before you withdraw funds. The Platinum Savings account monthly service fee is $12 which can be waived with a $3,500 minimum daily balance each fee period. The Way2Save Savings account monthly service fee is $5 monthly fee (which can be waived with a $300 minimum daily balance, one automatic transfer each fee period of $25 or more from a linked Wells Fargo checking account, one automatic transfer each business day within the fee period of $1 or more from a linked Wells Fargo checking account, one or more Save As You Go® transfers from a linked Wells Fargo checking account or if the primary account owner is 24 years old or under). Learn more: the best high-yield savings accounts have no fees and low to no minimums. If you link your savings account to an eligible Wells Fargo checking account, you can qualify for the Relationship APY, which adds a 0.01 percentage point to whatever your current APY is.īoth accounts come with a monthly service fee that you can avoid by meeting certain criteria. On the Way2Save Savings account, you earn an APY of 0.01%. Overview of Wells Fargo savings account interest ratesīoth Wells Fargo savings accounts offer their standard APYs without conditions you just need at least $25 to open the account. Wells Fargo savings accounts offer variable interest rates, meaning all rates are subject to change.
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