As one of the largest banks in the country, Wells Fargo offers a wide range of banking services. However, its savings accounts have mediocre APYs that fall below the national average and are far less attractive than high-yield options from online banks.
The Way2Save and Platinum Savings accounts earn a meager 0.21% APY, below the national average of 0.45%. You may qualify for slightly higher relationship rates if you link your savings account to a Wells Fargo private bank or premium checking account. But even with these rates, you can find better options with no monthly fees and low to no minimums.
Wells Fargo also offers a handful of certificate of deposit (CD) accounts, including six-month and seven-month Special Fixed Rate CDs that pay 4.75% APY. However, these interest rates are only available to new customers who open the account and maintain a $10,000 minimum balance for the promotional period. And if you don’t meet the promotion terms, you’ll earn only the account’s regular APY of 0.25%.
The low APYs offered by Wells Fargo savings and CD accounts make it important to shop around before you decide where to put your money. Other large banks, such as Capital One, offer more competitive CD terms and higher savings APYs. In addition, online-only banks, like Bask Bank and CIT Bank, often have the best rates for high-yield savings accounts.