![]() The tradeoff is they lack the convenience of a larger bank, which offers in-person service and a wide ATM network for withdrawals. The highest-yield savings accounts are typically offered by smaller online banks that don’t have the overhead of physical branches. Savings accounts typically offer modest interest rates, so it makes sense to compare options between banks to get the most for your money. 2, 2024, and are based on New York City’s 10001 zip code. However, regardless of the tier and APY, all Platinum Savings accounts are eligible for an additional 0.01% if their account is linked to one of the following eligible Wells Fargo checking accounts: The more money you have, the higher the rate you earn. Platinum savings is a more traditional savings account, but your rate depends on the amount of money you keep in the account. You earn virtually no interest on this account. Way2Save is intended to help you boost your savings over time, transferring money from your checking account on a schedule you create. There are two main types: Way2Save and Platinum Savings. Wells Fargo savings accounts offer a range of rates that are compounded daily and paid monthly. The amount you’ll earn on both your balance and the interest accrued over the course of a year is called the annual percentage yield, or APY. Savings accounts are generally intended to be a place to earn interest on money you don’t need frequent access to – but still having the ability to withdraw it quickly when you need to. The MarketWatch Guides team will explain how Wells Fargo’s rates compare with other financial institutions, how to open an account and tips to help you get the most out of your savings. As a national bank, Wells offers easy access to branches and ATMs that you won’t find with higher-yielding online accounts. The interest rates on these savings accounts are much lower than you’ll find elsewhere, but people with lots of savings can earn rates double and even triple the national average.īut even for more typical bank customers, Wells Fargo has some advantages. Wells Fargo, one of the largest banks in the country, offers customers two types of everyday savings accounts. However, Wells Fargo does have 7,000+ branches across the country, making in-person service easier.You’ll need at least $100,000 in deposits to earn even 1% APY. Interest rates on all Wells Fargo savings accounts are fairly low.Wells Fargo offers both standard savings accounts and one for those looking to automate their savings, moving money from a Wells Fargo checking account on a schedule you set.
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