• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
APY GUY: Maximize Your Savings & Earnings

APY GUY: Maximize Your Savings & Earnings

MENUMENU
  • Saving and Spending
    • CDs
      • CD Rates Forecast 2022 – Will Rates Go Up in October and November?
      • Capital One CD Rates
      • Ally Bank CD Rates
      • Chase CD Rates
      • Citibank CD Rates
      • Discover Bank CD Rates
      • US Bank CD Rates
      • Fidelity CD Rates
      • Edward Jones CD Rates
      • Charles Schwab CD Rates
      • Navy Federal Credit Union CD Rates
      • Vanguard CD Rates
    • Savings
      • Best High Yield Online Savings Accounts for 2023
      • Affirm Savings
      • Aspiration Spend & Save
      • Bask Bank High Interest Savings
      • Citi Accelerate Savings
      • Citizens Access Online Savings Account – 2.35% APY!
      • Fitness Bank Savings Review – Now up to 3.60% APY!
      • LendingClub High Yield Savings – Now 2.75% APY!
      • Smarty Pig
      • Synchrony High Yield Savings Account – Now 2.45% APY!
      • UFB Direct Savings Account – Now 3.01% APY!
      • Alternatives to CDs and Savings
    • Checking & Debit
      • 25+ Best Debit Cards for Kids & Teens [December, 2022]
      • Best Bank Promotions & Cash Bonuses for 2022
      • Citibank Checking Account Bonuses
      • Huntington Bank Bonuses
      • PNC Bank Bonuses
      • Truist Bank Bonuses
      • Wells Fargo Checking Account Bonus
      • Chase First Banking
      • Fidelity Youth Account
      • Verizon Family Money
      • Copper Banking
      • BusyKid
      • Greenlight
  • Investing
    • Real Estate
      • Top 8 Real Estate Crowdfunding Platforms for 2022
      • Yieldstreet Review 2022 – 9.71% Avg Annual Returns
      • CrowdStreet
      • Fundrise Review: Compare Annual Returns vs Competitors
    • Stocks & More
      • Best Stock Screening Service
      • MotleyFool
      • Stansberry Research
      • Seeking Alpha
      • Zacks Investment Research
      • Citi Personal Wealth Management
      • Robinhood Cash Management
      • Fidelity Cash Management
You are here: Home / Online Savings Accounts / Wells Fargo Platinum Savings – Now up to 2.51% APY!

Wells Fargo Platinum Savings – Now up to 2.51% APY!

Written by: editorial staff
February 13, 2023

Wells Fargo, based out of San Francisco, CA, is the fourth largest bank in the United States by assets with just shy of $2 trillion ($1.955 trillion).

Like many of the country’s largest banks, Wells Fargo has also been slow to increase their rates for savers in our rapidly increasing interest rate environment.

That said, their CD rates have been increasing incrementally lately and their Platinum Savings Account just saw a large rate bump this November.

While the Wells Fargo Platinum Savings account has provided abysmal yields over many years, it looks like their rates are finally on the rise, albeit still far behind the top yields found with many online banks and nationally available credit unions.

To see if the Wells Fargo Platinum Savings account is right for you, continue reading our review below.

In this post you'll learn:

  • Platinum Savings Rate + Account Details
  • Rate
  • Compounding and Crediting Interest
  • Opening and Managing the Account
  • Final Thoughts

Platinum Savings Rate + Account Details

Please Note! The Wells Fargo Platinum Savings account comes with a minimum deposit requirement of just $25 to open, however, unless you keep an average daily balance of $3,500 each month you’ll be charged a monthly service fee of $12.

Rate

The rate and APY (annual percentage yield) you receive are determined by both your balance amount and your relationship status with Wells Fargo (i.e. if you have a linked checking account).

BalanceStandard APYRelationship APY
$0 – $99,999.990.25%0.26%
$100k – $499,999.991.01%1.02%
$500k – $999,999.992.00%2.01%
$1m +2.50%2.51%
APY = Annual Percentage Yield

All deposits are federally insured by the FDIC up to the maximum limits.

To put these yields into perspective, the national average for a savings account sits at just 0.44% APY, according to FDIC data.

That said, there are a number of FDIC-insured, online banks paying over the 4.50% APY mark on all balance amounts following the Fed’s first rate hike of 2023 on February 1st.

To be eligible for the Relationship APY, you must have one of the following linked checking accounts:

  • Prime Checking,
  • Premier Checking or
  • Private Bank Interest Checking account

Compounding and Crediting Interest

Interest is compounded daily and paid back to your account monthly.

Opening and Managing the Account

The Platinum Savings account can be opened online or in one of Wells Fargo’s 5,200 branches. It can also be opened as a joint account which expands your FDIC coverage to $500,000 ($250,000 per individual). You can open the account as a current Wells Fargo customer or a new Wells Fargo customer.

If opening the account online, you’ll need the following information (at a minimum) to complete the process:

  1. Primary email address
  2. home address
  3. phone number
  4. Social Security number (or ITIN)
  5. Valid ID (driver’s license, state ID, or Matricula card)

When making your initial deposit, you’ll need the following (if not transferring from another Wells Fargo account):

  • Bank or credit union name where funds will be withdrawn from
  • Bank or credit union’s routing number
  • Your account number

Once your account is open, you’ll have 24/7 access to your funds via Wells Fargo’s online portal or their native apps for Apple and Android phones.

You will also have the ability to write checks from the Platinum Savings account as well as withdraw cash from any of Wells Fargo’s 13,000 ATMs via a Wells Fargo ATM card. There are no debit cards available for just the Platinum Savings account, however, you’ll need a linked checking account for that.

If you’d like to make automatic transfers into the Wells Fargo Platinum Savings account you will need to have a linked Wells Fargo checking account. This will also make you eligible for the Relationship APY.

Final Thoughts

While it is great to see Wells Fargo finally start to lift some of their savings rates, this account is still not competitive at this time.

Plus, the fact that you’ll need to maintain an average daily balance of $3,500 to avoid a monthly service fee of $12 makes it less favorable than the numerous online savings accounts offered by smaller banks with no minimum balance requirements or monthly maintenance fees.

We should also note that the perks of having an ATM card, easy ATM access plus check writing capabilities are features not typically associated with other savings accounts.

ABOUT THE AUTHOR

editorial staff: A group of savers, investors, side-hustlers and entrepreneurs serve the editorial team with a combined 20 years experience in entrepreneurship, banking and blogging.
Read More

Filed Under: Online Savings Accounts Tagged With: Wells Fargo

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

APY Updates

  • Will CD Rates Go Up in March and April 2023?
    March 22, 2023
  • Fifth Third Bank CD Rates – Now up to 4.50% APY!
    March 22, 2023
  • Charles Schwab CD Rates – Now up to 5.35% APY!
    March 21, 2023
  • Citibank CD Rates – Now up to 5.39% APY!
    March 20, 2023
  • Mountain America Credit Union CD Rates – Up to 4.60% APY!
    March 20, 2023
  • Bask Bank Review – Rates now up to 4.85% APY!
    March 20, 2023
  • Citizens Access CD Rates – Now up to 4.75% APY!
    March 17, 2023

The Big Banks

  • Bank of America CD Rates
  • Capital One CD Rates
  • Citibank CD Rates
  • Chase Bank CD Rates
  • Wells Fargo CD Rates
  • U.S. Bank CD Rates

Noteworthy Credit Unions

  • Navy Federal Credit Union CDs and Savings
  • Patelco Credit Union CDs and Savings
  • PenFed CDs and Savings
  • Connexus Credit Union CDs and Money Market

Brokered CDs

  • Edwards Jones
  • Charles Schwab
  • Fidelity
  • Vanguard

Alternatives

  • 12 Alternatives to CDs and Savings Accounts

Real Estate Investment Platforms

  • Yieldstreet - Avg 10.61% Returns

Footer

Disclaimer

APY GUY strives to keep its information as accurate and up to date as possible. This information may be different than what you see at a bank, credit union or other financial institution. This applies to both in person visits and their website(s). Any financial products or services represented or discussed on this website are without warranty. When evaluating offers viewed on APYGUY.com, please read the financial institution’s Terms and Conditions.

About Us. Privacy Policy. Terms Of Use. How We Make Money.

Categories

Connect with Us:

  • Email
  • Facebook
  • LinkedIn
  • Twitter

Know of a fantastic APY offered by your local bank or credit union?

Don’t be shy, please share!

Send an email to hello@apyguy.com with the name of the institution, rate (APY) and type of product.

Our editorial staff will confirm the product, rate and APY (annual percentage yield) with the institution and publish it immediately for our viewers.

Copyright © 2023 - APYGUY: Maximize Your Savings & Earnings

Home>Online Savings Accounts>Wells Fargo Platinum Savings – Now up to 2.51% APY!