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Wells Fargo Platinum Savings Account review

Potential to earn 0.04% APY — but only for 12 months, and you can’t qualify online.

finder.com’s rating: 3.1 / 5.0

★★★★★

The Wells Fargo Platinum Savings account is available in all 50 states and offers a debit card and checks for easy access. But you can find higher APYs with other savings products. And to get the highest APY, you have to call or go to a branch location.

0.03%

APY

$12

Fee

$25

Minimum deposit to open

Details

Annual percentage yield (APY)0.03%
Fee$12
To waive the feeMaintain a $3,500 minimum daily balance
Minimum deposit to open$25
Intro or bonus offerTo receive the Bonus APY the account must remain linked to a Portfolio by Wells Fargo® relationship. If the Portfolio by Wells Fargo relationship is terminated, the bonus interest rate on all eligible savings accounts will discontinue and revert to the Bank's then-current applicable interest rate or fee.
Minimum balance to earn interest$0
Interest compoundingDaily
Monthly transaction limit6
More info

More Info

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Review by


Peter Carleton is a writer that covers banking and investing, breaking down what you need to know about where you put your money. When Peter's not thinking about cutting-edge banking apps and robo-advisors, he runs a creative agency and spends his spare time cooking or reading.

Expert review

The Wells Fargo Platinum Savings Account gives you access to your money when you need it. Though if you want to qualify for the high APY, you need at least to open the account, and you can’t open it online.

How do I open a Wells Fargo Platinum Savings Account?

The Wells Fargo Platinum Savings Account can be opened online, by phone or at a branch:

Online

  1. Go to the provider’s site and follow the steps to apply.
  2. From Wells Fargo’s website, hover over Banking and Cards, then click Savings Accounts and CDs.
  3. Scroll down to Platinum Savings and click Open Now.
  4. Choose between an individual or joint account, then click Continue.
  5. Enter your personal information, then click Continue.
  6. Choose your account options, then proceed to the next step.
  7. Fund your account, review details and submit your application.

By phone

If you’d prefer to speak with a representative, call 800-745-1534 Monday to Sunday from 9 a.m. to 9 p.m. ET.

At a branch

To open an account in person, you can visit any Wells Fargo banks. Though branches are not located in IN, KY, LA, MA, ME, MI, MO, NH, OH, OK, RI, VT or WV.

Eligibility

To open this account, you’ll need to meet a few eligibility requirements:

  • 18 years old
  • US residential address
  • Social Security number or tax ID
  • State-issued ID
  • Deposit at least $25

Required information

Regardless of how you choose to open this account, you’ll be asked for the following information:

  • Name, date of birth and address
  • Contact information
  • Social Security number or Tax ID
  • ID number
  • Employment information

What are the benefits of the Wells Fargo Platinum Savings Account?

This Big Four bank offers protection up to $250,000 and easy access to your money with a debit card and checks, along with other savings perks.
  • Earn interest. The Platinum Savings account offer APYs between 0.03% and 0.04%.
  • Overdraft protection. Use this account to protect your Wells Fargo checking account from overdrafts.
  • Savings tools. Set up automatic transfers and get access to tools like My Savings Plan to help you set, track and reach your savings goals.

What should I look out for?

Like other savings accounts, look out for the limit of six monthly withdrawals, along with some other downsides:
  • Monthly service fee. You need to maintain a daily balance of $3,500 to waive the $12 monthly fee.
  • Initial deposit requirement. Though a low requirement, you need $25 to open an account.
  • Overdraft fees. You’re charged $34 for each overdraft transaction, or $10 if you have overdraft protection.
  • Interest rate. The highest APY of 0.40% is only available if the account remains linked to a Portfolio by Wells Fargo relationship. Otherwise, the rate is 0.03%, which is far lower than other savings products.
  • Limited branch locations. Wells Fargo doesn’t have branches in IN, KY, LA, MA, ME, MI, MO, NH, OH, OK, RI, VT or WV.

Wells Fargo is far from the only provider and if the drawbacks will get in the way of your savings goals, you can compare your savings account options to find the best account for you.

Compare to other savings accounts

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
Aspiration Spend & Save Account
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Aspiration Spend & Save Account
5.00%
$0 per month or $7.99 per month for Aspiration Plus ($5.99 per month if you pay annually)
$10
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC and a $100 bonus when you spend $1,000 in your first 60 days.
Axos Bank High Yield Savings
Finder Rating: 4 / 5: ★★★★★
Axos Bank High Yield Savings
0.61%
0.25%
0.15%
$0
$250
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
BlockFi Interest Account
BlockFi Interest Account
Up to 8.25%
$0
$0
Score up to 8.25% APY with this free crypto-interest account. Not available in New York and not FDIC insured.
American Express® High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
American Express® High Yield Savings
0.40%
$0
$0
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Gemini Earn
Gemini Earn
Up to 8.05%
$0
$0
Watch your cryptocurrency earn up to 8.05% APY with this nationwide account. Not FDIC insured.
Nexo Earn
Nexo Earn
Up to 12.00%
$0
$0
This account accrues up to 12% APY on crypto, and interest gets deposited into your account on a daily basis. Not FDIC insured.
Quontic Bank High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
Quontic Bank High Yield Savings
0.55%
$0
$100
Interest is compounded daily. No monthly service fees. Competitive rates
SoFi Money
Finder Rating: 4.3 / 5: ★★★★★
SoFi Money
0.25%
$0
$0
SoFi Money® is a cash management account that charges no account fees to save, spend, and earn cash back rewards when you spend on brands you love.
Chime Savings
Finder Rating: 4.6 / 5: ★★★★★
Chime Savings
0.50%
$0
$0
Grow your savings automatically with recurring transfers, round-ups on debit card purchases and 0.5% APY.
CIT Savings Connect
Finder Rating: 4 / 5: ★★★★★
CIT Savings Connect
0.50%
$0
$100
CIT Savings Connect combines aspects of a checking and savings account in one product.
Quontic Bank Money Market
Finder Rating: 4.6 / 5: ★★★★★
Quontic Bank Money Market
0.40%
0.35%
0.30%
$0
$100
Competitive rates, no monthly fees, user-friendly online banking platform
Discover Online Savings Account
Finder Rating: 4.6 / 5: ★★★★★
Discover Online Savings Account
0.40%
$0
$0
Take advantage of a high-interest online savings account with no fees, no minimums and more.
UFB Direct High Yield Savings
Finder Rating: 3.6 / 5: ★★★★★
UFB Direct High Yield Savings
0.20%
$0
$100
Earn an APY when your balance is higher than $10,000 with this no-monthly-fee savings account.
UFB Direct Premium Money Market Account
Finder Rating: 2.9 / 5: ★★★★★
UFB Direct Premium Money Market Account
0.20%
0.10%
$10 per month
(can be waived)
$5,000
Enjoy the security and earning potential of a savings account while maintaining the flexibility to write checks.
Ponce Bank Money Market Deposit
Finder Rating: 4 / 5: ★★★★★
 Ponce Bank Money Market Deposit
0.41%
$0
$1
Ponce Bank Money Market Deposit account, offered through SaveBetter, has a $1 opening deposit and earns 0.41% APY.
CIT Bank Money Market
Finder Rating: 3.9 / 5: ★★★★★
CIT Bank Money Market
0.45%
$0
$100
A savings account with a higher-than-average rate and minimal fees.
CIT Bank Savings Builder High Yield Savings Account
Finder Rating: 4.3 / 5: ★★★★★
CIT Bank Savings Builder High Yield Savings Account
0.40%
0.28%
$0
$100
No account opening or maintenance fees. Daily compounding interest. Earn one of the nation's top rates
Discover Money Market
Finder Rating: 3.9 / 5: ★★★★★
Discover Money Market
0.35%
0.30%
$0
$2,500
This money market account offers a competitive APY.
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Compare up to 4 providers

How do I deposit or withdraw money?

With mobile banking and a free ATM card, Wells Fargo makes it easy to access your money:

Deposits:
  • At an ATM or branch
  • Via direct deposit
  • Online transfer and wire transfer
  • By mail
  • Mobile deposit
Withdrawals:
  • At an ATM or branch
  • Write a check
  • Online transfer and wire transfer
  • Bill pay

How can I get in touch with customer service?

  • By phone: 800-869-3557
  • Email: Log in to your account to send a secure email
  • On Twitter: @WellsFargo

Frequently asked questions

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We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

Read the full methodology of how we rate savings accounts.

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