While you can access a physical branch or ATM in 37 states, its interest rate is abysmal.
The Wells Fargo Platinum Savings Account gives you access to your money when you need it through its online banking tools, 12,000 ATMs and nearly 5,000 retail branch locations throughout the country. But its 0.25% is lower than the national average and staggeringly lower than other savings products like the Quontic Bank High Yield Savings account, which boasts a 4.5% APY and has no monthly fee. And even if you have a Wells Fargo Portfolio Relationship, you won't fare much better with its 0.02% APY.
finder.com's rating: 3.1 / 5.0
★★★★★
The Wells Fargo Platinum Savings account offers a debit card and checks for easy access. But to get the highest APY, you have to have a linked account from Wells Fargo's Portfolio program. While it might be convenient to have a savings account and brokerage account at the same bank, you might want to consider other savings products with higher APYs.
The Wells Fargo Platinum Savings Account can be opened online, by phone or at a branch. Follow these seven steps to sign up from the comfort of your home:
To open this account, you’ll need to meet a few eligibility requirements:
Regardless of how you choose to open this account, you’ll be asked for the following information:
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.
Like other savings accounts, look out for the limit of six monthly withdrawals, along with some other downsides:
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.
Use the table to browse other competitive savings products. Compare APY, monthly or annual fees and minimum opening deposits to find the right fit for your financial needs.
With mobile banking and a free ATM card, Wells Fargo makes it easy to access your money:
Deposits:
Withdrawals:
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
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.
Wells Fargo Platinum Savings Account is not currently available on Finder
Have you considered UFB Secure Savings?
Score an impressive 5.25% APY, and pay $0 in monthly fees. No minimum deposit requirement. FDIC insured.
Peter Finder
Writer
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