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Wells Fargo Platinum Savings Account review
While you can access a physical branch or ATM in 37 states, its interest rate is abysmal.
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.
0.01%
APY
$12 per month
Fee
$25
Minimum deposit to open
Details
| Annual percentage yield (APY) | 0.01% |
|---|---|
| Fee | $12 per month |
| To waive the fee | Maintain a $3,500 minimum daily balance |
| Minimum deposit to open | $25 |
| Intro or bonus offer | To 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 compounding | Daily |
| Monthly transaction limit | 6 |
Review by
Peter Carleton
peter.carleton@findercrew.comPeter 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 through its online banking tools, 12,000 ATMs and nearly 5,000 retail branch locations throughout the country. But its 0.01% is lower than the national average and staggeringly lower than other savings products like the Quontic Bank High Yield Savings account, which boasts a 2.15% 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.
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. Follow these seven steps to sign up from the comfort of your home:
- Go to the provider’s site and follow the steps to apply.
- Hover over Banking and Cards, then select Savings Accounts and CDs on Wells Fargo’s website.
- Scroll down to Platinum Savings and select Open Now.
- Choose between an individual or joint account, then select Continue.
- Enter your personal information, then select Continue.
- Choose your account options, then proceed to the next step.
- Fund your account, review details and submit your application.
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.
- Earns interest. The Platinum Savings account offer APYs between 0.01% and 0.02%.
- Overdraft protection. Use this account to protect your Wells Fargo checking account from overdrafts.
- Savings tools. Set up automatic transfers and access tools like My Savings Plan to help you set, track and reach your savings goals.
- Physical branches. Unlike online-only banks, you can stop into any of Wells Fargo’s 4,900 retail banking branches across the country. Keep in mind that branches are not located in IN, KY, LA, MA, ME, MI, MO, NH, OH, OK, RI, VT or WV.
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.
- Interest rate. The highest APY of 0.02% is only available if the account remains linked to a Portfolio by Wells Fargo relationship. Otherwise, the rate is 0.01%, which is far lower than other savings products.
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
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.
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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
Savings account ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
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