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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 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
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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 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:

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

1 - 17 of 17
Name Product Annual Percentage Yield (APY) Fee Minimum deposit to open Interest compounding Offer
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
Up to 5.00%
$0 per month or $7.99 per month for Aspiration Plus ($5.99 per month if you pay annually)
$10
Monthly
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC.
CIT Savings Connect
Finder Rating: 5 / 5: ★★★★★
CIT Savings Connect
2.70%
$0
$100
Daily
Earn an impressive APY on your entire balance. This straightforward online savings account has no monthly service or account opening fees.
Lemmata Savings Bank Money Market Account
Lemmata Savings Bank Money Market Account
2.80%
$0
$1
Daily
Bread Savings™ High-Yield Savings
Finder Rating: 4.3 / 5: ★★★★★
Bread Savings™ High-Yield Savings
2.90%
$0
$100
Daily
Earn competitive interest rates with this high-yield savings account you can open in just minutes. Member FDIC.
UFB Elite Savings
Finder Rating: 5 / 5: ★★★★★
UFB Elite Savings
3.01%
$0
$0
Daily
Earn a 3.01% APY with no minimum deposit or balance amount with this no-monthly-fee savings account.
Quontic Bank High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
Quontic Bank High Yield Savings
2.15%
$0
$100
Daily
Interest is compounded daily. No monthly service fees. Competitive rates
Barclays Online Savings
Finder Rating: 4.6 / 5: ★★★★★
Barclays Online Savings
2.25%
$0
$0
Daily
Barclays Online Savings account offers key features that can help you save, including a high-interest rate, no monthly fees, and no minimum deposit.
Varo
Finder Rating: 4.7 / 5: ★★★★★
Varo
Up to 5.00%
$0
$0
Daily
The Varo savings account is a no-fee account designed to offer benefits to help people save more money.
American Express® High Yield Savings Account
Finder Rating: 4.6 / 5: ★★★★★
American Express® High Yield Savings Account
2.00%
$0
$0
Daily
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Quontic Bank Money Market
Finder Rating: 4.6 / 5: ★★★★★
Quontic Bank Money Market
2.00%
$0
$100
Daily
Competitive rates, no monthly fees, user-friendly online banking platform
Chime Savings
Finder Rating: 4.6 / 5: ★★★★★
Chime Savings
1.50%
$0
$0
Daily
Grow your savings automatically with recurring transfers, round-ups on debit card purchases and 1.50% APY.
UFB Elite Money Market Account
UFB Elite Money Market Account
3.01%
$10 per month
(can be waived)
$0
Daily
Enjoy the security and earning potential of a savings account while maintaining the flexibility to write checks.
CIT Bank Money Market
Finder Rating: 3.9 / 5: ★★★★★
Bonus
CIT Bank Money Market
1.55%
$0
$100
Daily
Open a Money Market account using the promo code AMZN22. Fund your account with at least $15,000 within 15 days keep the balance for 60 days.
A savings account with a higher-than-average rate and minimal fees.
First Citizens Online Savings
0.03%
$0
$50
Daily
Stands out for its Manage My Money tool, which lets you monitor your spending and track your net worth by linking various financial accounts. Available to residents in NC, SC, TN, AZ, CA, CO, FL, GA, KS, MD, MO, NM, OK, OR, TX, VA, WA, WV, and WI
CIT Bank Savings Builder High Yield Savings Account
Finder Rating: 4.3 / 5: ★★★★★
CIT Bank Savings Builder High Yield Savings Account
Up to 1.00%
$0
$100
Daily
No account opening or maintenance fees. Daily compounding interest. Earn one of the nation's top rates
Discover Online Savings Account
Finder Rating: 4.6 / 5: ★★★★★
Discover Online Savings Account
2.15%
$0
$0
Daily
Take advantage of a high-interest online savings account with no fees, no minimums and more.
Discover Money Market
Finder Rating: 3.9 / 5: ★★★★★
Discover Money Market
Up to 2.10%
$0
$2,500
Daily
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

Savings account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

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Read the full methodology of how we rate savings accounts.

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