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Wells Fargo Platinum Savings Account review

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Potential to earn 2.15% APY — but only for 12 months, and you can’t qualify online.

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.



$12 per month



Minimum deposit to open


APY1.90% on balances of $25,000+
0.05% on balances of $0 to $24,999.99
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

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 offers APYs between 0.03% and 2.15% — the highest of all Wells Fargo savings accounts.
  • 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 2.15% is only available for the first 12 months, and only if you open an account with at least $25,000 with an agent. Otherwise, rates range between 0.05% and 0.1%, 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.

Compare savings accounts

Name Product Interest rate (APY) Fee Minimum deposit to open
Enjoy no monthly fees and a competitive APY with this online-only savings account.
$5 per month
(can be waived)
Get a $150 bonus when you open a new Chase Savings account, deposit a total of $10,000 or more in new money within 10 business days and maintain a $10,000 balance for 90 days.
A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank.
Betterment Everyday Savings
Betterment Everyday Savings
At a 2.38% APY if you join the waitlist for Betterment Everyday Checking or 2.13% if you don't, this is a high-interest FDIC-insured savings account seamlessly tied into Betterment's investment robo-advisor.
Earn 20x the national savings account average with no fees or minimums.
Earn one of the highest interest rates without the fees.

Compare up to 4 providers

How do I apply?

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


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

By phone

If you’d prefer to speak with a representative, or if you want to qualify for the high 2.15% APY, 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.


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

How do I deposit or withdraw money?

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

  • At an ATM or branch
  • Via direct deposit
  • Online transfer and wire transfer
  • By mail
  • Mobile deposit
  • 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

Bottom line

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 $25,000 to open the account, and you can’t open it online. Compare your options to find the best account for you.

Frequently asked questions

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