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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 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 |
| More info |
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. 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
- Go to the provider’s site and follow the steps to apply.
- From Wells Fargo’s website, hover over Banking and Cards, then click Savings Accounts and CDs.
- Scroll down to Platinum Savings and click Open Now.
- Choose between an individual or joint account, then click Continue.
- Enter your personal information, then click Continue.
- Choose your account options, then proceed to the next step.
- 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
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
Savings account ratings
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★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
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