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Wells Fargo Platinum Savings Account review

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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 per month

Fee

$25

Minimum deposit to open

Details

APY0.03%
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
More Info

Expert review

Peter Carleton

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. 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.

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

$
$
months
Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned More info
American Express® Personal Savings High Yield Savings
1.00%
$0
$0
Go to site
View details
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Axos Bank High Yield Savings
Axos Bank High Yield Savings
0.90%
$0
$250
Go to site
View details
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
CIT Bank Savings Builder High Yield Savings Account

0.95% on $25,000+ or set up a direct deposit of $100+ each month
0.79% on $0 to $24,999
$0
$100
Go to site
View details
No account opening or maintenance fees. Daily compounding interest. Earn one of the nation's top rates
Chase Savings
0.01%
$5 per month
(can be waived)
$0
Go to site
View details
A simple savings account with low, waivable monthly fees and a $150 signup bonus when you meet deposit and balance requirements.
Citibank® Account Package
Citibank® Account Package

0.13% on $500,000+
0.08% on $25,000 to $99,999.99
0.04% on $0 to $24,999.99
$25 per month
(can be waived)
$0
Go to site
View details
Earn a $400 bonus after opening new eligible checking and savings accounts and completing required activities.
BBVA Money Market

0.45% on $1,000,000+
0.33% on $100,000 to $999,999.99 for 3 months (0.30% after)
0.21% on $10,000 to $49,999 for 3 months (0.15% after)
$15 per month
(can be waived)
$25
Go to site
View details
Earn a promotional APY for your first 3 months and access your money by ATM, check or bill pay.
UFB Direct High Yield Savings
0.40%
$0
$100
Go to site
View details
Earn an APY when your balance is higher than $10,000 with this no-monthly-fee savings account.
Discover Online Savings Account
0.95%
$0
$0
Go to site
View details
Take advantage of a high-interest online savings account with no fees, no minimums and more.
Aspiration Spend & Save Account

1.00% on $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
$0
$10
Go to site
View details
A spend and save combo account with no monthly service fees, free access to every ATM in the world, unlimited cash back rewards and deposits insured by the FDIC. The Aspiration Spend & Save Account is a cash management account offering of Aspiration Financial, LLC, an SEC-registered broker-dealer. Aspiration is not a chartered bank.
UFB Direct Premium Money Market Account

0.40% on $25,000+
0.10% on $0 to $24,999.99
$10 per month
(can be waived)
$5,000
Go to site
View details
Enjoy the security and earning potential of a savings account while maintaining the flexibility to write checks.
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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:

Online

  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, 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

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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Read the full methodology of how we rate savings accounts.

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