High Interest Rate Savings Account Wells Fargo - Looking for a new bank account to save, save or spend your hard earned money? Become Beware! Behind the smiling billboards of freshly dressed grannies lies a hidden labyrinth of royalties. Big banks want you to believe that their accounts are free and easy to use. Dig deeper and you'll find more than fifteen different fees - from monthly maintenance fees to overdraft and money transfer fees.
Wells Fargo offers extensive branch and ATM coverage with a national presence, near-zero interest rates, and hidden fees that make checking and savings accounts expensive for most customers.
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Wells Fargo was founded in San Francisco in 1852 during the California gold rush. After 170 years, Wells Fargo will become one of the five largest banks in the United States.
Currently, the financial institution serves more than 70 million customers, has more than 266 thousand employees and has total assets of more than 1.97 trillion dollars.
The growth of online banking has given banks like Wells Fargo options with higher interest rates.
Wells Fargo Bank Review: Account Pros And Cons
Wells Fargo currently offers two different savings account options: Way2Save and Platinum Savings. Each program has its own unique features, but they share a 0.01% APY interest rate. Let's take a closer look at each program:
Way2Save is a standard savings account offered by Wells Fargo. You must deposit at least $25 to open a Way2Save account. Once set up, you'll have the option to use your savings account as overdraft protection for your linked checking account.
The main advantage of having a Way2Save account is that you get access to the Save As You Go automatic transfer program. This program allows you to transfer $1 from your checking account to your savings account each time:
You will also have the ability to set up automatic transfers from your checking account. Automatic monthly transfers must be at least $25 and automatic daily transfers must be at least $1.
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The Platinum Savings Account is essentially a premium version of Way2Save that lets you write checks. A minimum opening deposit of $25 is also required to open this account. If you want, you will have the option to set up automatic monthly and daily transfers.
The main difference between Platinum Savings and Way 2 Save is the portfolio link interest rate option. If approved, the interest rate on your savings account will double to 0.02% APY.
This practice is commonly known as "relationship banking" and is used to reward customers who apply for many banking products. You must participate in several other Wells Fargo programs to qualify for the Portfolio Link interest rate.
Both savings account programs will come with a standard monthly service fee. The Way2Save account comes with a $5 monthly service fee, while Platinum Savings comes with a $12 monthly service fee. However, both payments can be waived if you meet certain conditions.
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There is only one way to avoid paying for a Platinum Savings Account. During the free period, your minimum daily balance must be at least $3,500.
Wells Fargo offers both certificates of deposit and individual retirement accounts. There are currently no options for money market accounts.
Certificates of Deposit (CDs) will come with a standard interest rate of 0.01%, but can be increased to 0.02% if you match the interest rate on the portfolio relationship. The minimum opening deposit for CDs must be at least $2,500. There are three different terms available including three months, six months and 12 months.
Individual Retirement Accounts (IRAs) come with a standard interest rate of 0.01% unless you qualify for the 0.02% bonus rate. The minimum opening deposit for an IRA must be at least $1,000.
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Three to five months, six to 11 months, 12 to 23 months, 24 to 35 months, 36 to 47 months, 48 to 59 months, 60 to 71 months and 72 to 144 months is available.
Most Wells Fargo customers will be offered an interest rate of just 0.01% APR. Depending on the amount of money in your account, it could be a few dollars at the end of the year. Any account with a low interest rate is not a very profitable long-term investment. The good news is that it's not hard to find options with better rates.
Yotta is an example of a savings account that can help you build your money quickly. The average Yotta user gets an interest rate of 0.04%, but that's just the beginning. The main attraction of Yotta is that you will be entered into weekly free drawings.
At the beginning of each week, you'll earn one ticket for every $25 in your account. A new number is drawn every night at 9 PM EST for a total of seven numbers. Depending on how many numbers match on your tickets, you will have a chance to win different prizes. You have a chance to win a brand new Tesla Model 3 or $10 million in cash prizes.
Wells Fargo Savings Account Review 2022
Wells Fargo is one of the largest banks in the country and can meet your financial needs. However, they currently offer some of the lowest interest rates of all the major banks. If you want your money to work for you, you're probably better off looking elsewhere.
By using Yotta, you will enjoy higher interest on your savings. And that's not even mentioning the weekly drawings, lucky draws, or cryptocurrency picks. Fees for each of these programs are much higher than what you'll see at Wells Fargo.
Visit Yotta today to create your account and get started. You can learn all about different ways to use your money to earn more.
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Fixed annuities are almost identical to Certificates of Deposit (CD) accounts and offer higher interest rates for income and penalty-free withdrawals.
How To Avoid And Waive Wells Fargo Checking Account Fees
Disclaimer: This is a review. Annuity Specialist is not affiliated with a bank or credit union. However, most financial institutions sell fixed annuities. Our goal is to help you find the best interest rate for your retirement savings. If you make a purchase using a link in this article, we may receive a small referral fee.
Find the best interest rates for your savings from 3 months to 10 years in one place.
Finally, these CD rates are a great option for those looking for good interest rates. However, you should compare the different rates offered by other banks to find the best option for you. Contact us today for a quote and we'll be happy to help
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