Wells Fargo Create Savings Account - By Marcos Cabello By Marcos Cabello Arrow Writer, Banking/Deposits Marcos Cabello is a banking writer dedicated to helping readers make better financial decisions. Previously, Marcos wrote about money for CNET and NextAdvisor, including the US. Topics in personal finance, including economic policy and cryptocurrencies, were covered. Connect with Marcos Cabello on Twitter Connect with Marcos Cabello on Twitter Connect with Marcos Cabello on Twitter LinkedIn LinkedIn Marcos Cabello
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Wells Fargo Create Savings Account
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Wells Fargo offers two savings accounts to customers, although the difference between the two is not significant for most savers. Earnings on both accounts are low, as with some other large banks. The $100,000 minimum balance in the Platinum Savings Account at Wells Fargo earns a higher rate than the national average and is more competitive than your typical brick-and-mortar bank. But high profits can still be found in the best online banks.
Wells Fargo, on the other hand, has branches, lots of them, and offers great tools for virtual access to savings accounts. Wells Fargo has more than 4,700 bank branches, second only to Chase for the most branches in the United States.
Wells Fargo received 3.9 out of 5 stars for its deposit products, while its savings accounts received 3.4 out of 5 stars.
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Wells Fargo offers two standard savings accounts: Wells Fargo Way2Save Savings and a premium account with some extra benefits called Platinum Savings. The Platinum Savings Account has a slightly higher, variable relationship rate supplement for those who are part of Wells Fargo's Portfolio Program. This program comes with a checking account and additional benefits, including higher limits for transfers or deposits.
The base rates that Wells Fargo offers on its savings accounts are very low compared to top online banks. Wells Fargo is a large, well-known financial institution, but many other banks offer higher savings rates.
A higher APY will help you reach your savings goals faster. It can be hard to justify putting your savings into an account that only offers a 0.15 or 0.25 percent APY when there are other options that pay significantly more. Having an account with Wells Fargo may appeal to those who appreciate its many branches and ATM presence.
If you want to grow your money outside of a savings account, Wells Fargo offers several options, including CDs and individual retirement accounts.
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Marcos Cabello is a banking writer dedicated to helping readers make better financial decisions. Previously, Marcos wrote about money for CNET and NextAdvisor, including the US. Topics in personal finance, including economic policy and cryptocurrencies, were covered.
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Wells Fargo offers two savings accounts: the Way2Save Savings Account and the Platinum Savings Account. Annual percentage returns (APY) on both account types are very low, but Platinum savers can access higher rates if they maintain a balance of $100,000 or more.
If you link a Wells Fargo Prime Checking, Premier Checking or Private Bank interest checking account, you can increase your Platinum savings rate, but the increase is minimal.
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Wells Fargo savings account rates may vary depending on where you live; This article uses the 10281 zip code of New York City. The APYs listed below have been updated as of the publication date of this article. We review bank savings account rates every two weeks and update the information below accordingly.
Wells Fargo's Way2Save checking account offers a flat APY of 0.15% on all balances. This rate is significantly lower than the national savings average of 0.42%.
This account comes with a $5 monthly service fee, but the fee is waived if you meet one of the following criteria:
A Way2Save account comes with an ATM card to access your savings, but you can only get six free withdrawals per month (which is typical for savings accounts). Interest is compounded daily and charged to your account monthly.
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Wells Fargo also allows parents to open individual and joint accounts for their children; Contact your banker for details on opening an account for your child.
Wells Fargo's Platinum Savings Account has a range of rates based on your balance and your relationship with the bank. What does this account offer in terms of balance?
You must link a Wells Fargo Prime Checking, Premier Checking, or Private Bank interest checking account to your Platinum Savings account to receive the APY relationship.
Platinum account accrues interest daily; Interest is paid monthly. This account comes with an ATM card and allows you to write checks, unlike a Way2Save account.
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San Francisco-based Wells Fargo is one of the largest banks in the United States, offering checking accounts, certificates of deposit (CDs), home loans, credit cards and other financial products in addition to its two savings account options.
Anyone with a valid ID, Social Security number and opening deposit can open a Wells Fargo savings account. You don't have to be a current Wells Fargo customer to open a savings account, but you must have a checking account if you want a Wells Fargo debit card.
Wells Fargo's savings rates are lower than many other banks. Way 2 Save Account
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