Wells Fargo Home Equity Rates - Written by Marcos Cabello Right Writer by Marcos CabelloArrow, Banking/Deposits Marcos Cabello is a banking writer dedicated to helping readers make the best decisions about their finances. Marcos previously wrote about money for CNET and NextAdvisor, covering personal finance topics including US economic policy and cryptocurrency. Connect with Marcos Cabello on Twitter Twitter Connect with Marcos Cabello on Twitter Linkedin Marcos Cabello
Edited by Brian Beers Edited by Brian BeersArrow Right Managing Editor Brian Beers is the Managing Editor of the Wealth team. He leads editorial writing on all matters relating to banking, investment, economics and money. Connect with Brian Beers on Twitter Twitter Connect with Brian Beers on Twitter LinkedIn Brian Beers on Linkedin
Wells Fargo Home Equity Rates
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Wells Fargo offers two savings accounts to customers, although the differences between them are minor for most savers. Yields are low on both accounts, in line with some other major banks. A balance of at least $100,000 in the Wells Fargo Platinum Savings Account carries higher returns than the national average and is more competitive than the typical large brick-and-mortar bank. But higher returns can still be found at the best online banks.
Wells Fargo, on the other hand, has many branches and offers superior tools for virtual access to savings accounts. Wells Fargo has more than 4,500 banking locations, second only to Chase for the most branches in the United States.
Wells Fargo scored 3.9 out of 5 stars in the deposit product survey and 3.4 out of 5 stars for its savings accounts.
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Wells Fargo offers two standard savings accounts: Wells Fargo Way2Save Savings and Platinum Savings, a premium account with some added benefits. The Platinum Savings Account has a slightly higher variable affiliate rate supplement for those who are part of the Wells Fargo Portfolio Program. This program comes with a current account and additional benefits, including higher limits for money transfers or deposits.
The prime interest rates offered by Wells Fargo for savings accounts are well below those at the best online banks. Wells Fargo is a large, well-known financial institution, but many other banks offer higher savings rates.
A higher APY can help you reach your savings goals faster. It can be hard to justify keeping your savings in an account that only offers 0.15 or 0.25 percent APY when there are other options that pay much more. Having a Wells Fargo account may be of interest to those who value the accessibility of numerous branches and ATMs.
Wells Fargo offers alternatives, including a number of CDs and individual retirement accounts, if you're interested in moving your money out of a savings account.
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Marcos Cabello is a banking writer dedicated to helping readers make the best decisions about their finances. Marcos previously wrote about money for CNET and NextAdvisor, covering personal finance topics including US economic policy and cryptocurrency.
Edited by Brian Beers Edited by Brian BeersArrow Right Managing Editor Brian Beers is the Managing Editor of the Wealth team. He leads editorial writing on all matters relating to banking, investment, economics and money. Connect with Brian Beers on Twitter Twitter Connect with Brian Beers on LinkedIn Linkedin Brian Beers Manages Editorial As the Federal Reserve raises interest rates in an effort to reduce inflation, a combination of factors points to equity growth opportunities for financial institutions. With dramatic changes in the mortgage market, rising home values, and shifting market share among entities competing in this space, what can your organization do to capture its fair share of the market opportunity?
Rising interest rates mark the unofficial end of the refinancing boom that began at the start of the COVID-19 pandemic. As 30-year fixed mortgage rates remain in the 3% range in 2020 and 2021, homeowners are refinancing their existing mortgages at unprecedented rates. Refinanced mortgages accounted for 64% and 59% of one- to four-family mortgages in 2020 and 2021, respectively. According to the Mortgage Bankers Association, and as interest rates rise, this refinance share is expected to decrease to 33% in 2022 and 26% in 2023. In short, most homeowners who are eligible to refinance likely did so within the last two years.
Another byproduct of the two-year refinancing craze is its effect on outstanding equity balances. At the end of 2019, the Federal Reserve reported equity balances of $501 billion. That total fell to $396 billion in the fourth quarter of 2021. At least part of that 21% drop can be attributed to consumers consolidating their debt and converting their home balance into a refinanced first mortgage.
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While the decline in home equity balances accelerated during the low interest rate environment ushered in by the pandemic, it is not a new trend. In fact, after the sharp and unsustainable increases in equity balances in the years leading up to the 2008 financial and housing crisis, equity balances have been steadily declining. While Great Recession-era payments, declining home values and overburdened homeowners contributed to the initial decline in home equity balances, the continued decline suggests there may be more to both lenders' and borrowers' relationships with home equity loans. equity.
Part of the steady decline since the Great Recession has involved a significant shift in the domestic stock market, which is controlled by the three largest retail banks. Bank of America, Wells Fargo and Chase combined accounted for 40% of all outstanding home loan balances in 2010. That same market share today is just 19%.
Whatever the reasons for this strategic shift in the loan portfolio, it is an opportunity for other financial institutions to fill the gap. While other banks generally follow a similar trend line as their big brother banks, credit unions as a group account for 28%
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