Wells Fargo does not offer a dedicated high-yield savings account

Wells Fargo offers a savings account and a money market account, but neither carries a rate that matches what you'll find at online banks or credit unions. As of now, Wells Fargo's standard savings account earns a rate that varies by account type and balance tier, and their money market account offers slightly higher rates — but both remain well below the rates available elsewhere.

If you opened a Wells Fargo savings account years ago, you may have seen higher rates at that time. Banks lower rates when the Federal Reserve cuts rates, and Wells Fargo has done this repeatedly. The gap between Wells Fargo's rates and those at online banks has widened significantly since 2022.

Wells Fargo does not publish a single rate for all customers. The rate you receive depends on your account type, your balance, and sometimes your relationship with the bank. You can call Wells Fargo at 1-800-869-3557 or visit a branch to ask what rate applies to your specific account.

Key Takeaways

  • Wells Fargo's savings and money market accounts do not compete with high-yield rates offered by online banks, credit unions, or other financial institutions.
  • Wells Fargo rates vary by account type and balance, so the rate you see online may not match the rate on your account.
  • Online banks and credit unions typically offer rates three to five times higher than Wells Fargo's current offerings.
  • If you want a high-yield savings account, you will need to open an account at a different bank or credit union.

How Wells Fargo's savings accounts are structured

Wells Fargo offers two main savings products: a basic Savings Account and a Money Market Account. The savings account has no minimum balance requirement to open, though some branches may have different policies. The money market account typically requires a higher opening balance and offers tiered rates based on how much you keep in the account.

Both accounts allow you to withdraw money without penalty, though federal rules limit certain types of transfers. Wells Fargo does not charge a monthly fee on either account if you maintain a minimum balance — usually $300 for the savings account, though this varies by branch and account type.

The rates on both accounts are set by Wells Fargo and change at the bank's discretion. You will not see a published rate schedule online; instead, you must contact Wells Fargo directly or log into your account to see your current rate.

Why Wells Fargo rates lag behind online banks

Wells Fargo is a large brick-and-mortar bank with physical branches, staff, and overhead costs. Online banks have lower operating costs because they do not maintain branch networks. Those savings allow online banks to pass higher rates to customers.

When the Federal Reserve raises interest rates, all banks can offer higher rates. When the Fed cuts rates, banks lower their rates to customers. Wells Fargo has historically been slower to raise rates when the Fed increases them, and faster to cut rates when the Fed decreases them. This pattern has made Wells Fargo's rates consistently lower than competitors.

Credit unions also often offer higher rates than Wells Fargo because they are member-owned and return profits to members rather than shareholders. If you belong to a credit union, checking their savings rates is worth doing before opening an account elsewhere.

What you can earn at other institutions instead

Online banks currently offer high-yield savings rates that range widely depending on the bank and current market conditions. Rates change frequently, so you should check current rates directly with each bank before deciding. Some online banks offer rates that are three to five times higher than Wells Fargo's current offerings.

Credit unions vary in their rates as well. Some credit unions offer rates competitive with online banks, while others offer rates similar to Wells Fargo. Your rate at a credit union depends on which credit union you join and your account type.

Money market funds and certificates of deposit (CDs) are different products that may offer higher returns, but they come with different rules about when you can access your money. A high-yield savings account keeps your money accessible while earning a competitive rate.

How to compare Wells Fargo to other options

Start by finding out what rate Wells Fargo is currently offering on your account. Log into your Wells Fargo account online, call 1-800-869-3557, or visit a branch. Write down the rate and the account type.

Then check rates at three to five online banks or credit unions. Most publish their rates on their websites. Write down the rate, any minimum balance requirement, and any monthly fees. Pay attention to whether the rate is may provide or promotional — some banks offer a higher rate for a limited time, then lower it after a few months.

Compare not just the rate, but also the features that matter to you: whether you can link the account to an external bank, whether the bank offers a mobile app, and whether customer service is available by phone or chat. A slightly lower rate at a bank with better tools may be worth it to you.

Moving money from Wells Fargo to a high-yield account

If you decide to open a high-yield savings account elsewhere, you do not have to close your Wells Fargo account. Many people keep a Wells Fargo account for checking and open a separate high-yield savings account at another bank.

To move money, you can transfer it electronically using the other bank's transfer tool. Most banks allow you to link your Wells Fargo account and move money within one to three business days. Alternatively, you can withdraw cash from Wells Fargo and deposit it at the new bank, though this is slower and less find.

If you have automatic deposits going to your Wells Fargo account, you will need to update those with your new account number. Your employer, government agency, or other source of deposits can usually change this through their website or by phone.

Frequently Asked Questions

Does Wells Fargo offer any account with a competitive interest rate?

Wells Fargo's money market account offers a slightly higher rate than its savings account, but it still lags behind online banks and many credit unions. The rate depends on your balance and account type, so contact Wells Fargo directly to see what you would earn.

Can I get a better rate if I have a large balance at Wells Fargo?

Wells Fargo's money market account uses tiered rates, meaning higher balances earn higher rates. However, even the highest tier at Wells Fargo typically earns less than a standard high-yield savings account at an online bank. Check your current rate with Wells Fargo to compare.

What happens to my rate if the Federal Reserve changes interest rates?

When the Fed raises or lowers rates, banks adjust their rates to customers. Wells Fargo may take weeks or months to adjust, and the change may not match the Fed's move exactly. Online banks often adjust rates faster and more fully than large banks like Wells Fargo.

Will I lose money if I move my savings to another bank?

No. Moving money between banks does not cost you anything or affect your balance. You straightforward transfer the funds electronically or by check. Your money is insured by the FDIC at both banks up to $250,000 per account type.

Can I keep my Wells Fargo checking account and open a high-yield savings account elsewhere?

Yes. Many people use Wells Fargo for checking and another bank for savings. You can link the accounts and transfer money between them whenever you need to. This lets you keep your Wells Fargo checking while earning a higher rate on savings.