What you'd earn at each, by balance.
What you'd earn at each, by balance.
Annual interest = principal × APY, simple interest. All accounts FDIC insured up to $250,000.
| Balance | Wells Fargo0.01%APYYour current bank | ||
|---|---|---|---|
| $5,000 | $0.50/yr | $210.50/yr | $187.50/yr |
| $10,000 | $1/yr | $421/yr | $375/yr |
| $25,000 | $2.50/yr | $1,052.50/yr | $937.50/yr |
| $50,000 | $5/yr | $2,105/yr | $1,875/yr |
| $100,000 | $10/yr | $4,210/yr | $3,750/yr |
Personalize the gap.
Compared at Wells Fargo's 0.01% standard APY vs. Axos Bank's 4.21% APY. Simple interest.
That's $2,100 over five years, just by switching where the dollars sit.
Why does Wells Fargo pay so little on savings?
Wells Fargo's savings business runs on relationship bundling rather than rate competitiveness. Its standard Way2Save account pays just 0.01% APY on a $10,000 balance as of June 15, 2026; the relationship-tier Platinum Savings reaches 0.05% APY, but only when the customer also holds a linked Wells Fargo Premier Checking account. Either way the account carries a $12 monthly service fee, waived with a $3,500 minimum daily balance. Compounding the lack of pressure: the Federal Reserve asset cap imposed after the 2016 fake accounts scandal is still in place as of June 15, 2026, constraining Wells Fargo's balance sheet growth and giving the bank even less reason than its peers to bid aggressively for new deposits. The savings account is treated as a retention product, not an earnings product.
What about Wells Fargo's higher-tier savings accounts?
Wells Fargo's higher-tier product is Platinum Savings, the relationship-rate version that requires a linked Wells Fargo Premier Checking account. The headline number climbs to up to 0.26% APY as of June 15, 2026, but that rate only applies to balances of $1,000,000 or more — a threshold not realistic for most retail savers. At a $10,000 balance, the Platinum rate is 0.05% APY, and at any balance under $100,000 it remains under 0.10% APY. The product is structured so that the advertised top rate sits behind a balance gate almost no retail customer will ever cross.
Where Wells Fargo customers are moving their savings.
Every account below is FDIC insured to $250,000, with the same daily access you have today. On a $10,000 balance, the top rate earns about $420 more a year than Wells Fargo.