Updated: Feb 01, 2024

Wells Fargo Business Market Rate Savings Account 2024 Review

We review the Wells Fargo Business Market Rate Savings account based on interest rates, deposit & service fees, and features that help manage business funds.
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Companies looking for a business savings account usually want a safe place to store their cash that can earn some interest at the same time.

These businesses have an overwhelming number of savings accounts to choose from. Some of these accounts pay high interest rates and charge few fees. Others charge several fees and have interest rates very close to zero.

If you’re considering the Wells Fargo Business Market Rate savings accounts, here’s what you should know before you apply.

Our Verdict

The Wells Fargo Business Market Rate savings account may be a good fit for current Wells Fargo customers. In particular, it’s good for businesses that want to keep all their banking at the same bank and can’t maintain the $10,000 minimum balance requirement for Well Fargo’s Business Platinum Savings Account.

If you don’t have an attachment to Wells Fargo, online business savings accounts likely offer a better solution that pays higher interest rates.

Wells Fargo Business Market Rate Savings Pros & Cons

  • Low minimum opening deposit
  • Access to a massive branch and ATM network
  • Check-writing ability
  • FDIC-insured up to the applicable limits
  • Very poor interest rate
  • $5 monthly service fee (can be waived)

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$5 Monthly Service Fee

The Wells Fargo Business Market Rate Savings account has a $5 monthly service fee you must pay unless you meet one of the fee waiver requirements.

The fee can be waived by:

  • Maintaining a $300 minimum daily balance
  • Automatically transferring $25 or more from a Wells Fargo business checking account into this savings account each month

20 Free Monthly Deposits

This account comes with 20 free deposits each month. After you exceed that limit, you’ll have to pay a $0.50 fee for each additional deposit item.

$5,000 In Free Monthly Cash Deposits

A Wells Fargo Business Market Rate Savings account includes $5,000 in free cash deposits each month. Each additional $100 of cash you deposit results in a $0.30 fee.

Interest Rates

This account will pay interest on the money you keep in the account. The interest rate paid is several times higher than many other national banks. Even so, the rate is barely noticeable and can easily be beaten by many online business savings accounts.

Other Account Fees to Consider

Here are some of the other fees you may run across when using the Wells Fargo Business Market Rate savings account.

Other Service Fees - Wells Fargo Business Market Rate Savings

Type Fee
Out-of-network ATM fee (domestic) $2.50 each
Out-of-network ATM fee (international) $5.00 each for cash withdrawals, $2.50 each for balance inquiries and funds transfers
Domestic incoming wire transfer $15.00 each
Domestic outgoing wire transfer $30.00 each
International incoming wire transfer (USD or foreign currency) $16.00 each
International outgoing wire transfer (USD) $45.00 each
International outgoing wire transfer (foreign currency) $35.00 each

Other Features

The Wells Fargo Business Market Rate savings account offers fairly standard features. You have access to write checks against the account if you wish. 

You can use the account to provide overdraft protection on a Wells Fargo checking account. The account also comes with online access. The account can be accessed at Wells Fargo’s 4,600 locations and 11,000 ATMs, too.

The account is FDIC-insured up to the current insurance limits. FDIC insurance considers business and personal savings accounts separately as long as you aren’t a sole proprietorship.

How to Open

Wells Fargo allows online applications for their Business Market Rate Savings account for some business types. Trusts, government units or agencies, the Indian Tribal Government, and publicly traded companies must apply at a branch.

Wells Fargo says you’ll need the following to apply for a business account:

  • Social Security number
  • Business tax identification number
  • Valid driver’s license or state identification card
  • U.S. state or territory business registration information
  • Formation documents such as articles of incorporation, certificate of formation, or other similar documents
  • Doing-business-as certificate

How to Choose the Right Business Savings Account

Each business will have its own priorities when looking for a business savings account. However, the list of factors to consider is relatively short with this type of account. 

Here are some of the key factors your company may want to consider before choosing an account.

Interest rate

Putting money in a savings account should result in earning interest. The interest rate determines how much money you get. Prioritizing the interest rate is often a smart choice if other factors aren’t more important to your company.

FDIC or NCUA insurance coverage

Any savings account you choose should offer FDIC or NCUA insurance coverage. If the bank fails, the money in your account is protected up to the insurance limit.

If you have more money in the account than current FDIC or NCUA limits, you should prioritize keeping the money with a financially stable bank.

Monthly maintenance fees

Monthly maintenance fees are common with business bank accounts, but that doesn’t mean you should pay them. Find an account that doesn’t charge this fee or one where you can get the fee waived.

Minimum balance requirements

Maintenance fee waivers may require you to maintain a minimum balance. The calculation for the minimum balance may be a daily amount or an average balance amount. Understand how the amount is calculated so you don’t have to pay an unexpected maintenance fee.

Transaction limits and excess transaction fees

Banks traditionally limit withdrawals from savings accounts, but deposit limits are also a factor. If you exceed the free monthly deposit limit, you’ll have to pay a fee for each additional deposit.

Cash deposit limits and excess cash deposit fees

Banks typically limit the amount of cash you can deposit into your account for free each month. Once you exceed the limit, expect to pay a small fee for each additional $100 or $1,000 of cash you deposit in your account.

Physical bank locations and hours

Companies that prefer to visit bank branches may want to prioritize a bank with convenient locations and operating hours.

Other products

A business savings account may not be the primary banking account you wish to establish. In these cases, a checking account’s features may take priority if you want to keep all of your banking at one institution.

Online Banks vs. Traditional Banks for Business Savings Accounts

Online banks have a distinct advantage over traditional banks. They don’t have to pay to maintain a large branch footprint across their service area.

Online banks take these cost savings and use them to their advantage. They often offer higher interest rates, fewer fees, and less costly fees than similar business savings accounts at a traditional bank.

As long as you don’t need a physical branch for customer service or cash deposits, using an online business savings account may make sense for your business.

Compared to Other Wells Fargo Business Savings Accounts

The Wells Fargo Business Platinum Savings may be a suitable option for your business if you’re able to maintain a large balance in the account. It has a tiered interest rate structure with much more generous interest rates on higher tiers. Tiers include:

  • $0.00 to $99,999.99
  • $100,000 to $499,999.99
  • $500,000 to $999,999.99
  • $1,000,000 or more

The account charges a $15 monthly service fee. It can be waived with a $10,000 minimum daily balance. Alternatively, it can be waived if you link a Navigate Business Checking or Optimize Business Checking account.

This account offers the same number of free cash deposits and deposit items as the Business Market Rate Savings account.