Updated: Apr 25, 2024

Wells Fargo Platinum Savings Account 2024 Review

Our review of the Wells Fargo Platinum Savings account looks at interest rates, fees, and premium features for customers with large balances.
Editor's Rating
Today's Rates
Super boost your savings with highest rates.
Savings Accounts up to:
5.35% APY

Wells Fargo Platinum Savings is a flexible savings account with a low minimum deposit requirement. Rates are tiered, allowing you to earn a better APY as your savings grow. 

Our Verdict

The Wells Fargo Platinum Savings Account offers the convenience of branch banking with an above-average APY. This account is designed for people who tend to maintain larger balances in their savings accounts. 

Saving with Wells Fargo could make sense if you:

  • Already have accounts with Wells Fargo
  • Keep larger amounts of money in savings
  • Prefer a brick-and-mortar bank to an online bank
  • Have at least $25 to meet the minimum opening deposit requirement

You can open an individual Platinum Savings account online. If you'd like to open a joint savings account you'll need to schedule an appointment to visit a Wells Fargo Branch.

Wells Fargo Platinum Savings Account Pros & Cons

  • Competitive APY for a big-bank savings account
  • Access to a large branch and ATM network
  • Tiered rates that pay you more as you save
  • Relationship rates for existing Wells Fargo customers
  • $12 monthly maintenance fee
  • APY still cannot compete with online banks

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Compared to Other Online Savings Accounts

Synchrony Bank High Yield Savings Account

Synchrony Bank's high-yield savings account features an impressive APY with no minimum balance requirements and no monthly fees. You'll need to be comfortable with online and mobile banking since there are no branches. If you're looking for other ways to save, Synchrony also offers a selection of high-yield CDs with above-average rates. 

Read our full editorial review of the Synchrony Bank High Yield Savings account

Ally Bank Online Savings Account

Banking with Ally allows you to enjoy access to a generous savings rate with no monthly fees. There are no monthly balance requirements either, which is great if you're just getting started with saving. Ally also gives you some helpful tools to grow your savings faster, including savings buckets for individual goals and automatic round-ups. 

Read our full editorial review of the Ally Bank Online Savings account

SoFi Checking and Savings Account

SoFi merges checking and savings into a single account with no monthly fees or minimum deposit requirements. The savings component earns one of the best savings account rates around and you can earn up to 15% cash back on debit card purchases. Additionally, SoFi offers up to $2 million in FDIC coverage through its network of partner banks. 

Read our full editorial review of SoFi Checking and Savings

One Savings Account 

One is a mobile banking app that includes high-yield savings and debit card rewards, with no monthly fees or minimum balance requirements. The APY is well above what you can get with Wells Fargo though you'll need to have an eligible direct deposit to qualify. You can earn cashback on purchases and withdraw or deposit cash at Walmart locations. 

Read our full editorial review of the One Savings account

Interest Rates

Traditional banks don't always have the best reputation for offering high rates to savers. The Wells Fargo Platinum Savings account does better than other banks, but it doesn't beat top online banks. 

Rates are tiered by balance and you'll need at least $1,000,000 in savings to earn the highest APY. That might be out of reach for the average saver. 

Wells Fargo offers relationship rates for current customers. Those can give you a slight boost, but rates still lag behind online savings accounts. 

Are rates the most important thing when choosing a savings account? They can be if you want to earn as much interest as possible. 

When checking rates, remember to look at:

  • How rates apply (whether they're tiered or the same across all balances)
  • Minimum balance to earn interest
  • Whether rates are capped once you reach a certain balance

You can also check your account agreement for details on how often interest compounds. Daily compounding with monthly crediting is usually the norm, but some banks may compound interest monthly instead. 


Paying fees for a savings account seems counterintuitive, but that doesn't stop banks from charging them. 

Here's how the fees compare at Wells Fargo for the Platinum Savings account.

Other Service Fees - Wells Fargo Platinum Savings

Type Fee
Monthly maintenance fee $12
Cash withdrawal (domestic., non-Wells Fargo ATM) $3
Cash withdrawal (international., non-Wells Fargo ATM) $5
Cashier's checks $10
Money order $5
Stop payment (for lost cashier's checks) $0
Insufficient funds fee $0
Overdraft fee $35
Incoming domestic wire transfer $15
Incoming international wire transfer $15
Outgoing domestic wire transfer fee $25-$40
Outgoing international wire transfer fee $0-$40

There's a $12 monthly maintenance fee and you have one way to waive it. You can do so by maintaining a minimum average daily balance of $3,500. 

The rest of the fees are more or less what you'd expect for a traditional savings account. 

There's no excess withdrawal fee because Wells Fargo offers unlimited access to your savings. You can transfer funds between other Wells Fargo accounts or linked accounts, or make withdrawals at branches and ATMs. 

ATM Access

Wells Fargo offers an ATM card with the Platinum Savings account. There are approximately 12,000 Wells Fargo ATMs in the U.S.

You won't pay a fee to access savings at a Wells Fargo ATM. You will, however, pay fees for using another bank's ATM. 

  • $2.50 for withdrawals, balance inquiries, and funds transfers at U.S./U.S. territory ATMs
  • $5.00 for cash withdrawals at international ATMs

Those are in addition to any fees the ATM's owner might charge. Wells Fargo doesn't offer any foreign ATM fee rebates or refunds

Account Management

Wells Fargo offers multiple ways to access and manage your account, including:

  • Online banking
  • Mobile banking
  • Wells Fargo branches
  • Wells Fargo ATMs
  • Non-Wells Fargo ATMs

Your account comes with an ATM card and you can write checks from savings as well, something other banks don't offer. 

If you need to deposit funds, you can add them at a branch, via ACH transfer or wire transfer, or with remote check deposit. You can see your mobile check deposit limits by logging in to the Wells Fargo mobile app. 

Savings account withdrawals are unlimited in number but there are limits on the amount you can take out each day. Again, you'll need to log in to your account to check your wi

FDIC Insurance

Wells Fargo accounts are protected by FDIC insurance. The FDIC insures deposits so that if a bank fails, its customers don't lose all of their money. 

The current FDIC coverage limit is $250,000. This limit applies per bank, per account ownership type. 

If you open a joint Wells Fargo Platinum Savings account with someone else, each of you would be covered up to the $250,000 limit. 

What to Look for in a Savings Account

Savings accounts can help you get closer to your money goals. Knowing what to look for can help you choose the right one. 

As you compare savings options, remember to consider:

  • Interest rates and APY
  • Minimum opening deposit requirements
  • Minimum balance requirements to earn interest or avoid a fee
  • Monthly service fees, if any
  • Other fees, such as excess withdrawal fees or wire transfer fees
  • Online and mobile banking features
  • ATM or debit card access
  • ATM network
  • Branch banking access, if applicable
  • Savings features and money management tools
  • Deposit and withdrawal limits
  • Overdraft protection
  • Customer service and support
  • Overall user experience

You might want to compare savings accounts at online banks first, then look at traditional banks and credit unions to see what they have to offer. 

Frequently Asked Questions

Is Wells Fargo Platinum Savings worth it?

The Wells Fargo Platinum Savings account is one of the better savings accounts offered by a traditional bank. The APY doesn't quite match what you could earn with some of the top online savings accounts, but it's still above what brick-and-mortar banks typically pay. 

What is the difference between Platinum Savings and Way2Save?

The Wells Fargo Way2Save account is a basic savings account that you can link to a checking account for easy transfers. This account has a lower service fee than Platinum Savings but it also earns a much lower interest rate and APY. 

Are online savings accounts better?

Online savings accounts can beat traditional savings accounts in a few ways. First, they usually charge fewer fees so you get to keep more of the interest you earn. Second, online savings accounts tend to pay much better rates to savers than brick-and-mortar banks. Finally, they can offer convenient tools like round-ups or other automatic savings features.