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Wells Fargo Platinum Savings Review: A Solid Choice for High-Balance Accounts

Review Updated
Steven Porrello
Ashley Maready
By: Steven Porrello
Steven Porrello
Steven Porrello
Writer

Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.

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 and  Ashley Maready
Ashley Maready
Ashley Maready
Writer and Editor

Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.

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Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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The Wells Fargo Platinum Savings might be right for: Customers who maintain relatively high savings balances and want to keep their checking account with the same bank, as it offers higher-than-average relationship APYs more similar to an online bank, with the convenience of a branch-based national bank.

In this in-depth expert review, we'll take a look at the Wells Fargo Platinum Savings account, including all of the pros and cons, and learn how it stacks up to the competition.

Ratings Methodology
Rates as of Jul 02, 2024

Wells Fargo Platinum Savings

Member FDIC.
Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
APY
0.05% to 2.51% Rate info Circle with letter I in it. There are four tiers of APYs: $0 - $99,999.99, $100,000 - $499,999.99, $500,000 - $999,999.99, and $1 million or more. The higher your balance, the greater your APY. The highest rates are relationship interest rates. Your Platinum Savings must be linked to a Premier Checking account to qualify for the highest rates.
Min. To Earn APY
$25 to open, then $0
  • Competitive APYs for high balances with relationship rate eligibility
  • Can avoid monthly fees
  • Low minimum deposit
  • Thousands of branches
  • Unlimited branch/ATM withdrawals
  • Check-writing privileges
  • Best rates are relationship rates for very high balances
  • Online savings accounts have higher APYs
  • Monthly service fee

The Wells Fargo Platinum Savings account can offer higher APYs than most branch-based banks, but with the convenience that comes with a national bank. To qualify for the account's highest APYs, customers will need to maintain a high account balance and qualify for a relationship rate by linking to a Premier Checking account. The account's standard APY and relationship rate for linking to Prime Checking are not competitive with other high-yield savings accounts.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
up to 4.60%
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!
4.25%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A
4.25%
Rate info Circle with letter I in it. 4.25% annual percentage yield as of July 2, 2024
Min. to earn: $1
N/A

Full Wells Fargo Platinum Savings review

The Wells Fargo Platinum Savings account is a solid branch-accessible savings account, especially ideal for those who maintain high balances. However, like most financial products, it isn't right for everyone. Here's a rundown of the details to help you decide if it's right for you.

Wells Fargo Platinum Savings interest rate

Account APY Minimum Deposit
Wells Fargo Platinum Savings 0.05% to 2.51% $25
Data source: Wells Fargo.

If you've got a huge savings account balance, opening a Wells Fargo Platinum Savings account could be worth it -- you'll need $1,000,000 to earn the top rate. You'll also need to qualify for the account's relationship rate by having it linked to a Premier Checking account.

If you're like us regular people, however, you'll have to weigh the benefits of in-person banking access against the much higher APY you could find with an online bank.

We tried it: Our team's firsthand experience

Here at The Motley Fool Ascent, we pride ourselves as real users of most of the products across our site. One of our Personal Finance Writers, Ben Gran, uses the Wells Fargo Platinum Savings himself.

Here's Ben's experience:

While there are higher APYs on the market, I only use this account to hold a small amount of cash and to avoid a monthly fee on my Wells Fargo checking account. I don't recommend this account as your primary savings account (you'll be better off in an account with better rates!), but it's been helpful to have a linked savings account to my Wells Fargo checking account in case I need to move money for emergencies.

Fees

Monthly service fee $12, (waived with $3,500 minimum daily balance each fee period)
Wire transfer fee incoming $15; outgoing $0 - $40
Data source: Wells Fargo.

Minimum balance

A $25 minimum deposit is needed to open the Wells Fargo Platinum Savings account. After this, account holders don't need to maintain a minimum to keep the savings account open. But you'll be charged a $12 monthly service fee unless you maintain a daily balance of $3,500.

Withdrawal limit

The Wells Fargo Platinum Savings account offers unlimited withdrawals or transfers in and out of the account. This sets it apart from many savings accounts, which limit the number of withdrawals and don't offer debit cards.

Mobile app

The Wells Fargo Mobile® app offers all the functions you would expect from a major bank. You can manage your accounts, transfer money through Zelle, deposit checks, and even chat with a virtual assistant.

How to access your money

Wells Fargo is one of the largest financial institutions in the United States, and has a massive branch and ATM network, as well as a top-notch mobile app. Plus, the Wells Fargo Platinum Savings account is generally more flexible than other savings accounts, especially for withdrawals.

So, the numerous ways you can put money into or take money out of the Wells Fargo Platinum Savings account are a major perk, especially when compared with online banking competitors.

Deposit options

As not only a branch-based bank, but as one of the largest financial institutions in the United States, deposit options are a strength of the Wells Fargo Platinum Savings account.

There are several ways to deposit money into the account:

  • Cash deposits via branches
  • Cash or checks in ATMs
  • By mail
  • Mobile check deposits
  • Direct deposit
  • Wire transfers
  • Transfers from external or other Wells Fargo bank accounts

Withdrawal options

Just like with deposits, there are many different options for withdrawals. You can withdraw money in these forms:

  • Cash in branches
  • ATM withdrawals (unlimited)
  • Check writing
  • Bill pay
  • Outgoing wire transfers
  • Transfers to other Wells Fargo accounts
  • Transfers to external linked accounts

Online user reviews

Banks typically don't fare very well in online reviews, and Wells Fargo is no exception -- scoring just 1.3 out of 5 stars on Trustpilot and 1.0 out of 5 stars on BBB. The Wells Fargo Mobile® app, however, ranks higher with a rating of 4.9 in the App Store and 4.8 out of 5 stars on Google Play.

Top perks

Competitive APY: The Wells Fargo Platinum Savings account pays APYs that are significantly higher than the national average for those that qualify for relationship rates (when linked to Premier Checking) with balances over $100,000. Its standard APY and the relationship rate when linked to Prime Checking are both below the national average.

Monthly fee can be waived: Since the Wells Fargo Platinum Savings account is designed for savers who keep high balances, it shouldn't be too much of a surprise that the $12 monthly service fee can be waived by maintaining a $3,500 minimum daily balance during each fee period.

Thousands of branches: Wells Fargo is one of the largest banks in the United States, and this can be a big perk, especially if you want the ability to easily deposit cash into your savings account or get in-person help when you need it. There are also more than 11,000 Wells Fargo ATMs in the U.S. that account holders can use.

Check writing: This is a rarity among savings accounts. The Wells Fargo Platinum Savings account allows you to write checks on the account.

What could be improved

Best APYs are for high-balance accounts: The Wells Fargo Platinum Savings account offers competitive APYs, but only for accounts with high balances that qualify for relationship rates when linked to a Premier Checking account. There are four tiers of APYs:

  • $0 - $99,999.99
  • $100,000 - $499,999.99
  • $500,000 - $999,999.99
  • $1 million or more

While the APYs will fluctuate over time, the key point is that the APY for the bottom tier is much lower than for the higher tiers. So even though we would call this a highly competitive savings account for people with $1,000,000 or more, especially considering the convenience of Wells Fargo's branch network, the lower tiers offer APYs well below what online competitors pay.

If your main priority is to maximize the yield from your savings, there are better options from high-yield savings accounts -- and without the interest rate tiers and linked checking requirement.

Monthly service fee: The Wells Fargo Platinum Savings account has a $12 monthly service fee, but it's pretty straightforward to avoid by maintaining a minimum daily balance of $3,500 or higher in any given month. For people who don't regularly keep this much in savings, it's worth mentioning that the bank also offers its Wells Fargo Way2Save Savings account that only has a $5 monthly fee and several easy ways to get out of paying it.

Is Wells Fargo Platinum Savings FDIC insured?

Yes, Wells Fargo is an FDIC member. This guarantees depositors up to $250,000 in FDIC insurance per depositor, per ownership category.

Wells Fargo Platinum Savings is right for you if:

The Wells Fargo Platinum Savings account offers some of the best features of branch-based savings (and even checking) accounts, while also offering APYs that are significantly above average to high-balance, relationship-rate-eligible customers. It could be an ideal fit for savers with relatively high balances who value the convenience of using a national bank for both their checking and savings, especially those who want the ability to access their money frequently.

Keep reading about Wells Fargo

Our savings account methodology

At The Motley Fool Ascent, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

Our scores are weighted as:

  • APY: 50%
  • Brand and reputation: 20%
  • Fees and minimums: 15%
  • Other perks: 15%

Learn more about how The Motley Fool Ascent rates bank accounts.

FAQs

  • The Wells Fargo Platinum Savings account is the higher-end savings account product offered by Wells Fargo. It has a low minimum deposit, but is mostly geared toward high-balance customers, offering high APYs for customers with large balances that qualify for relationship rates, as well as the ability to write checks and make as many withdrawals as needed.

  • The Wells Fargo Platinum Savings account is a solid savings account product, but is mostly geared toward people who have a lot of money saved and don't mind having a checking account with the same bank to capitalize on relationship rates. For high-balance customers, it combines an above-average APY with the convenience of branch-based banking, and also offers some features that are rare for savings accounts, such as check-writing capabilities and unlimited withdrawals.