Wells Fargo does not offer a dedicated high yield savings account

Wells Fargo's standard savings account earns interest, but the rate is not competitive with high yield savings accounts at other banks. As of early 2024, Wells Fargo's regular savings account pays around 0.01% annual percentage yield (APY) on balances, while high yield savings accounts at online banks typically pay 4% to 5% APY. The difference matters: on $10,000, you would earn roughly $1 per year at Wells Fargo versus $400 to $500 per year at a high yield account elsewhere.

Wells Fargo does offer a Money Market Account, which pays slightly higher rates than savings accounts but still lags behind dedicated high yield products. The Money Market Account rate also varies by balance tier and changes frequently. If you want high yield savings, you will need to open an account at a different bank.

Key Takeaways

  • Wells Fargo's standard savings account pays around 0.01% APY, which is far below the 4% to 5% APY offered by high yield savings accounts at online banks.
  • Wells Fargo's Money Market Account pays more than savings but still does not match high yield rates and requires a higher opening deposit.
  • High yield savings accounts at online banks like Marcus, Ally, and American Express Personal Savings offer significantly better returns with no monthly fees.
  • Moving money between Wells Fargo and a high yield account at another bank takes one to three business days via ACH transfer.

How Wells Fargo savings rates compare to other banks

The gap between Wells Fargo and high yield providers is substantial. A high yield savings account at Marcus by Goldman Sachs, Ally Bank, or American Express Personal Savings will pay you roughly 400 times more interest on the same balance. This is not a small difference—it compounds over time, especially if you keep money in savings for months or years.

Wells Fargo's Money Market Account does pay more than its savings account, but the rate still typically falls between 0.05% and 0.15% APY depending on your balance. You also need a higher opening deposit—usually $2,500 to $25,000—and the account may have withdrawal limits or monthly fees if you exceed a certain number of transfers.

Online banks can offer higher rates because they have lower overhead costs than brick-and-mortar branches. They pass those savings to customers through better interest rates. If you already bank at Wells Fargo for checking or other services, you can keep those accounts there and open a high yield savings account elsewhere specifically for money you want to earn interest on.

How to move money from Wells Fargo to a high yield account

Opening a high yield savings account at another bank does not mean closing your Wells Fargo accounts. You can transfer money between them using an ACH transfer, which is free and takes one to three business days. To set this up, you will need your Wells Fargo account number and routing number (which is 121000248 for most Wells Fargo locations).

Most high yield savings banks let you link an external account during signup. You provide your Wells Fargo account details, and the bank initiates a small test deposit to verify the account is real. Once verified, you can transfer money in either direction. Some banks also let you set up automatic transfers—for example, moving a fixed amount from Wells Fargo to your high yield account every month.

If you want to move a large sum quickly, you can also visit a Wells Fargo branch and withdraw cash, then deposit it at another bank. This is slower and riskier than electronic transfer, but it avoids the one- to three-day wait.

Wells Fargo savings account features beyond interest rate

Wells Fargo savings accounts do offer some features that matter if you value convenience or branch access. You can deposit checks at any Wells Fargo ATM or branch, withdraw cash without fees, and access your account through the Wells Fargo app or website. If you already have a Wells Fargo checking account, linking a savings account takes minutes and you can move money between them instantly.

Wells Fargo also offers FDIC insurance up to $250,000 per account type, per depositor, per bank. This means your money is protected if the bank fails. High yield savings accounts at other banks have the same FDIC protection, so this is not a reason to choose Wells Fargo over a competitor.

The main reason to keep a Wells Fargo savings account is convenience if you already use Wells Fargo for checking or other services. But if your goal is to earn interest on money you are not spending, a high yield account elsewhere will earn you significantly more.

Which high yield savings accounts are worth considering

Marcus by Goldman Sachs, Ally Bank, and American Express Personal Savings are three of the most common high yield options. All three pay rates in the 4% to 5% range (rates change frequently, so check their websites for current offers). None charge monthly fees, and all have no minimum opening deposit or very low minimums ($0 to $100).

Marcus and Ally are full-service online banks, so you can also open a checking account with them if you want. American Express Personal Savings is savings-only, so you would need a checking account elsewhere. Each bank has a different app and website experience, so if you care about user interface or mobile features, spend a few minutes on each one before deciding.

Some credit unions also offer high yield savings accounts to members. If you belong to a credit union, ask whether they have a high yield product. Credit union rates vary widely, but some are competitive with online banks.

When to keep money at Wells Fargo versus moving it

Keep money at Wells Fargo if you need frequent access to branches, use Wells Fargo's bill pay or other services, or if the amount is small enough that the interest difference does not matter to you. If you have $500 in savings, the difference between 0.01% and 4.5% is roughly $22 per year—real money, but not life-changing.

Move money to a high yield account if you are saving for a goal that is months or years away, if you have $5,000 or more in savings, or if you want to maximize the return on money you are not spending. The transfer takes a few days, but once it is set up, you can move money back and forth whenever you need to. There is no penalty for moving money out of a high yield savings account, and no lock-in period.

Many people use both: they keep their checking account and emergency fund at Wells Fargo for convenience, and move money they are saving for a specific goal into a high yield account at another bank. This approach gives you the best of both worlds—easy access to cash when you need it, and better interest on money you are setting aside.

Frequently Asked Questions

Can I earn interest on my Wells Fargo checking account?

Wells Fargo checking accounts earn little to no interest. If you want to earn interest on money you are not spending, move it to a savings or money market account at Wells Fargo, or to a high yield savings account at another bank. Checking accounts are designed for frequent deposits and withdrawals, not for earning returns.

Does Wells Fargo charge a fee to transfer money to another bank?

No. ACH transfers from Wells Fargo to another bank are free and take one to three business days. Wells Fargo does not charge outgoing transfer fees. Some other banks may charge a fee to receive an external transfer, but Wells Fargo does not.

What happens to my FDIC insurance if I move money to a high yield account?

Your money remains FDIC-insured up to $250,000 at the new bank. FDIC insurance is per bank, not per account, so if you have $250,000 in a high yield savings account and $250,000 in a money market account at the same bank, only one of them is fully covered. Spread large balances across multiple banks if you want full coverage on amounts over $250,000.

How often do high yield savings rates change?

High yield savings rates change frequently—sometimes weekly—based on what the Federal Reserve does with interest rates. When the Fed raises rates, high yield banks usually raise their rates within days. When the Fed cuts rates, high yield banks cut theirs too. Check the current rate on your bank's website before opening an account, but expect it to change over time.

Can I have a Wells Fargo account and a high yield account at the same time?

Yes. You can keep your Wells Fargo checking and savings accounts open while opening a high yield savings account elsewhere. There is no rule against having accounts at multiple banks. Many people do this to take advantage of different features and rates at each bank.