Most Wells Fargo checking accounts do not pay interest

Wells Fargo's standard checking accounts — including their most common option, the Wells Fargo Checking — earn zero interest on your balance. Your money sits in the account without growing, no matter how long you keep it there or how much you deposit.

Wells Fargo does offer one checking account that pays a small amount of interest: the Wells Fargo Way2Save Savings Account is technically a savings product, not a checking account, but it functions like a hybrid. However, the interest rate is very low — often less than 0.01% annually, meaning you would earn pennies on a $1,000 balance in a year.

If earning interest on money you use for daily spending is important to you, a Wells Fargo checking account is not designed for that purpose. Banks typically keep interest rates on checking accounts at zero because they use your deposits to make loans and investments that earn them money.

Key Takeaways

  • Wells Fargo's standard checking accounts pay no interest on your balance, regardless of how much money you keep in the account.
  • The Wells Fargo Way2Save account pays interest but at a rate below 0.01% annually, which amounts to very little money on most balances.
  • If you want your money to earn interest while remaining accessible, you would need to open a separate savings account or money market account at Wells Fargo or another bank.
  • Interest rates change over time and vary by account type, so you can ask a Wells Fargo representative for the current rate on any account you are considering.

Why checking accounts typically do not pay interest

Banks use the money you deposit in a checking account to lend to other customers and to invest. The bank keeps the profit from those loans and investments. In exchange, the bank offers you a place to store your money safely and the ability to withdraw it whenever you need it — usually for free.

Interest is the bank's way of paying you for letting them use your money. Checking accounts are designed for frequent withdrawals and spending, so banks do not pay interest on them. Savings accounts, by contrast, are meant for money you keep longer, and some savings accounts do pay interest — though the rate depends on the bank and the current economic environment.

What Wells Fargo checking accounts actually offer

Wells Fargo checking accounts come with features like a debit card, online banking, bill pay, and the ability to write checks. Some accounts have monthly fees (usually $10 to $15), though Wells Fargo waives fees if you meet certain conditions, such as maintaining a minimum balance or setting up direct deposit.

The Wells Fargo Checking account is their basic option. The Wells Fargo Premier Checking is designed for customers who want more features, such as higher ATM reimbursement limits and priority customer service, but it also does not pay interest on your balance.

Where to earn interest on your money at Wells Fargo

If you want your money to earn interest while you bank at Wells Fargo, you have two main options: a savings account or a money market account.

A savings account at Wells Fargo lets you deposit money and earn interest, though the rate is typically very low — often below 0.05% annually. You can withdraw money from a savings account, but federal rules limit you to six withdrawals per month (though this rule is no longer enforced, some banks still follow it).

A money market account is a hybrid between a checking and savings account. It usually pays slightly higher interest than a savings account, but it may have a higher minimum balance requirement and limits on how often you can withdraw money. Wells Fargo's money market account rates also change based on economic conditions.

You can open a savings account or money market account at the same Wells Fargo branch where you have your checking account, or online through their website.

How interest rates change and what affects them

Interest rates on bank accounts are not fixed. They change based on what the Federal Reserve does with its own interest rates, which shift several times per year. When the Federal Reserve raises its rates, banks sometimes raise the interest they pay on savings accounts. When the Federal Reserve lowers its rates, banks usually lower the interest they pay as well.

The current interest rate on any Wells Fargo account depends on the account type and the date you check. You can see the current rates on Wells Fargo's website, or you can call a branch or visit in person and ask a representative to tell you the rate for the specific account you are considering.

Comparing Wells Fargo to other banks for interest-bearing accounts

If earning interest is a priority, you may want to compare Wells Fargo's rates to those of other banks. Some online banks and credit unions pay higher interest on savings accounts than Wells Fargo does, though the difference is often small — sometimes less than 0.05% per year.

The trade-off is convenience. Wells Fargo has physical branches in many locations, so you can deposit cash, speak to someone in person, and access your money when ready. Online banks typically do not have branches, but they often have lower fees and sometimes higher interest rates because they have lower operating costs.

You do not have to choose one bank or the other. Many people keep a checking account at a bank with branches (like Wells Fargo) and a high-interest savings account at an online bank. This way, you have the convenience of a local branch and the higher interest rate on money you are saving.

What to do if you want to move money between accounts

If you open a Wells Fargo savings account or money market account in addition to your checking account, you can transfer money between them online, by phone, or in person at a branch. Transfers between your own Wells Fargo accounts are usually free and happen when ready or within one business day.

You can also set up automatic transfers — for example, moving $50 from your checking account to your savings account every payday. This can help you build savings without thinking about it.

Frequently Asked Questions

Can I earn interest on a Wells Fargo checking account if I keep a large balance?

No. Wells Fargo checking accounts do not pay interest regardless of your balance size. Even if you keep $100,000 in a checking account, you will earn zero interest. If you want to earn interest on a large balance, you would need to move that money to a savings account or money market account.

Does Wells Fargo offer any checking accounts with interest?

Wells Fargo does not offer a checking account that pays interest. Their interest-bearing products are savings accounts and money market accounts, which function differently from checking accounts and have different rules about withdrawals and access.

What is the current interest rate on Wells Fargo savings accounts?

Interest rates change frequently and vary by account type. You can find the current rates on Wells Fargo's website, or contact a branch directly. Rates are typically less than 0.05% annually, but this changes based on Federal Reserve decisions.

If I move money from checking to savings, will I lose access to it?

No. You can transfer money back to your checking account anytime, and the transfer usually happens within one business day. You can also withdraw directly from savings at a Wells Fargo ATM or branch, though federal rules historically limited withdrawals to six per month (though this is no longer enforced, some banks still follow it).

Should I keep my savings in a Wells Fargo account or move to an online bank?

That depends on what matters most to you. Wells Fargo offers the convenience of physical branches and when ready access to cash. Online banks often pay higher interest rates but do not have branches. Many people use both — a Wells Fargo checking account for daily spending and an online savings account for money they are saving.