Wells Fargo does not currently offer a dedicated high-yield savings account

Wells Fargo's standard savings account earns 0.01% annual percentage yield (APY) on most balances, which is far below what other banks offer. If you keep money at Wells Fargo and want higher returns, you would need to move funds to another institution—either a different bank or an online savings platform—because Wells Fargo has not introduced a high-yield product to compete in that market.

This matters because the difference between 0.01% and 4.5% APY (the range many online banks currently offer) is substantial. On $10,000, you would earn roughly $1 per year at Wells Fargo versus $450 per year elsewhere. Over time, that gap compounds.

Key Takeaways

  • Wells Fargo's savings account pays 0.01% APY, which has not changed significantly in recent years despite rising rates elsewhere.
  • Online banks and some regional banks now offer savings accounts paying 4% to 5% APY with no monthly fees.
  • You can keep a checking account at Wells Fargo and move savings to a higher-yield account at another institution without closing your Wells Fargo relationship.
  • High-yield savings accounts at other banks typically have no minimum balance requirements and allow unlimited transfers.

Why Wells Fargo's savings rate lags behind competitors

Large traditional banks like Wells Fargo have lower overhead costs than online-only banks in some areas, but they maintain physical branches, which is expensive. They pass some of those costs to customers through lower interest rates. Wells Fargo also has not felt competitive pressure to raise rates on savings accounts because many customers keep money there for convenience rather than returns.

When the Federal Reserve raised interest rates between 2022 and 2023, online banks and smaller regional banks moved quickly to offer higher rates to attract deposits. Wells Fargo raised its savings rate only slightly, keeping it well below market rates. This pattern has held even as rates have stabilized.

Where to move savings if you want higher returns

Online banks like Marcus, Ally, American Express Personal Savings, and Discover all offer savings accounts with rates between 4% and 5% APY. These institutions have no physical branches, which lets them offer higher rates. Most have no monthly maintenance fees, no minimum balance requirements, and allow you to link to your Wells Fargo checking account for transfers.

Some regional banks and credit unions also offer competitive rates, though you may need to meet specific conditions—such as setting up direct deposit or maintaining a linked checking account. Your local credit union is worth checking, as rates and terms vary by institution.

Opening an account at another bank does not require you to close your Wells Fargo account. You can keep your Wells Fargo checking account for everyday use and bill payments while holding savings elsewhere.

How to move money between Wells Fargo and another savings account

The simplest method is to link your Wells Fargo checking account to the new savings account using the other bank's online platform. You provide your Wells Fargo account and routing number, and the new bank verifies the connection by depositing two small test amounts (usually under $1 each). Once verified, you can transfer money electronically in either direction.

Transfers between linked accounts typically take one to three business days. If you need money faster, you can withdraw cash from a Wells Fargo ATM and deposit it at the new bank, though this is less convenient for large amounts.

Some banks offer a service where they pull your money directly from your old account during the account-opening process. Ask the new bank whether they offer this option—it can save you a step.

What to consider when choosing a high-yield savings account

Compare the APY first, but also check whether the rate is promotional or permanent. Some banks offer a higher rate for the first few months, then drop it. Read the terms to see how long the advertised rate lasts.

Check the monthly fee structure. Most online banks charge no monthly maintenance fee, but some charge a fee if your balance falls below a certain amount or if you do not meet other conditions. Confirm that the bank is insured by the Federal Deposit Insurance Corporation (FDIC), which protects up to $250,000 per account holder per institution.

Consider how you plan to access the money. If you need to withdraw frequently, make sure the bank allows unlimited transfers or at least enough per month for your needs. If this is truly savings you will not touch, transfer limits matter less.

Wells Fargo's other savings products and alternatives

Wells Fargo offers certificates of deposit (CDs), which lock your money away for a set term (three months to five years) in exchange for a may provide rate. CD rates at Wells Fargo are also low compared to online banks, but they may be worth considering if you want a may provide return and do not need access to the money during the term.

Wells Fargo also offers money market accounts, which function like savings accounts but sometimes pay slightly higher rates. However, Wells Fargo's money market rates are similarly low and do not compete with online options.

If you have a large balance or are a frequent Wells Fargo customer, ask whether you may have access to for any relationship-based rate improvements. Some banks offer slightly better rates to customers who maintain multiple accounts or meet other criteria, though Wells Fargo's improvements in this area are typically modest.

Frequently Asked Questions

Can I keep my Wells Fargo checking account and move only savings elsewhere?

Yes. Opening a savings account at another bank does not affect your Wells Fargo checking account. You can use Wells Fargo for checking and bill payments while holding savings at a higher-yield institution. The two accounts can be linked for transfers.

How long does it take to move money from Wells Fargo to another bank?

Electronic transfers between linked accounts usually take one to three business days. The exact timing depends on both banks' processing schedules. Transfers initiated on a weekend or holiday may take longer.

Is my money safe if I move it to an online bank?

Online banks that are FDIC-insured protect your deposits the same way Wells Fargo does—up to $250,000 per account holder. Before opening an account, confirm the bank displays FDIC insurance information on its website. Most major online banks are FDIC-insured.

What if Wells Fargo raises its savings rate in the future?

It is possible, but Wells Fargo has not kept pace with market rates in recent years. Even if Wells Fargo raises its rate, it is unlikely to match the highest-paying online banks. You can monitor rates periodically and move money back if circumstances change, though most people find it simpler to stay with whichever institution offers the best rate.

Do I need a minimum balance to open a high-yield savings account elsewhere?

Most online banks have no minimum balance requirement. You can open an account and deposit as little as $1 to start. Some regional banks or credit unions may require a minimum, so check the terms before opening.