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

Review Updated
Steven Porrello
Steven Porrello
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Ashley Maready
Ashley Maready
Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
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Nathan Alderman has been a full-time Motley Fool employee 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 Motley Fool Money'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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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. APY = Annual Percentage Yield.

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.

  • Our team of experts assessed 100+ banking institutions
  • We evaluate all banking institutions across the same 4 key criteria: annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks
  • Our bank ratings are never influenced by our advertising partners
  • We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased
Ratings Methodology
Rates as of Apr 28, 2025

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
0.01% up 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
  • 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 3.80%²
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!¹
4.10% APY for balances of $5,000 or more
Rate info Circle with letter I in it. 4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000+ for max APY
Earn a bonus of at least $225 after a one-time deposit of $25,000+. Circle with letter I in it. Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
3.70%
Rate info Circle with letter I in it. 3.70% annual percentage yield as of April 27, 2025. Terms apply.
Min. to earn: $0
N/A
Disclaimers



SoFi disclosure:

¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.

² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.

Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.

⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.

⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

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 0.01% up 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.

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 Motley Fool Money, 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 Motley Fool Money 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.