Wells Fargo’s “High-Yield” Savings:

It is highway robbery that big banks are still paying minimal interest rates on the cash left sitting in checking accounts, which most people need to manage everyday expenses Wells pays .10% interest.

I read an article in High-Yield Savings accounts with no minimums on ACH transfers, thinking I could easily transfer money from my checking to my savings accounts as my needs change. I did find several, no fees, paying as much as 5% with a minimum balance of $5000.

My next thought was “I wonder if Wells Fargo offers a High-Yield savings account??” Googled it. Wells Fargo offers a “Platinum Savings Account” which offers 0.25% on balances under $99,999.99.

Seriously, I don’t know why anyone banks here. For every product or service Wells Fargo offers, there is a superior product elsewhere.

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25%. Is this what Wells Fargo considers a HIGH YIELD!?

WF does not care about this anymore, and has turned savings depostis over to Apple, Amex and many others. I opened HYS at Amex. Took just minutes and earning 4.3%, no fees, unlimited transfers in and out. Apple still at 4.15%, but not sure.

Customers get 4.5% if they bring 10k new dollars to the bank. Employees don’t qualify for that promotion though :(

I use the WF checking account I have had for many years for monthly transactions and some day to day needs. Cash in, cash out. Nothing sits in there for more than 30 days.

Every single cent I don’t need for monthly bills is elsewhere. So I’m not losing anything.

To those who always say “The bank cannot grow until it gets out from the asset cap issues.” Yes - that is true, but I think I can comfortably guarantee you that Wells will still pay $hitty rates if we ever do get out from under the asset cap.

The big banks make their money by exploiting customers who are too distracted/busy to explore their options, are low-income, or are less financially savvy.

Better rates at my credit union.

The bank cannot grow until it gets out from the asset cap issues.

I've been buying sort term treasury bills with my surplus cash that otherwise would sit in my checking and savings accounts. The returns are pretty good and doesn't tie my money up for very long.

That's the beauty of customer choice though.

I would bet that there is a breakeven they've calculated on how many assets they have vs the extra interest cost vs attrition.

Apple savings took exactly 10 min to set up.

you could go to our website select savings accounts and look at all the rates. I believe on the platinum the highest interest we offer is 2.5% but that is on balances of like a million or more. we have some short term CDs at like 4.5%, but regardless our interest rates are terrible and there are many banks paying 5%+

A lot of big banks have much better rates than that. My Discover HYSA pays 4.3% right now.

@mhr+1phBFD3p

😂

It is high yield, just not for customers.

Exactly why all the cash is leaving big banks. Total greed by the bankers.

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Wells Fargo’s “High-Yield” Savings:

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