Wells Fargo Bank offers two types of savings accounts, a regular one and a high yield account. The regular savings account requires only $100 minimum opening deposit, as well as a $300 monthly minimum balance to avoid paying a $5 per month fee. There are some decent features provided alongside the account such as online banking and an automatic savings option, but an interest rate of 0.05% is simply not good enough right now.

For the high yield savings account one must have at least a $25,000 minimum opening deposit as well as the same amount monthly to avoid paying a monthly fee. One would imagine that the “high yield” savings account would have a rate significantly higher than their regular savings account, but not so. For $25,000 or more one will receive an APY of only 0.20%, which would be fine if it were a regular savings account but it is not. Both of the rates offered are well below average and if one truly wanted a savings account that earned good interest it would be best to look elsewhere.