Want to earn less with a Wells Fargo Money Market Account or Wells Fargo High Yield Savings? You read that right, after we discuss the rates and terms of Wells Fargo MMA, you might think twice about Wells Fargo. If you feel that you are able to keep more money in your savings account and want advantages of a debit card or checks, the best option could be to move up to a Money Market. A Wells Fargo Money Market Savings account requires at least 3.5K to maintain without a fee. If you have much more than that (about 25k),they also offer a High Yield Savings account.Or do they? According to our best banks list, we think the name High Yield Savings Account is a bit of a misnomer.

Details of Money Market Accounts

Wells Fargo accounts do not offer competitive rates. You do get easy access to your money and the possibility to write checks if you have a checking account with Wells Fargo.  A money market savings account has an opening balance of this account is $100, and a monthly fee of $10, but like other Wells Fargo accounts, the fee can be waived by choosing one of two options:

• $3,500 daily balance
• $75 automatic monthly transfer from another Wells Fargo account

The APY of this account is 0.05 percent, but there is a bonus APY of 0.15 percent if you meet the requirements set up by Wells Fargo for this specific account. At any rate, this is a pathetic rate. When you compare that other banks are offering 1.00%  APY. That means you make almost 7% less with Wells Fargo.

Details of a High Yield Savings Account

The Wells Fargo Money market and high yield savings accounts are similar, except for the amount of money needed in the account.  For a high yield savings account, the opening balance is $25,000 with a monthly fee of $25.  The monthly fee is waived if you keep a daily balance of $25,000 or more.

The APY of the high yield savings account is 0.05 percent if your account balance is between $0 and $24,999.99.  If you are able to keep $25,000 in your account the APY jumps to 0.25 percent.  As with the money market accounts, there is a bonus APY if you link the high yield account with a PMA Prime Checking account.

Pros and Cons of Wells Fargo

If you can swallow the fees (or avoid them), put up with the low rates, and want a simple local bank, Wells Fargo might be just what you are looking for. Wells Fargo offers online banking that is secure and easy to access, as well as mobile banking if you are interested.  They also offer online savings tools and the option to use these savings accounts to protect your checking account from overdrafts.  This account can help you save money and provide easy ways to keep track of your accounts. You might also find our Wells Fargo Bank Review of interest, as we go more in depth about Wells Fargo Bank.