![]() ![]() When making your initial deposit, you’ll need the following (if not transferring from another Wells Fargo account): Valid ID (driver’s license, state ID, or Matricula card).If opening the account online, you’ll need the following information (at a minimum) to complete the process: You can open the account as a current Wells Fargo customer or a new Wells Fargo customer. It can also be opened as a joint account which expands your FDIC coverage to $500,000 ($250,000 per individual). The Platinum Savings account can be opened online or in one of Wells Fargo’s 5,200 branches. Interest is compounded daily and paid back to your account monthly. To be eligible for the Relationship APY, you must have one of the following linked checking accounts: That said, there are a number of FDIC-insured, online banks paying over the 4.50% APY mark on all balance amounts following the Fed’s first rate hike of 2023 on February 1st. To put these yields into perspective, the national average for a savings account sits at just 0.44% APY, according to FDIC data. BalanceĪll deposits are federally insured by the FDIC up to the maximum limits. The rate and APY (annual percentage yield) you receive are determined by both your balance amount and your relationship status with Wells Fargo (i.e. Please Note! The Wells Fargo Platinum Savings account comes with a minimum deposit requirement of just $25 to open, however, unless you keep an average daily balance of $3,500 each month you’ll be charged a monthly service fee of $12.
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