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

If you're in the market for a savings account, it can be tough to decide between the high yields of online banks and the convenience of branch-based national banks. The Wells Fargo Platinum Savings account can be the best of both worlds for customers who maintain relatively high savings balances. In this in-depth expert review, we'll take a look at the Wells Fargo Platinum Savings account, including all of the pros and cons, as well as how it stacks up to the competition.

If you've got a huge savings account balance, a Wells Fargo Platinum Savings account could be worth it -- you'll need $500,000 to earn the top rate. 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.

The Wells Fargo Platinum Savings account is a solid branch-based savings account product, especially for those who maintain high balances. However, like most financial products, it isn't right for everyone. Here's a rundown of the pros and cons you should consider when deciding if this account is right for you.

Top perks

Competitive APY: The Wells Fargo Platinum Savings account pays APYs that are significantly higher than the national average for savings accounts, especially for those with higher balances. There's also a slightly higher APY for those who have a Prime Checking or Premier Checking account with Wells Fargo.

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 amount of money in the account is the way you get out of paying a monthly fee. The account has a $12 monthly service fee, but it is waived as long as you maintain a $3,500 minimum daily balance during each fee period.

Low minimum deposit: Although the Wells Fargo Platinum Savings account is designed to provide the best perks for high-balance customers, the minimum deposit to open an account is just $25.

Thousands of branches: Wells Fargo is one of the largest and most convenient 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 want the ability to 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.

Unlimited withdrawals: Most savings accounts limit the number of withdrawals account holders can make, and many don't offer debit card access to savings accounts at all. The Wells Fargo Platinum Savings account offers unlimited withdrawals or transfers from the account.

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. 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 lowest tier is much lower than for the higher tiers. In fact, we would call this a highly competitive savings account for people with $500,000 or more, especially considering the convenience of Wells Fargo's branch network. For the lower tiers, the APYs are far lower than what online competitors pay.

Monthly service fee: The Wells Fargo Platinum Savings account has a $12 monthly service fee, but it's pretty straightforward to avoid. As mentioned earlier, you can avoid the fee in any month where your minimum daily balance is $3,500 or greater. For people who don't regularly keep this much in savings, it is 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.

Low APYs compared to online banks: 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.

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 when it comes to 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 when it comes to 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

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 customers. It could be an ideal fit for savers with relatively high balances who value the convenience of using a national bank, especially those who want the ability to access their money frequently.

Keep reading about Wells Fargo

• Wells Fargo Review
• Wells Fargo CD Rates
• Wells Fargo Way2Save Savings Review

Our savings account methodology

At The Motley Fool Ascent, 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 The Motley Fool Ascent rates bank accounts.