A Comprehensive Guide to Wells Fargo’s July 2024 Money Market Account Interest Rates
Wells Fargo doesn’t offer a money market account at the moment. However, they do provide two interest-bearing checking accounts, along with CDs and savings accounts.
**Interest-Bearing Account Options at Wells Fargo**
Even though there’s no money market account, Wells Fargo has several deposit accounts that earn interest:
**CDs (Certificates of Deposit)**
Wells Fargo offers standard CDs with terms of three, six, and twelve months. For longer terms, you need to visit a branch. The minimum opening deposit is $2,500. The annual percentage yields (APYs) are:
– 3 months: 2.50% for any balance
– 6 months: 2.50% for any balance
– 12 months: 1.50% for balances under $100,000
– 12 months: 2.50% for balances of $100,000 and above
**Platinum Savings**
The Platinum Savings account has a tiered APY ranging from 0.26% to 2.51%, depending on the balance. To earn the highest APY, you need at least $1 million. To avoid the $12 monthly fee, maintain a daily balance of $3,500.
**Way2Save Savings**
This account offers a 0.01% APY. You can avoid the $5 monthly fee by maintaining a daily balance of $300.
**Prime Checking**
The Prime Checking account also has a 0.01% APY. There’s no minimum balance requirement, but you’ll incur a $25 monthly fee if you don’t maintain $20,000 in linked accounts.
**Premier Checking**
The Premier Checking account offers a 0.01% APY on all balances.
**Business Market Rate Account**
Wells Fargo’s Business Market Rate Savings account is designed for business owners to save for unexpected expenses or to build savings. It has a 0.01% APY and requires a $25 minimum opening deposit. To avoid the $5 monthly fee, maintain a daily balance of $300.
**Alternatives to Wells Fargo Money Market Accounts**
Other financial institutions offer competitive money market accounts with high APYs, especially online banks:
**UFB Direct**
The UFB Secure Money Market account offers a 5.25% APY regardless of balance. To avoid the $10 monthly fee, maintain a $5,000 balance.
**EverBank**
The Performance Money Market account offers tiered rates from 3.75% to 4.30% APY, depending on the balance. It includes a debit card and check-writing privileges with no monthly fee.
**Discover® Bank**
Discover’s Money Market account offers a 4.00% APY on balances under $100,000 and 4.05% on higher balances. It includes checks and a debit card with access to over 60,000 ATMs, and no minimum opening deposit is required.
**Quontic Bank**
Quontic’s Money Market account offers a 5.00% APY with a minimum opening deposit of $100. You can open an account online quickly and get a debit card with no monthly fee.
**Ally Bank**
Ally Bank’s money market account has no maintenance fees or minimum balance requirements and offers a 4.20% APY on all balance tiers. There’s a limit of 10 transactions per month on certain transfers and withdrawals, but no excessive withdrawal fee. However, frequent over-limit transactions may lead to account closure.