Worst Savings Account Rate

Savings account rates are pretty dismal these days. The national average savings rate for account balances of at least $2,500 is 0.35 percent. For balances of at least $50,000 the national average rate is 0.59% percent.

There are banks and credit unions offering rates a lot higher than the national averages. There are also banks that are offering rates well below the national averages.

Wells Fargo is near the bottom of our list of savings account rates and probably have one of the worst savings account rates. Right now for account balances of $0 to $24,999 Wells Fargo is offering an annual percentage yield of only 0.05 percent. Savings account balances of $25,000 or more earn 0.30 percent.

The savings rate and APY gets a little better if you link a "PMA Prime Checking account" to the savings account. Linked account balances of $0 to $24,999 earn an APY of 0.15 percent. Linked account balances of $25,000 or more earn an APY of 0.40 percent. These annual percentage yields are their "bonus APY."

I guess if you're a bank and not really lending much money these days and you can borrow from the Federal Reserve for nothing, why would you need deposits?
Author: Lisa Graham
March 30th, 2010
Posted in: Savings Accounts