Wells Fargo Bank
Fees
Our Rating
Current Promotion
APY Savings
Wells Fargo has a long history of providing financial products and services. It was founded back in 1852 during the California gold rush. With its 170-year history, Wells Fargo ranks as the fourth-largest U.S. bank today.
Wells Fargo has a full variety of financial products and services. In addition to the standard checking and savings accounts, the bank offers mortgages, home loans, student loan refinancing, and various credit card options. Wells Fargo also facilitates customer investments, including CDs, 401ks, IRAs, and wealth management solutions.
Although Wells Fargo did experience several high-profile scandals, it has worked to rehabilitate its image. Wells Fargo has focused on technological innovations and customer service to regain consumer trust. Today, it has built up an average rating on consumer review sites, but Wells Fargo has a highly-rated app available for iOS and Android devices.
Wells Fargo can be a good choice if:
- You’re confident you can meet the checking account waiver requirements
- You want a mortgage with a lower down payment
- You want a traditional bank with a personal service
- Large Network
- Highly Rated App
- Access to Low Deposit Mortgages
- Wide Variety of Products
- Promotions
- Low Interest Rates
- Multiple Overdraft Fees
- Unattractive CD Terms
- No Promotions
What are the requirements to open a Wells Fargo account?
You will need to present identification and address evidence, just like with other financial institutions. You will have to enter some personal information, such as your Social Security number, current mailing address, and phone and email contact information.
State-issued photo IDs, U.S. passports, driver's licenses, and military photo IDs are among the commonly accepted types of identification.
Can I open a checking account with Wells Fargo online?
A Wells Fargo bank account can be opened over the phone, in person, or online. You may quickly open a checking account using the Wells Fargo Online platform. The portal can also be used to monitor the status of your account application or to complete it if you were unable to do so in one sitting.
Does Wells Fargo offer a free checking account?
Even though Wells Fargo offers a variety of checking account options, each one has a monthly service charge. However, if you meet the requirements, the service price may be waived.
This includes actions like having a Wells Fargo Campus Debit Card linked, being under 24, keeping a minimum daily amount of $500, having $500+ in eligible direct deposits, and more.
Which Wells Fargo products are resistant to inflation?
You may lock in your rate with Wells Fargo's fixed rates on loans and mortgages. This means that you won't have to worry about the cost of your loan rising even if inflation picks up in the near future. Your monthly payments may be set at the same amount for the whole loan or mortgage term. When inflation is driving up the rest of your family bills, this can be a huge source of comfort.
How's Wells Fargo physical coverage?
Wells Fargo is one of the "Big Four" U.S. banks and has extensive coverage. In the US, this bank has more than 8,000 branches. Additionally, it has a network of more than 13,000 ATMs. This implies that no matter what state you're in, a local branch will be close by.
Wells Fargo Review
Banking Services | Credit Options | ||
|---|---|---|---|
Savings Accounts | Mortgage | ||
Checking Accounts | Government Mortgage | ||
CDs | Credit Cards | ||
Money Market Account | Debit Card | ||
Investing Capabilities | Personal Loans |
Wells Fargo Benefits And Drawbacks
Pros | Cons |
|---|---|
Large Network
| Low interest Rates |
Highly Rated App | Multiple Overdraft Fees |
Access to Low Deposit Mortgages | Unattractive CD Terms |
Promotions | History of Scandals |
Wide Variety of Products |
- Large Network
As the fourth largest U.S bank, Wells Fargo has a large network with 4,900+ branches and 12,000+ ATMs across 37 states. This makes Wells Fargo a highly accessible bank, with easy to find locations throughout the country.
- Access to Low Deposit Mortgages
Some Wells Fargo mortgage deals allow for just a 3% down payment, which could make buying a home more accessible.
- Promotions
Wells Fargo offers promotions and bonuses for new accounts. The banking promotions can be found from time to time (check above), While Wells Fargo credit cards bonuses are more stable and can be found on most Wells Fargo cards.
- Wide Variety of Products
Wells Fargo has a wide selection of financial products. There are several checking and saving account options, along with lending products, credit cards, and investments.
This makes it easy to manage all aspects of your money under one umbrella.
- Highly Rated App
Wells Fargo has an app for both iOS and Android devices that is highly rated. These apps make it easy to manage your accounts on the go, with almost the full functionality of the main website.
- Excellent Integration
Wells Fargo has a partnership with Intuit, so you can seamlessly integrate QuickBooks, Mint and TurboTax online. This means that you can handle your finances without compromising your account security.
- Low Interest Rates
As is fairly typical with large high street banks, Wells Fargo offers quite low-interest rates. The rates are lower than the national average but similar to other big banks.
Additionally, you will need to consider whether a fee applies to your savings account. So, if you don’t qualify for waivers, you could be earning a negative amount on your funds.
- Multiple Overdraft Fees
Wells Fargo policies allow for up to three overdraft charges per day.
This means that if you have a slip up, there is the potential to get stung with $105 in overdraft fees
- Unattractive CD Terms
Even though you need to deposit a high minimum of $2,500 to open a Wells Fargo CD, you can only earn a paltry 1.49% – 5.26% with a relationship discount.
This is easily beaten by many online banks and some bricks and mortar institutions.
- History of Scandals
While Wells Fargo has been working hard to revitalize its image, there are still several scandals in recent history.
In 2016, bank employees had engaged in illegal practices and had to pay billions in fines.
Customer Experience
Wells Fargo has a 24/7 banking helpline, so you can speak to an agent if you have any queries or questions at any time of the day or night. There is also a decent website support page, with answers to many frequent questions.
However, According to the J.D. Power 2023 U.S. banking satisfaction study, Wells Fargo bank ranked quite low in most regions such as California, Mid-Atlantic, Northwest, and more. So, according to the survey, most customers are not satisfied with Wells Fargo bank compared to other banks.
Although Wells Fargo only has an average rating on consumer review sites such as Trustpilot, this is fairly typical for banks and financial institutions.
Wells Fargo | |
|---|---|
App Rating (iOS)
| 4.8 |
App Rating (Android) | 4.6 |
BBB Rating (A-F) | Not Rated |
Contact Options | phone/mail |
Availability | 24/7 |
Wells Fargo Savings Account
APY Savings
Minimum Deposit
Promotion
Fees
Wells Fargo Savings Account
APY Savings
Minimum Deposit
Promotion
Fees
If you're looking to open a savings account, Wells Fargo has two main savings accounts options, along with a kid’s savings account:
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Way2Save Savings Account
The Wells Fargo Way2Save account has been designed to encourage savings, so it is a simple-to-use account with some great features.
- $25 minimum deposit
- A $5 monthly service fee can be waived with auto transfers from a Wells Fargo checking account, maintaining a $300+ daily balance, or if you’re under 24.
- Save as You Go: This savings encouragement feature moves $1 from your Wells Fargo checking account with each qualifying transaction, such as debit card purchases or when you use the Wells Fargo online bill pay service.
- Overdraft protection for your checking account: This is an optional service, but you can use your Way2Save account balance to cover an overdraft on your checking account. The funds will be automatically transferred if you accidentally slip into the red to avoid overdraft fees.
- Auto Transfers: You can build your savings without too much thought with auto transfers. You can set your transfers at $1+ per day or $25+ monthly.
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Platinum Savings Account
As the name suggests, Platinum Savings is Wells Fargo’s premier savings account. It offers some impressive features, including
- No monthly withdrawal limits
- Option to write checks
- Relationship discount to increase your rate if you link a Portfolio Relationship to Wells Fargo account
- $12 monthly fee, which can be waived if you maintain a $3,500+ daily balance
- Open the account with just $25.
However, Wells Fargo's savings rates are pretty low compared to what other savings banks offer.
Wells Fargo CDs
APY Range
Minimum Deposit
Terms
Fees
Wells Fargo CDs
APY Range
Minimum Deposit
Terms
Fees
Wells Fargo has several CD options, but all three have a $2,500 minimum deposit and a 1.49% – 5.26% APY rate. This is quite low compared to other banks.
The only real difference between these products is that you can choose a term of three months, six months, or one year. However, it may be possible to obtain a CD for a longer term by discussing your requirements with the Wells Fargo branch staff.
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
5 Months | 4.50% – 4.76%
| 3 months interest |
11 Months | 4.50% – 4.76% | 6 months interest |
3 Months | 4.50% – 4.51% | 1 month interest |
6 Months | 2.50% – 2.51% | 3 months interest |
12 Months | 1.50% – 2.01% | 6 months interest |
Wells Fargo CD holders can auto-renew their CD at the end of the term. Approximately one month before the maturity date, you’ll receive a notification. At maturity, there is a seven-day grace period to either change the term, make additional deposits, close the CD, or withdraw. Alternatively, you can allow the CD to auto-renew.
It is also possible to withdraw funds before the term of your CD completes. However, there is a penalty for this of either seven days of simple interest, or if your CD has been opened longer than seven days or not in the grace period, the penalty is one month's interest or three months interest for CDs with a term of 90 days or up to one year respectively.
Wells Fargo Checking Account
Fees
Minimum Deposit
Promotion
APY Checking
Wells Fargo Checking Account
Fees
Minimum Deposit
Promotion
APY Checking
If you are looking for a checking account, Wells Fargo has four checking account options.
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Everyday Checking
You can open this basic Wells Fargo checking account with $25. The Everyday checking account has a $10 monthly fee which can be waived if:
- You have $500+ in qualifying direct deposits each month
- Maintain a $500+ daily balance
- If you’re a college student with a linked Campus ATM or Campus debit card
- You’re aged 17 to 24.
There is also a $35 overdraft fee that you can avoid if you sign up for Overdraft Protection with your linked savings account.
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Clear Access Banking
This is the Wells Fargo checking account option for young people. The Clear Access account can be opened by minors aged 13 to 16 with an adult account co-owner. The account comes with a debit card for ATM withdrawals and spending, but you can set up alerts to notify you of specific account activities.
You can open the account with $25+ and the $5 monthly fee is waived if the primary account holder is under 24.
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Prime Checking
This premium Wells Fargo checking account offers some very nice perks. A $25 monthly maintenance fee can be waived if you maintain a $20,000+ balance across all your linked accounts at the end of each statement period.
You can also enjoy fee-free Personal Wallet checks, money orders, and cashier’s checks; overdraft protection fee from an eligible linked savings account is waived, and discounted interest rates on lines of credit and select new loans.
If you maintain a balance of $250,000 or more across your accounts, the fees for stop payments, overdraft protection transfers, and incoming wires are waived. Also, Portfolio customers have access to investment guidance from Wells Fargo advisors.
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Premier Checking
This is the top premium account of Wells Fargo. Opening an account can't be done online, and you can only make an appointment if you want to open an account. Here are some of the benefits:
Priority Assistance: Around-the-clock phone support for all banking queries.
Reduced Fees: No ATM fees worldwide, fee waivers for international debit card purchases, and both incoming and outgoing wire transfers. Also, enjoy waived monthly service fees on some linked accounts.
Financial Planning: Personalized assistance to guide your financial objectives.
ATM Benefits: Worldwide ATM fee waivers and unlimited reimbursements for non-Wells Fargo ATM charges.
Transaction Discounts: No fees on cashier’s checks, money orders, international purchase transactions, and personal wallet checks. A 2% discount is available on exchange rates for foreign currency cash purchases.
Additional Advantages: Discounts on safe deposit box rentals, free monthly check safekeeping or image statements, and more.
Here are the main differences between Wells Fargo's prime vs. premier accounts.
Wells Fargo Lending Products
Wells Fargo has a number of lending products to suit your specific requirements. These include:
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Credit Cards
Customers can enjoy a variety of credit cards with Wells Fargo.
The Wells Fargo Reflect card has a 0% APR for 18 months on purchases and balance transfers. There is also the possibility of a three month extension on your introductory rate if you make your minimum payments on time.
The Wells Fargo Active Cash card offers 2% cash rewards on purchases (unlimited). There is also a 0% introductory rate for 15 months on purchases and qualifying balance transfers and a welcome bonus if you make qualifying purchases within the first three months.
The Wells Fargo Autograph℠ Card is a multifaceted credit card, rewarding both daily expenses and travel outlays. Users accrue 1X – 3X points on favored categories, including dining, travel, gas stations, transit, and streaming. Furthermore, the card introduces a 0% APR on purchases during the initial 12 months on purchases, letting cardholders make significant purchases without facing any interest for that duration
Wells Fargo also has a Choice Privileges Mastercard where customers can get points on stays at participating Choice Hotels as well as gas stations, grocery stores, home improvement stores, and phone plan services. The last card is the Bilt Mastercard®, which earns points on rent payments, travel, and dining.
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Mortgages and Home Loans
Wells Fargo has a variety of mortgage products including VA loans, FHA loans, and conventional fixed rate home loans. However, Wells Fargo has possibilities for a low down payment, from just 3%. Wells Fargo also offers home equity financing.
This allows you to borrow up to 80% of your home value less any outstanding mortgages, liens or home loans. The home equity finance packages are available from $25,000 to $500,000
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Personal Loans
In addition to offering student loans and auto loans, Wells Fargo offers personal loans. You can borrow $3,000 – $100,000 with terms of 12-60 months .
There are fixed interest rates and qualifying customers can enjoy a relationship discount. There are no prepayment fees, origination fees or closing fees.
How to Apply for a Wells Fargo Bank Account?
While it is possible to head to your local Wells Fargo branch to open an account, you can also open Wells Fargo accounts online. If you visit the Wells Fargo website, you can explore the products and account options. If you find an account that you would like to open, simply click the “Open Account” button.
You will then need to fill in the required fields. These include whether you’re an existing Wells Fargo customer and if you want to open a sole or joint account. You will also need to read the disclaimer and click continue.
The next step is the main application form. You’ll need to provide your full name, Social Security Number, contact details and address. You will also need to confirm if you’re subject to W-9 backup withholding and consent to a credit search, where appropriate.
From this point, you can review the account options, and terms before completing the funding page to provide the initial deposit to open your account.
Bottom Line
If you’re looking for a well established financial institution with a wide variety of financial products, Wells Fargo is a decent option. Not only does Wells Fargo have an impressive geographic footprint with thousands of ATMs and branches, but you can also access every type of account and product you may need. However, Wells Fargo doesn't appear in our best checking account list of 2023.
While there are some account maintenance fees, there are usually several waiver options and you can also link accounts to enjoy relationship bonuses. Wells Fargo has had some scandals in recent years, but the bank is working to correct its public perceptions, including paying $3 billion in fines.
Alternatives
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|---|---|---|---|
APY Savings
The annual percentage yield (APY) is a percentage that represents the amount of money or interest earned on your savings account over the course of a year. The APY factored in compound interest. A savings calculator can help you quickly determine how much you'll earn with a given APY.
| 4.50%
| 4.35%
| 0.01% – 0.02%
|
Checking Account Fee
The monthly fee on checking account
| $0 | $0 | $12
Can be waived if you maintain a $1,000 minimum daily balance, making direct deposits or Associated SnapDeposits of $500 or more per statement cycle, or holding $2,500 in combined deposit accounts with the same statement cycle date or having a Health Savings Account or investment account
|
Checking Minimum Deposit | $100 | $0 | $0 |
Mobile App Rating | 4.5/5 on iOS, 3.4/5 on Android | 4.9/5 on iOS, 4.7/5 on Android | 4.8/5 on iOS, 4.3/5 on Android
|
BBB Rating | A+ | A+ | B- |
FAQs
How's Wells Fargo promotion compared to other banks?
As of December 2023, Wells Fargo offers $325 promotion, which is nice – but average. For example, Chase offers $200 bonus if you open a new Total Checking Account.
Is my money secure with Wells Fargo?
Wells Fargo is one of the largest banks in the United States, so you can rest assured that your money is safe with them. Wells Fargo did receive a $25 billion federal bailout in 2008, but the loan was paid off by the end of 2009.
Wells Fargo now has over $1.7 trillion in assets, so it has enough funds to cover any defaults if the economic climate worsens. Furthermore, the accounts are FDIC insured, which means that your deposits up to $250,000 are federally protected.
Can you buy/invest in cryptocurrency through Wells Fargo?
Although Wells Fargo allows customers to purchase cryptocurrencies, this investment strategy is only available to the bank's wealthier customers. Although the bank does not disclose the specifics, it is safe to assume that you must use the Wells Fargo dedicated financial investor program, which requires a minimum investment of $100,000.
Is Wells Fargo a good place for teenagers to bank?
Wells Fargo is a large bank that provides some excellent options for teen customers, such as checking account options and savings plans. There are also some excellent resources available to assist teenagers in developing their money management skills and learning financial responsibility.
Because there are some excellent college student accounts available, it is simple to upgrade to a more feature-rich account as and when required.
What does Wells Fargo have in store for Millenials?
Wells Fargo, as a large bank with numerous branches and an excellent online platform, certainly provides convenience and functionality.
You can select the products that interest you and apply for them over the phone, in person, or online. You can manage your account online or through the Wells Fargo app once you've opened it. This allows you to conduct your banking at your leisure.
However, make sure to compare it with other checking accounts and see which option is better for your needs.
What services does Wells Fargo provide to students?
Wells Fargo offers bank accounts for students. Teens aged 13 and up can open a checkless Clear Access checking account, which includes a debit card and digital payments with no overdraft fees. Adult checking accounts can also be opened by those aged 17 and up, but this may require a visit to the branch.
Wells Fargo also has some excellent savings accounts and student loans, as well as relationship discounts on qualifying products.
Is it possible to open a Wells Fargo checking account online?
A Wells Fargo bank account can be opened over the phone, in person, or online. You can open a checking account with Wells Fargo Online in just a few minutes.
You can also use the portal to check the status of your account application or to complete it if you were unable to finish it in one session.
Is there a free checking account available from Wells Fargo?
While Wells Fargo offers several checking account options, all of them charge a monthly service fee. However, if you meet the criteria, you may be able to have the service fee waived.
This includes things like keeping a $500 minimum daily balance, having $500+ in qualifying direct deposits, linking a Wells Fargo Campus Debit Card, and being under the age of 24.
However, there are many other banks offering checking accounts with no monthly fees.
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Both Ally and Wells Fargo have a fairly impressive banking product lineup that would make switching from a traditional high street bank simple.
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The Wells Fargo service is even more extensive. Checking accounts, various savings accounts, mortgages, loans, and investment options such as IRAs, 401ks, and wealth management solutions are all available.
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Chase and Wells Fargo appear to offer very similar products at first glance, so we need to dig a little deeper. There is little to distinguish the savings accounts, and both banks provide a variety of checking accounts.
While Chase's account maintenance fee is slightly higher, it does have some more interesting features. Chase also has an advantage in terms of CDs, but Wells Fargo is a better option for loans and mortgages.
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Wells Fargo vs Flagstar
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Wells Fargo vs Bank of America
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