Wells Fargo Bank Review
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Wells Fargo offers nationwide access with thousands of ATMs and branch locations. But are their checkings and savings accounts right for you? Read on to see the best options.
Overall Score | 3.9 | ||
Savings | 2.0 | ||
CD | 3.5 | ||
Checking | 4.5 | ||
Mobile App | 5.0 | ||
Customer Service | 4.5 | ||
Pros and Cons
- Low requirements for Everyday Checking
- Full service bank
- 24/7 customer service
- Low savings rates
- Not in all states
Bottom Line
A "big 4" bank with a good range of checking accounts and full services
With more than 12,000 ATMs and 4,500 retail branches nationwide, Wells Fargo is one of the most recognized names in the banking industry.
They offer a large variety of banking products, including checking and savings accounts.
Keep reading to see if Wells Fargo is the right bank for you.
Services Offered
Wells Fargo offers checking and savings accounts that you find at your typical physical bank. But they also have a few features that you may not find elsewhere.
Checking
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The Wells Fargo checking accounts each come with a Platinum Debit card featuring chip technology. You'll also get online bill pay, online transfers, and mobile deposit.
And you'll have access to 24/7 customer service and text banking. Here are your account options:
- Everyday Checking:
You can open an Everyday Checking account with a small deposit. Wells Fargo does charge monthly service fees.But this account lets you waive the fee pretty easily with a certain number of debit/credit purchases or by carrying a specific monthly balance.
Plus, it's free for young adults from 17-24 years old.
Wells Fargo: Everyday Checking
- $25 minimum opening deposit
- Waive the $10 monthly service fee by maintaining a $500 minimum daily balance or receiving $500 or more in qualifying direct deposits
- Prime Checking:
Prime Checking offers interest if you meet the minimum balance requirement.You can also get interest rate discounts on new loans, monthly service fee waivers for linked checking & savings accounts, and no fee for Wells Fargo Personal Wallet checks.
- Premier Checking:
If you have a significant amount of money to keep in your checking account, you may earn higher interest rates with the Premier account.You'll also get benefits like:
- Unlimited ATM reimbursements worldwide
- No international debit card purchase transaction fee
- No incoming and outgoing wire transfer fees
- 24/7 priority customer service
- Unlimited ATM reimbursements worldwide
- Clear Access Banking:
This account may be the best option if no other bank will give you a traditional checking account. It's a checkless checking account with no overdraft fees.
Compare Checking Account Bonus
Bank of America Advantage Banking - $300 Bonus Offer
- The $300 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 01/31/2025.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
BMO Smart Advantage Checking Account and BMO Smart Money Checking Account - Earn $300 Cash Bonus*
$300 Cash Bonus* when you have $4,000 in direct deposits within 90 days of opening between 11/1/24 – 2/3/25. *Conditions Apply. Available in the U.S. BMO Bank N.A. Member FDIC
U.S. Bank Smartly® Checking - Up to $450 Bonus
Earn up to $450 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:
- Enroll in online banking or the U.S. Bank Mobile App
- Make two or more direct deposits(s) totaling $2,000 to $4,999.99 to earn $250, $5,000 to $7,999.99 to earn $350 or $8,000 or more to earn $450.
Fund your new account within 30 days to start qualifying activities. Offer may not be available if you are an existing U.S. Bank customer or live outside of the U.S. Bank footprint.
Savings
The savings accounts at Wells Fargo aren't much different from what you'd find at any other bank. The interest rates are low and each account has monthly fees.
Wells Fargo offers the following savings account options:
- Way2Save Savings:
If you find it hard to save, the Way2Save program may help.For every qualifying purchase you make with your linked Wells Fargo checking account, Wells Fargo will transfer $1 to your savings account automatically.
- Platinum Savings:
If you keep a higher balance in your savings account, you may have access to higher interest rates with the Platinum Savings.Even though it's a savings account, you do have the option to write free checks with this account, giving you easier access to your funds.
- Wells Fargo CDs:
If you can tie up your money for a while, CDs offer the highest interest rates than other deposit products.
Wells Fargo: Special Fixed Rate CDs
- $5,000 minimum opening deposit
| CD Term | APY |
|---|---|
| 4 Months | 4.00% |
| 7 Months | 3.75% |
| 11 Months | 3.50% |
Finding your Wells Fargo routing number is as easy as visiting the Wells Fargo website and clicking on Routing Number.
After entering information regarding the state you are in and the type of account you need the routing number for, you'll obtain the requested information.
Compare Savings Account Promotions
High-Yield Savings Premier - 4.46% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.
CIT Bank Platinum Savings - 4.35% APY
- 4.35% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
Reasons We Like Wells Fargo
- Wells Fargo has a large ATM network. With over 12,000 ATMs nationwide, you may be able to avoid the fees charged for using a non-Wells Fargo ATM.
This makes it easier for consumers throughout the US to use Wells Fargo.
- Wells Fargo gives consumers a "second chance." Many nationwide banks don't offer second-chance checking accounts like Wells Fargo does.
The Clear Access Banking account gives consumers who suffered an unfortunate financial event a chance to redeem themselves financially. Which means they can work their way up to other deposit products in the future.
- You can set up online bill pay to automatically pay bills. If you are tired of missing due dates, you can set up recurring payments with Wells Fargo. You don't have to worry about making your payments late.
TIP: You can set up alerts to remind you of impending due dates if you prefer making manual payments.
- You can send/receive payments with Zelle®. All you need to send money to friends/family is an email address or phone number.
You do this right from Wells Fargo online or your Wells Fargo mobile app. This makes it easy to pay a friend for dinner or pay the babysitter without cash.
- You can set up account alerts. If you are worried about going over your balance, forgetting about upcoming payments, or you want to be alerted of recent deposits, you can set up your custom alerts.
- You get zero liability protection on your debit card. Using a debit card comes with its risks of fraud and theft. Wells Fargo protects you from those transactions with its zero liability promise.
TIP: Report fraudulent transactions right away so you can avoid paying for the charges.
- You can deposit your check with your smartphone. With just a picture of the front and back of your check, you can deposit your check without visiting the bank.
You can make deposits 24/7 and receive immediate confirmation of receipt of the funds.
- You can receive text alerts regarding your bank account. If you don't have access to your mobile app or computer, you can text your command to 93557 and receive an answer instantly.
All you have to text are words like (BAL) for balance, (ACT) for recent transactions or (DUE) for due dates.
- You have access to Mobile Wallet features. Wells Fargo is compatible with Samsung Pay, Apple Pay and Google Pay. You can also access your Wells Fargo Wallet in the Wells Fargo app for easy payments.
- Wells Fargo provides 24/7 fraud monitoring on your checking accounts. Wells Fargo is continually checking your account for fraudulent activity and alerts you if they get suspicious.
This can help protect you from identity theft or fraudulent activity on your account before you even realize it.
Reasons You May Want to Look Elsewhere
- You'll make minimal interest. It's not unusual for a big bank like Wells Fargo that offers a multitude of bank services to offer minimal interest rates.
Compare Savings Account Offers
- Western Alliance Bank:
High-Yield Savings Premier - 4.46% APY - Discover® Online Savings:
$200 Cash Bonus - CIT Bank Platinum Savings:
4.35% APY - DR Bank:
High-Yield Savings Account - 4.52% APY - Mission Valley Bank:
High Yield Savings Account - 4.50% APY - The State Exchange Bank:
High Yield Savings Account - 4.35% APY - Dayspring Bank:
High-Yield Savings Account - 4.30% APY - Paprika Capital Bank:
High-Yield Savings Account - 4.29% APY - First Community Bank:
High-Yield Savings Account - 3.96% APY - CFBank National Association:
High-Yield Savings Account - 3.95% APY
- Western Alliance Bank:
- It's not in all states. Wells Fargo has the biggest presence in California, Texas, and Florida. It has branches in 37 states, but it has the least presence in the Midwest.
Wells Fargo is under investigation for unfair lending practices. This is a part of President Trump's promise to crack down on banking. No charges have been made and the final outcome has not been decided.
This isn't the first time Wells Fargo has been in trouble with federal regulators, but the bank is working with the government to make things right.
How It Compares
Bank of America: Bank of America has locations throughout 37 states, but they aren't as widespread as Wells Fargo.
Bank of America offers banking products similar to those at Wells Fargo. But Bank of America has a higher minimum balance requirement to waive the monthly fee for the basic everyday banking account.
Bank of America Advantage Banking - $300 Bonus Offer
- The $300 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 01/31/2025.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
US Bank: US Bank is another mega bank with locations all throughout the US. US Bank and Wells Fargo charge similar fees and have similar minimum opening balances.
US Bank has over 4,700 ATM locations, whereas Wells Fargo has around 12,000. Both banks offer 24/7 customer service and give you easy access to a mobile app.
U.S. Bank Smartly® Checking - Up to $450 Bonus
Earn up to $450 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:
- Enroll in online banking or the U.S. Bank Mobile App
- Make two or more direct deposits(s) totaling $2,000 to $4,999.99 to earn $250, $5,000 to $7,999.99 to earn $350 or $8,000 or more to earn $450.
Fund your new account within 30 days to start qualifying activities. Offer may not be available if you are an existing U.S. Bank customer or live outside of the U.S. Bank footprint.
- Chase coupon for National Bank
- Discover® Bank offer for Checking
- CIT Bank promo code for Savings (read latest review)
- Citibank promotions for Checking + Savings
You might also consider:
High Yield Savings Account - 4.50% APY
- No fees
- $1 minimum deposit
- 24/7 online access
- FDIC insured
Discover® Online Savings - $150 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.
Online Savings Account - Earn 3.75% APY
- No fees
- No minimum opening deposit
- No minimum balance required
Bottom Line
Wells Fargo is well known and has been around for many years. If you're looking for stability and your basic banking features, you'll find them here.
If you are looking for more sophisticated budgeting tools or you want high interest rates, though, you'll likely find yourself looking elsewhere.
Bank of America Advantage Banking - $300 Bonus Offer
- The $300 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 01/31/2025.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
U.S. Bank Smartly® Checking - Up to $450 Bonus
Earn up to $450 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:
- Enroll in online banking or the U.S. Bank Mobile App
- Make two or more direct deposits(s) totaling $2,000 to $4,999.99 to earn $250, $5,000 to $7,999.99 to earn $350 or $8,000 or more to earn $450.
Fund your new account within 30 days to start qualifying activities. Offer may not be available if you are an existing U.S. Bank customer or live outside of the U.S. Bank footprint.
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.
CIT Bank Platinum Savings - 4.35% APY
- 4.35% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
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