Banking » Reviews » Wells Fargo Bank Review 2024
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Wells Fargo Bank Review 2024

In addition to the standard checking and savings accounts, Wells Fargo offers mortgages, , student loan refinancing and credit card options.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: June 3, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: June 3, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Wells Fargo Bank

Wells_Fargo-Logo
Wells_Fargo-Logo

Wells Fargo Bank

Fees

$10 Related to Wells Fargo Everyday Checking. The fee can be waived if you maintain a minimum daily balance of $500 or receive at least $500 in qualifying direct deposits per month. The fee is also waived if you’re 17 to 24 and have a linked Wells Fargo Campus Debit Card or Campus ATM card linked to the checking account

Our Rating

3.8
3.8/5

Current Promotion

$300 Minimum deposit of $1,000[/sc] needed. Expired on 01/14/2024

APY Savings

0.26% – 2.50%

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

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.

Some Wells Fargo mortgage deals allow for just a 3% down payment, which could make buying a home more accessible.

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.

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.

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.

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. 

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.

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

Even though you need to deposit a high minimum of $2,500 to open a Wells Fargo CD, you can only earn a paltry 4.25%- 4.75% with a relationship discount. 

This is easily beaten by many online banks and some bricks and mortar institutions.

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

0.26% – 2.50%

Minimum Deposit

$25

Promotion

None

Fees

$5 can be waived by maintaining a $300 minimum daily balance, one qualified automatic transfer, one or more Save as You Go transfers from your Wells Fargo checking account. Primary account owners age 24 or younger are exempt from the fees

Wells Fargo Savings Account

APY Savings

0.26% – 2.50%

Minimum Deposit

$25

Promotion

None

Fees

$5 can be waived by maintaining a $300 minimum daily balance, one qualified automatic transfer, one or more Save as You Go transfers from your Wells Fargo checking account. Primary account owners age 24 or younger are exempt from the 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:

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.
WF Open savings account
Open Wells Fargo Way2Save savings account (Screenshot from Wells Fargo app)

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

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The product offers that appear on this site are from companies from which this website receives compensation. 

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Savings Rate: 4.75% APY

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CD Rate: 5.00% – 5.20% APY
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The product offers that appear on this site are from companies from which this website receives compensation.
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Savings Rate: 5.21% APY
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Savings Rate: 4.40% APY
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Savings Rate: 4.50% APY

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Savings Rate: 4.75% APY APY

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CD Rate: 5.00% – 5.20% APY
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Wells Fargo CDs

APY Range

4.25%- 4.75%

Minimum Deposit

$2,500

Terms

3 months – 13 months

Fees

$0

Wells Fargo CDs

APY Range

4.25%- 4.75%

Minimum Deposit

$2,500

Terms

3 months – 13 months

Fees

$0

Wells Fargo has several CD options, but all three have a $2,500 minimum deposit and a 4.25%- 4.75% 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
7 Months
4.75% – 5.01%
3 months interest
11 Months
4.50% – 4.76%
3 months interest
3 Months
2.50% – 2.51%
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.

view CD rates Wells Fargo
View CD rates Wells Fargo (Screenshot from Wells Fargo app)

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

$10 Related to Wells Fargo Everyday Checking. The fee can be waived if you maintain a minimum daily balance of $500 or receive at least $500 in qualifying direct deposits per month. The fee is also waived if you’re 17 to 24 and have a linked Wells Fargo Campus Debit Card or Campus ATM card linked to the checking account

Minimum Deposit

$25

Promotion

$300 Minimum deposit of $1,000 needed. Expired on 01/14/2024

APY Checking

0.05% – 0.10%

Wells Fargo Checking Account

Fees

$10 Related to Wells Fargo Everyday Checking. The fee can be waived if you maintain a minimum daily balance of $500 or receive at least $500 in qualifying direct deposits per month. The fee is also waived if you’re 17 to 24 and have a linked Wells Fargo Campus Debit Card or Campus ATM card linked to the checking account

Minimum Deposit

$25

Promotion

$300 Minimum deposit of $1,000[/sc] needed. Expired on 01/14/2024

APY Checking

0.05% – 0.10%

If you are looking for a checking account, Wells Fargo has four checking account options.

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.

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.

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.

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.

Our Real Experiences with Wells Fargo

We examined the features of the Wells Fargo app to assess how well they serve the needs of everyday users. Here are our insights and discoveries regarding the different features.

For example, the convenience of depositing checks using the Wells Fargo app's mobile deposit feature cannot be overstated. Our experience has been efficient – capturing an image of the check, verifying the details, and receiving prompt confirmation of the deposit. 

WF Mobile Deposit
Wells Fargo Mobile Deposit (Screenshot from Wells Fargo app)

However, ordering checks is not available through the Wells Fargo app, and you'll be redirected to Harland Clarke website to order them.

WF Order checks
(Screenshot from Wells Fargo app)

Wells Fargo provides the opportunity to receive direct deposits two days earlier than the scheduled payday. There is no need to enroll, as it happens automatically for eligible direct deposits.

WF Early Payday
(Screenshot from Wells Fargo app)

The ability to access your credit score through the Wells Fargo app provides valuable insights into your financial health.

Our experience with this feature has been enlightening – the app presents the credit score prominently, along with a breakdown of factors influencing the score and historical trend.

Wells Fargo credit score
(Screenshot from Wells Fargo app)

Lastly, Zelle integration within the Wells Fargo app facilitates fast and secure peer-to-peer transactions. Our experience with using Zelle has been positive – the app seamlessly connects to Zelle, allowing for easy money transfers with friends and family. 

Transfer Money With Zelle
Transfer Money With Zelle (Screenshot from Wells Fargo app)

Wells Fargo Lending Products

Wells Fargo has a number of lending products to suit your specific requirements. These include:

Customers can enjoy a variety of credit cards with Wells Fargo.

The Wells Fargo Reflect card has a 0% APR for 21 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.

Wells Fargo active cash card
Wells Fargo ReflectSM Card (1)
Wells Fargo Autograph
Bilt Mastercard® Rewards
Wells Fargo Choice Privileges Mastercard

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

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.

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