Founded in 1852 and headquartered in San Francisco, Wells Fargo offers banking products, such as checking accounts, savings accounts, certificates of deposit (CDs), and loans to individuals, small businesses, and corporations in 36 states and Washington, D.C. Wells Fargo boasts a highly rated mobile app, around 4,000 branches, and over 11,000 ATMs across the United States.
However, it lacks money market accounts (MMAs) and high annual percentage yields (APYs). Also, Wells Fargo has faced scrutiny for multiple offenses, including opening fake accounts and mismanaging home loans. Nevertheless, Wells Fargo is insured by the Federal Deposit Insurance Corp. (FDIC), protecting deposits of up to $250,000 in case of a bank failure.
All rates and fees below are current as of February 14, 2024, and are subject to change.
Wells Fargo at a glance
- Checking accounts: $300 opening bonus
- Savings accounts: Open with as little as $25
- CD rates: Earn up to 5.01% APY
Who is Wells Fargo good for?
Wells Fargo is suitable for anyone looking for a bank that offers various checking and savings account options and quick access to funds.
Who shouldn’t use Wells Fargo?
If you want to earn competitive interest on your savings, we recommend considering banks like Milli and UFB Direct, with high-yield savings accounts. Not all Wells Fargo accounts offer standard interest and annual percentage yield, and the accounts that do offer as low as 0.01%, which is lower than the national savings APY average of 0.47%.
| Pros | Cons |
| Wells Fargo’s 4,000 branches, 11,000 ATMs, and optimum mobile banking app provide easy access to funds | Its $35 overdraft fee is expensive |
| You’ll get 24/7 customer support | APYs and standard interest rates are low, even for accounts that have them |
| Waivers are available for monthly service fees |
Wells Fargo rates and products
Wells Fargo offers several banking services and account options, including multiple checking and savings accounts and CDs ranging from three to 120 months to help you earn more on set-aside funds, wealth management, and loan opportunities.
| Wells Fargo product | APY |
| Checking accounts | 0%–0.01% |
| Savings accounts | 0.01%–2.50% |
| CDs | 1.50%–5.01% |
Checking accounts
Wells Fargo provides four personal checking accounts with a minimum opening deposit of $25. These are not free checking accounts—you’ll need to pay a $5–$35 monthly fee, depending on your account type and eligibility for waivers.
| Wells Fargo checking account features | |
| Minimum opening deposit | $25 |
| Monthly fees | $5–$35 |
| Top APY | 0.01% |
| Minimum daily balance requirement | $0 |
| Account research, balance inquiry, and statement copy fees | None |
| Stop payment fee | None |
| Debit cards | Available |
Clear Access Banking℠
This checking account enables physical and mobile banking:
- Monthly service fee: $5
- Standard interest: None
- APY: None
- Overdraft services: None
- Cashier’s checks: $10
- Use of non-Wells Fargo ATM: $2.50
- Money order fee: $5
- International purchase fee: 3%
- Waiver: $0 monthly service fee for 13- to 24-year-olds, account holders with Wells Fargo Campus ATM card or Campus Debit card, and eligible military direct deposit accounts
Everyday Checking
Wells Fargo’s everyday checking account enables overdraft protection:
- Monthly service fee: $10
- Standard interest: None
- APY: None
- Overdraft services: Up to three times per day
- Overdraft fee: $35
- Cashier’s checks: $10
- Use of non-Wells Fargo ATM: $2.50
- Money order fee: $5
- International purchase fee: 3%
- Waiver: No $10 monthly service fee for account holders below age 24, with a $500 daily minimum balance, $500 in total qualifying direct deposits, accounts linked to a campus debit card or ATM card, or eligible monthly non civilian military direct deposit with the Wells Fargo Worldwide Military Banking program
When you open a new Wells Fargo Everyday checking account, you’ll get a $300 checking account bonus if you receive $1,000 in direct deposits within the first 90 days.
Prime Checking
Wells Fargo’s prime checking account holders enjoy more benefits, including APY and discounted rates on some loans:
- Monthly service fee: $25
- Standard interest rate: 0.01%
- APY: 0.01%
- Cashier’s check: Available for free
- Personal wallet checks: $0
- Overdraft services: Up to three times per day
- Overdraft fee: $35
- Use of non-Wells Fargo ATM: $0
- Money order fee: None
- International purchase fee: 3%
- Safe deposit box rental: Discounted
- Foreign currency cash purchases: 1% discount
- Waiver: No $25 monthly service fee for $20,000-plus balance in linked accounts
Premier Checking
Recommended for those with higher balances, the Wells Fargo Premier checking account offers all Prime checking benefits and more, but you’ll need to visit a Wells Fargo branch to open one.
Some premier checking account features:
- Monthly service fee: $35
- Standard interest rate: 0.01%
- APY: 0.01%
- Cashier’s check: Available for free
- Personal wallet checks: $0
- Overdraft services: Up to three times per day
- Overdraft fee: $35
- Money order fee: None
- Use of non-Wells Fargo ATMs: $0
- Customer service: 24/7; Priority
- Investment advisory fee: 0.10% discount
- International purchase fee: None
- Foreign currency cash purchases: 2% discount on exchange rate
- Waiver: No monthly service fee for accounts with $250,000 balance at each statement period
Savings accounts
Wells Fargo offers customers two saving account options, Way2Save and Platinum savings, which are both FDIC-insured, so your savings are safe.
| Wells Fargo savings account features | |
| Minimum opening deposit | $25 |
| Monthly fees | $5–$12 |
| Top APY | 2.50% |
| ATM card | Available |
| Age requirement | 18 years |
| Joint savings accounts | Available |
Way2Save
While the Wells Fargo Way2Save account is not a high-yield savings account, it offers built-in savings features like the Save As You Go® transfer, which transfers $1 from your linked checking account whenever you make an online bill payment or a purchase with your debit card. You can also set daily or monthly automated transfers from a linked checking account to your savings account. Customers also receive debit cards to withdraw cash:
- Monthly service fee: $5
- Standard interest rate: 0.01%
- APY: 0.01%
- Relationship interest: None
- Relationship APY: None
- Overdraft protection: Optional
- Waiver: No monthly service fee for under age 24 account holders and those with a $300 minimum daily balance, an automated transfer, or a linked Wells Fargo checking account
Platinum Savings
Platinum Savings account holders earn interest on their savings and can access their funds through checks and ATM withdrawals:
- Monthly service fee: $12
- Standard interest rate: $0.25% to $2.47 (compounded daily)
- APY: 0.25% to 2.50%
- Relationship interest: 0.26%–2.48%
- Relationship APY: 0.26%–2.51%
- Checks: Available
- Overdraft protection: Optional
- Withdrawals: Unlimited
- Waiver: No monthly service fee for account holders with a $3,500 minimum daily balance
Wells Fargo Bank savings rates compared to current top rates*
Certificates of deposit from Wells Fargo
Wells Fargo offers one special and three standard CDs, but you can visit a branch to start other CD terms for up to 120 months. Wells Fargo’s CD interests are compounded daily, with multiple payment period options made available to customers. At maturity, you can modify your chosen term, add funds, withdraw deposits and interests, or close your Wells Fargo CD account.
However, note that Wells Fargo doesn't offer the best CD rates. Some banks offer better CD rates alongside multiple terms and lower minimum deposits.
| Wells Fargo CD features | |
| Available term lengths | 3 months, 6 months, 7 months, and 1 year |
| APY range | 1.50%–4.75% |
| Relationship APY | 1.59%–5.01% |
| Relationship interest rate | 1.50%–4.89% |
| Early withdrawal penalty | 1–12 months’ interest |
Standard Fixed Rate CDs
- Term length: 3 months, 6 months, or 1 year
- Minimum opening deposit: $2,500
- Standard interest rate: 1.49%–4.40%
- APY: 1.50%–4.50%
- Relationship interest rate: 1.50%–4.41%
- Relationship APY: 1.51%–4.51%
Special Fixed Rate CD
- Term length: 7 months
- Minimum opening deposit: $5,000
- Special interest rate: 4.64%
- APY: 4.75%
- Relationship interest rate: 4.89%
- Relationship APY: 5.01%
Wells Fargo CD rates
Wells Fargo offers various standard interest rates, APY, relationship interest rates, and relationship APYs on CDs. The rates range from 1.49% to 5.01%, depending on the term, balance, and type of interest.
| 3-month CD | 4.40%–4.51% |
| 6-month CD | 2.47%–2.51% |
| 7-month CD (special) | 4.64%–5.01% |
| 1-year CD | 1.49%–2.01% |
Compare more CD rates:
- Best 6-month CD rates
- Best 1-year CD rates
- Best 3-year CD rates
- Best 5-year CD rates
Other services Wells Fargo offers
Besides its multiple checking accounts, savings accounts, and CDs, Wells Fargo offers other products and services to its customers:
- Credit cards: Wells Fargo offers several credit card options, including the Wells Fargo reflect card and the Wells Fargo active card. These credit cards offer bonuses, have zero annual fees, and provide zero liability protection on authorized transactions. Wells Fargo is also working on providing business credit cards.
- Personal loans: You can borrow money for major purchases, home renovations, and other expenses and pay Wells Fargo back within 12 to 84 months.
- Student loans: Wells Fargo can assist you with settling college tuition and other educational payments.
- Auto loans: Wells Fargo provides vehicle financing with 11,000 car dealers within the U.S., with terms between 36 and 72 months. Longer terms are available at more cost.
- Home loans: There are multiple mortgage options, including Federal Housing Administration (FHA) loans and Veterans Affairs (VA) loans on home purchases.
- Mortgage refinancing: Wells Fargo allows you to refinance your home loans, including modifying terms and rates.
- Investment and wealth management: Wells Fargo offers investment opportunities, such as online stocks and exchange-traded funds (ETFs). You can also hop on its investment advisory and private bank services for team-based wealth management.
Online banking
Wells Fargo offers its customers online banking, which allows you to manage your accounts and conduct financial activities without visiting a branch. You can use your computer to make one-time bill payments, set up recurring payments and overdraft protection, and turn off your card in case of theft or loss.
Wells Fargo’s online banking tool also allows you to download your Wells Fargo account statement, track your finances, and transfer money both within and outside the U.S. However, it won’t allow check deposits. You’ll need a mobile app for that.
The Wells Fargo platform and customer support
Besides its online banking feature, Wells Fargo customers can access their accounts via the bank's highly-rated mobile apps, which are available for iOS and Android users. These apps allow customers to monitor their account activities and credit card rewards, deposit checks, transfer funds, track investments, and pay bills from anywhere. The Wells Fargo mobile app also allows you to send and receive funds via Zelle.
If you need to reach Wells Fargo's customer service for inquiries or complaints, they're available 24/7. You can call (800) 869-3557, reach out via Facebook or Twitter, or visit the bank's knowledge portal.
Is Wells Fargo secure?
Your funds are safe with Wells Fargo, thanks to its advanced security measures on your account and mobile app. Such measures include enhanced encryption, dual verification, safe sign-in, automatic sign-off, fraud monitoring, and debit and credit card protection.
However, the bank has had its share of financial scandals. In 2022 alone, the Consumer Financial Protection Bureau (CFPB) ordered Wells Fargo to pay $3.7 billion as a fine and settlement for its multiple infractions. But don't worry, Wells Fargo accounts are FDIC-insured, up to $250,000 per depositor for each ownership category account, in case of a bank failure.
Wells Fargo user reviews
While some customers commend Wells Fargo for being impressively reachable, others complain about undue overdraft charges, mail sent to wrong addresses, account closures without warnings and, sometimes, inefficient customer service. J.D. Power's 2023 U.S. Retail Banking Satisfaction Study also scored Wells Fargo below average customer satisfaction.
Compare Wells Fargo alternatives
Here’s how Wells Fargo compares to other large banks in the U.S. when it comes to checking, savings, and CD offerings, rates, and networks.
| Wells Fargo Bank | Bank of America | Chase Bank | Citi Bank | |
| Minimum opening deposit | $25 | $25; $0for eligible accounts | $0 | $0 |
| Monthly service fee | $5–$35; $0 for eligible accounts | $4.95–$25; $0 for eligible accounts | $5–$35; $0 for eligible accounts | $4.50–$15; $0 for those on a relationship tier |
| APY rates | 0.01%–5.01% (on eligible accounts) | 0.01%–4.85% (on eligible accounts) | 0.01%–5.0% (on eligible accounts) | 0.05%–5.01%; lower for Citi Savings accounts |
| CD rates | 1.49%–5.01% | 0.03%–4.85% | 0.01%–5.0% | 0.05%–5.01% |
| Number of branches and ATMs in the U.S. | 11,000 ATMs and 4,000 branches | 15,000 ATMs and 3,800 branches | 15,000 ATMS and 4,700 branches | 65,000 ATMs and 723 branches |
Is Wells Fargo right for you?
If you're looking for a bank with an extensive network of branches and ATMs or a high-performing mobile app that allows you to conduct banking activities from anywhere, Wells Fargo is the right bank. It boasts over 11,000 ATMs within the U.S. and will enable you to use your card outside the country. However, if earning high yields on your savings is a priority, consider any of the best online banks and credit unions or best savings accounts.
Frequently asked questions
Is Wells Fargo considered a good bank?
Wells Fargo is a good bank if you want an option with numerous banking services, multiple account options, and online and physical nearness. Those interested in high yields on their deposits or savings would think otherwise.
Which bank is better: Chase or Wells Fargo?
It depends on what you need. Chase has more checking options and CD terms, while Wells Fargo’s CD rates and APYs are slightly higher. Also, Wells Fargo doesn’t require an opening deposit. Chase has more ATMs and operates in every lower state.
What are the disadvantages of Wells Fargo?
A few disadvantages of using Wells Fargo include low saving rates, expensive overdraft fees, and fewer standard CD terms.
