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Wells Fargo is a national bank with
Wells Fargo; Alyssa Powell/Business Insider
The bottom line: Wells Fargo Savings Account is a solid choice if you’re looking for a brick-and-mortar bank with a national presence, but you’ll want to look elsewhere for the best interest rates.
Overall bank rating
FeatureInsider rating (out of 5)Savings2.75Checking3.5CD2.25Trustworthiness2Total2.5
Pros and cons
ProsCons
Bank accounts make it easy to automatically save
Debit card attached to your savings account
Possible to waive monthly fees
$200 checking account bonus
Low rates on savings and CDsWells Fargo Fixed Rate Certificate of Deposit minimum deposit required to open a CDLimited CD optionsNR rating from the Better Business Bureau
Wells Fargo Way2Save® Savings Account
If your goal is to earn a high interest rate on your savings balance, Wells Fargo isn’t your best bet.
But if you want to save with a brick-and-mortar bank that has a national presence, then Wells Fargo Way2Save Savings does have a couple features that set it apart from competitors.
The Save As You Go feature makes it easy for you to automatically save if you also have a Wells Fargo checking account. Each time you swipe your debit card, Wells Fargo transfers one dollar from your checking account into savings. The Wells Fargo Way2Save Savings account also comes with a ATM card or will link your existing Wells Fargo Debit or ATM Card to the account.
Wells Fargo Everyday Checking Account
Wells Fargo Everyday Checking may be worth exploring if you’re looking for a bank account that offers a cash bonus. The Wells Fargo Everyday Checking is offering a $200 cash bonus on new checking accounts up until December 31, 2022, if you meet the following requirements:
Open a new Wells Fargo Everyday Checking Account with a bonus code online or at a branchReceive at least $1,000 in direct deposits 90 days within opening the account
There are multiple ways to waive the $10 monthly service fee. The overdraft fee is $35, but you can link to a Wells Fargo savings account for free overdraft protection. The bank also provides refunds on overdraft fees if you restore your balance quickly.
Wells Fargo Fixed Rate Certificate of Deposit
You’ll need at least Wells Fargo Fixed Rate Certificate of Deposit to open a CD with Wells Fargo. If you don’t have this much money, you can find other banks that require less.
You also can only open a Wells Fargo Fixed Rate CD with a 3-month, 6-month, or 1-year term, but competitors offer a wider variety of term length options.
How Wells Fargo works
Wells Fargo has the largest national presence of any bank in the US, followed closely by Chase and Bank of America. Wells Fargo has over 7,200 branches and 13,000 ATMs in 36 states and Washington DC.
The bank’s mobile app has received 4.8 out of 5 stars in both the Apple store and the Google Play store.
You can call customer service 24/7.
Your bank account deposits are FDIC insured up to $250,000, or $500,000 for joint accounts.
Is Wells Fargo trustworthy?
The Better Business Bureau currently has an F rating for Wells Fargo because it has received customer complaints on the BBB website and it has government action taken against the bank. In the past few years:
Wells Fargo has continued to pay billions in settlements for its employees creating fake bank accounts to meet sales goals, which became public knowledge in 2016.The bank paid the city of Philadelphia $10 million in response the city’s claims that Wells Fargo engaged in predatory mortgage lending to racial minorities (2019).The bank paid $10 million in a settlement with the California Department of Insurance in January 2019, when accused of signing up and charging 1,500 consumers on insurance products without their knowledge.
If Wells Fargo’s history bothers you, you may want to consider other options on Insider’s list of the best banks.
How Wells Fargo compares
We’ve compared Wells Fargo with two other brick-and-mortar banks with a national presence: Chase and Bank of America.
Wells Fargo
Chase Bank
Bank of America
Sign-up bonus
None
Sign-up bonus
Up to $200
Sign-up bonus
None
Savings APY
0.01% to 0.02% APY
Savings APY
0.01% – 0.05% APY
Savings APY
0.01% to 0.05% APY
BBB rating
NR
BBB rating
B+
BBB rating
A+
Wells Fargo Wells Fargo Way2Save® Savings Account
Bank of America Bank of America Advantage Savings Account
All three banks have a national bank presence with a large branch and ATM network. Your decision may ultimately come down to which institution has the most nearby branch locations.
Otherwise, your choice between the three national banks will likely come down to bank account features and perks.
If you’d like to get a bonus for opening up a new account, you may favor Chase or Wells Fargo. Both banks offer a $200 bonus on their checking accounts.
If you’d like to open a CD, Chase or Bank of America might have decent options. At Wells Fargo, you’ll need at least $2,5000 to open a CD, but Bank of America and Chase have a $1,000 minimum opening deposit.
If you’re searching for a high interest rate, none of the institutions offer high-yield accounts. If this is a priority, you may prefer an online bank instead.
Frequently asked questions
How much money do you need to open a bank account at Wells Fargo?
If you’d like to open a savings or checking account, you’ll need at least $25 for the initial deposit. CDs will require a minimum of at least $2,500.
Is Wells Fargo a good place to bank?
Wells Fargo might be a good place to bank if you prioritize a brick-and-mortar banking experience and want an institution with a large branch and ATM network.
If you’d like to earn competitive interest rates on savings accounts or CDs, you’ll find stronger accounts at online banks or credit unions. You also might want to explore local banks or mission-driven banks if you don’t like Wells Fargo’s settlement history.
Does Wells Fargo have free checking?
The Wells Fargo Everyday Checking account has a $10 monthly service fee unless you qualify to waive it. The account also has a $35 overdraft, but you can link to a Wells Fargo savings account for free overdraft protection.