Wells Fargo Bank Review: Checking, Savings and CDs
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Overall institution rating
3.7
Wells Fargo, one of the largest U.S. banks, stands out for its extensive branch presence, broad ATM coverage, and wide range of financial products. Basic account monthly fees are relatively simple to avoid, but the bank’s savings yields remain on the low side. Customers with higher combined balances across eligible accounts may qualify for slightly better rates — though even these enhanced rates typically fall below the national average.
Best for: People who value in-person banking, maintain several accounts with the same institution, and aren’t focused on earning top-tier interest rates.
CFPB settlement: In December 2022, the Consumer Financial Protection Bureau required Wells Fargo to pay billions of dollars in penalties related to various consumer banking issues. This enforcement action is not reflected in Savvymints’s current rating for Wells Fargo. For more information on how regulatory penalties influence our evaluations, refer to our methodology page. To learn more specifics about the CFPB’s action, see our detailed coverage of the Wells Fargo fines.
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Large branch network.
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Large, free, nationwide ATM network.
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24/7 customer service by phone.
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Expensive overdraft fee.
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Low rates on some savings accounts and CDs.
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Monthly fees (though some are avoidable).
Full review
Full review
Savings
Wells Fargo Way2Save Savings
2.9
/52.9
/5APY
0.01%
With $0.01 min. balance for APY
Bonus
N/A
APY
0.01%
With $0.01 min. balance for APY
Bonus
N/A
Wells Fargo’s Way2Save® account comes with a $5 monthly service fee, but it’s fairly simple to avoid. Keeping a minimum daily balance of $300 or setting up an automatic transfer from your Wells Fargo checking account will waive the fee. While this is more flexible than the fee policies of some large banks, many online banks charge no monthly fees at all. The downside is the account’s extremely low annual percentage yield (APY) of 0.01%.
One appealing feature of this account is its focus on automated saving. Customers can set up recurring transfers or enroll in a save-as-you-spend program. With this option, every time you make a purchase or pay a bill using your linked Wells Fargo checking account, an additional $1 is automatically moved into your savings. These small, automatic contributions can help grow your savings balance with minimal effort.
» Looking for alternatives?Explore Savvymints’s top-rated savings accounts.
Checking
3.8
/5Monthly fee
$10.00
Visit the offer webpage for ways to avoid the monthly service fee
Bonus
$325
Requirements to qualify
Monthly fee
$10.00
Visit the offer webpage for ways to avoid the monthly service fee
Bonus
$325
Requirements to qualify
Wells Fargo’s Everyday Checking account comes with a $10 monthly fee, but there are several ways to avoid it. Maintaining a minimum daily balance of $500 or receiving at least $500 in qualifying direct deposits each month will waive the fee. The fee is also automatically waived for primary account holders ages 17 to 24, as well as for customers who link their account to a Wells Fargo Campus ATM or Campus Debit Card.
Account holders get access to roughly 11,000 Wells Fargo ATMs nationwide. While this is a sizable network, it’s still smaller compared with the approximately 15,000 ATMs offered by both Chase and Bank of America.
» Looking for a stronger option?Check out Savvymints’s top picks for the best checking accounts.
Certificates of deposit
Wells Fargo CD
1.7
/51.7
/51-year APY
1.50%
Minimum deposit
$2,500
1-year APY
1.50%
Minimum deposit
$2,500
Wells Fargo offers only a limited selection of standard CDs through its online platform. These CDs require a relatively steep minimum deposit of $2,500 and provide low returns. Additionally, the online options are restricted to terms of one year or less. To open a CD with a longer maturity, you’ll need to visit a branch in person. Overall, much more competitive CD rates can easily be found at many online banks. For alternatives, you can explore Savvymints’s list of top CD rates.
» Want more information? Learn more about Wells Fargo’s CD offerings.
Customer experience
Wells Fargo provides broad branch access nationwide, and its mobile banking apps support convenient features such as mobile check deposit, bill pay, and peer-to-peer transfers. App store ratings reflect strong user satisfaction across both major platforms.
Customer support is available around the clock by phone, and the bank also responds to inquiries through its social media channels.
Wells Fargo performs well in overall customer experience, but it’s important to acknowledge its history of regulatory issues. The bank has faced multiple government penalties over the years, including nearly $4 billion in fines issued by the Consumer Financial Protection Bureau in December 2022. These actions stemmed from practices such as opening accounts without customer authorization and charging improper fees on auto loans and mortgages. The bank has since compensated affected customers and made internal leadership and policy changes.
» Want to explore more from Wells Fargo?Take a look at the best Wells Fargo credit cards.
Overdraft fees
Many banks have now fully removed or significantly lowered their overdraft fees, but Wells Fargo still charges a $35 overdraft fee, with a limit of up to three such fees in a single day. However, you can link your Wells Fargo savings account, credit card, or line of credit as backup funding sources. If money is automatically transferred from these accounts to prevent an overdraft, Wells Fargo does not charge a transfer fee.
Wells Fargo’s personal checking and savings accounts also come with an Extra Day Grace Period. This feature gives customers one additional business day to bring their account back to a positive balance and avoid the overdraft fee entirely. To qualify, the required funds must be deposited by midnight (ET) on the business day after the overdraft occurred.
Additionally, Wells Fargo does not apply extended or continuous overdraft fees for accounts that stay negative for multiple days — a practice some banks follow by adding extra charges when an account remains overdrawn.
» Want more details?you can check out our full breakdown of Wells Fargo’s overdraft rules and fee policies.
How does Wells Fargo Bank, N.A. compare?
Up to 3.60%
Up to $300
3.75%
$300
Methodology
Savvymints’ overall ratings for banks and credit unions are calculated using a weighted average across several key categories, including checking accounts, savings accounts, certificates of deposit (or credit union share certificates), banking experience, and overdraft fees. Depending on the category, the evaluation considers a variety of factors such as interest rates, fees, branch and ATM accessibility, account features and limitations, digital banking tools, customer service quality, and overall innovation.Ratings range from one star (poor) to five stars (excellent), and are assigned in increments of one-tenth of a star to provide more precise scoring.
Frequently asked questions
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Is Wells Fargo a good bank?
Wells Fargo functions much like other major national banks, offering broad access through thousands of branches and ATMs, but providing low interest rates on savings and relatively high overdraft charges. For customers who already use Wells Fargo for a mortgage or other financial products, keeping their banking under one institution can be convenient.However, the bank’s reputation has been affected by several regulatory actions. Investigations revealed that Wells Fargo employees created around 1.5 million unauthorized accounts and charged customers fees tied to those fake accounts, leading to significant settlements and government penalties.
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Should I bank at Wells Fargo or Chase?
Both banks provide many of the same services, but Chase stands out with a larger ATM network and an overdraft protection option that doesn’t charge a fee when you transfer money from a linked savings account. In terms of physical locations, Chase and Wells Fargo have a comparable number of branches. You can learn more in our detailed Chase vs. Wells Fargo comparison.
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How do I open a Wells Fargo account?
You can start a Wells Fargo account either by visiting their website or by going to one of their branches. If you prefer opening the account in person, make sure to bring two valid identification documents — for example, a government-issued ID and your signed Social Security card — along with the required opening deposit. Basic checking and savings accounts generally require at least $25 to get started.If you choose to apply online instead, you’ll also need to provide your mobile phone number so Wells Fargo can verify your information during the application process.
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How do I close a Wells Fargo account?
You’ll have to contact Wells Fargo either by phone or by stopping in at a local branch. Make sure you’re ready by completing the necessary steps for closing your account ahead of time.