Wells Fargo Bank Review: Account Good for You?
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.
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With more than 13,000 ATMs and 5,800 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.
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
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 you can waive them by meeting requirements such as making a certain number of debit/credit purchases or carrying a specific monthly balance.
- Preferred Checking: Preferred Checking offers interest if you meet the minimum balance requirement. If you have a Wells Fargo mortgage, your monthly service fee waived for this checking account.
With Preferred Checking, you also get access to budgeting and cash flow tools.
- Portfolio by Wells Fargo: If you have a significant amount of money to keep in your checking account, you may earn higher interest rates with the Portfolio account.
The more money you have, the higher the interest rate you may receive. You'll also get benefits like:
- Waived ATM fees for non-Wells Fargo transactions
- Interest rate discounts on Wells Fargo loans
- No overdraft protection transfer fees
- Waived ATM fees for non-Wells Fargo transactions
- Teen Checking: Teens ages 13 - 17 can have their own checking account with a parent as the co-owner. The account comes with tools to learn financial responsibility like 24/7 access, spending limits, and free budgeting tools.
If you opt-in to online statements, you can have the monthly fee waived.
- Opportunity Checking: This account may be the best option if no other bank will give you a traditional checking account.
It has lower balance requirements, includes mobile banking and opportunities to waive the monthly fees.
Compare Checking Account Bonus
CIT Bank Savings Connect - 0.50% APY
- Earn a competitive high yield savings rate with access and convenience features of an eChecking account.
- Earn up to 0.50% APY on Savings Connect and 0.25% APY on eChecking.
- Savings Connect is a tiered interest rate account dependent on the account holder opening a linked qualifying eChecking concurrently and makes periodic qualifying deposits.
- Base Tier: (0.42% APY, 0.399% Interest Rate) A minimum qualifying deposit of $200 is not deposited each month into the linked eChecking or the eChecking account is closed.
- Upper Tier: (0.50% APY, 0.499% Interest Rate) A qualifying deposit of $200 or more is deposited into the linked eChecking account each month.
- APY assumes a qualifying deposit of $200 or more is made to the linked eChecking account each month.
- Minimum of $100 for both the Savings Connect and eChecking to open ($200 total).
HSBC Premier Checking - $450 Welcome Deposit
- Get a $450 Welcome Deposit for eligible new customers who open a new HSBC Premier checking account and complete the following qualifying activities.
- Open your new HSBC Premier checking account online by August 31, 2021; and
- Make recurring monthly Qualifying Direct Deposits totaling at least $5,000 from a third party to your HSBC Premier checking account(s) for 3 consecutive calendar months from the second full calendar month after account opening.
- You will automatically receive the $450 Welcome Deposit in your new HSBC Premier checking account approximately eight weeks after completing all qualifying activities. It's that simple.
- Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC.
HSBC Premier Checking - Up to $600 Cash Bonus
- Get up to $600 with a 3% Cash Bonus Checking Offer when you open a new HSBC Premier checking account and complete the following qualifying activities.
- Open your new HSBC Premier checking account online by August 31, 2021; and
- Set up Qualifying Direct Deposits into your new HSBC Premier checking account; and then
- Enjoy 3% Cash Bonus, up to $600, on Qualifying Direct Deposits up to $100 per month, during the first 6 calendar months after account opening
- You will automatically receive the 3% Cash Bonus in your new HSBC Premier checking account approximately eight weeks after completing that month's qualifying activities.
- Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC.
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.
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
CIT Savings Builder - Earn 0.40% APY
Earn up to 0.40% APY. Here's how it works: Maintain a minimum balance of $25k OR make at least a $100 minimum deposit every month. Member FDIC
Online Savings Account - Earn 0.40% APY
- No fees
- No minimum opening deposit
- No minimum balance required
High Yield Savings
- 0.61% APY on balance < $25,000
- 0.25% APY on balance $25K-$100K
- 0.15% APY on balance > $100K
- No minimum balance requirements
- No fees to open or maintain account
- Free ATM card upon request
- FDIC Insured
Reasons We Like Wells Fargo
- Wells Fargo has a large ATM network. With 13,000 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.
This program 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.
TIP: Looking for higher rates? You may be better off with an online bank that focuses strictly on deposit accounts.
- The requirements to waive the monthly service fees are hard to meet. Wells Fargo has rather steep minimum daily balance requirements that you must meet in order to get the monthly service fee waived.
Some accounts do give allowance for direct deposits. But even the Opportunity Checking account charges $10 per month, which can be steep.
- You'll pay a fee for overdraft protection. If you link a savings account or credit account to your Wells Fargo Checking account, you'll pay a fee for the service.
If Wells Fargo has to advance money to your checking account to prevent an overdraft, you'll pay a fee for each transfer.
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 36 states, but they aren't as widespread as Wells Fargo.
Bank of America offers banking products similar to those at Wells Fargo, except for teens. BofA doesn't have a teen-specific checking account, which gives Wells Fargo the leg up on that competition.
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 around 5,000 ATM locations, whereas Wells Fargo has around 13,000. Both banks offer 24/7 customer service and give you easy access to a mobile app.
- Chase coupon for National Bank
- Discover Bank offer for Checking
- CIT Bank promo code for Savings (read latest review)
You might also consider:
UFB High Yield Savings - Earn up to 0.20% APY
- Earn 0.20% APY on balances of $10,000 and above
- Member FDIC
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.
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