Updated October 16, 2023

Wells Fargo Bank Review

By Kim P
Read more about Wells Fargo
Editorial Note: This content is not provided by the companies mentioned. Opinions expressed here are author's alone, and have not been reviewed, approved or otherwise endorsed by the companies.
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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.

5-point scale (the higher, the better)

Pros and Cons

  • Low requirements for Everyday Checking
  • Full service bank
  • 24/7 customer service
  • Low savings rates
  • Not in all states

Bottom Line

A "big 4" bank with a good range of checking accounts and full services

With more than 11,000 ATMs and 4,100 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.

Keep reading to see if Wells Fargo is the right bank for you.

Did You Know? Wells Fargo mortgage borrowers or investment clients may get access to higher interest rates than those offered on standard checking 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 this account lets you waive the fee pretty easily with a certain number of debit/credit purchases or by carrying a specific monthly balance.

  • Prime Checking:
    Prime Checking offers interest if you meet the minimum balance requirement.

    You can also get interest rate discounts on new loans, monthly service fee waivers for linked checking & savings accounts, and no fee for Wells Fargo Personal Wallet checks.

  • Premier Checking:
    If you have a significant amount of money to keep in your checking account, you may earn higher interest rates with the Premier account.

    You'll also get benefits like:

    • Unlimited ATM reimbursements worldwide
    • No international debit card purchase transaction fee
    • No outgoing wire transfer fees
    • 24/7 priority customer service

  • Clear Access Banking:
    This account may be the best option if no other bank will give you a traditional checking account. It's a checkless checking account with no overdraft fees.

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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.

TIP: You may avoid savings account fees by meeting requirements like minimum daily balances or a certain number of direct deposits.

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.

How to Find Your Wells Fargo Routing Number:
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.

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Reasons We Like Wells Fargo

  • Wells Fargo has a large ATM network. With over 11,000 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.

    The Clear Access Banking account 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.[1]

    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.[2]

    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

Is Wells Fargo in trouble?
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 39 states,[3] but they aren't as widespread as Wells Fargo.

Bank of America offers banking products similar to those at Wells Fargo. But Bank of America has a higher minimum balance requirement to waive the monthly fee for the basic everyday banking account.

U.S. Bank: U.S. Bank is another mega bank with locations all throughout the US. U.S. Bank and Wells Fargo charge similar fees and have similar minimum opening balances.

U.S. Bank has over 4,700 ATM locations, whereas Wells Fargo has more than 11,000. Both banks offer 24/7 customer service and give you easy access to a mobile app.

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You might also consider:

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.

References

  1. ^ Wells Fargo. How does Wells Fargo help protect my card and account?, Retrieved 03/11/2025
  2. ^ Wells Fargo. Text Banking Commands, Retrieved 03/11/2025
  3. ^ Bank of America. Browse for Financial Centers & ATMs by state, Retrieved 03/11/2025
Wells Fargo

Wells Fargo Everyday Checking Account - $325 Bonus

Learn More
Expires in 5 days
  • Get a $325 new checking customer bonus when you open an Everyday Checking account and receive $1,000 or more in qualifying direct deposits.
  • Wells Fargo Bank, N.A. Member FDIC
Bank of America
Member FDIC

Bank of America Advantage Banking - $300 Bonus Offer

Learn More
Expires 7/31/2025
  • The $300 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
  • The offer is for new checking customers only.
  • Offer expires 07/31/2025.
  • To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
  • Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
  • Additional terms and conditions apply. See offer page for more details.
  • *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
  • Bank of America, N.A. Member FDIC.
Chase
Member FDIC

Chase Total Checking® - $300 Bonus

Open an Account
Expires 7/16/2025
  • New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
  • Chase Mobile® app - Manage accounts, pay bills, send money to friends with Zelle® and deposit checks from almost anywhere.
  • Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
  • Help keep your money protected with features like Zero Liability Protection, fraud monitoring and card lock.
  • Chase Total Checking includes FDIC insurance up to the maximum amount allowed by law.
  • With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
  • Open your account online now
  • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
U.S. Bank
Member FDIC

U.S. Bank Business Essentials - $400 Bonus

Get Deal
Expires 9/30/2025

Promo code Q3AFL25 MUST be used when opening a U.S. Bank Business Essentials or Platinum Business Checking account. Limit of one bonus per business. A $100 minimum deposit is required to open one of the referenced accounts.

Earn your $400 Business Checking bonus by opening a new U.S. Bank Business Essentials account between 7/1/2025 and 9/30/2025. You must make deposit(s) of at least $5,000 in new money within 30 days of account opening and thereafter maintain a daily balance of at least $5,000 until the 60th day after account opening. You must also complete 5 qualifying transactions within 60 days of account opening.

Qualifying transactions include debit card purchases, ACH credits, Wire Transfer credits and debits, Zelle credits and debits, U.S. Bank Mobile Check Deposit or Bill Pay. Other transactions such as (but not limited to) other Person to Person payments, transfers to credit card or transfers between U.S. Bank accounts are not eligible.

New money is considered money that is new to U.S. Bank. Funds must come from outside U.S. Bank and cannot be transferred from another U.S. Bank product or a U.S. Bank Affiliate. For accounts opened on non-business days, weekends or federal holidays, the open date is considered the next business day. Account fees (e.g., monthly maintenance, paper statement fee, etc.) could reduce the qualifying daily balance, therefore you must make deposit(s) to cover the fees to maintain the daily balance during the qualifying period to be awarded the bonus. Refer to the Business Pricing Information or Business Essentials® Pricing Information Document for a list of fees.

Bonus will be deposited into your new eligible U.S. Bank Business Checking account within 30 days following the last calendar day of the month you complete all of the offer requirements, as long as the account is open and has a positive available balance.

Offer may not be combined with any other business checking account bonus offers. Existing customers (businesses) with a business checking account or customers (businesses) who had an account in the last 12 months, do not qualify.

All regular account-opening procedures apply. For a comprehensive list of checking account pricing, terms and policies, reference your Business Pricing Information or Business Essentials® Pricing Information and YDAA disclosure. These documents can be obtained by contacting a U.S. Bank branch or calling 800.872.2657.

Bonus will be reported as interest earned on IRS Form 1099-INT and recipient is responsible for any applicable taxes. Current U.S. Bank employees are not eligible. U.S. Bank reserves the right to withdraw this offer at any time without notice. Member FDIC

Discover Bank
Member FDIC

Discover® Online Savings - $200 Cash Bonus

Get Deal
Expires 9/11/2025

To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY325 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding, see FAQs on Discover.com/Bank. See advertiser website for full details.

Write to Kim P at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

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