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 12,000 ATMs and 4,500 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

• 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

Citi Priority - Earn up to $2,000 Cash Bonus

Learn More

Expires 1/9/2024

• Earn up to $2,000 when you open a new eligible Citi checking account and enroll in the offer the same day
• New to Relationship customers can choose their Relationship Tier.
• Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
• Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
• If your balance falls to a lower Balance Level at any point during the maintenance period, the bonus changes.
• Bonus will be paid within 30 days after you successfully complete all required activities.
• Restrictions apply.

Member FDIC

BMO Smart Advantage Checking - $400 Cash Bonus

Open a new BMO Smart Advantage Checking online and get a $400 cash bonus when you have a total of at least $4,000 in qualifying direct deposits within the first 120 days of account opening. Offer is limited to one per customer and is not available for existing BMO personal checking customers (including signers on joint accounts) or those who have closed a BMO personal checking account within the past 12 months. Conditions apply.

Get Deal

Expires 12/8/2023

Member FDIC

U.S. Bank Smartly® Checking and Standard Savings - Up to $1,000 Bonus

Earn up to $1,000 when you open a new U.S. Bank Smartly® Checking account and a Standard Savings account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through October 31 2023. Member FDIC.

Earn up to $500 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:

• Enroll in online banking or the U.S. Bank Mobile App
• Make two or more direct deposit(s)* totaling $5,000 to $9,999.99 to earn $300 or $10,000 or more to earn $500

Earn up to $400 with a new Standard Savings account.

• Make new money deposit(s) totaling $25,000 to $49,999.99 to earn $200 or $50,000 or more to earn $400 by November 30, 2023
• Maintain that balance until May 31, 2024

Earn an additional $100 for opening both!

Applicant must reside in AZ, AR, CA, CO, ID, IL, IN, IA, KS, KY, MN, MO, MT, NE, NV, NM, NC, ND, OH, OR, SD, TN, UT, WA, WI, WY to be eligible for Checking account

Learn More

Expires 10/31/2023

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.

Compare Savings Account Promotions

Member FDIC

Discover Online Savings - $200 Cash Bonus

To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY923 when applying. 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. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. 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 the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/14/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Get Deal

Expires 12/14/2023

Member FDIC

UFB High Yield Savings - Earn up to 5.25% APY

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• Earn up to 5.25% APY*
• No monthly maintenance fees
• No minimum deposit required to open an account
• Access your funds 24/7 with easy-to-use digital banking tools

Member FDIC

CIT Bank Platinum Savings - 5.05% APY

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• 5.05% APY with a balance of $5,000 or more
• 0.25% APY with a balance of less than $5,000
• $100 minimum opening deposit
• No monthly maintenance fee
• Member FDIC

Reasons We Like Wells Fargo

• Wells Fargo has a large ATM network. With over 12,000 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.

How It Compares

Bank of America: Bank of America has locations throughout 37 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 12,000. Both banks offer 24/7 customer service and give you easy access to a mobile app.

You might also consider:

Member FDIC

Discover Online Savings - $150 Cash Bonus

To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY923 when applying. 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. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. 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 the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/14/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Get Deal

Expires 12/14/2023

Member FDIC

Online Savings Account - Earn 4.30% APY

Get Deal

• No fees
• No minimum opening deposit
• No minimum balance required

Member FDIC

High Yield Savings - 4.50% APY

Learn More

• 4.50% APY
• $100 minimum opening deposit
• No monthly service fees

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.