At a glance

Overview

Wells Fargo is one of the biggest banks with locations in 39 states and the District of Columbia. But the bank has also faced heavy scrutiny by regulators in recent years for opening fake accounts and other offenses. Those seeking out high savings rates may want to consider other options, but those wanting around-the-clock support can find it with Wells Fargo.

Highlights:

Digital Leader Large Branch Network

Highlights:

Digital Leader Large Branch Network

2.4

Bankrate Score

CDs

3.0 /5

Checking

4.0 /5

Savings

2.5 /5

MMA

2.0 /5

Customer Experience

5.0 /5

In the news

Wells Fargo agreed to pay $33 million in 2025 to settle a class-action lawsuit alleging the bank knowingly helped merchants mislead consumers into signing up for monthly subscriptions. The suit alleged the bank opened accounts for the companies and transferred millions of dollars into their accounts. Wells Fargo has not admitted to wrongdoing.

Wells Fargo pros and cons

Pros

Ability to avoid overdraft fees with Extra Day Grace Period.
Wells Fargo has eliminated nonsufficient funds (NSF) fees.
Wells Fargo offers early direct deposit.

Cons

Yields on certificates of deposit and savings accounts are generally low, like many big banks.
The Platinum Savings account has a steeper monthly fee if a specified balance isn’t maintained.
Wells Fargo still charges a $35 fee for overdrafting your account on most of its checking accounts.

Wells Fargo bank products

Wells Fargo Way2Save Savings Account

2.5

/5

See methodology Compare savings rates

SCORE BREAKDOWN

APY offering:

0.01%

1/5

Minimum deposit:

$25.00

4/5

Monthly service fee:

$5.00

4/5

Minimum balance to avoid fees:
$300.00
3/5

The lowest balance an account must maintain to avoid a monthly fee.

Access to funds:
Great
5/5

Access to funds scores how many and which ways you can withdraw and deposit funds from a savings account.

Additional savings tools:
Yes
5/5

Additional savings tools include features such as sub-accounts, roundup savings or other automatic savings features.

Pros

Just $25 is needed to open an account.
An ATM card is available.
The account comes with automated savings tools.

Cons

Higher APYs are available at other banks and credit unions.
There are options to waive the monthly maintenance fee, but other banks offer higher APYs with fewer or no requirements to earn them.

Wells Fargo offers two savings accounts: Way2Save and Platinum Savings. This review scores the former for the savings account. Wells Fargo’s Way2Save savings account has a $25 initial deposit requirement and a $5 monthly service fee. A few ways to avoid the fee are by:

Keeping at least $300 in the savings account.
Having at least one monthly recurring transfer of at least $25 from your Wells Fargo checking account automatically transferred into your Way2Save Savings account.
Being under 25 years old and the primary person on the account.

Some helpful savings tools are built into the account, including one that automatically transfers $1 into savings whenever you make a debit purchase.

The account’s APY is below the national average and well below the best rates offered by other banks. And while there are ways to avoid the monthly service fee, many online banks don't charge one to begin with.

Rate history for Wells Fargo's Savings account

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Wells Fargo

APY

National average APY

How do we get this data?

Wells Fargo CDs

3.0

/5

See methodology Compare CD rates

SCORE BREAKDOWN

APY offering:

1-year APY: 1.50%

3/5

3-year APY: 1.01%

2/5

5-year APY: 1.01%

2/5

Minimum deposit:

$2,500.00

3/5

Early withdrawal penalty:

Average

3/5

Offers specialty CDs:
No
0/5

Specialty CDs include no-penalty CDs, bump-up CDs and add-on CDs.

Number of CD terms:
9
5/5

The number of CD terms a financial institution offers.

Pros

Offers IRA CDs.
CDs can be opened online.
Special CDs offer competitive yields.

Cons

Standard CD yields are very low compared with what other banks offer.
Few CD terms are offered online.
Many online banks have lower minimum deposit requirements.

Wells Fargo offers three standard CD terms online — three, six and 12 months. All carry a minimum deposit requirement of $2,500. The APYs on the special CDs are solid, but you can easily find higher yields elsewhere that don't require the special's high minimum deposit of $5,000. All CDs, both standard and special, have an early withdrawal penalty of three months’ worth of interest.

Rate history for Wells Fargo's CD accounts

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Wells Fargo

APY

National average APY

Term length

How do we get this data?

Wells Fargo Platinum Savings Account (money market account)

2.0

/5

See methodology Compare money market rates

SCORE BREAKDOWN

APY offering:

0.01%

1/5

Minimum deposit:

$25.00

4/5

Monthly service fee:

$12.00

3/5

Minimum balance to avoid fees:
$3,500.00
2/5

The lowest balance you must maintain to avoid a monthly fee.

Access to funds:
Average
3/5

Access to funds scores how many and which ways you can withdraw and deposit funds from a money market account.

Pros

Minimum opening deposit is only $25.
The account has check-writing privileges.

Cons

A $3,500 minimum daily balance is required to avoid the $12 monthly service fee.
The highest yield offered requires at least $25,000 to earn.
You can find higher standard yields with low minimum requirements at many online banks.

Despite having savings in its name, we see Wells Fargo’s Platinum Savings has the check-writing privileges of a money market account. So, we’ve reviewed this account as a money market account.

Standard yields are low, but the rate for new customers is good — as long as you maintain a balance of $25,000 or more. You can find the same or better rates with other banks that don't require such a steep minimum balance.

Wells Fargo Everyday Checking Account

4.0

/5

See methodology Compare checking rates

SCORE BREAKDOWN

Minimum deposit:

$25.00

4/5

Monthly service fee:

$10.00

3/5

Overdraft fees:

Average

2/5

Minimum balance to avoid fees:
$1,500.00
2/5

The lowest balance an account must maintain to avoid a monthly fee.

Early direct deposit:
Yes
5/5

A feature that allows you to receive your paycheck or other qualifying funds earlier than the official payment date.

ATM network:
Great
5/5

Accessibility to fee-free ATMs for account holders.

APY offering:
0.00%
0/5

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.

Pros

Ability to avoid overdraft fees with Extra Day Grace Period.
Person-to-person transactions through Zelle.

Cons

$15 monthly fee unless you meet certain criteria.
Overdraft fee of $35 per instance over $10, charged up to three times per day.

Wells Fargo has four checking accounts to choose from. We reviewed the Everyday Checking account, which has a $15 monthly maintenance fee, that can be avoided in numerous ways. You can waive the fee by:

Maintaining a $1,500 minimum daily balance.
Having at least $500 in qualifying electronic deposits during the statement cycle.
Being between ages 17 and 24 as the primary account holder.

While many banks have eliminated or reduced their overdraft fees, the Everyday Checking account still charges a $35 overdraft fee — higher than the industry average.

Compare more: Bankrate's best CD rates

Customer experience

5.0

/5

See methodology

SCORE BREAKDOWN

Hours of operation:

Great

5/5

Amount of customer service options:

Excellent

5/5

Average mobile app rating:

Excellent

5/5

Website ease of use:
Excellent
5/5

How user-friendly and intuitive the bank's website is for customers to navigate and complete banking tasks.

Branches:
Excellent
5/5

The availability and accessibility of physical branch locations for in-person banking services.

Account alerts:
Yes
5/5

The variety and customization options for notifications about account activity and important updates.

Physical presence. Wells Fargo has locations across 39 states and the District of Columbia, allowing customers to take advantage of in-person banking in most states. There are also plenty of ATM locations, with more than 11,000 ATMs across the country.

Customer service. Wells Fargo offers 24/7 support over the phone. You can also connect using social media. Wells Fargo scores below average in overall customer satisfaction, according to J.D. Power’s 2026 U.S. Retail Banking Satisfaction Study. Of note, the bank scored last among other banks in the Northwest region for the third year in a row.

Digital experience

Highly rated mobile app. The Wells Fargo mobile app has high reviews from users on the Apple App Store and the Google Play Store. In addition to helpful budgeting tools, the app makes it easy to deposit checks, retrieve your monthly FICO score and send money through Zelle.

Complaints

CFPB enforcement action. In 2022, Wells Fargo was fined $1.7 billion by the Consumer Financial Protection Bureau. Among other acts, the CFPB found that Wells Fargo “unfairly froze multiple consumer accounts in instances of suspected fraud when lesser restraints were available; made deceptive claims as to the availability of waivers of monthly service fees; and unfairly charged overdraft fees even if the consumer had enough funds available in their account to cover the amount of the transaction at the time they made it.” In addition to the fine, Wells Fargo was ordered to pay more than $2 billion in redress.

How Wells Fargo compares to other banks

Compare different account types offered by Wells Fargo. Annual percentage yields (APYs) shown were updated between Nov. 3, 2026 and Nov. 9, 2026.

Selected bank Wells Fargo savings account Member FDIC Bankrate score Rating: 2.5 stars out of 5 2.5 Bankrate Savings rating = 2.5/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score.	Most comparable Chase Bank savings account Member FDIC Bankrate score Rating: 2.6 stars out of 5 2.6 Bankrate Savings rating = 2.6/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review	Search for or select a bank: Bankrate score Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Nov. 3, 2026 and Nov. 9, 2026.
0.01%	0.01%
Minimum balance for APY
$0.00	$0.00
Estimated earnings Interest earned calculation based on a $50,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
$5	$5

Wells Fargo's Way2Save account comes with useful savings tools that can help you meet goals faster if you frequently transact using a Wells Fargo checking account and debit card. Its standard yield, however, makes any money saved grow at rates well below average.	The Chase Savings account is the bank’s standard savings account and offers a yield well below the national average for savings accounts. It also has a $5 monthly maintenance fee. Starting every day with at least $300 or automatically transferring at least $25 per month from your Chase checking account to this savings account are two ways to waive the fee.

Only $25 needed to open an account. Automatic savings tools make stashing money easier. ATM card provided.	Those who already bank with Chase might find it convenient to have a savings account at this bank. Chase has many branches and wide access to ATMs.	N/A
There's a monthly service fee of $5, though you can get it waived. APY is incredibly low.	The Chase Savings account has a waivable $5 monthly maintenance fee. Chase doesn’t offer a competitive yield for its savings account.	N/A

Selected bank Wells Fargo CD Member FDIC Bankrate score Rating: 3 stars out of 5 3.0 Bankrate CD rating = 3.0/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score.	Most comparable Chase Bank CD Member FDIC Bankrate score Rating: 2.5 stars out of 5 2.5 Bankrate CD rating = 2.5/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review	Search for or select a bank: Bankrate score Bankrate CD rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Nov. 3, 2026 and Nov. 9, 2026.
3.99%	0.01%
Minimum deposit
$5,000.00	$1,000.00
Term
7 mos	1 yr

Wells Fargo’s standard CD yields are incredibly low, and there are only three CD terms in certain markets. You may be able to get a special CD with a better yield, but they require a $5,000 minimum deposit and only go up to 15 months.	Chase has a wide range of terms available. The bank offers a higher relationship rate for those with a Chase personal checking account. You’ll need at least $1,000 to open a Chase CD.

Wells Fargo offers IRA CDs. CDs can be opened online. The special CDs offer solid yields.	Chase pays a relationship rate. There is a wide range of terms offered, making Chase a good option if you want to build a CD ladder.	N/A
You need at least $2,500 to open a standard CD at Wells Fargo. A limited number of terms are offered in some markets. Significantly higher APYs can be found at other banks.	Standard rates are much lower than the national average. You’ll need an eligible Chase checking account to earn a higher relationship rate. You need $1,000 to open a Chase CD, which is more than the minimum at some other banks.	N/A

Selected bank Wells Fargo money market account Member FDIC Bankrate score Rating: 2 stars out of 5 2.0 Bankrate Money Market rating = 2.0/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score.	Most comparable CIBC Bank USA money market account Member FDIC Bankrate score Rating: 2.5 stars out of 5 2.5 Bankrate Money Market rating = 2.5/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review	Search for or select a bank: Bankrate score Bankrate Money Market rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Nov. 3, 2026 and Nov. 9, 2026.
0.01%	0.25%
Minimum balance for APY
$0.00	$2,500.00
Estimated earnings Interest earned calculation based on a $50,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
$5	$125

Wells Fargo’s Platinum Savings offers check-writing privileges and an ATM card, which makes it more akin to a money market account than a savings account. The account offers a near rock-bottom yield, and comes with a $12 monthly fee to boot, which can only be waived by maintaining a minimum monthly balance of $3,500.	The CIBC Bank USA Personal Money Market Account offers a tiered APY structure, but the yields are low. There’s also a steep $15 monthly fee, though you can waive it by maintaining a balance above $2,500.

Wells Fargo’s money market account comes with check-writing privileges and an ATM card. Only $25 is required to open an account.	The account comes with an ATM card and check-writing privileges.	N/A
Wells Fargo’s Platinum Savings offers an extremely low yield. The monthly fee can only be waived by maintaining a relatively large monthly balance.	Higher APYs can be found from other banks. There's a $15 monthly fee for accounts with less than $2,500.	N/A

Selected bank Wells Fargo checking account Member FDIC Bankrate score Rating: 4 stars out of 5 4.0 Bankrate Checking rating = 4.0/5 Bankrate scores are objectively determined by our editorial team. Minimum balances to avoid monthly service fees, whether the bank has a monthly service fee, minimum opening deposit requirements, fees to use out-of-network ATMs and overdraft fees are some of the things that make up Bankrate’s score.	Most comparable Bank of America checking account Member FDIC Bankrate score Rating: 3.3 stars out of 5 3.3 Bankrate Checking rating = 3.3/5 Bankrate scores are objectively determined by our editorial team. Minimum balances to avoid monthly service fees, whether the bank has a monthly service fee, minimum opening deposit requirements, fees to use out-of-network ATMs and overdraft fees are some of the things that make up Bankrate’s score. Read review	Search for or select a bank: Bankrate score Bankrate Checking rating Bankrate scores are objectively determined by our editorial team. Minimum balances to avoid monthly service fees, whether the bank has a monthly service fee, minimum opening deposit requirements, fees to use out-of-network ATMs and overdraft fees are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Nov. 3, 2026 and Nov. 9, 2026.
0.01%	0.01%
Minimum balance to open
$25.00	$100.00

Wells Fargo’s Everyday Checking requires a $25 minimum deposit and comes with a $10 monthly fee, which can be waived. Customers get access to mobile deposit, Bill Pay, Zelle and a debit card.	Bank of America’s Advantage Plus account can be opened with $100 and you’ll get access to about 15,000 ATMs with your debit card. But there’s a high monthly fee of $12, though you may be able to get it waived. Bank of America’s mobile app includes a virtual banking assistant called Erica. Checking customers can use the mobile app's virtual banking assistant, Erica.

Customers can write checks from the account. Wells Fargo has more than 11,000 ATMs across the country. Overdraft fees may be avoidable with the Extra Day Grace Period.	Reasonable $100 minimum opening deposit. Bank of America has about 15,000 ATMs nationwide.	N/A
There’s a $15 monthly fee. The account is subject to a $35 overdraft fee.	High monthly maintenance fee of $12, but can be waived. Costly out-of-network ATM fee of $2.50.	N/A

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Review methodology

To determine a financial institutions' deposit Bankrate Score, Bankrate rates banks and credit unions on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the bank or credit union's products and services. Banks and credit unions are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

When a bank has entered a consent decree, been assessed a penalty in a case brought by a federal regulator or in a certified, federal class-action lawsuit, or received a federal judgment for harming its banking customers within the past three years, we deduct one point for each penalty received from its total Bankrate Score, with a floor of zero (0) stars.

Read our full review methodology.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Wells Fargo APY APY last updated 11/2/2026. APY last updated 11/2/2026	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
11/02/2026	0.01%	0.57%
10/05/2026	0.01%	0.63%
09/04/2026	0.01%	0.64%
08/03/2026	0.01%	0.62%
05/04/2026	0.01%	0.61%
04/06/2026	0.01%	0.59%
02/02/2026	0.01%	0.60%
01/05/2026	0.01%	0.62%
11/11/2025	0.01%	0.61%

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Wells Fargo APY APY last updated 11/10/2026. APY last updated 11/10/2026	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
11/02/2026	1.01%	1.77%
10/05/2026	1.01%	1.81%
09/04/2026	1.01%	1.76%
08/03/2026	1.01%	1.74%
07/06/2026	1.01%	1.72%
05/04/2026	1.01%	1.71%
03/02/2026	1.01%	1.69%
01/05/2026	1.01%	1.68%
11/11/2025	1.01%	1.69%

Wells Fargo Bank Review 2026

Why you can trust Bankrate

At a glance

Overview

Highlights:

In the news

Wells Fargo pros and cons

Pros

Cons

Wells Fargo bank products

Wells Fargo Way2Save Savings Account

Additional details and scores

Pros

Cons

Rate history for Wells Fargo's Savings account

Wells Fargo CDs

Additional details and scores

Pros

Cons

Rate history for Wells Fargo's CD accounts

Wells Fargo Platinum Savings Account (money market account)

Additional details and scores

Pros

Cons

Wells Fargo Everyday Checking Account

Additional details and scores

Pros

Cons

Customer experience

Additional details and scores

Digital experience

Complaints

How Wells Fargo compares to other banks

We want to know what you think about Wells Fargo

Review methodology

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