Wells Fargo Bank Review 2023
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At a glance

CDs
Checking
Savings
MMA
About Bankrate Score
Overview
Wells Fargo may be a good fit for those who want access to a large network of branches and ATMs as well as a well-reviewed mobile banking app. Those seeking out high savings rates may want to consider other options.
Highlights
- Digital Leader
- Large Branch Network

Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Overall
Wells Fargo is one of the biggest banks with locations in 36 states and Washington, D.C. But the bank has also faced heavy scrutiny by regulators in recent years for opening fake accounts and other offenses. While you won’t find attractive yields here, Wells Fargo’s checking account scores highly in our analysis.
Pros
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Fees on checking accounts can easily be avoided.
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Wells Fargo has eliminated non-sufficient funds (NSF) fees.
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Wells Fargo offers early direct deposit.
Cons
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Yields on certificates of deposit and savings accounts are generally low, like many big banks.
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The money market account has a steeper monthly fee if a specified balance isn’t maintained.
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Wells Fargo still charges a $35 fee for overdrafting your account on most of its checking accounts.
Wells Fargo bank products
Wells Fargo savings overview
A few ways to avoid the fee are by:
- Keeping at least $300 in this savings account.
- Having one 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.
The account’s APY is below the national average and well below the best rates offered by other banks.
Pros
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Just $25 is needed to open an account.
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An ATM card is available.
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There are multiple ways to avoid the monthly fee, including maintaining at least $300 in the account or having at least $25 in recurring transfers set up.
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The account comes with automated savings tools.
Cons
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Higher APYs are available at other banks and credit unions.
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There are options to waive the monthly maintenance fee, but other banks offer higher APYs with fewer or no requirements to earn them.

Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bank experience
The Wells Fargo mobile app earns solid praise from reviewers, earning a 4.8 score in the Apple App Store and 4.8 stars on Google Play.
And while Wells Fargo offers progressive digital banking, with more than 4,800 branches, customers can also take advantage of in-person banking in most states.
There are also plenty of ATM locations, with over 12,000 ATMs across the country.
About Wells Fargo
Founded in 1852 as a bank and express delivery company, Wells Fargo offers a full range of banking services, including checking accounts, savings accounts, CDs, money market accounts, mortgages and other loans.
In 2016, the Consumer Financial Protection Bureau fined Wells Fargo $100 million for the widespread illegal practice of secretly opening unauthorized accounts. The violation forced the bank to amend its approaches to sales, such as by sending an email confirmation to customers after the opening of a deposit account.
With branches in 36 states, Wells Fargo may be a good fit if you value nearly nationwide access to your accounts. The bulk of its nearly 4,800 branches are in California, Texas, Florida, North Carolina, New Jersey, Virginia, Pennsylvania and Georgia.
Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.