At a glance

3.7

Bankrate Score

CDs

Checking

Savings

MMA

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 full-featured mobile banking app. Those seeking out high savings rates may want to consider other options.

Highlights

Digital Leader
Large Branch Network

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Member FDIC

Savings Account

4.35

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 12/9/2023

Bankrate Savings rating = 4.4/5

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

$0

Min. balance for APY

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Promoted offer: It only takes about 5 minutes to open a fee-free account.

Member FDIC

Savings Account

4.30

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 12/9/2023

Bankrate Savings rating = 4.4/5

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

$1

Min. balance for APY

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Promoted offer:

Member FDIC

Savings Account

5.10

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 12/9/2023

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.

$0

Min. balance for APY

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Overall

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. While you won’t find attractive yields here, Wells Fargo’s checking account scores highly in our analysis.

Pros

Fees on checking accounts can easily be avoided.
Wells Fargo has eliminated non-sufficient 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 money market 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 banking products

2.9

Bankrate Score

Compare top savings rates

FEATURES

0.15% APY

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY as of 12/9/2023

$25 minimum deposit to open

Wells Fargo savings overview

Wells Fargo offers two savings accounts: Way2Save and Platinum Savings. This review covers the former.

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 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.

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.

Pros

Just $25 is needed to open an account.
An ATM card is available.
There are multiple ways to avoid the monthly fee.
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.

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 savings rates

Date	Wells Fargo APY	National average APY
12/05/2023	0.15%	0.58%
11/28/2023	0.15%	0.60%
11/21/2023	0.15%	0.60%
11/14/2023	0.15%	0.60%
11/07/2023	0.15%	0.60%
10/31/2023	0.15%	0.58%
10/24/2023	0.15%	0.58%
10/17/2023	0.15%	0.58%
10/10/2023	0.15%	0.58%
10/03/2023	0.15%	0.58%
09/26/2023	0.15%	0.57%
09/19/2023	0.15%	0.57%
09/12/2023	0.15%	0.57%
09/05/2023	0.15%	0.57%
08/29/2023	0.15%	0.54%
08/22/2023	0.15%	0.54%
08/15/2023	0.15%	0.54%
08/08/2023	0.15%	0.54%
08/01/2023	0.15%	0.54%
07/25/2023	0.15%	0.54%
07/18/2023	0.15%	0.54%
07/11/2023	0.15%	0.54%
07/04/2023	0.15%	0.54%
06/27/2023	0.15%	0.49%
06/20/2023	0.15%	0.49%
06/13/2023	0.15%	0.49%
06/06/2023	0.15%	0.49%
05/30/2023	0.15%	0.46%
05/23/2023	0.15%	0.46%
05/16/2023	0.15%	0.46%
05/09/2023	0.15%	0.46%
05/02/2023	0.15%	0.46%
04/25/2023	0.15%	0.42%
04/18/2023	0.15%	0.42%
04/11/2023	0.15%	0.42%
04/04/2023	0.15%	0.42%
03/28/2023	0.15%	0.39%
03/21/2023	0.15%	0.39%
03/15/2023	0.15%	0.39%
02/28/2023	0.15%	0.37%
02/21/2023	0.15%	0.37%
02/14/2023	0.15%	0.37%
02/07/2023	0.15%	0.37%
01/31/2023	0.15%	0.35%
01/24/2023	0.15%	0.35%
01/17/2023	0.15%	0.35%
01/10/2023	0.15%	0.35%
01/03/2023	0.15%	0.35%
12/27/2022	0.15%	0.31%
12/20/2022	0.15%	0.31%
12/13/2022	0.15%	0.31%

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Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

Member FDIC

Savings Account

4.35

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 12/9/2023

Bankrate Savings rating = 4.4/5

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

$0

Min balance for APY

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Promoted offer: It only takes about 5 minutes to open a fee-free account.

3.8

Bankrate Score

Compare top CD rates

FEATURES

1.50% – 4.50% APY

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY as of 12/9/2023

$2,500 minimum deposit to open

3 months – 5 years

Wells Fargo CD overview

Wells Fargo offers three terms — three, six and 12 months — of standard CDs online with a minimum deposit requirement of $2,500. The bank may offer more CD terms in certain markets. The APYs on these CDs are solid, but you can easily find higher yields elsewhere. There’s a marginal bonus rate boost for having a Prime Checking account, Premier Checking account or a Private Bank Interest Checking account linked to your CD.

However, at the time of Bankrate’s review, Wells Fargo was offering three special CDs — a four-month. seven-month and an 11-month CD — with higher yields. These require a $5,000 minimum deposit.

All of those CDs — both standard and special — have an early withdrawal penalty of three months’ worth of interest.

Pros

Wells Fargo offers IRA CDs.
CDs can be opened online.
The special CDs offer competitive yields.

Cons

Some of the yields for the standard CDs are very low compared to what other banks offer.
Few CD terms are offered online.
Many online banks have lower minimum deposit requirements.
To earn the highest yield, you must either meet a high minimum deposit requirement or have a Premier, Prime or Private Bank Interest Checking account linked.

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 CD rates

Term length

Date	Wells Fargo APY	National average APY
12/05/2023	1.50%	1.44%
11/28/2023	1.50%	1.45%
11/21/2023	1.50%	1.45%
11/14/2023	1.50%	1.45%
11/07/2023	1.50%	1.45%
10/31/2023	1.50%	1.46%
10/24/2023	1.50%	1.46%
10/17/2023	1.50%	1.46%
10/10/2023	1.50%	1.46%
10/03/2023	1.50%	1.46%
09/26/2023	1.50%	1.43%
09/19/2023	1.50%	1.43%
09/12/2023	1.50%	1.43%
09/05/2023	1.50%	1.43%
08/29/2023	1.50%	1.38%
08/22/2023	1.50%	1.38%
08/15/2023	1.50%	1.38%
08/08/2023	1.50%	1.38%
08/01/2023	1.50%	1.38%
07/25/2023	1.50%	1.35%
07/18/2023	1.50%	1.35%
07/11/2023	1.50%	1.35%
07/04/2023	1.50%	1.35%
06/27/2023	1.50%	1.33%
06/20/2023	1.50%	1.33%
06/13/2023	1.50%	1.33%
06/06/2023	1.50%	1.33%
05/30/2023	1.50%	1.30%
05/23/2023	1.50%	1.30%
05/16/2023	1.50%	1.30%
05/09/2023	1.50%	1.30%
05/02/2023	1.50%	1.30%
04/25/2023	1.50%	1.29%
04/18/2023	1.50%	1.29%
04/11/2023	1.50%	1.29%
04/04/2023	1.50%	1.29%
03/28/2023	1.50%	1.27%
03/21/2023	1.50%	1.27%
03/15/2023	1.50%	1.27%
02/28/2023	1.50%	1.22%
02/21/2023	1.50%	1.22%
02/14/2023	1.50%	1.22%
02/07/2023	1.50%	1.22%
01/31/2023	1.50%	1.19%
01/24/2023	1.50%	1.19%
01/17/2023	1.50%	1.19%
01/10/2023	1.50%	1.19%
01/03/2023	1.50%	1.19%
12/27/2022	1.50%	1.14%
12/20/2022	1.50%	1.14%
12/13/2022	1.50%	1.14%

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Member FDIC

CD

5.30

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 12/9/2023

Bankrate CD 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.

$500

Min. deposit

1 yr

Term

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2.2

Bankrate Score

Compare top money market rates

Wells Fargo money market overview

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.

The Platinum Savings account offers check-writing privileges. A $12 monthly fee applies unless a minimum monthly balance of $3,500 is maintained.

While only $25 is needed to open the account, balances less than $100,000 earn a meager APY. The APY increases by tier, with the highest APY offered on balances of $1 million or more, but the yield is still comparatively low.

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 $1 million to earn.
You can find higher yields at many online banks.

4.5

Bankrate Score

Compare top checking rates

Wells Fargo checking overview

Wells Fargo has four checking accounts to choose from. We reviewed the Everyday Checking account.

Wells Fargo’s Everyday Checking account requires $25 to open. There’s a $10 monthly maintenance fee, but it can be waived numerous ways.

You can also waive the monthly fee by:

maintaining a $500 minimum daily balance.
having at least $500 in qualifying direct deposits during the statement cycle.
being between 17 and 24 years old as the primary account holder.
having a Campus ATM card from Wells Fargo or a Wells Fargo Campus debit card.

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

Another checking option is the Clear Access Banking account for teens and students. The account’s $5 monthly fee is waived for 13- to 24-year-olds. The account doesn’t have overdraft fees since overdraft protection isn’t offered, but it also doesn’t have check-writing privileges.

There’s also an interest-bearing Prime Checking account, but you must have $20,000 in the account to avoid the $25 monthly fee.

Pros

An Everyday Checking account can be opened with only $25.
The monthly fee is avoidable with $500 or more in monthly direct deposits.
You get all the features of modern banking through Wells Fargo’s mobile app, including person-to-person transactions through Zelle.

Cons

The Everyday Checking account charges a $10 monthly fee unless you meet certain criteria.
Wells Fargo’s Prime Checking account earns interest, but it requires at least $20,000 across linked accounts to avoid its $25 monthly fee.
For accounts with overdraft protection, the overdraft fee is a lofty $35.
Clear Access Banking is an account that doesn’t have check-writing privileges.

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Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

Member FDIC

Checking Account

0.50

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 12/9/2023

Bankrate Checking 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.

$0

To open

$0

To avoid fees

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Bank fees

Fee	Charged?
Overdraft fee	$35
Non-sufficient funds fee	None
Monthly maintenance fee	$5 - $35, depending on the account
Out-of-network ATM fee	$2.50*
Excessive transaction fee	None

*Non-international withdrawals

Customer experience

Customer support

Physical presence. Wells Fargo has more than 4,000 branches 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 over 12,000 ATMs across the country.

Customer service. Wells Fargo offers 24/7 support over the phone and social media chat.

Low customer satisfaction. Wells Fargo consistently scores below average in overall customer satisfaction, according to J.D. Power’s 2023 U.S. Retail Banking Satisfaction Study. Of note, the bank scored last among other big banks in the Northwest region and the New York Tri-State area.

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, debt-to-income reports and spending reports, the app makes it easy to deposit checks, retrieve your monthly FICO score, and send money through Zelle. Moreover, Wells Fargo’s app lets you send money to non-Wells Fargo accounts easily, as you can add external accounts right on the app.

Fee notifications. Wells Fargo’s app doesn’t notify you when you’ll be charged a monthly fee. “Once, my savings account dipped below the minimum threshold to avoid the monthly account fee,” said a Bankrate staff member who uses Wells Fargo personally. “There was no notification that the account balance was lower than necessary to avoid the fee, which would’ve been helpful to know given it’s difficult to remember what fee rules are.

Complaints

CFPB enforcement action. In 2022, Wells Fargo was fined $1.7 billion by the Consumer Financial Protection Bureau. Among other things, 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.

Bankrate staff insights

"Overall, banking with Wells Fargo is stress-free, and I trust the security of my accounts and money,” said a Bankrate staff member with an account at Wells Fargo. “It’s my primary bank for paying my expenses, and the ability to transfer money to other sources makes it great for this. But as with most big banks, the interest rates are, no pun intended, uninteresting. The 0.15% rate on the savings account has driven me to utilize a separate online bank for my actual savings account to earn a competitive rate."

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 39 states and the District of Columbia, Wells Fargo may be a good fit if you value nearly nationwide access to your accounts. The bulk of its 4,000 branches are in California, Texas, Florida, North Carolina, New Jersey, Virginia, Pennsylvania and Georgia.

How Wells Fargo compares to other banks

Wells Fargo vs. Bank of America

Wells Fargo and Bank of America are both large, brick-and-mortar institutions with branches and ATMs easily found across most states. However, they both tend to offer paltry yields on their savings products, making neither a good choice for customers looking to grow their savings.

However, if you’re looking to open a CD with one of these banks, Bank of America offers a wider range of terms, giving you more options to choose from.

But if you’re looking for a checking account, Wells Fargo may be the better choice. Its accounts are generally cheaper than Bank of America’s and Wells Fargo offers one more checking account option.

Wells Fargo FAQs

Wells Fargo is best for customers who want a large branch network and easy ATM access. However, customers looking to park their money in a savings account or CD to help grow their savings should look elsewhere.
Yes. Despite recent scandals, Wells Fargo has been around for more than 150 years. Deposits are insured by the Federal Deposit Insurance Corp. (FDIC) for up to the limit allowed by law, currently $250,000 per depositor, per account, per ownership category.
Wells Fargo is best known for its large brick-and-mortar banking footprint, which includes most states and the District of Columbia. It’s also known for getting into trouble, having been the subject of hefty fines by various financial regulators for illegal practices.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

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.

Wells Fargo Bank Review 2023

The Bankrate promise

At a glance

Overview

Highlights

Overall

Pros

Cons

Wells Fargo banking products

FEATURES

Wells Fargo savings overview

Pros

Cons

Rate history for Wells Fargo's Savings account

Bank fees

Customer experience

Customer support

Digital experience

Complaints

Bankrate staff insights

About Wells Fargo

How Wells Fargo compares to other banks

Wells Fargo vs. Bank of America

Wells Fargo FAQs

Who is Wells Fargo best for?

Is Wells Fargo safe?

What is Wells Fargo best known for?

Review methodology

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