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

APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 3.5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

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

APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
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.
Overall
Wells Fargo is one of the biggest banks with locations in 40 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 banking products
Wells Fargo savings overview
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.
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.
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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.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 3.5/5
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 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
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 40 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.
Bank experience
The Wells Fargo mobile app has high reviews from users on the Apple App Store and the Google Play Store. In addition to this digital banking, customers have access to nearly 4,800 branches across 40 states, 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.
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, which we scored higher than Bank of America, 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
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.