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Wells Fargo Bank Review 2022

Published March 2022 by Matthew Goldberg

AT A GLANCE
3.4

Bankrate Score

bank-logo

Digital Leader

Large Branch Network

If a large network of branches and ATMs is important, Wells Fargo may be a good fit for you.

  • Checking
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    4.6
  • Savings
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    2.7
  • CDs
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    2.5
  • MMAs
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    2.1
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Capital One

    Member FDIC

    CD

    1.70 % APY

    2yr

    Term

    $ 0

    Min. deposit

    Goldman Sachs Bank USA

    Member FDIC

    CD

    1.30 % APY

    1yr

    Term

    $ 500

    Min. deposit

    Capital One

    Member FDIC

    CD

    1.70 % APY

    2yr

    Term

    $ 0

    Min. deposit

    Overall

    3.4

    Bankrate Score

    Wells Fargo has more branches than any other bank in the U.S., with locations in 40 states.

    What we like

    • With more than 4,800 branches and 12,000 ATMs, Wells Fargo has the largest physical presence of any U.S. bank.

    • Fees on checking accounts can easily be avoided.

    • Consumer-friendly overdraft policies, including a feature to account for deposits made after an overdraft.

    What we don't

    • Yields on certificates of deposit and savings accounts are low, like many big banks.

    • There is an out-of-network ATM fee of $2.50 for checking account users.

    • The money market account has a steeper monthly fee if a specified balance isn’t maintained.

    Checking accounts

    4.6

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    SoFi

    Member FDIC

    Checking account

    1.25 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    Wells Fargo’s Everyday Checking account requires $25 to open an account. A $10 fee applies to accounts with a minimum monthly balance of less than $500.

    Wells Fargo’s interest-bearing Portfolio Checking account can be opened with a $25 initial deposit. The account’s $25 monthly service fee is waived when a balance of at least $20,000 is maintained across linked accounts.

    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.

    What we like

    • An Everyday Checking account can be opened with only $25.

    • Account holders can earn interest on all balances with a Portfolio Checking account.

    • The monthly fee is avoidable with $500 or more in monthly direct deposits.

    What we don't

    • The balance required to waive the monthly maintenance fee on the Everyday Checking account is $500. A direct deposit is another way to avoid the $10 monthly fee.

    • The interest-bearing account requires at least $20,000 across linked accounts to avoid its $25 monthly fee.

    Savings accounts

    2.7

    Bankrate Score

    Wells Fargo’s Way2Save savings account has a $25 initial deposit requirement and has a $5 monthly service fee. The fee is avoidable when the account owner is under 24 years old or a $300 daily balance is maintained in the accounts. You can also avoid the fee by setting up a monthly transfer to your savings or a daily transfer of at least $1 from a linked checking account. The account’s APY is much lower than the national average.

    What we like

    • Just $25 is needed to open an account.

    • An ATM card is available.

    • Only $300 is needed for Way2Save account holders to waive the monthly service fee.

    What we don't

    • 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 and lower or no minimum balance requirements.

    CD rates

    2.5

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Capital One

    Member FDIC

    CD

    1.70 % APY

    2yr

    Term

    $ 0

    Min. deposit

    Wells Fargo offers three terms of CDs online, though it may offer more in certain markets.

    Earned interest can be paid out prior to maturity, but there is a penalty for withdrawing principal funds early. For CDs with terms of 12 months or fewer, the early withdrawal penalty is three months of interest. Bonus rates apply to Portfolio Relationship accounts, though the APY is still well below the market average.

    What we like

    • Wells Fargo’s Portfolio Relationship program offers an opportunity for higher relationship rates.

    • Some banks have a higher minimum requirement than $2,500.

    What we don't

    • Yields are low compared to what other banks offer.

    • Few CD terms are offered.

    • Many online banks have lower minimum deposit requirements.

    Money market accounts

    2.1

    Bankrate Score

    The Platinum Savings account offers check-writing privileges. It has a comparatively low yield and a $12 monthly fee applies unless a minimum monthly balance of $3,500 is maintained.

    What we like

    • Minimum opening deposit is only $25.

    • The account has check-writing privileges.

    What we don't

    • A $3,500 minimum daily balance is required to avoid the $12 monthly service fee.

    • You can find higher yields at some online banks.

    Bank experience

    The Wells Fargo mobile app earns solid praise from reviewers, earning a 4.8 score on both Google Play and in the Apple App Store. And while Wells Fargo offers progressive digital banking, with nearly 4,900 branches, customers can also take advantage of in-person banking nearly anywhere. There are also plenty of ATM locations, with 12,000 ATMs to choose from and they include a personal touch, such as wishing customers happy birthday.

    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 and ATMs in 40 states, Wells Fargo may be a good fit if you value nearly nationwide access to your accounts. The bulk of its 7,200 branches are in California, Texas, Florida, New Jersey, Minnesota, Colorado and Nevada.

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. He uses his banking and financial services experience to help readers with personal finance. Nearly his entire career has either been as a reporter or working in financial services, in banking and insurance. He’s been in financial services for more than a decade. His banking career includes being a banker in New York City. His reporting career includes working as a staff reporter at two daily newspapers. He earned his first newspaper bylines in 1998. His writing has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. His writing has also been featured online on MSN, the Miami Herald, the Houston Chronicle, the Omaha World-Herald, The Kansas City Star, the Arizona Daily Star, and appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. Matthew’s radio experience includes being a weekly panelist on the SportsWriter’s show on WGEM AM ESPN 1440 in Quincy, Illinois. He was also an occasional co-host and call-in guest on WGEM SportsCenter. He’s also been a guest on other stations throughout the country. Matthew is currently a member of the Board of Governors at the Society for Advancing Business Editing and Writing (SABEW), which is the world's largest and oldest organization of business and financial journalists. He chairs the organization's training committee and is on the finance committee. He has previously served on conference planning committees and has been a Best in Business contest judge for the organization. Matthew earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University. Media mentions CNBC CNBC Acorns + CNBC WGN Radio 720 in Chicago 1080 KRLD Dallas-Fort Worth