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Wells Fargo, a Big Four bank, made headlines in 2016 and 2017 for scandals in which employees created millions of fake accounts to meet revenue targets.
They've come a long way since then and are working to win back trust with great customer service and new mobile offerings. Ultimately, however, it's up to you to decide whether you should trust Wells Fargo with your money.
Last year, Wells Fargo followed a trend in the banking industry by eliminating or reducing overdraft fees. Wells Fargo now gives customers 24 hours to recover overdraft and debit balances before such charges are imposed. The $35 penalty for returning items due to insufficient funds was eliminated, but the $35 overdraft penalty remained unchanged.
We're here to give you an honest look at the bank's checking and savings account features for individuals and small businesses, as well as general convenience and mobile banking capabilities.
Wells Fargo checking account
Wells Fargo offers four checking account options: Everyday Checking, Prime Checking, Premier Checking, and Clear Access Banking. Minimum deposit per bank account is $25, monthly fees range from $5 to $35.
daily inspection
Best suited for traditional checking accounts
3 von 5
main properties
- free debit card
- avoidable monthly fee
- no way to earn interest
The Everyday Checking Account is Wells Fargo's most popular checking account and offers nationwide access to ATMs, free debit cards and access to check writing. Starting at $25, there is no minimum balance requirement and the $10 monthly service fee is easy to avoid.
daily inspection
Year
not applicable
monthly fee
$10, can be waived
ATM in the network
13,000 people nationwide
Minimum Starting Balance
25 $
Meet the minimum balance required
0 $
More information on daily checks
Everyday checking accounts allow you to write checks and withdraw money at many Wells Fargo ATMs, but have no ability to earn interest on your balance. With so many interest-bearing checking account options on the market, the lack of an APR is a major drawback.
What we like about this account is that there are many ways to waive the $10 monthly service fee. Wells Fargo will waive this if you meet any of the following criteria:
- Have a direct deposit of $500 or more
- Maintain a daily balance of $500 or more
- Between the ages of 17 and 24
- Link to Wells Fargo campus ATM card or campus debit card
Wells Fargo, on the other hand, charges an overdraft fee of up to $35 for up to 3 overdrafts per day. As of 2022, Well Fargo will not charge for returns of underfunded items.
However, we do like the automatic refund feature, which waives some overdraft fees if Wells Fargo receives an automatic transfer by 9:00 am the next business day that covers at least your overdraft amount. This feature is free and applied automatically to most checking accounts.
Prime Minister's check
Best for everyday interests
3 von 5
main properties
- ATM fee exemption
- $25 monthly fee
- high transaction limits
The Prime Checking Account is one of Wells Fargo's premium checking options and offers benefits such as no ATM fees outside of Wells Fargo, higher transaction limits and interest on account balances. Even though it's an interest-bearing account, the highest annual yield of 0.10% is still below the yield of prime current accounts.
Prime Minister's check
Year
up to 10%
monthly fee
$25, waive
ATM in the network
13,000 people nationwide
Minimum Starting Balance
25 $
Meet the minimum balance required
0 $
More about Prime
Like the other Wells Fargo checking accounts, the Prime checking account also has a starting deposit of $25, but otherwise the account is more suitable for the target group who like to spend more. For example, the only way to avoid paying a $25 monthly service fee is to have a consolidated ending balance of $20,000 -- much more than the $500 required to add to the daily monthly Waiver of checking account fee.
From there, the Wells Fargo Account Portfolio divides its users into two categories: those with less than $100,000 and those with more than $100,000. Those in the higher tiers earn 0.10% APY. Those in the lower tiers get a lower APR of 0.05%. Both tiers receive perks like no overdraft protection transfer fees and non-Wells Fargo ATM fee refunds every payment period.
The perks are nice, but if your goal is to build wealth, there are other banks that offer high-yield accounts that can help you grow your wealth faster. Or you can try Wells Fargo's premier checking account: Premier Checking.
Prime Minister's check
Best for premium services
2,5 von 5
main properties
- 24/7 phone support
- Waiver of transfer fees
- Offer for investment services
Wells Fargo's Premier Checking is Wells Fargo's premium checking account with a competitive top interest rate of 0.50% and many waived bank fees. Of course, these advanced features come with a hefty price tag.
Prime Minister's check
Year
up to 0.50%
monthly fee
$35, waive
ATM in the network
13,000 people nationwide
Minimum Starting Balance
25 $
Meet the minimum balance required
0 $
More about Premier Checking
The Wells Fargo Premier Checking Account offers premium benefits to its premium customers. You pay no transfer or ATM fees (Wells Fargo even refunds other banks' ATM fees), you can earn up to 0.50% APY, and you get 24/7 banking support. You will also receive discounts on investment accounts and investment advice.
In return, Wells Fargo expects you to maintain high balance. In fact, you need up to $250,000 in credit to avoid paying the $35 monthly fee. If you want to earn 0.50% APY, you also need at least $100,000 in your account. With lower balances you get a respectable but low APR of 0.25%.
In short, Premier checking accounts have a lot of great features, but a high balance is a handicap for most people.
clear access bank
Best suited for low account balances
2,5 von 5
main properties
- No overdraft fees
- inability to write checks
- Focus on numbers
Wells Fargo's Clear Access is a forward digital bank account focused on simplifying banking. It doesn't allow checks but offers a contactless debit card so users don't have to worry about pesky overdraft fees.
clear access bank
Year
not applicable
monthly fee
$5, waive
ATM in the network
13,000 people nationwide
Minimum Starting Balance
25 $
Meet the minimum balance required
0 $
Learn more about Clear Access Banking
Wells Fargo's Clear Access Banking account is touted as an easy way to spend money easily. Between the ages of 13 and 24, if you don't pay a $5 monthly fee, a Clear Access Banking account is a lot like an entry-level checking account. It is checkless and you can only pick up what you have on hand.
Therefore, you will not incur any overdraft fees. If you have a negative balance due to an additional post-authorization fee (such as a tip), you will only keep the negative balance and will not be able to withdraw funds until you settle the negative balance.
Although it's a very basic checking account, you can still use contactless debit cards, the Wells Fargo app, and digital payment platforms like cell.
Wells Fargo Savings Account
If you prefer to do all your banking in one place, Wells Fargo offers two primary savings accounts that you can use alone or in conjunction with your Wells Fargo checking account of choice. Like the checking account, the Wells Fargo Savings Account has a minimum deposit of $25 and there are no monthly maintenance fees.
Way2Save-Konto
Best for savings on construction
3 von 5
main properties
- HOA fees and APY are also low
- automatic savings
- Optional overdraft protection
If you're looking for a simple, no-frills savings account, the Way2Save savings account is perfect. The monthly service fee of $5 is very small, but unfortunately it is 0.15% APY.
Way2Save-Konto
Year
.15%
monthly fee
$5, waive
Online ATM
13,000 people nationwide
Minimum Starting Balance
25 $
Meet the minimum balance required
0 $
More about Wave2Save
Way2Save accounts only incur a $5 monthly maintenance fee, and there are a few easy ways to waive that. You can discard it if:
- They maintain a minimum daily balance of at least $300.
- You set up Autopay at least once a weekday
- You set up a Save As You Go® transfer from your linked Wells Fargo checking account
- You are under 24
We like how easy it is to give up, but it's worth noting that there are many savings accounts on the market that don't charge any fees at all. Also, the Way2Save account is not a way to earn interest as the APR is only 0.15%, which is well below the national average.
Why do people choose Wells Fargo? The convenience and convenience of getting cash. It's easy to find ATMs and even brick and mortar branches. People love the convenience of moving money easily.
We're also fans of the optional Save As You Go program, which puts $1 into your savings account for every one-time direct debit purchase and automated online bill payment transaction.
Platinum Savings
Best for Prime Checking and Premier Checking users
3 von 5
main properties
- Wells Fargo's highest savings account rates
- Unlimited withdrawals
- $12 monthly service fee
Wells Fargo's Platinum Savings account comes with a $12 monthly service fee and unlimited ATM withdrawals and check-writing privileges. The top yield is a decent 2.01% APR, but the bottom yield is less impressive at 0.25% APR.
Platinum Savings
Year
Relationship interest up to 2.01% APR
monthly fee
$12, waiver available
ATM in the network
13,000 people nationwide
Minimum Starting Balance
25 $
Meet the minimum balance required
0 $
More about Platinum Savings
Wells Fargo's Platinum Savings account offers a base annual interest rate of just 0.25% -- slightly higher than the national average -- and requires a minimum balance of $3,500 to avoid a $12 monthly maintenance fee.
Wells Fargo increases your Annual Percentage Rate (APY) to 0.26% when you link your Prime Checking or Premier Checking account. You can earn higher interest rates by maintaining higher account balances — up to 2.01% for balances over $1 million. Even a $100,000 account balance will earn you a whopping 1.02% APR.
You can make unlimited withdrawals at branches and ATMs. So if you are already planning to have multiple accounts with Wells Fargo, the Platinum Savings account is a good option.
What other services does Wells Fargo offer?
If you're looking for more, Wells Fargo is probably for you. Check out other financial services and benefits Wells Fargo offers.
small business bank
We believe Wells Fargo is oneBest banks for small businessGenerally speaking. We like the small business checking and savings account products because of the low fees.
We bet Wells Fargo will meet your small business needs with its three main business inspection options:
- Start the business check
- Navigations-Business-Check
- Optimize company check
While we'll cover all of them, Initiate Business Checking is the most popular—and in our opinion, the best way to get started for most people—so we'll focus on that first.
Start the business check
Best for budding business owners
3,5 von 5
main properties
- Monthly fee waiver
- 24/7 fraud monitoring
- 100 free transactions
For most small business owners, Wells Fargo's Initiate Business Checking account will meet your small business needs. The monthly service fee is low and waived. The first 100 transactions per payment period are free of charge for you.
Start the business check
Year
not applicable
monthly fee
$10, waive
ATM access
13,000 people nationwide
Minimum Starting Balance
25 $
Maintain a minimum daily balance
Daily balance of $500 or average account balance of $1,000
Learn more about starting a business inspection
TheOpen a business checking accountThe minimum deposit is $25. There is a monthly service fee of $10, which is waived if the daily balance is $500 or the average account balance is $1,000. With this account, you get 100 free trades and $5,000 in free cash deposits per month. Thereafter, there is a $0.50 transaction fee and $0.30 for cash deposits. In addition, you can access the Wells Fargo mobile app and the Small Business Customer Service Call Center.
For the other two business solutions, the cost and the product increased. TheNavigations-Business-Check$25 per month with a daily balance of $10,000 or an average combined deposit balance of $15,000. The account only charges no fees for the first 250 trades and no fees for the first $20,000 in cash deposits. Once these free limits are reached, similar transaction fee rates apply. However, you have the potential to earn interest on this account, which is a plus.
The same thing,Optimize company checkAccounts are available up to $75 per month (non-waivable), but an income allowance included in the account can be used to offset costs. It includes up to five linked Optimize Business checking accounts and access to money management services.
Deposit receipt (also called CD)
Wells Fargo offers several optionsCDs at a fixed price.but it requires a minimum deposit of $2,500. While interest rates have improved recently, ranging from 0.50% to 2.01% APR, other banks are offering higher peak rates. Unless you decide on Wells Fargo, we encourage you to keep looking.
Wells Fargo credit card
With no fees and low APRs, all three Wells Fargo credit cards are solid options for borrowing. The only question is which one. We recommend Wells Fargo Active Cash℠ for unlimited 2% cashback on all purchases. Also, now you get one$200 Cash Prize BonusIf you spend $1,000 on purchases in the first three months.
If this card doesn't meet your needs, consider the Wells Fargo Reflect Card with an introductory APR of up to 18 months. After the introductory phase, the annual percentage rate was between 17.24% and 29.24%. Or you can opt for the Wells Fargo Autograph℠ Card to earn up to 3x points on purchases.
loan
Wells Fargo offers personal, home, and auto loans at competitive rates. You can see the rates published daily. We think you should focus more on how the interest rate compares to other lenders than how you rate your bank's loyalty. Choose the best price for your budget.
Invest and Retire
Wells Fargo offers many different investment and retirement options with varying degrees of actual control, support, and requirements. For example, the minimum initial investment for a WellsTrade® brokerage account is $0, while the minimum investment for a Dedicated Financial Advisor account is $100,000. It is best for you to decide what you are looking for. Wells Fargo may have options that meet your needs.
Campus-Card-Programm
While Wells Fargo does not have college checking accounts, it does offer college benefits to users who have Wells Fargo Everyday checking accounts and transfer to oneUniversität.If you're one of the lucky few, you can get a Wells Fargo campus ATM card that doubles as your official campus ID and ATM card.
Wells Fargo Mobile App
Customers give the Wells Fargo mobile app solid reviews. It has 4.8 stars out of 5 on the Apple App Store and 4.8 stars out of 5 on the Google Play Store.
We also like the Control Tower option, which lets you easily turn off a map if you've misplaced it. There's also a cool cardless ATM option that lets you withdraw cash using your phone - no debit card required.
The app has several nice onesfinancial instrumentsAllows you to track expenses in real-time, create a budget and create a savings plan. Of course there are many othersBudget-AppDo the same, but feel free to integrate these features into your banking app.
comfortable
Wells Fargo offers unrivaled convenience with more than 4,900 retail locations and 13,000 ATMs across the United States. There is also a 24/7 customer service.
Of course, like most banks, Wells Fargo offers many digital features like mobile deposits and SMS banking that make it less important to visit a physical location or interact with real people.
While this review focuses on the checking and savings options, it's a convenient place to bank if you want a full range of financial products like credit cards, mortgages, car loans, and investment accounts under one roof.
Pros and cons of Wells Fargo
Overall, how does Wells Fargo compare to other banks? Check out the pros and cons for an overview of the Wells Fargo Bank benefits.
Advantage
- The monthly service fee for Wells Fargo's basic checking and savings accounts is easily waived.
- The automatic refund feature is free and can offset some overdraft fees.
- There are a large number of ATMs and brick-and-mortar branches across the country.
- Inexpensive checks and savings for small businesses.
Lack
- Checking and savings accounts typically have lower APRs than the national average.
- Does not apply to habitual overdrafts: The standard $35 overdraft fee remains the same, although some steps have been taken to mitigate penalties.
- Confidence Factor: Remember the whole fake accounts scandal?
Wells Fargo Frequently Asked Questions (FAQs).
Still thinking? Take a look below where we've answered some of the most common questions about Wells Fargo.
Is Wells Fargo a good bank?
Wells Fargo is a good bank if you want the convenience of having most of your financial services in one place and having access to about 13,000 ATMs and 4,900 branches across the country. However, if you're looking for a bank that can grow your money, Wells Fargo is a poor choice due to its low APR.
Can Wells Fargo be trusted?
If you'd asked us that question during the 2017 scandal when it agreed to pay billions in damages over fraud and the discovery of millions of fake bank accounts, our answer would have been a resounding no, but it happened, Variety. Wells Fargo is working to introduce new security measures such as encryption, auto release and zero liability protection. Of course, Wells Fargo is FDIC insured. We believe this is all a step in the right direction, but ultimately it's up to you.
What are the pros and cons of Wells Fargo?
Wells Fargo is strong in convenience, toll waivers and small business services. We like that most fees are easily waived and that our money is easy to use with many ATMs and brick and mortar locations across the country.
However, Wells Fargo's APR is below the national average.
What are Wells Fargo's weaknesses?
The biggest downside we see at Wells Fargo is the low APY on most accounts - if you want to make money from interest, this bank isn't for you. Those struggling with overdraft fees should also avoid Wells Fargo. The standard overdraft fee is $35, up to 3 overdrafts per day. This makes overdraft errors very expensive.
Robin Hartill, CFP®, is senior editor and writer for The Penny Hoarder. She writes The Penny Hoarder's personal advice column, Dear Penny, as well as articles on investing, retirement, taxes and insurance. Personal finance author Whitney Hanson is a contributor to The Penny Hoarder.
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