What kind of reputation does Wells Fargo have?

Wells Fargo is known for its convenience and offering a full suite of banking and credit products. However, it's also come under scrutiny multiple times for its practices, including a 2016 scandal involving the creation of phony bank accounts.

Is Wells Fargo a safe bank right now?

The money you deposit at Wells Fargo is safe because it's FDIC insured. In the event that any FDIC-insured bank fails, customers are guaranteed to get back deposits of up to $250,000 per depositor, per institution.

Can you open a Wells Fargo account online?

You can open most Wells Fargo checking and savings accounts online. However, there are a few exceptions. If you're younger than 18, you'll typically have to visit a branch to open an account. Opening a Premier Checking account also requires an in-person visit to a branch.

How many branches does Wells Fargo have?

Wells Fargo has approximately 4,900 retail banking branches in the U.S., as well as approximately 12,000 ATMs.

Wells Fargo Bank Review | The Motley Fool

Poll a group of Wells Fargo customers about their experiences with the bank and you'll probably get a mixed bag. But there's no denying it offers some alluring perks you won't find with many competitors, like debit cards for savings account owners and discounts on loan products for customers with multiple accounts. Check out our full Wells Fargo review below to decide if it's right for you.

Member FDIC.

Wells Fargo

Rating image, 4.00 out of 5 stars.

4.00/5

Bottom Line

Wells Fargo offers a variety of banking accounts and relationship benefits, including rare perks like loan discounts to those with multiple accounts. It's also one of the few banks to offer a debit card to savings account customers, and its branch network shines with a large national footprint.

Pros

Variety of checking accounts
Relationship benefits for loyal customers
Debit card with savings accounts
Ability to bank all in one place

Cons

Checking account fees
Low APYs
Poor customer service ratings
No long-term CDs
High overdraft fees

Is Wells Fargo right for you?

Wells Fargo is a smart choice for you if:

You like being rewarded for being a loyal customer.
You enjoy banking in person and want access to a large branch network.
You want to do all of your banking and investing in one place.

Our bank and credit union methodology

Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.
Learn more about how The Motley Fool Ascent rates bank accounts.

Savings accounts review

Wells Fargo offers two savings accounts, the Way2Save® Savings account and the Platinum Savings account.

Wells Fargo Way2Save® Savings

The Way2Save® Savings account is the better choice for teenagers and those who usually don't keep much money in savings. It has a $5 monthly fee, which can be waived in several easy ways

The interest rate is below the national average. Nevertheless, Wells Fargo tries to make up for it with other features you don't often see in brick-and-mortar savings accounts. For example, this account includes a debit card for direct access to cash.

It also offers automatic savings tools, like Save As You Go® transfers. If you have this feature enabled, Wells Fargo will automatically transfer $1 from your linked Wells Fargo checking account to your Way2Save® Savings account whenever you make a nonrecurring debit card purchase or pay a bill online.

Wells Fargo Platinum Savings

The Wells Fargo Platinum Savings account is the smarter option for those interested in doing all of their banking with Wells Fargo.
This account includes a debit card. It also features automatic savings transfers. You can link your Platinum Savings account to your Wells Fargo checking account as well for overdraft protection.
The monthly maintenance fee is $12, though you can avoid it if you maintain a minimum daily balance of $3,500. Both the fee and the balance requirement to have the banking fee waived are much higher than with the Way2Save® Savings account. Make sure you are comfortable meeting these before you sign up.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account	APY	Promotion	Next Steps
Open Account for SoFi Checking and Savings Member FDIC. Rating image, 4.50 out of 5 stars. 4.50/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	up to 4.60% Rate info Min. to earn: $0	New customers can earn up to a $300 bonus with qualifying direct deposits!	Open Account for SoFi Checking and Savings
Open Account for Capital One 360 Performance Savings Member FDIC. Rating image, 4.00 out of 5 stars. 4.00/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	4.25% Rate info Min. to earn: $0	N/A	Open Account for Capital One 360 Performance Savings
Open Account for American Express® High Yield Savings Member FDIC. Rating image, 4.00 out of 5 stars. 4.00/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	4.25% Rate info Min. to earn: $1	N/A	Open Account for American Express® High Yield Savings

CD accounts

Wells Fargo offers one type of certificate of deposit (CD), explained in detail below.

Wells Fargo Standard CD

Wells Fargo Standard CDs give you the choice between a three-month, six-month, or one-year term, though additional terms may be available at your branch. Surprisingly, it doesn't offer traditional CDs with terms longer than one year, so it's not ideal for those who hope to build a CD ladder. Minimum balance requirements are not unreasonable, but they are a little higher than you see with some other banks. APYs are pretty low, even for those with larger balances.

Rates as of June 7, 2024

APY = Annual Percentage Yield

MINIMUM DEPOSIT $2,500

3 Mo. APY	6 Mo. APY	7 Mo. APY	1 Yr. APY
up to 2.51%	up to 2.51%	up to 4.75%	up to 2.01%

Checking accounts review

Wells Fargo has four personal checking accounts. All checking accounts have a $25 minimum opening deposit. The bank also charges overdraft fees of $35 up to three times per business day to checking account customers who don't have overdraft protection.

Wells Fargo Clear Access Banking

This bank account has a $5 monthly fee that's waived if you're 24 years old or younger or if you link a Wells Fargo Campus ATM Card or Campus Debit Card to the account. Those under 24 years old don't pay a monthly fee at all. Like the Everyday Checking account, it offers online and mobile banking tools as well as a debit card for easy access to your funds. However, you can't write checks from the account.

Wells Fargo Everyday Checking

The Wells Fargo Everyday Checking account pairs well with the Way2Save® Savings account. The account has a $10 monthly maintenance fee that's waived if you maintain a $500 minimum daily balance or have $500 worth of electronic deposits. The account is also free if you're a college student with a linked Wells Fargo student bank account or if you're age 24 and younger. The account includes online and mobile banking tools, plus budgeting tools, and it comes with a debit card and check-writing capabilities.
Prime Checking

This account offers a modest rate of interest and special perks like discounted rates on some Wells Fargo loan products. It also has higher limits for transferring money between banks than its other checking accounts. But you have to keep a balance of $20,000 at the end of each statement period to avoid its $25 monthly fee.
Premier Checking

The Premier Checking account requires a $250,000 balance at the end of each statement period to avoid the account's $35 monthly service fee. You can only open a Premier Checking account by visiting a Wells Fargo branch in person. The account offers a higher level of relationship banking benefits and discounts than the Prime Checking account.

Customer Experience

Wells Fargo scored second to last in the 2022 J.D. Power U.S. National Banking Satisfaction Study. This may be a source of concern for some potential customers, particularly those who are interested in a brick-and-mortar bank because they believe it offers superior customer service.

The bank's customer service may not affect your day-to-day experience, though, particularly if you're used to managing most of your money online.

Wells Fargo relationship benefits

Wells Fargo offers fee waivers on most of its accounts to customers who are able to meet certain requirements. It also offers higher interest rates to Prime Checking customers who open other accounts with the bank. Curiously, it doesn't extend these benefits to customers with other checking accounts.

Prime Checking customers can also look forward to additional perks, like discounts on Wells Fargo loans and investment accounts, as well as additional fee waivers if they maintain a certain balance. These are rarer perks that may appeal to those who are interested in Wells Fargo's services beyond banking.

FAQs

Wells Fargo is known for its convenience and offering a full suite of banking and credit products. However, it's also come under scrutiny multiple times for its practices, including a 2016 scandal involving the creation of phony bank accounts.
The money you deposit at Wells Fargo is safe because it's FDIC insured. In the event that any FDIC-insured bank fails, customers are guaranteed to get back deposits of up to $250,000 per depositor, per institution.
You can open most Wells Fargo checking and savings accounts online. However, there are a few exceptions. If you're younger than 18, you'll typically have to visit a branch to open an account. Opening a Premier Checking account also requires an in-person visit to a branch.
Wells Fargo has approximately 4,900 retail banking branches in the U.S., as well as approximately 12,000 ATMs.

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Wells Fargo Review: Great Loyalty Perks, Diverse Offerings, and a Large Branch Network