Wells Fargo Bank Review: Large Network of Branches and Premium Checking
Written by
Caitlyn Moorhead
Edited by
Elizabeth Constantineau
Commitment to Our Readers
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GOBankingRates Score
Wells Fargo
-
Checking Accounts
4.9
-
Savings Accounts
4.0
-
CD Accounts
4.4
-
Banking Experience
4.7
Pros
- Wide array of products
- Easy and accessible mobile and online banking
- Thousands of retail banking branches and ATMs nationwide
- Rewards and bonus interest rates for high-balance accounts
Cons
- Low APY rates compared to online banks
- Monthly service fees on checking and savings accounts
- High overdraft fees
Wells Fargo Overview
Wells Fargo was founded in 1852 in California, amid the gold rush. Today, the financial institution reaches banking customers coast to coast, overseas and digitally with $1.9 trillion in assets. It remains America’s third-largest commercial bank, offering everything from checking and savings accounts to credit cards, loans and brokerage services.
Customers seeking a one-stop shop for all of their financial needs with branches across the country may find this bank ideal. That’s why GOBankingRates ranked it among the Best National Banks and Best Premium Checking Accounts for 2024.
Wells Fargo Bank: Key Features
Wells Fargo provides in-person and online banking, so customers can bank when and where they want. The Wells Fargo accounts do not include money market accounts, the other financial products land it on GOBankingRates Best Banks list in the categories of Best National Banks and Best Premium Checking Accounts for 2024. Here are the four categories considered for this review.
Checking Accounts
Wells Fargo offers a range of accounts that give customers easy access to their money no matter how they choose to bank. The four accounts are Everyday Checking, Clear Access Banking, Prime Checking and Premier Checking, which was voted among the Best Premium Checking Accounts of 2024 by GOBankingRates. Here are some key takeaways:
- Everyday Checking: $25 minimum opening deposit. There is no monthly fee if you’re age 24 or younger or link a Wells Fargo Campus ATM or Campus Direct Card or if you maintain a $500 balance or have $500 in direct deposits. The fee otherwise is $10.
- Clear Access Banking: A checkless account for those who just use a debit card. No non-sufficient funds fees or overdraft fees apply, but you’ll pay $5 per month if you’re over 24 years old.
- Prime Checking: This account offers discounts and fee waivers in an interest-bearing account for customers with combined account balances higher than $20,000 — the minimum to avoid the $25 monthly fee.
- Premier Checking: Offers the perks of Prime Checking and provides premium benefits such as unlimited worldwide reimbursement of non-Wells Fargo ATM fees, free wire transfers and no foreign transaction fee. However, you’ll need combined account balances higher than $250,000 to avoid the $35 monthly fee.
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Savings Accounts
Wells Fargo’s Way2Save Savings account has a low minimum opening deposit of $25. Set up automatic deposits from a linked checking account to watch your funds grow. Plus you’ll earn APY. There’s a service fee of $5 per month, but you have the option to have your service fees waived a few ways, such as keeping a balance of $300 or receiving automatic monthly transfers of at least $25.
Platinum Savings offers a higher APY, but the monthly fee is also higher at $12 per month if you don’t maintain a daily balance of $3,500.
CD Accounts
Wells Fargo offers a smaller selection of certificates of deposits, or CDs, compared to other major banks. These accounts are a good way to earn a fixed-rate APY as you save for upcoming expenses. There are no monthly service fees, but you’ll need a large deposit of $2,500 or more to open one.
Special Fixed Rate CDs are available in four, seven- and 11-month terms so you can earn higher rates. The minimum deposit to open one is $5,000.
Banking Experience
As one of America’s largest banks, Wells Fargo has the products and services customers need for hassle-free banking.
Customer Service
Wells Fargo customer service is available by visiting your local branch or going online.
There are a wide variety of FAQs on the bank’s site to answer your questions. Or you can contact the bank for general banking concerns at 800-869-3557. For online banking questions, call 800-956-4442. Both lines are available 24/7 and accept relay calls, including 711.
Unfortunately, no live chat is featured on the website, but Social Care Support is available daily on the bank’s Twitter and Facebook profiles. Plus, no matter where you live, a Wells Fargo retail banking location or ATM is probably not too far away.
Mobile App
The Wells Fargo Mobile app earns 4.8 stars on Google Play and 4.9 on the App Store. You can use it create account alerts, transfer funds, pay bills and deposit checks. It’s also a useful tool for managing your debit card by monitoring recurring payments and locking and unlocking it and your Wells Fargo credit cards.
How Does Wells Fargo Compare?
Wells Fargo stacks up well against the competition, but that doesn’t mean it is the best bank for everyone. Here are Wells Fargo reviews against other popular alternatives.
Wells Fargo vs. Chase
New depositors with Chase can get $300 for opening a checking account that has direct deposit. However, overall, Wells Fargo’s basic checking fee appears to be a bit more affordable and requires a lower minimum balance.
Wells Fargo vs. Citi®
Citi® has strong bonuses for new checking accounts and cash-back offers on its credit cards; but, with 700 branches nationwide, it’s not for those who want to bank in person. Wells Fargo has a much wider reach when it comes to in-person banking.
Final Take
Wells Fargo is perfect for a traditional bank customer when it comes to financial decisions because it offers consistency and availability with its banking services. While you may be able to get a higher interest rate at an online bank, you can walk into a Wells Fargo branch almost anywhere in the country and ask questions or transact business.
It’s ideal for nearly all customers, especially those who want their banking and investment accounts with a single institution. Investors who need the services of a financial advisor also will find Wells Fargo to be a good option. GOBankingRates has rated Wells Fargo among the Best National Banks and Best Premium Checking Accounts for 2024.
FAQ
Here are some answers to commonly asked questions about Wells Fargo Bank.- How do you open a Wells Fargo bank account?
- You can open a new account at Wells Fargo by following these steps:
- Navigate to the Wells Fargo website.
- Choose the type of account you want.
- Click "Open now."
- Follow the prompts to fill in your personal information, choose the features you want and make your opening deposit.
- You'll need your Social Security number, a valid ID, such as a driver's license, and, in some cases, an opening deposit.
- You can open a new account at Wells Fargo by following these steps:
- What happened with Wells Fargo and the Consumer Financial Protection Bureau?
- Wells Fargo has been in the news for misconduct involving overdraft fees, interest, auto loans and mortgages. The Consumer Financial Protection Bureau reached a settlement with Wells Fargo to provide remedies for any customers who were affected. Make sure you do your research to ensure your bank's offerings and practices align with your financial needs as well as your values. Read more from the CFPB.
Cynthia Bowman contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Aug, 12, 2024.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
To discover the Best National Banks, GOBankingRates looked at the top national institutions (excluding online banks and neobanks) that have branches in 25-plus states and/or over $400 billion in total assets. To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) checking product minimum deposit; (3) monthly checking fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (4) savings product minimum deposit; (5) savings product APY; (6) Bauer rating (out of 5 stars); (7) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (8) the average mobile app rating between the Google Play (Android) and Apple app stores. All factors were then scored and combined, with the lowest score being the best. Factors (1), (2) and (4) were weighted 0.5 times; factor (5) was weighted 2.5 times; and factor (7) was weighted 1.5 times. All products and offerings had to be available as of Nov. 8, 2023 to be considered.
To determine rankings for the Best Premium Checking Accounts, GOBankingRates looked at the following factors from the most premier/costly checking product from the top 25 banks (in terms of total assets): (1) total assets as sourced from the FDIC; (2) minimum deposit to open an account; (3) monthly checking fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (4) APY on the checking account; and (5) associated and advertised benefits/perks from these premium products. All factors were then scored and combined, with the lowest score being the best. Factors (1) and (2) were weighted 0.5 times, and factor (5) was weighted 3 times. All products and offerings had to be available as of Nov. 8, 2023 to be considered.
Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about GOBankingRates’ processes and standards in our editorial policy.
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