Best Bank Account at Wells Fargo: A Checking Account With a Waivable Monthly Fee and a $300 Sign-Up Bonus
Written by
Daria Uhlig
Edited by
Susan Kim
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With hundreds, if not thousands, of bank accounts available to you, it can be difficult to choose the right one. Many consumers simplify their options by heading directly to a Big Four bank like Wells Fargo. However, even narrowing the choices that much gives you several accounts to choose from. GOBankingRates looked at all of Wells Fargo’s accounts and selected Everyday Checking as the best one to open right now.
Wells Fargo Everyday Checking Account Overview
The Everyday Checking account is a standout among Wells Fargo’s offerings based on a variety of factors, such as fees and whether they can be waived, account perks and bonuses.
Fees
Checking fees are one account feature that makes Everyday Checking a standout. Although the monthly service fee is $10, most account holders are likely to be able to waive it just by banking the way they normally do. The fee is waived when you maintain a $500 minimum daily balance or make $500 or more in qualifying direct deposits. The fee is also waived for primary account holders ages 17 to 24 and those who link the account to a Wells Fargo Campus ATM Card or Campus Debit Card.
The monthly fee is the most important one to be aware of, but Wells Fargo has a few others you should consider as well:
- ATM fee: $2.50 per transaction or balance inquiry at non-Wells Fargo ATM in the U.S.; $5 fee for withdrawals, $2.50 for balance inquiry or funds transfer outside the U.S.
- Overdrafts: $35 for each overdraft item Wells Fargo pays when Everyday Checking and linked overdraft protection account lack the funds to cover the transaction
- Cashier’s checks: $10 each
- Checks: Vary according to style, design and quantity ordered
- Money order: $5 each
- Wire transfer: $15 incoming, $40 outgoing digital wire
It’s also important to note what fees you won’t pay with an Everyday Checking account. There’s no charge for stop payments, returned cashed or deposited items, overdraft protection transfers or overdrafts on items $5 or less.
Perks
Everyday Checking is a solid, all-around checking account with just enough perks to elevate it above more basic offerings.
Early Pay Day
When you set up direct deposit with your employer, pension or government benefit provider, the funds will hit your account up to two days early. You don’t have to opt in to Early Pay Day — you’ll receive it automatically when you set up a qualifying direct deposit.
Overdraft Protection
If you’re prone to overdrawing your account, you’ll appreciate the tools Everyday Checking offers to help you avoid those steep fees. First is Extra Day Grace Period — bring your balance up enough to cover the transaction by the next business day, and Wells Fargo will waive the fee.
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Overdraft Protection is an optional service that lets you link a Wells Fargo savings account and/or credit account to your Everyday Checking account. If your balance falls short, money will be transferred automatically from the linked account(s) to cover it.
You might also consider opting out of the standard overdraft coverage that comes with the account. With standard overdraft coverage, Wells Fargo can, at its discretion, pay certain overdrafts, including checks and other transactions that use your checking account number, and automatic bill payments. Weigh the costs and other risks associated with late payments against the $35 overdraft fee you’ll pay each time standard overdraft coverage covers a transaction.
Mobile Banking
Wells Fargo has an outstanding mobile app that gets 4.8 out of 5 stars on both Google Play and the App Store. You can use Wells Fargo Mobile to deposit checks, add debit and credit cards to your digital wallet, pay bills and send and receive money through Zelle. Biometric authentication — you log in via fingerprint or facial recognition — and the ability to turn your credit and debit cards on and off keeps your banking information and accounts secure.
Worldwide Military Banking
Wells Fargo provides a complete suite of services, tools and resources to help military members and their families manage their money while overseas. These services include free ATM cash withdrawals at any non-Wells Fargo ATM worldwide, access to the mobile app, including your digit wallet, and the My Money Map budgeting tool
Access to Cash
Everyday Checking makes it easy to access your cash. Wells Fargo has over 4,500 branch locations in the U.S. and 10 branches overseas, and over 11,000 ATMs across the country. ATMs are compatible with contactless cards and digital wallets — just tap for access.
Unlike some basic checking accounts, Everyday Checking is a true checking account with check-writing privileges. You can also make payments via free bill pay and your contactless debit card, and transfer money to family and friends using Zelle.
Interest Rate
The Wells Fargo Everyday Checking account is not an interest-bearing account, so you won’t earn interest on your balance. However, you also won’t pay the $25 monthly fee charged on Wells Fargo’s interest-bearing Prime Checking account, which requires a linked balance of at least $20,000 to waive. The rate on that account is on balances of less than $100,000 and on balances of $100,000 or more. If that account winds up being a better fit for you later, you can switch to it from your Everyday Checking account.
Promotions and Bonuses
If it’s been at least 12 months since you’ve received a bonus for opening a Wells Fargo checking account, choosing Everyday Checking between now and Jan. 9, 2024, can earn you a $300 promotional bonus.
How To Get the $300 Bonus From Wells Fargo
You’ll need a coupon to get the bonus, and for that, you must start the process from the bonus page. When you select “Open online,” Wells Fargo will automatically apply the code to your account as long as you complete the application from the bonus page. If you’d prefer to open an account in person, select “Open in-branch” instead and enter your email address. Wells Fargo will send your code via email, and you can bring it with you when you visit a branch.
Once you’ve opened an account using the bonus code, do the following to qualify for the bonus:
- Fund the account with the minimum opening deposit of $25.
- Set up and receive at least $1,000 in direct deposits into your new Everyday Checking account within the first 90 days after account opening.
Wells Fargo will credit the bonus to your account within 30 days after the 90-day qualification period ends.
How To Open a Bank Account at Wells Fargo
You can open a Wells Fargo account online or via the mobile app, or by visiting a branch. Through Jan. 9, 2024, however, you can earn a $300 bonus when you open an Everyday Checking account and start the account opening process on the bonus page.
However you decide to open the account, you’ll need a few pieces of information to complete the application:
- Name, address and contact information
- Social Security number or individual taxpayer identification number
- Valid ID such as a driver’s license, state ID or Matricula card
Opening an account in person at a branch requires two IDs — one listed above or a passport, armed forces ID, permanent resident card, employment authorization card or tribal identification as the primary, plus a secondary ID that can be a student or employee ID, a credit card or an ID issued by a recognized business or government agency.
Account holders age 17 must open an account in person. Teens without a primary ID must be accompanied by an adult co-owner with proper ID. Contact your local branch for details.
More Bank Accounts
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Oct. 11, 2023.
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 determine rankings, GOBankingRates looked at the following factors across all accounts (checking and savings) from each bank (excluding relationship accounts): (1) minimum deposit to open an account; (2) monthly checking fee ratio (percent of the minimum to avoid fee compared to the monthly fee itself); (3) minimum needed to earn interest; (4) APY on the account; (5) overdraft fee amount; and (6) any associated perks advertised with the account. All factors were scored and combined, with the lowest score being best. In final calculations, factor (1) was weighted 0.5x, factor (2) was weighted 2x, and factor (6) was weighted 1.5x, with any cash bonus offer counting as a double perk. Search volume for each account was also taken into consideration. Rates, terms and bonus offers can change from the date of publication.
