Wells Fargo is one of the country’s oldest financial institutions.
Wells Fargo was founded in 1852 and has since expanded to become one of America’s largest national banks.
This financial instution has a large physical presence in the United States, with over 5,200 bank branches and over 13,000 ATMs.
The national bank offers a variety of checking and savings accounts, as well as a variety of other banking services for individuals, companies, and corporations.
The focus of this Wells Fargo Bank analysis is on its personal banking products and services.
As of March 24, 2021, account information and annual percentage yields (APYs) are correct.
Savings Account Basics
Way2Save and Platinum Savings are two of Wells Fargo’s key savings accounts.
A $25 minimum initial deposit is required for both accounts.
The monthly subscription charge for Way2Save Savings is $5, but it is waived if you meet one of the following monthly requirements:
- Maintain a regular balance of at least $300.
- Make at least one Save As You Go switch from a Wells Fargo checking account linked to your Wells Fargo account.
- Make a $25 or more automatic transfer from a connected Wells Fargo checking account.
- Every business day, make an automatic transfer of $1 or more from a connected Wells Fargo checking account.
- Are you 24 years old or younger and the primary account owner?
Way2Save pays interest on all balances and offers low variable rates that are comparable to those offered by many national banks.
Even so, it doesn’t compare to the high-yield interest rates offered by many online savings accounts.
Platinum Savings is the other Wells Fargo savings account.
The $12 monthly service charge on this account is waived if you keep a $3,500 minimum daily balance per statement cycle.
Platinum Savings account holders will get a free debit card, which isn’t something you usually get with a savings account.
There’s even the opportunity to write checks with the account.
And I have to say that this Platinum is an interest-bearing savings plan that can be combined with a Portfolio by Wells Fargo account to obtain a bonus rate.
Both rates are poor as compared to those offered by an online bank.
Checking
When it comes to checking accounts, Wells Fargo customers have a variety of choices.
There are four different accounts to choose from, each with a $25 minimum initial deposit requirement.
Everyday Checking is a simple checking account that comes with a free debit card and check-writing capabilities.
A $10 monthly service charge is waived if you meet one of the following requirements per statement period:
- Maintain a regular balance of at least $500.
- Every statement cycle, have a total of $500 in qualifying direct deposits.
- Are a primary account owner between the ages of 17 and 24 and have a connected Wells Fargo Campus ATM or Campus Debit Card
- A digital checking account is Clear Access Banking.
- Anyone can open this checkless account, but only primary account holders aged 13 to 24 years old are exempt from the $5 monthly charge.
Preferred Checking is an interest-bearing account designed for Wells Fargo mortgage borrowers.
Extra benefits include discounts on personal style checks and no fees for cashier’s checks and money orders with this account.
A $15 monthly subscription charge applies to Preferred Checking accounts.
Customers that meet one of the following conditions per statement cycle are exempt from the fee:
- This account is connected to a Wells Fargo Home Mortgage.
- Keep a combined regular deposit balance of $10,000 in select Wells Fargo accounts.
- Every statement cycle, have a total of $1,000 in eligible direct deposits.
Portfolio by Wells Fargo is a checking account that offers advantages to customers who have other Wells Fargo accounts.
Portfolio by Wells Fargo checking accounts have more features than other Wells Fargo checking accounts, including:
- Increased interest rates – Personalized 24/7 phone service from the bank’s Premier Banking Team – No ATM fees at non-Wells Fargo locations
- Discounted interest rates on some loan items
The account has the highest monthly service charge of all the bank’s checking accounts, but it’s forgiven for customers who meet one of the following balance requirements:
- Maintain qualifying deposits of $25,000 or more in select related bank and retirement accounts.
- Have a minimum of $50,000 in qualified Wells Fargo deposit, brokerage, and credit balances.
Overdraft security is available on some Wells Fargo accounts.
Overdraft fees at Wells Fargo are high ($35 each) and can be paid up to three times a day.
Compact discs (CDs)
Wells Fargo sells CDs, but they don’t have a wide variety of CD words.
Three-month, six-month, and one-year terms are valid for standard CDs.
Individuals who want to optimize their savings by creating a CD ladder should avoid Wells Fargo CDs.
Wells Fargo CDs aren’t particularly attractive as compared to those sold by online banks.
A $2,500 minimum deposit is needed to open a CD.
Wells Fargo sells Step Rate CDs as well.
Automatic rate changes at seven, thirteen, and nineteen months are included in the 24-month CD.
Wells Fargo Step Rate CDs, unlike most CDs, allow you to take one penalty-free withdrawal every six months as long as your account balance is above the minimum requirement.
Individuals with a related Portfolio by Wells Fargo account are eligible for a bonus rate on all CD forms.
Customers who have a Wells Fargo CD that has reached maturity may adjust the terms, add funds, remove funds (while maintaining the minimum balance requirements), or close the account.
At the end of the year, all Well Fargo CDs automatically renew.
If you take money out of a standard CD before the maturity date, you’ll be charged an early withdrawal penalty of up to 12 months’ interest.
Early withdrawal penalties of up to six months’ interest apply to step rate CDs (outside of the allowed withdrawal rules).
The following are Wells Fargo’s Standard CD prices for all balance tiers:
For customers who have a related Portfolio by Wells Fargo account, the rate on all three Standard CD account terms increases to 0.02 percent APY.
Additional Banking Services
Aside from personal deposit accounts, Wells Fargo provides a variety of other goods and services.
The bank provides a variety of credit cards, including famous rewards and cash back cards.
Wells Fargo also offers a variety of loan options, including home mortgages, personal loans, student loans, and car loans.
Self-directed and automated investing are among the investment services offered by Wells Fargo.
The services of a financial advisor are also available.
For retirement and education preparation, Wells Fargo offers IRAs, mutual funds, rollover accounts, and college savings accounts.
Wells Fargo provides wealth management and private banking services if you need more personalized service.
Small business and commercial banking are also strengths of the bank.
Acces on the Go
Customers of Wells Fargo banking can access their accounts easily online or through the highly rated Wells Fargo mobile app.
On the App Store, the app has a rating of 4.8 out of 5 stars, and on Google Play, it has a rating of 4.8 out of 5 stars.
You can do the following with the app:
- Manage accounts – Monitor account operation – Deposit checks – Transfer funds – Use Zelle to send and receive money
- Pay your bills – Keep track of your savings
- Keep track of your credit card and rewards accounts
As previously stated, Wells Fargo has a large local banking network in the United States, with over 5,200 bank branches and 13,000 ATMs.
It’s worth noting that the bank charges a $2.50 ATM fee per transaction at non-Wells Fargo ATMs for most deposit accounts.
This is in addition to any fees levied by the ATM operator.
Monthly service fees apply to all Wells Fargo bank accounts.
If you’re not sure you’ll be able to meet the monthly criteria to avoid penalties. You may be better off banking somewhere else.
To determine if it’s worthwhile to bank with Wells Fargo, you’ll need to balance the cost of paying fees against the advantages of the account.
When you open several accounts, you can save money by taking advantage of the partnership benefits.
Pros
A large number of local banks and ATMs are available.
Some checking and savings accounts have no monthly fees.
App with a lot of positive feedback
Cons
Interest rates are at historic lows.
Fees for using an ATM that isn’t in your network
Fees for overdrafts can be paid up to three times a day.
