Wells Fargo Bank Review 2024

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Wells Fargo

8.0

BankBonus.com rating

Expert Take

Wells Fargo is one of the country’s largest banks with $1.9 trillion in assets. With an expansive set of offerings from checking and savings accounts to credit cards, Wells Fargo is worth checking out if you want to work with a large global bank.

Pros

  • Global presence
  • Wide variety of accounts, products, and services
  • Well-established and secure
  • Large network of physical branches and ATMs

Cons

  • Low APYs on interest-bearing accounts
  • Too many fees
  • Average credit card offerings

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Learn More

at Wells Fargo

No matter how you look at it, Wells Fargo Bank is huge. It’s one of the country’s top banks and has extensive offerings for people nationwide.

With 12,000 ATM locations and 5,500 full-service branches, it’s easy to find a branch to help you with your banking needs.

The bank also operates internationally, with a presence in over 28 countries and over 69 million global customers.

Wells Fargo is based out of San Francisco, California, and offers bank accounts, credit cards, investment and retirement accounts, personal loans, wealth management services, and more.

Keep reading our Wells Fargo Bank review to learn how it compares.

Wells Fargo Bank Checking Accounts

Wells Fargo customers have four types of checking accounts to choose from.

Each account provides access to mobile banking, sending and receiving money with Zelle, and zero Liability protection on unauthorized transactions.

1. Wells Fargo Everyday Checking

The Wells Fargo Everyday Checking account is Wells Fargo’s most popular option for checking.

You can open this account with a minimum deposit of $25, and it comes with all of the staples of a good checking account, including a debit card, checks, and access to online banking.

Everyday Checking has a $10 monthly service fee, but they waive it if you’re between the ages of 17 and 24, maintain a daily balance of $500 or more, or link your account to direct deposits of $500 or more per month.

Account Details

  • Minimum Opening Deposit: $25
  • Monthly Service Fee: $10 (avoidable)

2. Clear Access Banking

Clear Access Banking, formerly called Opportunity Checking, is a good option if you often worry about overdrawing your account.

It’s a checkless checking account, meaning you can’t write checks, and all transactions are made digitally or with a debit card. The best part is that there are no overdraft fees.

There’s a $25 minimum opening deposit and a $5 monthly maintenance fee.

The fee can only be waived for account holders 13 to 24 years old or with a Campus ATM card or debit card linked, making it a good teen checking option for younger people looking to open their first account.

Account Details

  • Minimum Opening Deposit: $25
  • Monthly Service Fee: $5 (avoidable)

3. Prime Checking

Prime Checking is aimed at customers with a higher account balance and pays 0.05% APY on balances up to $99,999 and 0.10% on balances over $100,000. You’ll also get access to no-fee cashier’s checks or money orders and a safe deposit box rental discount.

Prime Checking comes with the same $25 minimum initial deposit, and the monthly fee is $25.

This is a higher-tier account, so you’ll need $20,000 or more in statement-ending qualifying balances in your linked accounts to get it waived.

Account Details

  • Minimum Opening Deposit: $25
  • Monthly Service Fee: $25 (avoidable)
  • APY: 0.05% – 0.10%

4. Premier Checking

Premier Checking is Wells Fargo’s most exclusive checking account. It has many premium benefits, but it has a $35 monthly service fee that you can avoid with $250,000 or more in statement-ending qualifying balances in your linked accounts.

You’ll earn a 0.25% interest rate on balances under $100,000 and 0.50% on balances over $100,000. Many fees are waived with this account, such as if you order checks, money orders or make withdrawals from non-Wells Fargo ATMs.

Premier might be a good option if you plan to use a range of Wells Fargo products. For example, you can get discounts on certain loans as well as higher APYs on linked savings accounts and CDs.

Account Details

  • Minimum Opening Deposit: $25
  • Monthly Service Fee: $35 (avoidable)
  • APY: 0.25% on balances less than $100,000

Wells Fargo Savings Accounts

Wells Fargo savings accounts are convenient, easy to link with your checking and earn almost nothing when it comes to interest (like most big banks).

Pro Tip: If you’re after the highest APYs, look into the best High Yield Savings Accounts (HYSAs) from online banks and some credit unions.

1. Wells Fargo Way2Save Savings

Way2Save is Wells Fargo’s standard savings account. There’s a $25 minimum opening deposit, and you’ll earn 0.15% interest on your entire balance.

The main benefit of Ways2Save is that it links to your checking, and you can use it to protect against overdrafts.

You also may want to take advantage of the Save As You Go feature, which automatically transfers $1 to your savings every time you make a purchase with your debit card.

Way2Save has a $5 monthly fee, which you can avoid by maintaining a balance of $300, using Save As You Go, or setting up a monthly automatic transfer of $25 or more.

Account Details

  • Minimum Opening Deposit: $25
  • Monthly Service Fee: $5 (avoidable)
  • APY: 0.15% on the entire balance

2. Platinum Savings

Platinum Savings will give you a slightly higher interest rate for a much higher balance threshold.

The standard rate is 0.25% for balances under $100,000 or 1.0% for balances of $100,000 to $499,999.

Platinum Savings has a $12 service fee, and it’s a little tougher to avoid with a minimum daily balance requirement of $3,500.

Account Details

  • Minimum Opening Deposit: $25
  • Monthly Service Fee: $12 (avoidable)
  • APY: 0.25% on balances under $100,000

3. Wells Fargo CDs

Wells Fargo also offers Certificates of Deposit (CD) accounts.

In case you aren’t familiar, CDs are savings accounts where you commit funds for a fixed period in exchange for an interest rate that isn’t subject to changes in the market.

Standard CD rates are better than most standard savings accounts, but with Wells Fargo, the rates are still characteristically low.

Rates vary by CD term, but Wells Fargo currently offers rates between 1.5% to 5%.

Wells Fargo Credit Cards

Wells Fargo offers six different credit cards at the time of this writing. Here’s a high-level overview of the most popular Wells Fargo credit cards.

  • Wells Fargo Active Cash Card is a cash back rewards card that pays a $250 cash bonus when you spend $500 in your first three months and offers unlimited 2% cash rewards on all other purchases.
  • Wells Fargo Reflect Card is a great balance transfer card with 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers. Balance transfers made within 120 days qualify for the intro rate and fee.
  • Wells Fargo Bilt Credit Card helps you earn points on rent (1x per dollar), 2x on travel, and 3x on dining. You can earn double points on the first of each month, and it has no annual fee.
  • Wells Fargo Autograph Card pays 20,000 bonus points when you spend $1,000 in the first three months. It has a 0% APR for 12 months on purchases, and you can earn 3x points on dining, travel, gas, streaming services, and phone plans.

Overall, Wells Fargo’s credit card bonuses and perks don’t quite match up to other big banks like Chase.

However, Wells Fargo’s cards are solid, and they don’t come with annual fees, which is very important for many of our readers.

Another thing to keep in mind is that you most likely need a credit score of 700 or more to qualify for a Wells Fargo credit card.

Wells Fargo Bank Fees

When it comes to big national banks, unfortunately, fees are often a part of the equation

The good news is that most of Wells Fargo’s fees are avoidable if you’re careful. Here are the most common Wells Fargo fees that you can expect to see:

Monthly Maintenance Fees

Wells Fargo Account Type Fee Avoidable? 
Everyday Checking $10/month Yes
Clear Access Banking $5/month Yes
Primer Checking $25/month Yes
Premier Checking $35/month Yes
Way2Save Savings $5/month Yes
Platinum Savings $12/month Yes

The first step to avoiding monthly fees is to ensure that you’re opening the correct account. For example, if you don’t expect to be able to consistently maintain a balance of $3,500, the Platinum Savings account probably isn’t for you.

Otherwise, just be sure to read the new account terms. Oftentimes, the easiest way to get a fee waiver is usually to set up a direct deposit with your employer or maintain a certain balance.

Remember that while some fees may seem small, you should avoid them at all costs because it’s basically throwing money away.

Overdraft Fees

If you overdraft your Wells Fargo checking account, you can expect to pay a fee for it.

The standard overdraft fee is $35, which can be charged up to 3 times per day if you overdraft multiple times. Fortunately, you won’t be hit with a fee at all if the overdraft amount is $5 or less.

Wells Fargo offers a couple of options when it comes to overdraft protection. Extra Day Grace Period takes forthcoming direct deposits into the account, so if you overdraft one business day before you get paid, they won’t charge a fee.

You can also enroll in overdraft protection, which transfers funds from a linked savings account to cover the negative checking account balance.

When it comes to overdrafts, your best bet is to make sure that it doesn’t happen in the first place. If this is a major concern for you, consider Wells Fargo’s Clear Access checking account.

Non-Wells Fargo ATM Fees

Wells Fargo charges a $2.50 fee (on top of whatever the ATM charges) for using non-Wells Fargo ATMs.

You can get around it if you have a premium account, but otherwise, you’ll want to make sure you have a Wells Fargo ATM nearby. With so many ATM locations, hopefully, you won’t have to pay these ATM fees too often.

International Fees

Most Wells Fargo debit and credit cards charge a 3% international transaction fee, which can add up in a hurry on a long trip. You’ll also pay – $5 Wells Fargo ATM fee.

If you like to travel abroad, be sure to think ahead about your purchases.

Getting Started

To sign up for a Wells Fargo account or card, you can drop by a branch, give them a call, or sign up for a bank account online.

If it’s your first bank account, it’s never a bad idea to consider enrolling in person, so that you can easily ask questions and get help.

Otherwise, it’s probably easiest to sign up for Wells Fargo’s banking products and financial services online.

Once you’ve picked an account and made your first deposit, you’ll automatically get access to the bank’s online banking platform and mobile app.

Wells Fargo Bank Promotions

Here are some of the best Wells Fargo Bank promotions going on right now:

1. Way2Save® Savings - $525 bonus

Expires: April 1, 2024

Available nationwide, Wells Fargo is most known for its personal checking bonuses; however, this time around Wells Fargo has a savings offer that's pretty solid! Wells Fargo is offering a $525 welcome bonus when you open a new personal savings account and maintain a minimum balance. The minimum balance is a little steep, but very reasonable for the bonus amount.

What's even more? You can stack this offer with their checking account bonus to earn a total of $850.

How to earn the bonus

The Way2Save® Savings sign up offer requires you to deposit and maintain a minimum balance in order to earn the $525 bonus. Full requirements to receive this bonus are:

  1. Open a new eligible savings account with your personal code (found at the link below) in branch.
  2. By day 30, bring $25,000 or more to your new savings account.
  3. Maintain at least a $25,000 balance through day 90.
  4. Bonus will be deposited within 30 days of meeting the offer requirements.

read the full terms

2. Personal Checking - $325 bonus

Expires: April 9, 2024

Wells Fargo is offering new personal checking account customers a $325 bonus.

To be eligible, you'll first need to open a new Clear Access Banking℠, Everyday Checking, Prime Checking, or Premier Checking account, and then you'll have 3 months to receive $1,000 in direct deposits in order to qualify for the promo.

This is a pretty easy bonus that's available nationally without restriction. Plus, the deposit requirement has been cut in half (from $2,000 to $1,000), and the reward amount bumped up: from the $200 default offer. Can't complain about that!

How to earn the bonus

The Personal Checking sign up offer requires you to set up direct deposits in order to earn the $325 bonus. Full requirements to receive this bonus are:

  1. Open a new personal checking account using the link below with a minimum opening deposit of $25.
  2. Within 90 days, receive direct deposits totaling $1,000.
  3. Bonus will be deposited into your account within 30 days of the 90-day qualification period.

read the full terms

3. Way2Save® Savings - $225 bonus

Expires: April 9, 2024

Wells Fargo is most known for its personal checking bonuses; however, this time around Wells Fargo has a savings offer that's fairly solid. Wells Fargo is offering a $225 welcome bonus when you open a new personal savings account and maintain a minimum balance. The minimum balance is reasonable; however, if you have at least $25,000, see their other savings offer to earn $525.

What's even more? You can stack this offer with their checking account bonus to earn a whole lot more.

How to earn the bonus

The Way2Save® Savings sign up offer requires you to deposit and maintain a minimum balance in order to earn the $225 bonus. Full requirements to receive this bonus are:

  1. Open a new eligible savings account with your personal code (found at the link below) in branch.
  2. By day 30, bring $10,00 or more to your new savings account.
  3. Maintain at least a $10,000 balance through day 90.
  4. Bonus will be deposited within 30 days of meeting the offer requirements.

read the full terms

Security

One of the best things about large banks is that when it comes to security, you don’t have much to worry about.

Wells Fargo is member-FDIC, so your deposits are protected up to $250,000.

For maximum security, customers can activate two-factor authentication, which requires you to verify a PIN or security code that goes to either your phone or email before accessing your account.

You can also set up text and email alerts to notify you when your ATM has been accessed or if suspicious activity occurs.

Customer Service

If you love phone support, Wells Fargo has you covered. Its call center operates 24 hours a day, 7 days a week. There are specific phone lines for different issues, so ideally, you can save time by contacting the department that can help with your situation.

You can also stop by a local branch to get help or schedule an appointment online to meet with a banker in person.

If you’d rather get assistance online, Wells Fargo’s customer service page is full of helpful FAQs. You can also hit them up on Facebook or Twitter.

One benefit of large national banks is that they usually pour a ton of resources toward customer support. Wells Fargo is no different; however, as with any large company, you might not always get the most personalized customer service.

If customer service is very important to you, you might want to check into the bank’s ratings on independent review websites to see what customers are saying.

Pros & Cons

Here’s where Wells Fargo shines and falls short:

Pros:

  • Large network of physical branches and ATMs
  • Global presence
  • Wide variety of accounts, products, and services
  • Well-established and secure

Cons:

  • Low APYs on interest-bearing accounts
  • Too many fees
  • Average credit card offerings

Frequently Asked Questions

Next, let’s review some of the top questions about Wells Fargo that our readers ask.

Is Wells Fargo a good bank?

Yes. Wells Fargo is a large national bank that can offer you brick-and-mortar locations for in-person banking and a great mobile app for your online banking needs. They are also FDIC insured, so your deposits are protected up to $250,000.

Is Wells Fargo a better option than Chase?

It depends on what you’re looking for. Chase and Wells Fargo are both “Big Four” banks, so they offer many of the same products and services. Chase has an edge when it comes to credit cards, bonuses, and online banking.

Check out our full review of Chase to compare for yourself.

Does Wells Fargo really give you $400?

Unfortunately, not at the time of this writing. However, Wells Fargo runs promotions all the time and currently has a promotion that pays $325, which is close to $400 just for opening a new checking account.

What’s the difference between Wells Fargo and Bank of America?

The biggest difference between Wells Fargo and Bank of America is their service areas. BoA tends to favor the East Coast, while Wells Fargo has a bigger presence in the West.

When it comes to how they operate, Wells Fargo and Bank of America (BoA) are very similar. They’re both big national banks with many of the same account options, products, and services.

Is Wells Fargo Bank Right For You?

If you’re looking for a bank with a wide-reaching national presence, tons of financial products, and 24/7 customer support, Wells Fargo could very well be the right choice.

With that in mind, there are a few more things to consider that we thought are important in a Wells Fargo bank review.

Wells Fargo doesn’t have a presence in all states, so you’d be missing out on one of their biggest draws if the bank doesn’t operate in your region.

Furthermore, Wells Fargo probably isn’t for you if you’re the type of person who is especially wary of fees or wants to earn high interest on your deposits. Wells Fargo could do better in the credit cards arena, as well.

Whichever bank you choose, you first have to decide what you want. If convenience and physical branch access are at the top of your list, then Wells Fargo might be a great fit.

Here’s to securing your financial future with the bank that’s right for you.

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