Wells Fargo Review 2022
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Our articles, interactive tools, and hypothetical examples contain information to help you conduct research but are not intended to serve as investment advice, and we cannot guarantee that this information is applicable or accurate to your personal circumstances. Any estimates based on past performance do not a guarantee future performance, and prior to making any investment you should discuss your specific investment needs or seek advice from a qualified professional.
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A few ways to avoid the fee are by:
Keeping at least $300 in this savings account. Having one recurring transfer of at least $25 from your Wells Fargo checking account automatically transferred into your Way2Save Savings account. Being under 25 years old and the primary person on the account.Unfortunately, the account’s APY is much lower than the national average.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
Earned interest can be paid out prior to maturity, but there is a penalty for withdrawing principal funds early. For example, you would be penalized six months of interest for an early withdrawal on a CD with a term more than 12 months and as long as 24 months.
At the time of Bankrate’s review, there was a bonus rate for having a Prime Checking account, Premier checking account or a Private Bank Interest Checking account linked to your CD.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
You can also waive the monthly fee by:
Having at least $500 in qualifying direct deposits during the statement cycle. The primary owner of the account is between 17 and 24 years old. Having a Campus ATM card from Wells Fargo or a Wells Fargo Campus debit card.Another checking option is the Clear Access Banking account for teens and students. The account’s $5 monthly fee is waived for 13- to 24-year-olds. The account doesn’t have overdraft fees, but it also doesn’t have check-writing privileges.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. .
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Our articles, interactive tools, and hypothetical examples contain information to help you conduct research but are not intended to serve as investment advice, and we cannot guarantee that this information is applicable or accurate to your personal circumstances. Any estimates based on past performance do not a guarantee future performance, and prior to making any investment you should discuss your specific investment needs or seek advice from a qualified professional.
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The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.Editorial disclosure
All reviews are prepared by our staff. Opinions expressed are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including any rates, terms and fees associated with financial products, presented in the review is accurate as of the date of publication. Wells FargoWells Fargo Bank Review 2022
Matthew Goldberg is a consumer banking reporter at Bankrate. Matthew has been in financial services for more than a decade, in banking and insurance. Updated November 10, 2022 Bankrate logoThe Bankrate promise
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At a glance
3.4 Bankrate Score CDs Checking Savings MMA About Bankrate Score Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.Overview
Wells Fargo may be a good fit if you’re looking for a large network of branches and ATM access is important to you.Highlights
Digital Leader Large Branch Network Compare offers Advertiser DisclosureAdvertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC Savings Account 3.00 % APY Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min. balance for APY Offer detailsCapital One
Member FDIC Savings Account Details 3.00 % APY Min balance for APY It only takes about 5 minutes to open a fee-free account. Member FDIC Savings Account 3.00 % APY Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min. balance for APY Offer detailsCapital One
Member FDIC Savings Account Details 3.00 % APY Min balance for APY It only takes about 5 minutes to open a fee-free account. Member FDIC Savings Account 3.60 % APY Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min. balance for APY Offer detailsBask Bank
Member FDIC Savings Account Details 3.60 % APY Min balance for APY 0 Monthly Acct Fees. No Balance Cap to Earn APY.Overall
Wells Fargo is a big bank with the second most branches in the U.S. and locations in 39 states and Washington, D.C, as of June 2022. But the bank has also faced heavy scrutiny by regulators in recent years for opening fake accounts and other offenses. While you won’t find attractive yields here, Wells Fargo’s checking account scores highly in our analysis.Pros
Fees on checking accounts can easily be avoided. Wells Fargo eliminated non-sufficient funds (NSF) fees and offers Clear Access Banking, which has no overdraft fees. Wells Fargo offers early direct deposit.Cons
Yields on certificates of deposit and savings accounts are low, like many big banks. There is an out-of-network ATM fee of $2.50 for checking account customers. The money market account has a steeper monthly fee if a specified balance isn’t maintained. Wells Fargo still charges a $35 fee for overdrafting your account on most of its checking accounts.Wells Fargo bank products
Savings CD Money Market Checking 2.7 Bankrate ScoreWells Fargo savings overview
Wells Fargo’s Way2Save savings account has a $25 initial deposit requirement and has a $5 monthly service fee.A few ways to avoid the fee are by:
Keeping at least $300 in this savings account. Having one recurring transfer of at least $25 from your Wells Fargo checking account automatically transferred into your Way2Save Savings account. Being under 25 years old and the primary person on the account.Unfortunately, the account’s APY is much lower than the national average.
Pros
Just $25 is needed to open an account. An ATM card is available. A $25 recurring transfer from your linked Wells Fargo checking to the Way2Save Savings Account waives the monthly fee on the savings account. You could also keep at least $300 in your Way2Save account to avoid paying the monthly maintenance fee. Wells Fargo offers My Savings Plan, which helps you create and follow your plan to save.Cons
Higher APYs are available at other banks and credit unions. There are options to waive the monthly maintenance fee, but other banks offer higher APYs and lower or no minimum balance requirements. Compare Offer Advertiser DisclosureAdvertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC Savings Account 3.00 % APY Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min balance for APY Offer details Offer detailsCapital One
Member FDIC Savings Account Details 3.00 % APY Min balance for APY It only takes about 5 minutes to open a fee-free account. 2.5 Bankrate ScoreWells Fargo CD overview
Wells Fargo offers three terms of CDs online, though it may offer more in certain markets.Earned interest can be paid out prior to maturity, but there is a penalty for withdrawing principal funds early. For example, you would be penalized six months of interest for an early withdrawal on a CD with a term more than 12 months and as long as 24 months.
At the time of Bankrate’s review, there was a bonus rate for having a Prime Checking account, Premier checking account or a Private Bank Interest Checking account linked to your CD.
Pros
Wells Fargo’s relationship APYs offer an opportunity for slightly higher CD yields. Wells Fargo offers IRA CDs.Cons
Yields are low compared to what other banks offer. Few CD terms are offered online. Many online banks have lower minimum deposit requirements. Compare Offer Advertiser DisclosureAdvertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC CD 4.10 % APY Info Bankrate CD rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min. deposit Term Offer details Offer detailsCapital One
Member FDIC CD Details 4.10 % APY Min. deposit Term Get peace of mind with fixed rates and guaranteed returns. 2.1 Bankrate ScoreWells Fargo money market overview
The Platinum Savings account offers check-writing privileges. It has a comparatively low yield and a $12 monthly fee applies unless a minimum monthly balance of $3,500 is maintained.Pros
Minimum opening deposit is only $25. The account has check-writing privileges.Cons
A $3,500 minimum daily balance is required to avoid the $12 monthly service fee. You can find higher yields at many online banks. 4.6 Bankrate ScoreWells Fargo checking overview
Wells Fargo’s Everyday Checking account requires $25 to open an account. A $10 fee applies to accounts with a minimum monthly balance of less than $500.You can also waive the monthly fee by:
Having at least $500 in qualifying direct deposits during the statement cycle. The primary owner of the account is between 17 and 24 years old. Having a Campus ATM card from Wells Fargo or a Wells Fargo Campus debit card.Another checking option is the Clear Access Banking account for teens and students. The account’s $5 monthly fee is waived for 13- to 24-year-olds. The account doesn’t have overdraft fees, but it also doesn’t have check-writing privileges.
Pros
An Everyday Checking account can be opened with only $25. The monthly fee is avoidable with $500 or more in monthly direct deposits. In early 2022, Wells Fargo announced it was eliminating non-sufficient funds (NSF) fees.Cons
The balance required to waive the monthly maintenance fee on the Everyday Checking account is $500. A direct deposit is another way to avoid the $10 monthly fee. Wells Fargo’s Prime Checking account earns interest, but it requires at least $20,000 across linked accounts to avoid its $25 monthly fee. Clear Access Banking is an account that doesn’t have check-writing privileges. Compare Offer Advertiser DisclosureAdvertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC Checking Account 2.50 % APY Info Bankrate Checking rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. To open To avoid fees Offer details Offer detailsSoFi
Member FDIC Checking Account Details 2.50 % APY To open To avoid feesBank experience
The Wells Fargo mobile app earns solid praise from reviewers, earning a 4.8 score in the Apple App Store and 4.7 stars on Google Play. And while Wells Fargo offers progressive digital banking, with more than 4,800 branches, customers can also take advantage of in-person banking in most states. There are also plenty of ATM locations, with 12,000 ATMs to choose from.About Wells Fargo
Founded in 1852 as a bank and express delivery company, Wells Fargo offers a full range of banking services, including checking accounts, savings accounts, CDs, money market accounts, mortgages and other loans. In 2016, the Consumer Financial Protection Bureau fined Wells Fargo $100 million for the widespread illegal practice of secretly opening unauthorized accounts. The violation forced the bank to amend its approaches to sales, such as by sending an email confirmation to customers after the opening of a deposit account. With branches and ATMs in 39 states, Wells Fargo may be a good fit if you value nearly nationwide access to your accounts. The bulk of its 4,824 branches are in California, Texas, Florida, North Carolina, New Jersey, Virginia, Pennsylvania and Georgia.Review methodology
With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. .