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Wells Fargo: Overall Bank Rating
Wells Fargo: Pros and Cons
Annual Percentage Yield (APY)
0.15%
Minimum Deposit Amount
$25
Wells Fargo Way2Save Savings doesn’t pay a high interest rate, but it does come with plenty of other perks. You may be eligible to earn a $525 sign-up bonus if you deposit $25,000 of new money into the account within 30 days of opening it, then keep the money in the account for at least 90 days. (New money means it wasn’t already in another Wells Fargo account.)
You also only need $25 to open an account, and there are several ways to waive the $5 monthly service fee. You can link the account to your Wells Fargo checking account so that every time you swipe your debit card, you automatically transfer $1 from checking into savings.
The most appealing feature of Wells Fargo Everyday Checking is the $300 sign-up bonus. You may qualify if you receive at least $1,000 in direct deposits within 90 days of opening the account. You also have multiple options for waiving the $10 monthly service fee.
Annual Percentage Yield (APY)
0.50% to 2.51%
Minimum Deposit Amount
$2,500
Wells Fargo requires $2,500 to open a CD, and it only offers terms up to one year — many banks have terms up to five or even 10 years. It pays decent rates for a brick-and-mortar bank. The Wells Fargo Special Fixed Rate CD pays an even higher rate of 4.25% to 4.51% (vary by location), but it only has a 5-month term, and you’ll need $5,000 to open an account.
About Wells Fargo
Wells Fargo has approximately 4,900 branches and 12,000 ATMs in 36 states and Washington, DC.
The bank’s mobile app has received 4.8 out of 5 stars in both the Apple store and the Google Play store.
You can call customer service 24/7.
Your bank account deposits are FDIC insured up to $250,000, or $500,000 for joint accounts. This means your money is safe even if Wells Fargo were to shut down.
Is Wells Fargo Trustworthy?
The Better Business Bureau currently gives Wells Fargo an F rating because it has received customer complaints on the BBB website and there has been government action taken against the bank. In the past few years, Wells Fargo has been involved in the following controversies:
- In December 2022, The Consumer Financial Protection Bureau required Wells Fargo to pay more than $3.7 billion in a settlement that accused the bank of wrongfully charging fees that led thousands of customers to lose vehicles and homes. The settlement also accuses the bank of wrongfully charging overdraft fees on checking and savings accounts.
- In 2021, Wells Fargo consented to a Cease and Desist order from the Office of the Comptroller of the Currency. The OCC stated that the bank’s home lending loss mitigation program was unsuccessful, and it charged Wells Fargo a $250 million civil penalty.
- The Maryland Attorney General entered into a settlement with Wells Fargo when it claimed that the bank didn’t accurately disclose information to investors about residual mortgage-backed securities. The Attorney General announced the $20 million settlement in 2020, but the issues with Wells Fargo’s RMBSs were from 2005 to 2009.
Wells Fargo FAQs
Your Wells Fargo routing number will depend on your state of residence. You’ll also have two routing numbers: one for most digital and paper financial transactions, and another for wire transfers. If you’re making an international wire transfer, you’ll get a different number called a SWIFT code. Visit Wells Fargo’s routing number page to receive your number based on your state and type of transaction.
If you’d like to open a savings or checking account, you’ll need at least $25 for the initial deposit. CDs will require a minimum of at least $2,500.
Wells Fargo might be a decent place to bank if you prioritize a brick-and-mortar banking experience and want an institution with a large branch and ATM network. It’s also great for earning a sign-up bonus if you qualify.
If you’d like to earn competitive interest rates on savings accounts or CDs, you’ll find stronger accounts at online banks or credit unions. You also might want to explore local banks or mission-driven banks if you don’t like Wells Fargo’s settlement history.
The Wells Fargo Everyday Checking account has a $10 monthly service fee unless you qualify to waive it. The account also has a $35 overdraft, but you can link to a Wells Fargo savings account for free overdraft protection.
Yes, Wells Fargo is FDIC insured. Your bank account deposits are FDIC insured up to $250,000, or $500,000 for joint accounts.
Methodology: How We Reviewed Wells Fargo
To review Wells Fargo, we rated accounts and services using Personal Finance Insider’s bank account methodology.
In general, we look at ethics, customer support, and mobile apps when rating an account. Other factors we consider depend on which type of account we’re reviewing. For example, we look at overdraft protection for checking accounts, and early withdrawal penalties for CDs.
How Wells Fargo Compares
We’ve compared Wells Fargo to two other big, national banks: Bank of America and Chase.
Wells Fargo vs. Bank of America
Your decision may ultimately come down to which institution has the most nearby branch locations. If you’re looking for a sign-up bonus, Wells Fargo is likely the better choice.
For checking accounts, Bank of America offers a $100 bonus for eligible new customers who open a Bank of America Advantage SafeBalance Banking® account with qualifying activities. This is lower than Wells Fargo’s checking bonus. Wells Fargo also offers a substantial savings bonus if you can deposit at least $25,000, while Bank of America doesn’t have a savings bonus at all.
If you take bonuses out of the equation, Bank of America might be the better choice for a savings account. With the Bank of America Advantage Savings Account, you won’t have to worry about monthly service fees during the first six months of opening an account. If you get the Wells Fargo Way2Save® Savings Account you’ll need to meet certain requirements every month to waive a $5 monthly service fee.
Wells Fargo vs. Chase
Chase and Wells Fargo are two of the largest national banks in the US. Your choice between the two might depend on where you live. Otherwise, your decision could rely on differences between bank account features and perks.
You might favor Wells Fargo over Chase if you’re only looking to open a checking account. Wells Fargo makes it easier to waive the monthly service fee than Chase. You can earn a $200 bonus when you open a Chase Total Checking® account and set up direct deposit within 90 days of coupon enrollment (offer expires on 07/19/2023). While this bonus is easier to earn than Wells Fargo’s checking bonus, it’s still not quite as high. Chase also doesn’t offer a savings bonus.
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