Wells Fargo Bank Review 2023

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Wells Fargo: Overall Bank Rating

Wells Fargo: Pros and Cons

Wells Fargo Way2Save® Savings Account Review

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.

Wells Fargo Everyday Checking Account Review

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.

Wells Fargo Standard Fixed Rate CD Review

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

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.