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Home Personal Finance

Wells Fargo Bank Review 2023

by DTB
May 12, 2023
in Personal Finance
Reading Time: 49 mins read
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Wells Fargo Bank Review 2023
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Our experts answer readers’ banking questions and write unbiased product reviews (here’s how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.

How Wells Fargo products compare
  • Wells Fargo Way2Save® Savings Account
  • Wells Fargo Everyday Checking Account
  • Wells Fargo Standard Fixed Rate CD
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Editor’s Rating
2.5/5

A five pointed star

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Annual Percentage Yield (APY)


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0.15%

Minimum Deposit


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$25
Editor’s Rating
3.25/5

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Annual Percentage Yield (APY)


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None

Minimum Deposit


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$25
Editor’s Rating
2.25/5

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Annual Percentage Yield (APY)


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0.50% to 2.51%

Minimum Deposit


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$2,500

Start saving


Wells Fargo, Member FDIC

Learn more


Wells Fargo, FDIC Insured

Start saving


Wells Fargo, Member FDIC

The bottom line: Wells Fargo is a solid choice if you’re looking for a brick-and-mortar bank with a national presence. It also offers some of the best checking and savings account bonuses out there for opening new accounts. But to earn high savings rates, you’ll want to look elsewhere.

Compare Today’s Banking Offers

Wells Fargo: Overall Bank Rating

Feature Insider rating (out of 5)
Savings 2.75
Checking 3.25
CD 2.25
Trustworthiness 1
Total 2.5

Wells Fargo: Pros and Cons

Pros Cons
  • Bank accounts make it easy to automatically save

  • Possible to waive monthly fees

  • Open Wells Fargo Everyday Checking and earn a $300 bonus with a minimum opening deposit of $25 and receive a total of $1,000 or more in qualifying direct deposits to your new checking account within 90 calendar days of account opening (offer ends June 27, 2023)

  • Open an eligible savings account to earn a $525 bonus with a minimum opening deposit of $25 and bring $25,000 or more in new money to your new savings account by day 30 and maintain at least a $25,000 balance through day 90 after account opening (offer ends June 27, 2023)

  • Low rates on savings and CDs compared to online banks
  • Charges monthly service fees
  • $2,500 minimum deposit required to open a CD
  • Limited CD options
  • F rating from the Better Business Bureau

Wells Fargo Way2Save® Savings Account Review

Wells Fargo Wells Fargo Way2Save® Savings Account

Wells Fargo Way2Save® Savings Account
2.5/5

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2.5 out of
5 Stars



Annual Percentage Yield (APY)
0.15%


Minimum Deposit Amount
$25

Start saving
Wells Fargo, Member FDIC

View Full Details

Wells Fargo Wells Fargo Way2Save® Savings Account

Wells Fargo Way2Save® Savings Account
2.5/5

A five pointed star

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2.5
out
of
5 Stars



Annual Percentage Yield (APY)
0.15%


Minimum Deposit Amount
$25

View Full Details

Start saving
Wells Fargo, Member FDIC

Wells Fargo Way2Save® Savings Account

Wells Fargo Wells Fargo Way2Save® Savings Account


Start saving
Wells Fargo, Member FDIC


Details


Annual Percentage Yield (APY)
0.15%


Minimum Deposit Amount
$25
Editor’s Rating

2.5/5

A five pointed star

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2.5 out of
5 Stars

Pros & Cons
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Pros

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$25 minimum opening deposit

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Automatic savings feature

Cons
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Low APY

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$5 monthly service fee

Highlights
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More Information
  • Approximately 4,900 branches and 12,000 ATMs
  • Waive $5 monthly service fee by maintaining a $300 daily balance, OR setting up automatic savings options, OR be under age 24 and the primary account owner OR transferring $25 or more from a linked Wells Fargo checking account, or have 1 automatic transfer each business day within the fee period of $1 or more from a linked Wells Fargo checking account
  • Save As You Go® transfers $1 into your Way2Save Savings Account from checking each time you swipe your debit card
  • Interest compounded daily, paid monthly
  • FDIC insured

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

Wells Fargo Wells Fargo Everyday Checking Account

Wells Fargo Everyday Checking Account
3.25/5

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3.25 out of
5 Stars



Annual Percentage Yield (APY)
None


Minimum Deposit Amount
$25

Learn more

Wells Fargo, FDIC Insured

View Full Details

Wells Fargo Wells Fargo Everyday Checking Account

Wells Fargo Everyday Checking Account
3.25/5

A five pointed star

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3.25
out
of
5 Stars



Annual Percentage Yield (APY)
None


Minimum Deposit Amount
$25

View Full Details

Learn more

Wells Fargo, FDIC Insured

Wells Fargo Everyday Checking Account

Wells Fargo Wells Fargo Everyday Checking Account

Learn more

Wells Fargo, FDIC Insured


Details


Annual Percentage Yield (APY)
None


Minimum Deposit Amount
$25
Editor’s Rating

3.25/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

3.25 out of
5 Stars

Pros & Cons
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Pros

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

Relatively easy to waive monthly fee

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Free overdraft protection available

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$25 minimum opening deposit

Cons
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$10 monthly service fee

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$35 overdraft fee

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$2.50 out-of-network ATM fee

Highlights
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More Information
  • Approximately 4,700 branches and 12,000 ATMs
  • $300 bonus with a minimum opening deposit of $25 and receive a total of $1,000 or more in qualifying direct deposits to your new checking account within 90 calendar days of account opening
  • Waive $10 monthly fee when you have $500 in direct deposits per month, OR maintain minimum balance of $500, OR link account to a Wells Fargo Campus ATM or Campus Debit Card OR are 17-24 years old
  • FDIC insured
Additional Reading
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Read our review
Read Our Review A looong arrow, pointing right

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 Wells Fargo Standard Fixed Rate CD

Wells Fargo Standard Fixed Rate CD
2.25/5

A five pointed star

A five pointed star

A five pointed star

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A five pointed star

2.25 out of
5 Stars



Annual Percentage Yield (APY)
0.50% to 2.51%


Minimum Deposit Amount
$2,500

Start saving

Wells Fargo, Member FDIC

View Full Details

Wells Fargo Wells Fargo Standard Fixed Rate CD

Wells Fargo Standard Fixed Rate CD
2.25/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

2.25
out
of
5 Stars



Annual Percentage Yield (APY)
0.50% to 2.51%


Minimum Deposit Amount
$2,500

View Full Details

Start saving

Wells Fargo, Member FDIC

Wells Fargo Standard Fixed Rate CD

Wells Fargo Wells Fargo Standard Fixed Rate CD

Start saving

Wells Fargo, Member FDIC


Details


Annual Percentage Yield (APY)
0.50% to 2.51%


Minimum Deposit Amount
$2,500
Editor’s Rating

2.25/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

2.25 out of
5 Stars

Pros & Cons
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Pros

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

Interest compounded daily

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

Choose how often your interest is paid

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Standard early withdrawal penalties

Cons
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Low APY

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$2,500 minimum deposit

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Limited term options

Highlights
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More Information
  • Choose from 3-month, 6-month, or 1-year CD term
  • Earn 0.50% to 2.50% APY, or 0.51% to 2.51% APY when linked to a Prime Checking, Premier Checking, or Private Bank Interest Checking account
  • Early withdrawal penalty is 3 months interest for 3-month, 6-month, and 1-year CDs
  • Interest compounded daily; choose how often to be paid
  • FDIC insured
Additional Reading
Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Read our review
Read Our Review A looong arrow, pointing right

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


How do you find the Wells Fargo routing number?


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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.


How much money do you need to open a bank account at Wells Fargo?


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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.


Is Wells Fargo a good bank?


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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.


Does Wells Fargo have free checking?


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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. 


Is Wells Fargo FDIC insured?


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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.


Sophia Acevedo, CEPF
Banking Reporter

Sophia Acevedo is a banking reporter at Insider. She covers bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF).
Sophia joined Insider in July 2021 and is an alumna of California State University Fullerton where she studied journalism and minored in political science. She is based in Los Angeles. 
You can reach out to her on Twitter at @sophieacvdo or email sacevedo@insider.com.
Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >>
Below are links to some of her most popular stories:

  • Are banks open today? Here’s a list of US bank holidays for 2023
  • Best CD rates
  • Best High-yield savings accounts
  • These banks and credit unions allow you to exchange foreign currency at a branch, over the phone, or online
  • Four reasons why your debit card might be denied even when you have money


Evelyn He
Compliance Associate

Evelyn He is a compliance associate at Insider who supports the Personal Finance Insider team. Personal Finance Insider is Insider’s personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Insider readers already know and love.
The compliance team’s mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.
Before joining Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries.   
Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. 
Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 4-year-old Bichon named Tibber.


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