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Wells Fargo Review

How does your bank stack up?

  • Financial Rates: 1.5 Star Icon
  • Customer Service: 4.5 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.5 Star Icon


  • Opportunity checking account
  • Business accounts are available
  • Checking account for teenagers
  • Low opening required amounts


  • Low-interest rates
  • Accounts have monthly fees
  • Few CD options and high opening amount
  • No money market account offered

What You Need to Know

The opportunity checking account is for those who do not qualify for a regular checking account. This account allows you to have checks, a debit card, and bill pay from the account. With this account, you can access mobile banking. There is a $10 monthly fee. Waive the fee with set debit transactions, direct deposits, or keeping a specific amount in the account.

Many different business accounts are available through Wells Fargo. Savings and checking accounts are available. They also offer CDs, loans, and credit cards. Commercial finances options are available. Wells Fargo offers retirement and investment options for businesses, as well as payroll options.

The checking account for teenagers is for children ages 13-17. A parent must open the account with the child. The account offers a debit card and mobile banking. There are no monthly service fees for this account. Parents can set limits on the number of purchases and withdrawals made from the account.

To open a Wells Fargo checking and savings requires a low minimum opening deposit. The accounts only need $25 to open.

The interest rates for Wells Fargo accounts are low. They are not competitive with other online-only accounts: slightly lower than your typical bank rates.

Most Wells Fargo accounts have a monthly fee. There are ways to waive the fees on the accounts. Those ways include signing up for online-only statements or keeping a set amount in the account. Signing up for direct deposits will waive the fee for some accounts.

Wells Fargo does not offer many term lengths for CDs. There are only four different term lengths that require the lowest opening amount of $2,500. The longest of those terms is one year. The longer-term CDs require $5,000 to open. There are three longer-term length CDs available at the higher amount.

Wells Fargo only offers two savings accounts and not a money market account. A money market account generally offers higher interest rates than a savings account. Wells Fargo offers a basic savings account and a Platinum savings account. The Platinum account requires $3,500 be kept in the account to waive the monthly fee. With $25,000 in the account, the Platinum savings account has a much more competitive interest rate.

Cool Things

Financial Education

The Wells Fargo website offers a section on financial education. This area has a variety of articles to help you learn more about finances. You can learn about the basics of finance or how to build and keep good credit. You can learn about homeownership or different aspects of retirement. There is also a section to learn more about small businesses.

Wells Fargo EasyPay Card

This card is a reloadable prepaid card. It helps you be in more control of your spending. You can make withdrawals at an ATM or make purchases as a debit card would. With this card, you have access to online and mobile banking. The minimum opening deposit is $25. There is a monthly fee of $5. You can deposit money onto the card through the app.


Henry Wells and William Fargo opened Wells Fargo in 1852. This bank served those living in the west during the gold rush. The offices were opened in the different mining camps of the West. The stagecoach became the bank's symbol in the 1860s.

By 1910, the stagecoach traveled across the country to over 6,000 locations. Due to World War I, Wells Fargo was left with only one branch location, in San Francisco. That branch survived due to good management and the growing businesses of the West.

By the 1980s, Wells Fargo had rebuilt and expanded with branches across the United States. It became the seventh largest bank in the nation. They also launched online services.

Today Wells Fargo has around $2 trillion in assets. They employ 263,000 employees in 8,300 locations. They have over 70 million customers.

Awards and Recognition

  • "Most Valuable Banking Brand in North America and Retail Banking" by Brand Finance
  • "Best Corporate/Institutional Digital Bank in North America" by Global Finance magazine
  • "Best App & Mobile Web Experience" by Dynatrace

Giving Back

In 2017, Wells Fargo contributed over $286 million to more than 14,000 nonprofits. They support nonprofits focused on clean technology and environmental education. Money was also donated to support financial education and sustainable housing.

In 2016, Wells Fargo donated $1.9 million to the American Red Cross and other nonprofits. This money went to help those areas affected by wildfires, earthquakes, floods, and other natural disasters. The money helped those in the United States as well as outside the United States.

Since 2012, Wells Fargo has donated over $75 million to help veterans, service men and women, and their families. They offer programs to help them find a career. They help them with financial education and find sustainable housing. They have also donated 300 homes to wounded veterans in all 50 states.

Frequently Asked Questions

Is This Bank FDIC insured?

Yes. Wells Fargo is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How do I access my money?

With debit cards, checks, online transfers, ATMs, or by visiting a local branch.

Does this bank offer mobile banking?

Yes. With mobile banking, you can deposit checks and transfer money. You can pay bills and see account balances. You can set up account alerts and reminders. You can also receive a code to get cash from an ATM if you forgot your ATM or debit card.

Is this bank free?

No. Most all Wells Fargo accounts have a monthly maintenance fee. There are ways to waive the account fees.

Is this a good bank?

Wells Fargo has low-interest rates. They don’t offer a wide variety of accounts. The amount required to open an account is low, and there are branch locations all over the United States.

Is this bank secure online?

Yes. Wells Fargo uses software to encrypt your personal information. You will automatically be logged out after a period of inactivity. They also monitor accounts for behaviors that don’t look like your usual activities. Wells Fargo reimburses money from unauthorized transactions.

Does this bank offer competitive interest rates?

No. The interest rates are not competitive with other online-only accounts. They are similar to your typical bank rates.

Can I use this bank for my business accounts?

Yes. Savings and checking accounts are available. CDs, credit cards, and loans are also available.

How is the online bank different from the online banking my bank offers?

It is the same. You can open an account online or in a branch.

Do their checking accounts pay interest?

Yes. Two of the three Wells Fargo checking accounts pay interest. The interest rates are low.

How do I reach customer service?

By phone, online chat, Twitter, or Facebook. Alternatively, you can visit a local branch.

Does this bank offer bill pay?

Yes. The Wells Fargo checking accounts do offer free bill pay.

Can I deposit cash?

Yes, at a local branch.

How long do transfers take?

Transfers between Wells Fargo accounts are instant. Transfers from Wells Fargo to another bank take two business days. Transfers from another bank to Wells Fargo take three business days.

Can I sign up for direct deposit to this account?

Yes. Signing up for direct deposit is one way to have the monthly fee waived for most of their accounts.

Bank Contact Information

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