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
Advertiser Disclosure
Savings/MMA · Member FDIC Insured


  • 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

Wells Fargo offers an Opportunity Checking account. This account is for those who do not qualify for a regular checking account. It offers checks, a debit card, bill pay, and mobile banking. With the Opportunity account, there is a $10 monthly fee. There are options to waive the fee.

Many business accounts are available through Wells Fargo. Business savings and checking accounts are available. They offer CDs, loans, and credit cards. Commercial finance options are available. Wells Fargo offers retirement and investment options for businesses, along with payroll options.

Wells Fargo offers a checking account specifically for kids 13-17 years old. A parent must open the account with the child. There are no monthly fees and it offers a debit card and mobile banking. 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 opening deposit. The savings and checking accounts only need $25 to open. The accounts may require more money to earn interest, but to open the account only requires $25.

The interest rates for Wells Fargo accounts are low. They are not competitive with other online-only accounts. Even the highest interest rates offered are low compared to other online accounts.

Most Wells Fargo accounts have a monthly fee. The fees range from $10-30, depending on the account. Ways to waive the fees include:

  • Signing up for electronic statements
  • Having an average daily balance above a set amount
  • Setting up a reoccurring savings deposit
  • Account holder is between a certain age
  • Having a direct deposit over a certain amount
  • Combined account balances are above a set amount
  • Making a set number of debit card transactions

Wells Fargo does not offer many CD term lengths. There are only four CDs with an opening amount of $2,500. Those terms are three-month, six-month, and one-year CDs. The 9, 29, and 39-month CDs require $5,000 to open. The Step Rate CD is a 24-month term. To open requires $2,500 and must be done in a branch location.

Wells Fargo does not offer a money market account. They offer a basic and a Platinum savings account. Neither account offers interest rates competitive to online accounts.

Digital or Mobile Banking

Wells Fargo offers a mobile app. Through the app, you can:

  • Deposit checks
  • Transfer money
  • See account balances
  • Get bill pay reminders
  • Pay bills
  • Set up account alerts
  • Turn your debit card off
  • Send and receive money with Zelle

Cool Things

Financial Education

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

Wells Fargo EasyPay Card

This card is a reloadable prepaid card to help gain 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 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. Offices 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. But, because of World War I, Wells Fargo only had 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 helped areas affected by wildfires, earthquakes, floods, and additional 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 veterans, service members, and their families. They offer programs to help individuals find a career. They help with financial education and finding sustainable housing. They have also donated 300 homes to wounded veterans across the 50 states.

List of Common Bank Fees

  • ATM fees in the United States: $0-2.50
  • ATM fees internationally: $5 plus 3% of transaction fee
  • Bill pay: $0
  • CD early withdrawal fees: 1-12 months of interest
  • Excessive withdrawal fees: $15
  • Monthly service fees: $0-30
  • Overdraft service fees: $12.50-35
  • Paper bank statements: $5
  • Wire transfers (Domestic): $15-30
  • Wire transfers (International): Disclosed at time of the transaction

Frequently Asked Questions

Are all the accounts FDIC insured?

Yes. Wells Fargo is FDIC insured. The FDIC is an agency of the United States government. They protect funds deposited in banks, up to $250,000 per customer, per bank. The 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.

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?

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

Are ATM transactions free?

Transactions made at Wells Fargo ATMs are free. Other transactions can have a fee up to $5 plus 3% of the transaction amount.

Are ATM transaction fees reimbursed?

No. Wells Fargo does not refund ATM fees.

Is mobile banking or a mobile app available?

Yes. With the app, 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 bill pay offered?

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

Do the accounts offer competitive interest rates?

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

Do checking accounts earn interest?

Yes. Two of the three Wells Fargo checking accounts earn interest. The interest rates for all the checking accounts are low.

What are the most popular accounts?

The Everyday checking account is popular. The nine-month CD offers the most competitive interest rates.

What are the monthly maintenance fees?

The fees range from $10-30, depending on the account. Most accounts have a monthly fee. The ways to waive fees varies between accounts.

Is this one of the best banks?

The amounts required to open Wells Fargo accounts are low. There are branch locations across the United States. Wells Fargo accounts have low-interest rates. They don't offer a wide variety of accounts.

How are my money and personal information protected?

Wells Fargo uses software to encrypt personal data. Your account will automatically log out after a period of inactivity. They monitor accounts for behaviors that don't look like your usual activities. Wells Fargo reimburses money from unauthorized transactions.

Are any business accounts offered?

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

What makes these accounts different?

You can open accounts online or in a branch.

How do I reach customer service?

By phone, email, or visiting a branch location. You can follow Wells Fargo on Facebook and Twitter.

Bank Contact Information

Wells Fargo

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