-
Financial Rates:
1.5
-
Customer Service:
4.5
-
Website Experience:
5.0
-
Bank Fees:
3.5
Pros:
- Opportunity checking account
- Business accounts are available
- Checking account for teenagers
- Low opening required amounts
Cons:
- Low-interest rates
- Accounts have monthly fees
- Few CD options and high opening amount
- No money market account offered
-
Financial Rates:
5.0
-
Customer Service:
4.0
-
Website Experience:
5.0
-
Bank Fees:
4.0
Pros:
- Low required amount to earn interest
- Business accounts offered
- Personal and business loan options
- Competitive interest rates on accounts
Cons:
- CDs have high opening deposits
- Cannot open account entirely online
- High opening deposits on accounts
- Accounts have tiered interest rates
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.
Goldwater Bank has high amounts to open their accounts. Once you open an account, the amount required to keep in the account to earn interest is low. Goldwater Bank only requires $0.01 to be in the account to earn interest.
Business accounts are available through Goldwater Bank. There is a checking account for small and large businesses. There is a money market and savings account. CDs are available. Goldwater Bank offers cash management services for business accounts. This offers online banking, remote deposit, and card services. Business credit cards are available.
Goldwater Bank not only offers personal deposit accounts but lending options. They offer loans for building, remodeling, or home loans. Personal loans for vacations, cars, boats, or college tuition are available. They offer loans for business needs as well.
The interest rates for Goldwater Bank accounts are competitive. Their rates are much higher than the rates offered at brick and mortar banks. To earn the most competitive rates does require a large account balance. However, the lower balance rates are still much higher than other bank rates. They are competitive with online accounts. The business accounts also earn competitive interest rates.
The different CD accounts all require a high opening balance of $5,000. The CD terms range from 90-day terms to a 5-year term. The only fees associated with CDs is from withdrawing the money before the CD meets the maturity date.
Goldwater Bank accounts cannot be entirely opened online. To open a checking, savings, money market account, or a Visa check card you can fill out an application online. Then you must go to a branch location to finish the application and sign paperwork. Only CDs are available for out of state customers. Not all account information is on the website. A customer service representative can answer your questions.
The different accounts have high required amounts to open the accounts. The checking account requires $500 to open. Money market and saving accounts require $1,000 to $25,000 to open the accounts. Once the account is open, you are only required to keep $0.01 in the accounts to earn interest.
Interest rates for Goldwater Bank accounts are tiered. To earn the most competitive interest rates requires large balances in the accounts. The money market account requires $100,000 to earn the most competitive rates. The checking account requires $5,000.
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| Savings (Rate as of 11/21/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 3.92% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 11/21/2024) | |
| APY | 4.75% |
|---|---|
| Rate | 4.64% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC No monthly maintenance fee, $0 to open, easily grow your money | |
The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own website where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.