Wells Fargo Personal Banking Review: Full Range of Products and Low Fees

Read this Wells Fargo review before opening an account.

Wells Fargo provides a number of personal banking products, including checking and savings accounts and CDs, as well as credit and debit cards, Wells Fargo loans, investing and retirement services, and wealth management services. The bank can be a one-stop shop for all of your financial needs — but before you open a Wells Fargo bank account, be sure to take the time to learn more about its products and services.

Where Wells Fargo ExcelsWhere Wells Fargo Falls Short
  • Full range of banking products and services
  • Over 13,000 ATMs and 5,700 branch locations across the U.S.
  • Mobile app and Wells Fargo online access to your accounts
  • Low-interest rates on savings accounts
  • Most checking accounts have a monthly service fee

What You Need to Know About Wells Fargo

Wells Fargo is the fifth-largest public company in the world, according to a Forbes survey of its sales, profits, assets and market value. It serves one in every three American households. The bank offers two Wells Fargo savings accounts, three types of CDs and five checking accounts.

Who Wells Fargo is best for: With so many banking products, Wells Fargo is able to serve a wide range of clients, from those just starting out or reestablishing their finances, to those who are well established with high balances looking to earn interest.

Wells Fargo at a Glance
Savings Accounts 
  • Way2Save Savings
  • Platinum Savings
CDs 
  • Special CD
  • Standard CD
  • Step Rate CD
Checking Accounts 
  • Everyday Checking
  • Preferred Checking
  • Portfolio by Wells Fargo
  • Teen Checking
  • Opportunity Checking
Other Products 
  • Wells Fargo Cash Wise Visa® Card
  • Wells Fargo Visa Signature Card
  • Wells Fargo Rewards Card
  • Wells Fargo Platinum Visa Card
  • Wells Fargo Cash Back College Card
  • Wells Fargo Secured Credit Card
  • Auto loans
  • Home equity loans
  • Home mortgage loans
  • Wells Fargo personal loans and lines of credit
  • Retirement accounts
  • Wells Fargo student loans

Best Features of Wells Fargo

As one of the largest bank chains with locations in most states, Wells Fargo offers a wide variety of ways for its customers to manage their money. All checking accounts come with compatibility with the Wells Fargo mobile banking app, zero liability protection on debit cards, 24/7 fraud monitoring, easy ways to make payments and send or transfer money, free access to 13,000 ATMs and 24/7 access to Wells Fargo customer service. Wells Fargo also offers two savings accounts with low minimum opening deposits, and a number of CDs as well.

Related: Wells Fargo Checking Account Review

Way2Save Savings

This savings account helps you build your savings with automatic deposits. Features include Save As You Go Transfers, which automatically transfer $1 from your linked Wells Fargo checking account with each qualified transaction and overdraft protection. The minimum opening deposit is $25, and there is a $5 monthly service fee that can be avoided if you meet certain requirements.

Platinum Savings

This savings account offers Wells Fargo’s highest savings rates: 0.01 percent for balances under $25,000, and 0.05 percent or 1.04 percent on balances of $25,000 or more. The account also comes with the option to write checks and overdraft protection. The minimum opening deposit is $25, and there is a $12 monthly service fee that can be avoided if you meet certain requirements.

Special CDs

A minimum of $5,000 is required to open a Special CD account with Wells Fargo. Terms range from nine months to 58 months, and the APY ranges from 1.15 percent to 2.60 percent, depending on the length of the term.

Also See: Wells Fargo CD Rates Review: Competitive Rates for Special CDs

Standard CDs

A minimum of $2,500 is required to open a Standard CD account with Wells Fargo. Terms range from three months to a year, and the APY ranges from 0.05 percent to 1.30 percent, depending on the length of the term.

Step Rate CD

The Step Rate CD has a 24-month term and guarantees an interest rate increase every six months. You can also make one penalty-free withdrawal every six months, as long as you maintain the minimum opening balance of $2,500. The current APY is 1.53 percent.

Everyday Checking

This popular checking account is ideal for students, as there’s no monthly fee for primary account holders ages 17 to 24. There is a monthly $10 service fee for customers outside those ages, but it can be avoided if you meet certain requirements. The checking account comes standard with compatibility with the Wells Fargo mobile app, a debit card and the option to set up alerts. The minimum opening deposit is $25.

Discover: How to Avoid Wells Fargo Checking Account Fees

Preferred Checking

The Preferred Checking account allows you to earn interest on your balance. There is a $15 monthly service fee, but it can be avoided if you meet certain requirements. As with Everyday Checking, this checking account comes standard with compatibility with the Wells Fargo mobile app, a debit card and the option to set up alerts. You also get a $10 discount on personal style checks with Preferred Checking. The minimum opening deposit is $25.

Portfolio by Wells Fargo

Portfolio by Wells Fargo includes interest checking and comes with the highest level of relationship benefits and rewards, including 24/7 access to the dedicated Wells Fargo Premier Banking Team. There is a $30 monthly service fee, but it’s waived if you meet certain requirements. The minimum opening deposit is $25 with this account.

Teen Checking

Teens ages 13 to 17 — and 18 in Alabama — are eligible to open this checking account with an adult co-owner. There is no monthly service fee, and parents can set limits on purchases and withdrawals. There is a $25 minimum opening deposit to open a Teen Checking account.

Opportunity Checking

Opportunity Checking gives a second chance to those who don’t qualify for a standard checking account due to their past credit or banking history. There is a $10 monthly service fee that can be waived if you meet certain requirements, and there is a $25 minimum opening deposit.

Wells Fargo Meets a Wide Range of Personal Banking Needs

Whether you want to open a checking account, savings account or CD, you can do so at Wells Fargo. The bank offers a variety of options in each category to suit individual needs and wants. However, you might be able to find better interest rates elsewhere.

Keep reading to find out how to make a Wells Fargo mortgage payment.

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This content is not provided by the companies mentioned. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved, or otherwise endorsed by Wells Fargo. 

The information related to Wells Fargo Credit Cards has been collected by GOBankingRates.com and has not been reviewed or provided by the issuer or provider of this product or service.