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 Excels||Where Wells Fargo Falls Short|
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|
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
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.
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.
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.
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.
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.
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.
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 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.
More on Banking
- 5 Best Banks With No Fees
- Your Complete Guide to Cashier’s Checks
- These Credit Cards Give You Great Travel Perks With No Annual Fee
- Watch: What Are the Best Banks for Millennials?
We make money easy. Get weekly email updates, including expert advice to help you Live Richer™.
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.