Wells Fargo Bank Review

GOBankingRates Score

Quick Take: Wells Fargo is a good choice for those who want a bank with plenty of brick and mortar locations and ATMs. With over 5,000 branches, it's the bank with the most locations in the U.S. --  just one of the many reasons why it consistently ranks high in the GOBankingRates studies for Best National Banks and Top 100 Banks. The following Wells Fargo Bank reviews of the top categories will give you a closer look at all the reasons why.
  • APYs
  • Benefits
  • Products
  • Customer Service
How did we calculate this?


  • Wide array of products
  • Easy and accessible mobile and online banking
  • Approximately 5,200 retail banking branches and more than 13,000 ATMs nationwide
  • Rewards and bonus interest rates for high-balance accounts


  • Low APY rates compared to online banks
  • Monthly service fees on checking and savings accounts

Wells Fargo Overview

Wells Fargo was founded in 1852 in California, in the midst of the gold rush. Today, the financial institution reaches banking customers coast-to-coast, overseas and digitally with $1.9 trillion in assets.

It remains one of the nation’s largest banks, offering everything from checking and savings accounts to credit cards, loans and brokerage services. Customers seeking a one-stop shop for all their financial needs with branches across the country may find this bank ideal.

That’s what lands it on GOBankingRates’ lists for Best Checking Accounts, Best Savings Accounts, Best National Banks and Top 100 Banks of 2022

Key Features

Wells Fargo provides in-person and online banking, so customers can bank when and where they want. Here’s more on the top four Wells Fargo review categories to learn about the experience you’ll find there.


The major financial institution pays interest on many of its accounts, but the rates aren’t the most competitive, typically around 0.01% to 0.02% APY. Nevertheless, it earns a 4.5 out of 5 for offering interest-bearing checking, savings and CDs with small minimum balance requirements.


No matter where you live, a Wells Fargo retail banking location or ATM is probably not too far away. The bank has approximately 5,200 branches in 38 states and over 13,000 ATMs nationwide.

Wells Fargo’s mobile app has numerous capabilities to make banking on the go easier by setting up account alerts, paying bills, transferring money and more. Plus, the app has high ratings on both the App Store and Google Play — 4.8 and 4.7, respectively. 


Here’s more on the most popular accounts from Wells Fargo.

Checking Accounts

Wells Fargo offers Everyday Checking, Clear Access Banking and Portfolio by Wells Fargo.

Everyday Checking is a GOBankingRates top pick for best checking accounts with a $25 minimum opening deposit and no monthly fee if you’re a college student or if you maintain a $500 balance or have $500 in direct deposits.

Clear Access Banking is a checkless account for those who just use a debit card. No non-sufficient funds fees or overdraft fees apply, but you’ll pay $5 per month if you’re over 24 years old.

Portfolio by Wells Fargo lets you link all your Wells Fargo accounts for better interest rates and fee waivers, but you’ll need a combined balance of $25,000 to avoid the $25 monthly fee. You’ll earn APY on your balance.

Savings Accounts

Wells Fargo’s Way2Save Savings account is among the best in its category. A low minimum opening deposit of $25 is required. Set up automatic payments from another linked checking account to watch your funds grow. Plus you’ll earn APY.

There’s a service fee of $5 per month but you have the option to have your service fees waived a few ways, such as keeping a balance of $300 or receiving monthly transfers of at least $25.

Platinum Savings offers a higher APY of . The monthly fee is also higher at $12 per month if you don’t maintain a daily balance of $3,500.

Certificates of Deposit

Wells Fargo’s selection of CDs are pared down compared to other major banks.

Fixed Rate CDs with terms up to 12 months earn up to APY. They’re a way to earn a fixed-rate APY as you save for upcoming expenses. There are no monthly service fees but you’ll need a large balance of $2,500 or more to open one.

Customer Service

Wells Fargo customer service is available by visiting your local branch or going online.

There are a wide variety of FAQs on the bank’s site to answer your questions. Or you can contact the bank for general banking concerns at 800-869-3557. For online banking questions, call 800-956-4442. Both lines are available 24/7. Unfortunately, no live chat is featured on the website.

Plus, no matter where you live, a Wells Fargo retail banking location or ATM is probably not too far away. The bank has approximately 4,900 branches in 38 states and 12,000 ATMs nationwide.

How Wells Fargo Stands Out

Wells Fargo is a great place to keep all of your money in one place. The widespread branch availability is convenient — and then there’s the robust digital presence.

Having a single financial institution for your checking account, savings account, mortgage, credit card, auto loan, investment account and IRA can make it a lot easier to stay on top of your money and make sure you are on track to meet your financial goals.

How To Apply

Opening a Wells Fargo account is simple. You can visit a branch in person or open an account from your PC or mobile device. Here’s how to open an account online.

Opening an Account

  1. Navigate to the Wells Fargo website.
  2. Choose the type of account you want.
  3. Click “Open now.”
  4. Follow the prompts to fill in your personal information, choose the features you want and make your opening deposit.
  5. You’ll need your Social Security number, a valid ID, such as a driver’s license, and a $25 opening deposit.

Who Wells Fargo Is Best For

Wells Fargo offers plenty of banking services and products and is ideal for nearly all customers, especially those who want their banking and investment accounts with a single institution.

Investors who need the services of a financial advisor they can meet with in person will also find Wells Fargo to be a good option.

Wells Fargo vs. Competitors

Wells Fargo stacks up well against the competition, but that doesn’t mean it is the best bank for everyone. Here are Wells Fargo reviews against other popular alternatives.

Wells Fargo vs. Chase

New depositors with Chase can get $225 for opening a checking account that has direct deposit. However, overall, Wells Fargo’s banking fees appear to be a bit more affordable.

Wells Fargo vs. Bank of America

Bank of America, Member FDIC, offers bonus points on its best credit cards, but Wells Fargo still has the upper hand in terms of retail locations.

Wells Fargo vs. Citi

Citi® has strong cash back offers on its credit cards, but with just 600 branches and 2,300 branches nationwide, it’s not for those who want to bank in person. On the other hand, Wells Fargo has a much wider reach when it comes to in-person banking.

Final Take

Wells Fargo is perfect for a traditional bank customer because it offers consistency and availability. While you may be able to get a higher interest rate at an online bank, you can walk into a Wells Fargo branch almost anywhere in the country and ask questions or transact business.

Wells Fargo also offers just about any financial service you could want under one roof. You can have your checking account, savings account, auto loan, mortgage and investment accounts all in the same place.

Wells Fargo FAQ

Here are some answers to commonly asked questions about Wells Fargo Bank.
  • Is Wells Fargo a decent bank?
    • Wells Fargo consistently ranks high in the GOBankingRates studies for Best National Banks and Top 100 Banks thanks to its variety of account options and roughly 5,200 branches.
  • What is the problem with Wells Fargo?
    • Wells Fargo was recently sued for misrepresenting its level of employee diversity. Past lawsuits included racial discrimination during the mortgage process and violating client privacy by recording customers without their consent.
  • What are the pros and cons of Wells Fargo?
    • Wells Fargo's greatest strengths include the variety of accounts and number of branches nationwide. However, its interest yields are relatively low.
  • What bank is better, Chase or Wells Fargo?
    • Both Wells Fargo and Chase are major U.S. banks with a wide representation of branches nationwide and plenty of financial products. Chase's credit cards are more popular due to the rewards they offer.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Aug. 1, 2022.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

Editorial Note: This content is not provided by Chase. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Chase.

Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about GOBankingRates’ processes and standards in our editorial policy.

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About the Author

Cynthia Paez Bowman is a personal finance writer with degrees from American University in international business and journalism. Besides writing about personal finance, she writes about real estate, interior design and architecture. Her work has been featured in MSN, Brex, Freshome, MyMove, Emirates’ Open Skies magazine and more.
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