Wells Fargo Bank

Overview / Commentary

www.wellsfargo.com

800-869-3557

420 Montgomery Street
San Francisco, CA 94104

Wells Fargo Bank is a publicly traded bank that operates as a subsidiary of Wells Fargo & Company, one of the largest financial holding companies in the world. The bank is one of the largest in the United States as measured by assets as well as deposits. With tens of millions of customers, thousands of retail branches and tens of thousands of ATMs, the bank’s presence is recognized in every state. It offers personal, small business, and commercial banking products and services, in addition to wealth management and investing advising.

On its personal banking side, Wells Fargo offers checking, savings, Money Market, Certificate of Deposit (CD) and IRA accounts, in addition to mortgage and consumer loans. One of its most popular checking account options comes with a debit card, as well as a monthly service fee unless minimum balance requirements are met. The bank pushes its student checking account in a combo package with its savings account to encourage saving, and Wells Fargo partners with colleges to provide students the ability to use its debit card for both on and off campus transactions. Savings account options come with minimal interest rates on basic savings, retirement savings, and even retirement savings accounts. Money Market accounts offered by the bank have a minimum daily balance requirement and come with very low interest rates. CDs are available in term lengths ranging from 3 to 58 months and a step up CD provides a way to increase the rate on a 24-month CD every 6 months for the life of the product.

A private bank is also available to provide customers wealth planning and trust solutions that are tailored to specific investor needs and goals. On its small business side, Wells Fargo offers loans and credit, business insurance, and merchant services like payment processing and tax help.

Wells Fargo Bank online banking is a secure banking platform on which customers can open and manage their accounts. The web-based system provides the ability to complete tasks like Bill Pay, money transfers, online brokerage, account activity viewing, direct deposit, and check image viewing. A mobile website (wf.com) provides an optimized Internet solution for customers to access their accounts from a web browser on any capable device. Mobile banking apps are also available and provide a more sophisticated way to bank on the run from various smartphone and tablet devices.

Wells Fargo Bank was originally established as the Crocker-Citizens National Bank in 1870, before transitioning to its current name in 1986. Since that time, the bank has rapidly acquired many financial institutions and divisions to become one of the largest companies in the world. Wells Fargo corporate headquarters are located in San Francisco, California, while Wells Fargo Bank is headquartered in Sioux Falls, South Dakota. The bank operates through thousands of branches located through the United States.

Five Years At 5%+ - 10/24/2023

I just purchased a WF brokered CD on the Vanguard brokerage website with a 5 year maturity at 5.05% YTM. This is a new issue, CUSIP 949764HE7, so there is no commission to purchase. Available in $1,000 units as small as 1, so no hassle with order size.

11 Month CD @5% APY At Wells Fargo - 9/13/2023

Just got an email on this. $5000 minimum.

$525 Savings Bonus Equivalent Interest Rate Up To 12.80% - 3/18/2023

Well Fargo is offering a savings bonus of $525 when you deposit $25k. They give you 30 days to fully fund the account when you open it IN BRANCH with a $25 minimum. If you open with $300 you don't have to worry about fees for that month. Total time to keep funds on deposit is 90-days from account opening. So it works out to funding + hold period 30+60. This bonus equates to a 60-90-day max CD OPEN IN BRACH with the minimum, then link an external account to WF and push in the balance of the $25k. The key here to getting the maximum yield is to to fully fund as close to the end of the 30-day period as possible. After the 90-day from opening expires reduce the $25k down to $300 to keep account fee free until bonus posts. I ran some time scenarios at the doc site so I'm posting them here. Account pays .15% interest but when you take the bonus equivalent interest rate into account it becomes a game changer. BONUS PORTION ONLY ANALYSIS Initial Balance: $25,000 Final Balance: $25,525 Te

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2022
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10/24 - Five Years At 5%+
9/13 - 11 Month CD @5% APY At Wells Fargo
3/18 - $525 Savings Bonus Equivalent Interest Rate Up To 12.80%
3/13 - $525 Savings Bonus $25K 90 Days
2/20 - Earn Up To $2500 Bonus With WF Premier Checking

10/31 - Wells Fargo CD Rates Not Half Bad
9/13 - Wells Fargo Leaps Ahead Of Brokered CD Competitors For Multiple Durations (2-Year 3.75%)
8/19 - No More Lollipops At Wells Fargo
2/11 - Wells Fargo Bank Has $300 Bonus For New Checking Customers

11/8 - $300 Checking Bonus

Reviews (360)

Great Bank To Do Business With!

Posted by: stephfournier | Jul 20, 2023

My husband and I have been with Wells Fargo for several years and we are extremely happy with them. We have checking, savings and credit cards with them and find the bank to be very easy to deal with. The employees at our branch are friendly and helpful and we wouldn't consider banking elsewhere!

No Great Rates

Posted by: Lavender | Sep 22, 2023

I've been with WF for many years.... since they were First Union bank. I stay for the convenience of the branches but not the savings rates. I use the checking as a hub to pay bills and route money from closed CDs to the next bank that has a great rate. Helps keep my paperwork in order but I leave it in WF for the shortest possible time.There hasn't been a great cd rate since they were Wachovia. The checking and money market pay .01 which is the equivalent of zero! But I'm grandfathered in to no fees with low balance requirements, free checks and a free safe deposit box. I've found their branches go from super friendly to totally unhelpful so you have to look around. When I cashed in a savings bond one branch refused to make a copy of it for me, another made 2 copies with a smile!

Comment

A Very Bad Bank To Put Your Money In

Posted by: Atour | Oct 3, 2023

I have an auto loan with them, after years if paying my bills on time, I decided to go paperless and they promised emailing me the bill to remind me, they did it twice, and this month they decided to stop.
I remembered my car payment and went online to check it, to find out I was few days passed due!
Bad banks, would try to screw you up like that, Fock wells Fargo.

Comment

Highly Recommended Specialist

Posted by: Smith029 | Apr 28, 2023

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Comment

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Health

B+

Data as of Q2 2023

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #	3511
Year Established	1870
Employees	207692
Primary Regulator	OCC

Profit Margin
Return on Assets - YTD	1.35%
Return on Equity - YTD	14.13%
Annual Interest Income	$37.04B

Assets and Liabilities
Assets	Q2 2023vs Q2 2022	$1,667.9B$1,712.5B
Loans	Q2 2023vs Q2 2022	$897.2B$898.7B
Deposits	Q2 2023vs Q2 2022	$1,383B$1,462.4B
Equity Capital	Q2 2023vs Q2 2022	$162.6B$162.4B
Loan Loss Allowance	Q2 2023vs Q2 2022	$14.22B$11.63B
Unbacked Noncurrent Loans	Q2 2023vs Q2 2022	$7.44B$6.61B
Real Estate Owned	Q2 2023vs Q2 2022	$288.0MM$138.0MM

Rates

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Savings
Money Market
Checking
CD
IRA

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Always verify rates and promotions with the bank or credit union. We are not Wells Fargo Bank; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

† The rates for some products vary by region. In these cases we have listed the rates for the region closest to the bank's headquarters.

Wells Fargo Bank Savings Account Rates

APY	MIN	MAX	ACCOUNT NAME
2.51%^*^†	$1m^*	-	Platinum Savings - Standard Interest Rate Bonus
OTHER TIERS: 0.26% → Up to $100k \| 1.02% → $100k - $500k \| 2.01% → $500k - $1m
2.50%^*^†	$1m^*	-	Wells Fargo Retirement High Yield Savings
OTHER TIERS: 0.25% → Up to $100k \| 1.01% → $100k - $500k \| 2.00% → $500k - $1m
2.50%^*^†	$1m^*	-	Business Platinum Savings - Standard Interest Rate
OTHER TIERS: 0.25% → Up to $100k \| 1.01% → $100k - $500k \| 2.00% → $500k - $1m
2.50%^*^†	$1m^*	-	Platinum Savings - Standard Interest Rate
OTHER TIERS: 0.25% → Up to $100k \| 1.01% → $100k - $500k \| 2.00% → $500k - $1m
0.15%^†	-	-	Wells Fargo Retirement Way2Save Savings
0.15%^†	-	-	Wells Fargo Way2Save Savings

Wells Fargo Bank Money Market Rates

APY	MIN	MAX	ACCOUNT NAME	VIEW DETAILS
0.15%^†	-	-	Business Market Rate Savings

Wells Fargo Bank Checking Account Rates

APY	MIN	MAX	ACCOUNT NAME
0.50%^*^†	$100k^*	-	Wells Fargo Premier Checking
OTHER TIERS: 0.25% → Up to $100k
0.01%^†	-	-	Wells Fargo Prime Checking

Wells Fargo Bank CD Rates

APY	MIN	MAX	ACCOUNT NAME
5.26%^†	$5k	-	11 Month CD Special - Bonus
5.01%^†	$5k	-	7 Month CD Special - Bonus
5.00%^†	$5k	-	11 Month CD Special
5.00%^†	$5k	-	Business 11 Month CD Special
4.75%^†	$5k	-	7 Month CD Special
4.75%^†	$5k	-	Business 7 Month CD Special
4.51%^†	-	-	3 Month CD - Bonus
4.50%^†	-	-	3 Month CD
4.50%^†	-	-	Business 3 - 5 Month CD
2.51%^†	-	-	6 Month CD - Bonus
2.50%^†	-	-	6 Month CD
2.50%^†	-	-	Business 6 - 11 Month CD
2.01%^*^†	$100k^*	-	1 Year CD - Bonus
OTHER TIERS: 1.51% → Up to $100k
2.00%^*^†	$100k^*	-	1 Year CD
OTHER TIERS: 1.50% → Up to $100k
2.00%^*^†	$100k^*	-	Business 12 - 23 Month CD
OTHER TIERS: 1.50% → Up to $100k
2.00%^*^†	$100k^*	-	Business 24 - 35 Month CD
OTHER TIERS: 1.50% → Up to $100k
2.00%^*^†	$100k^*	-	Business 36 - 47 Month CD
OTHER TIERS: 1.50% → Up to $100k
2.00%^*^†	$100k^*	-	Business 48 - 59 Month CD
OTHER TIERS: 1.50% → Up to $100k
2.00%^*^†	$100k^*	-	Business 60 - 71 Month CD
OTHER TIERS: 1.50% → Up to $100k
2.00%^*^†	$100k^*	-	Business 72 - 144 Month CD
OTHER TIERS: 1.50% → Up to $100k
0.01%^†	-	-	Business 1 - 2 Month CD

Wells Fargo Bank IRA Rates

APY	MIN	MAX	ACCOUNT NAME
5.26%^†	$5k	-	11 Month IRA Special - Bonus
5.01%^†	$2.5k	-	7 Month IRA Special - Bonus
5.00%^†	$5k	-	11 Month IRA Special
4.75%^†	$2.5k	-	7 Month IRA Special
4.51%^†	-	-	3 - 5 Month IRA - Bonus
4.50%^†	-	-	3 - 5 Month IRA
2.51%^†	-	-	6 - 11 Month IRA - Bonus
2.50%^†	-	-	6 - 11 Month IRA
2.01%^*^†	$100k^*	-	12 - 23 Month IRA - Bonus
OTHER TIERS: 1.51% → Up to $100k
2.01%^*^†	$100k^*	-	24 - 35 Month IRA - Bonus
OTHER TIERS: 1.51% → Up to $100k
2.01%^*^†	$100k^*	-	36 - 47 Month IRA - Bonus
OTHER TIERS: 1.51% → Up to $100k
2.01%^*^†	$100k^*	-	48 - 59 Month IRA - Bonus
OTHER TIERS: 1.51% → Up to $100k
2.01%^*^†	$100k^*	-	60 - 71 Month IRA - Bonus
OTHER TIERS: 1.51% → Up to $100k
2.01%^*^†	$100k^*	-	72 - 144 Month IRA - Bonus
OTHER TIERS: 1.51% → Up to $100k
2.00%^*^†	$100k^*	-	12 - 23 Month IRA
OTHER TIERS: 1.50% → Up to $100k
2.00%^*^†	$100k^*	-	24 - 35 Month IRA
OTHER TIERS: 1.50% → Up to $100k
2.00%^*^†	$100k^*	-	36 - 47 Month IRA
OTHER TIERS: 1.50% → Up to $100k
2.00%^*^†	$100k^*	-	48 - 59 Month IRA
OTHER TIERS: 1.50% → Up to $100k
2.00%^*^†	$100k^*	-	60 - 71 Month IRA
OTHER TIERS: 1.50% → Up to $100k
2.00%^*^†	$100k^*	-	72 - 144 Month IRA
OTHER TIERS: 1.50% → Up to $100k
0.02%^†	-	-	1 - 2 Month IRA - Bonus
0.01%^†	-	-	1 - 2 Month IRA