Wells Fargo Bank Reviews and Rates

Overview / Commentary

www.wellsfargo.com

800-869-3557

420 Montgomery St.
San Francisco, CA 94104

Written by Ali Cybulski, Published on 6/28/2024

Wells Fargo Bank, based in North Dakota, is the third-largest U.S. bank, with $1.74 trillion in consolidated assets and nearly 4,300 branches. The bank offers access to a broad range of products, including several checking and savings accounts as well as CDs. You’ll also find business banking and investment and wealth management products, among others.

The bank has four checking accounts, and according to Wells Fargo, the Everyday Checking account is its most popular. The account requires a $25 minimum opening deposit and charges a $10 monthly fee but provides several waiver options. You receive eligible direct deposits, such as paychecks, up to two days early and use of more than 11,000 network ATMs.

The Way2Save Savings account links to your Wells Fargo checking account and allows you to select an automatic savings option that works best for you. Transfer $1 to your savings account whenever you make a debit card purchase or complete a transaction using online bill pay, or set up a daily transfer of as little as $1 or a monthly transfer of at least $25.

The account earns an annual percentage yield (APY) of 0.01%, and the minimum opening deposit is $25. A Platinum Savings account offers rate tiers, with higher rates going to bigger balances, but rates still top out at 2.51% APY for balances of $1 million or more.

A $5 monthly service fee for Way2Save can be waived by maintaining a $300 minimum balance or opting for an autosave option; savers 24 or under will not be charged the fee. Overdraft protection is optional, and an ATM card is included for access to your savings.

If you’re in the market for CDs, you’ll find a few special promotional rates and standard-rate CDs online. The bank encourages CD shoppers to make an appointment at a branch to explore additional terms. Among the special rates are four- and seven-month CDs with APYs of 4.75% and a $5,000 minimum initial deposit.

Banking customer service is available 24/7 at 800-869-3557. You can also use Wells Fargo’s highly rated app to deposit checks, transfer money with the peer-to-peer payment system Zelle, pay bills and more.

Wells Fargo pros and cons

Pros:
• Autosave options that also waive the monthly service fee
• Large branch network
• 24/7 customer service by phone

Cons:
• Low APRs on savings accounts
• Monthly account fee, though a waiver may be possible
• $35-per-item overdraft fee

WFB again offers $525 savings bonus (till April 1) and $325 checking bonus (till April 9), - 2/28/2024

upon prematurely aborting $2500 premier checking bonus offer, expected to be on till April 1. https://accountoffers.wellsfargo.com/savingsbonus/ https://accountoffers.wellsfargo.com/welcomebonus/

Wells Fargo $225 Savings Bonus With $10,000 Deposit - 2/28/2024

Wells Fargo is offering a $225 bonus when you open a new savings account and deposit $10,000 within 30 days. Must maintain the balance through Day 90 from account opening. Offer ends April 9, 2024I hope that their current interest rate of 0.01% on their savings account doesn't break their bank when that extra $.15 gets added to the $225 bonus which I think would be better than 9%. No wonder the big banks offer bonuses. It's likely not easy to entice new customers when their interest rates aren't competitive. https://accountoffers.wellsfargo.com/wfsavingsoffer/?sub_channel=WEB&vendor_code=WF&collateral_code=...

The Premier Checking $2500 bonus is on again, and I planned to go for it upon verifying Well Fargo much criticized integrity by receiving my already earned $525 Savings bonus. - 1/17/2024

Well Fargo failed the test by making false assertions contrary to the bonus disclosure to rob me of the bonus.

View all posts from:

2024
2023
2022
Earlier

2/28 - WFB again offers $525 savings bonus (till April 1) and $325 checking bonus (till April 9),
2/28 - Wells Fargo $225 Savings Bonus With $10,000 Deposit
1/17 - The Premier Checking $2500 bonus is on again, and I planned to go for it upon verifying Well Fargo much criticized integrity by receiving my already earned $525 Savings bonus.
1/5 - 12-Month Promotional Interest Rate

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

Reviews (39)

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!

Just Fine For Checking Needs

Posted by: leo_gravioty | Feb 12, 2024

I have been using WF in FL for my daily checking, savings, and bill pay for about 3 months now and have no complaints. The mobile app and online banking are great, and the one interaction I had with my local branch customer service was good. A lot of the complaints I see are related to interest rates, which really don't bother me because I keep the majority of my savings and investments with Fidelity, which pays 4.67% in the government money market fund or 2.67% in the FDIC-insured cash management account.

Comment

After 50+ Years, We're Leaving!

Posted by: hicksfamily2 | Jan 7, 2024

We've been with Wells Fargo before it was Wells Fargo. We opened our account when they were still Kelly Field National bank in about 1965. We recently tried to make our living trust the beneficiary on our account. When we called the first time, we were told that we had to send them a notarized letter and a copy of the trust certificate. We did exactly what they said to do. A couple of weeks later, we received a letter that said we would have to physically go into a Wells Fargo bank to accomplish updating the beneficiary because they need a "wet" signature. However, there are no physical Wells Fargo institutions within 100s of miles. No alternative ways to accomplish it. So we've decided to close the account and as soon as we get our direct deposits moved, they are history.

The Best Phone Customer Service

Posted by: EEbert | Apr 25, 2024

I have never had such a great customer service experience. Usually, you get either AI or someone who does not speak English on the phone when calling customer service. I called Wells Fargo Credit Card service and talked to a live person who was super nice and attentive. The best experience ever. Wells never fails.

Comment

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Health

B+

Data as of Q2 2024

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #	3511
Year Established	1870
Employees	198786
Primary Regulator	OCC

Profit Margin
Return on Assets - YTD	1.28%
Return on Equity - YTD	13.48%
Annual Interest Income	$41.75B

Assets and Liabilities
Assets	Q2 2024vs Q2 2023	$1,719.8B$1,667.9B
Loans	Q2 2024vs Q2 2023	$872B$897.2B
Deposits	Q2 2024vs Q2 2023	$1,423.1B$1,383B
Equity Capital	Q2 2024vs Q2 2023	$165.8B$162.6B
Loan Loss Allowance	Q2 2024vs Q2 2023	$14.37B$14.22B
Unbacked Noncurrent Loans	Q2 2024vs Q2 2023	$9.13B$7.44B
Real Estate Owned	Q2 2024vs Q2 2023	$308MM$288MM

APY	MIN	MAX	ACCOUNT NAME
2.51%^*^†	$1m^*	-	Platinum Savings w/Premier Checking
OTHER TIERS: 0.26% → $0 - $100k \| 1.02% → $100k - $500k \| 2.01% → $500k - $1m
2.50%^*^†	$1m^*	-	Wells Fargo Retirement High Yield Savings
OTHER TIERS: 0.25% → $0 - $100k \| 1.01% → $100k - $500k \| 2.00% → $500k - $1m
0.06%^†	$0	-	Platinum Savings w/Prime Checking
0.05%^†	$0	$5m	Business Platinum Savings - Standard Interest Rate
0.05%^†	$0	-	Platinum Savings - Standard Interest Rate
0.01%^†	$0	-	Wells Fargo Retirement Way2Save Savings
0.01%^†	$0	-	Wells Fargo Way2Save Savings

APY	MIN	MAX	ACCOUNT NAME	VIEW DETAILS
0.01%^†	$0	-	Wells Fargo Prime Checking
0.01%^†	$0	-	Wells Fargo Premier Checking

APY	MIN	MAX	ACCOUNT NAME
4.76%^†	$5k	-	4 Month CD Special - Bonus
4.75%^*^†	$100k^*	-	Business 1 - 2 Month CD
OTHER TIERS: 0.01% → $0 - $100k
4.51%^†	$5k	-	7 Month CD Special - Bonus
4.50%^†	$5k	-	4 Month CD Special
4.50%^†	$5k	-	Business 4 Month CD Special
4.25%^†	$5k	-	7 Month CD Special
4.25%^†	$5k	-	Business 7 Month CD Special
4.01%^†	$5k	-	11 Month CD Special - Bonus
3.75%^†	$5k	-	11 Month CD Special
3.75%^†	$5k	-	Business 11 Month CD Special
2.51%^†	$0	-	3 Month CD - Bonus
2.51%^†	$0	-	6 Month CD - Bonus
2.50%^†	$0	-	3 Month CD
2.50%^†	$0	-	6 Month CD
2.50%^†	$0	-	Business 3 - 5 Month CD
2.50%^†	$0	-	Business 6 - 11 Month CD
2.01%^*^†	$100k^*	-	1 Year CD - Bonus
OTHER TIERS: 1.51% → $0 - $100k
2.00%^*^†	$100k^*	-	1 Year CD
OTHER TIERS: 1.50% → $0 - $100k
2.00%^*^†	$100k^*	-	Business 12 - 23 Month CD
OTHER TIERS: 1.50% → $0 - $100k
2.00%^*^†	$100k^*	-	Business 24 - 35 Month CD
OTHER TIERS: 1.50% → $0 - $100k
2.00%^*^†	$100k^*	-	Business 36 - 47 Month CD
OTHER TIERS: 1.50% → $0 - $100k
2.00%^*^†	$100k^*	-	Business 48 - 59 Month CD
OTHER TIERS: 1.50% → $0 - $100k
2.00%^*^†	$100k^*	-	Business 60 - 71 Month CD
OTHER TIERS: 1.50% → $0 - $100k
2.00%^*^†	$100k^*	-	Business 72 - 144 Month CD
OTHER TIERS: 1.50% → $0 - $100k

APY	MIN	MAX	ACCOUNT NAME
4.76%^†	$2.5k	-	4 Month IRA Special - Bonus
4.51%^†	$2.5k	-	7 Month IRA Special - Bonus
4.50%^†	$2.5k	-	4 Month IRA Special
4.25%^†	$2.5k	-	7 Month IRA Special
4.01%^†	$2.5k	-	11 Month IRA Special - Bonus
3.75%^†	$2.5k	-	11 Month IRA Special
2.51%^†	$0	-	3 - 5 Month IRA - Bonus
2.51%^†	$0	-	6 - 11 Month IRA - Bonus
2.50%^†	$0	-	3 - 5 Month IRA
2.50%^†	$0	-	6 - 11 Month IRA
2.01%^*^†	$100k^*	-	12 - 23 Month IRA - Bonus
OTHER TIERS: 1.51% → $0 - $100k
2.01%^*^†	$100k^*	-	24 - 35 Month IRA - Bonus
OTHER TIERS: 1.51% → $0 - $100k
2.01%^*^†	$100k^*	-	36 - 47 Month IRA - Bonus
OTHER TIERS: 1.51% → $0 - $100k
2.01%^*^†	$100k^*	-	48 - 59 Month IRA - Bonus
OTHER TIERS: 1.51% → $0 - $100k
2.01%^*^†	$100k^*	-	60 - 71 Month IRA - Bonus
OTHER TIERS: 1.51% → $0 - $100k
2.01%^*^†	$100k^*	-	72 - 144 Month IRA - Bonus
OTHER TIERS: 1.51% → $0 - $100k
2.00%^*^†	$100k^*	-	12 - 23 Month IRA
OTHER TIERS: 1.50% → $0 - $100k
2.00%^*^†	$100k^*	-	24 - 35 Month IRA
OTHER TIERS: 1.50% → $0 - $100k
2.00%^*^†	$100k^*	-	36 - 47 Month IRA
OTHER TIERS: 1.50% → $0 - $100k
2.00%^*^†	$100k^*	-	48 - 59 Month IRA
OTHER TIERS: 1.50% → $0 - $100k
2.00%^*^†	$100k^*	-	60 - 71 Month IRA
OTHER TIERS: 1.50% → $0 - $100k
2.00%^*^†	$100k^*	-	72 - 144 Month IRA
OTHER TIERS: 1.50% → $0 - $100k
0.02%^†	$0	-	1 - 2 Month IRA - Bonus
0.01%^†	$0	-	1 - 2 Month IRA

Wells Fargo Bank

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Data as of Q2 2024

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