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*Annual Percentage Yield
**Accurate as of May 2024, assuming FDIC average savings rate of 0.45% and $2,500 deposit.
Why You Can Trust the MarketWatch Guides Team
Here’s a breakdown of how we reviewed and rated top banks and credit unions
130
Institutions MonitoredOur team reviewed more than 100 of the country’s largest and most prominent financial institutions, from big banks like Chase and Bank of America to credit unions like Navy Federal Credit Union and PenFed Credit Union.
688
Products StudiedTotal number of checking, saving, CDs, and money-market accounts that inform our review ratings.
719
Rates TrackedThe accounts with an annual percentage yield (APY) several times the national average rate receive the highest scores. Accounts with the lowest APY offering (under 1%) earn the least points.
10
Professionals ConsultedBefore we began our research process, we consulted with financial advisors and industry experts to ensure our evaluations covered the banking product aspects that matter most to potential customers.
Our Wells Fargo Ratings
Wells Fargo is the third largest bank in the U.S., with consolidated assets of over $1.7 billion, as reported by the Federal Reserve, and branches in 36 states and Washington, D.C. The company offers a wide array of financial services, including consumer and commercial banking, wealth management, investment banking and lending.
We at the MarketWatch Guides team give Wells Fargo 3.8 out of 5 stars after evaluating factors including its branch availability, account fees, interest rates and customer support. The company gains points for the number of products it offers, its large number of physical branches and its mobile app. It loses points for its F rating from the Better Business Bureau (BBB) and the fact that it offers a limited selection of CD terms online.
Here’s how the company scores in each of our review categories:
Flip Card Wells Fargo
Wells Fargo Rating 3.8 / out of 5 stars
Rating breakdown
Banking Experience and Access Pros: Products, customer service. Cons: Fewer ATMs than competitors, BBB rating 4.2 / 5
Checking Pros: Sign-up bonus, Zelle, waived ATM fees. Cons: Overdraft fees, monthly fees 4.3 / 5
Savings Pros: Low minimum opening deposit. Cons: Monthly fees, low APYs 3.6 / 5
Certificate of Deposits (CDs) Pros: Higher featured APYs. Cons: High minimum opening deposits, few options available online 3.4 / 5
*Ratings are determined by our editorial review team. Learn more about our scoring methodology. Our review team reached out to Wells Fargo for a comment on its savings account and CD scores but did not receive a response.
Wells Fargo vs. Other Top Banks
When you compare Wells Fargo to other large banks, it trails our highest-rated picks. It offers many of the features you’d expect to find with a bank of its size, such as thousands of physical locations, a widespread ATM network, an easy-to-use app and a variety of financial products.
The factors keeping this bank from earning higher ratings in our review include its monthly maintenance fees, lower APYs and generally poor customer service ratings. Here’s how Wells Fargo compares to three of the country’s largest banks:
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Rating
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| Bank | Rating | Number of Branch Locations | Number of ATM Locations | See More |
|---|---|---|---|---|
3.8 | 4,600 | 11,000 | Compare Rates | |
4.2 | 650 | Access to over 65,000 | Compare Rates | |
4.0 | 4,700 | 16,000 | Compare Rates | |
4.0 | 3,900 | 15,000 | Compare Rates |
| Bank | Rating | Number of Branch Locations | Number of ATM Locations | See More |
|---|---|---|---|---|
3.8 | 4,600 | 11,000 | Compare Rates | |
4.2 | 650 | Access to over 65,000 | Compare Rates | |
4.0 | 4,700 | 16,000 | Compare Rates | |
4.0 | 3,900 | 15,000 | Compare Rates |
No results were found.
*The bank offers a low fee that is waivable if at least one requirement is met, such as recurring direct deposit, a minimum monthly balance or a linked savings account. Requirements vary by bank.
>> Related:Learn more about thebest online banks
Wells Fargo Overview
For those who prefer to keep all of their bank accounts in one place, Wells Fargo delivers. The bank’s deposit offerings include checking accounts, savings accounts and CDs, but no money-market accounts. It also offers credit cards; loans; and commercial, small-business, corporate and investment banking.
You’ll often find higher fees with Wells Fargo than with some competing banks, although in some instances, the bank will waive those fees. Also, the interest rates on its deposit accounts generally aren’t as competitive as you’ll find with online banks and credit unions.
Wells Fargo is best for someone who prioritizes banking in person and keeping their financial products under one roof over getting the highest rates on their deposits. But if you’re looking for no-fee accounts, no minimum opening deposit and higher APYs – all of which are top considerations according to our latest MarketWatch Guides banking survey – an online bank or credit union might be a better choice.
>> Related: Learn more about where to find a Wells Fargo near you
Wells Fargo Bank Accounts
As one of the nation’s largest banks, Wells Fargo provides numerous deposit products designed to fit the needs of clients ranging from teens setting up their first checking accounts to adults planning for retirement. Its personal-banking services include four types of checking accounts, two savings accounts and CDs, including special-rate and fixed-rate options with terms ranging from three months to one year. With the bank’s Early Pay Day feature, account holders can get access to eligible direct deposits up to two days sooner.
| Wells Fargo Account | Standard APY* | Relationship APY* | Minimum Opening Deposit | Minimum Account Balance |
|---|---|---|---|---|
| Clear Access Banking | N/A | N/A | $25 | None |
| Everyday Checking | N/A | N/A | $25 | None |
| Prime Checking | 0.01% | N/A | $25 | None |
| Premier Checking | 0.01% | N/A | $25 | None |
| Way2Save Savings | 0.01% | N/A | $25 | None |
| Platinum Savings | 0.25% to 2.50% | 0.26% to 2.51% | $25 | None |
| Special fixed-rate CD | 4.25% to 4.75% | 4.51% to 5.01% | $5,000 | $5,000 |
| Standard fixed-rate CD | 1.50% to 2.50% | 1.51% to 2.51% | $2,500 | $2,500 |
Wells Fargo Checking Accounts
4.3
Wells Fargo Checking Accounts
*Service fees can be waived if you meet certain minimum balance or direct deposit criteria
**All accounts offer optional overdraft protection
Wells Fargo Checking Account Overview
Wells Fargo offers four types of checking accounts. We give the bank’s checking products a rating of 4.3 stars out of 5. Although we give high marks for the variety of accounts offered within this category, they generally require you to have other Wells Fargo accounts or maintain minimum balances to get monthly fees waived.
Pros and Cons
Pros No minimum balance requirements on any checking accounts No overdraft fees for those with overdraft protection, and those without it get a grace period of one business day to cover shortfalls No monthly fees on student checking for account holders aged 13 to 24 Free checks, ATM fee waivers and discounted loan rates for Premier Checking customers Cons Charges hefty overdraft fees while competitors such as Bank of America and Capital One have reduced or eliminated theirs Low deposit rates for its Prime and Premier checking accounts compared to many other online banks with interest checking
Wells Fargo Checking Account Options
Clear Access Banking
Clear Access Banking is a low-cost option designed for teens, students or first-time account holders. This account can be set up with a minimum of $25. There’s also no minimum account balance after that. Clear Access Banking doesn’t charge overdraft fees because you typically won’t be able to overdraw the account.
There is a $5 monthly service fee that can be waived if the primary account holder is 13 to 24 years old and if they have a Wells Fargo Campus ATM or debit card linked to the account.
While you can’t write paper checks with this account, you can make payments via debit card, Zelle or your digital wallet, which can be more appealing choices for tech-savvy customers.
Everyday Checking
Everyday Checking, which Wells Fargo says is its most popular checking account, can be another good choice for younger customers. There’s a $25 minimum deposit to set it up, but there are no ongoing balance requirements. You can get the $10 monthly service charge that’s attached to this account waived if the primary account holder is 17 to 24 years old, a Campus ATM or debit card is linked to the account if they or you maintain a $500 minimum daily balance or receive at least $500 in qualifying deposits during each fee period. You can avoid Wells Fargo’s $35 overdraft fee by opting in to overdraft protection.
Prime Checking
Prime Checking offers a small bit of interest and relationship rates on other Wells Fargo products. Perks include discounted banking services and fee waivers for out-of-network ATMs. There’s a steep $25 monthly service charge, which you can avoid by having $20,000 or more in linked Wells Fargo deposit and investment accounts.
Premier Checking
Wells Fargo’s Premier Checking account pays a small APY. The minimum deposit is $25, but there’s no minimum balance required. The account charges a $35 monthly fee, which can only be waived if you keep $250,000 or more in linked Wells Fargo accounts. Perks include relationship rates on certain loans and deposit accounts, worldwide ATM fee waivers, international debit card fee waivers and discounts on investment advising.
Wells Fargo Savings Accounts
3.6
*Service fees can be waived if you meet certain minimum balance or direct deposit criteria
Wells Fargo Savings Account Overview
We rate Wells Fargo’s savings accounts 3.6 stars out of 5. It gains points for its low minimum opening deposits and features such as its Save As You Go automatic transfers. However, Wells Fargo loses points for its monthly fees and its APYs, which are substantially lower than the national average unless you have an account balance of at least $100,000.
The bank offers two types of savings accounts: Way2Save and Platinum Savings. While both accounts require low minimum opening deposits, they have monthly fees and lower APYsthan many high-yield savings accounts.
Pros and Cons
Pros Automatic transfers from linked Wells Fargo checking to Way2Save Savings each time you use your debit card or bill pay Low $25 minimum opening deposit for both accounts Cons High account balances required for Platinum Savings’ best rates, which don’t beat most high-yield savings accounts $5 (Way2Save) or $12 (Platinum) monthly service fee unless you meet account balance or activity requirements
Wells Fargo Savings Account Options
Way2Save Savings
The Way2Save Savings account has a $25 minimum opening deposit requirement and a $5 monthly service fee. The fee is waived if the primary account holder is 24 or younger or if they maintain a $300 minimum daily balance or make a qualifying automatic transfer from a linked Wells Fargo checking account.
Way2Save can help you build savings by automatically transferring $1 to your savings account each time you use the bill pay feature or your Wells Fargo debit card. You can also set up regular automatic transfers of $25 or more per month or $1 or more per day from your linked Wells Fargo checking account.
Platinum Savings
Wells Fargo Platinum Savings pays higher APYs for higher balances, with the best rates going to customers with $1 million or more in the account. It has a $25 minimum opening deposit and a $12 monthly service fee, which can be waived if you maintain a $3,500 minimum daily balance each fee period. A fee period at Wells Fargo can have 25 or 35 days and doesn’t always match a calendar month.
While the Wells Fargo Platinum Savings account offers higher APYs than the Way2Save account, both have much lower rates than what you can typically earn with online banks.
Wells Fargo CDs
3.4
APY accurate as of May 29, 2024. Rates listed are for San Francisco.
*On deposits below $100,000. 2.00% on deposits of $100,000 or more
**On deposits up to $100,000. 2.01% on deposits of $100,000 or more
Wells Fargo CD Account Overview
We give Wells Fargo’s CDs 3.4 stars out of 5. The bank gains points for its featured CD having a high APY but loses points for offering few CDs online and requiring a high $2,500 or $5,000 minimum opening deposit.The bank offers a seven-month special-rate CD and three standard fixed-rate CDs withthree-month, six-month and one-year terms. Although the APY range of Wells Fargo’s standard fixed-rate CDs is above the national average for CDs, it’s similar to the ranges of many other top traditional banks.
Pros and Cons
Pros Competitive APY on its featured CD Slightly higher APYs if you qualify for relationship rates by linking a Prime or Premier checking account Cons Much higher minimum deposits ($2,500 or $5,000) than competitors such as Bank of America ($1,000) or Capital One (no minimum) Only four CD terms offered online (must visit a branch for more options)
Wells Fargo CD Account Options
Special Fixed-Rate CD
The special fixed-rate CD currently comes in a seven-month option, but the available CD terms may change sincethis is a promotional offer. The APY is higher for Wells Fargo customers who have a linked Prime or Premier Checking account.
The seven-month CD has a high minimum opening deposit of $5,000. In comparison, Bank of America CDs have a $1,000 minimum opening deposit, and Capital One CDs have no minimum deposit. The Wells Fargo early withdrawal penalty for terms ranging from three to 12 months is three months’ interest.
Standard Fixed-Rate CD
Wells Fargo also offers three- and six-month fixed-rate CDs, as well as a one-year fixed-rate CD with a higher APY for deposits of $100,00 or more. Additional CD terms are available if you open an account at a branch instead of online. All of Wells Fargo’s standard fixed-rate CDs have a $2,500 minimum opening deposit.
All of its CDs renew automatically unless you choose to change the term, make withdrawals or close the CD.
Wells Fargo Mobile App
Wells Fargo’s mobile banking app gets high ratings in both the App Store (4.9 of 5 stars with more than 8.8 million reviews) and Google Play (4.8 of 5 stars with more than 2.3 million reviews). The app is praised for being responsive and user-friendly in 5-star reviews but is criticized for excessive updates and slow-to-load pending charges in 2- and 3-star reviews.
In our banking survey, one Wells Fargo customer told MarketWatch Guides, “It’s incredibly easy to bank with Wells Fargo; they provide everything on the app.” Another customer liked “how easy their online mobile banking app is to navigate.”
The MarketWatch Guides team’s experience with the app has largely been positive, as well. One team member shared, “I pay bills and check balances with it frequently. I use it to make transfers as well. It's always been reliable and fast.”
Another team member agreed: “Wells Fargo's mobile app has served its purpose well: Accessing it is easy, reviewing my money history is very straightforward. I've sent money through Zelle multiple times — even to people overseas — and I've never had any issues.”
However, a third person’s experience wasn’t as positive: “The user interface isn't the best. 50% of the time I use the app, 50% I use my computer.”
Wells Fargo Reputation and Customer Satisfaction
Wells Fargo has made the news for its banking practices several times over the last decade. In a 2020 settlement with the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC), the bank agreed to pay a $3 billion penalty after confirming that it had created millions of accounts without customers’ consent between 2002 and 2016.
The bank launched major marketing campaigns in 2018 and 2019 aimed at rebuilding trust with its customers.
Consumer Financial Protection Bureau (CFPB) Violation
In 2022, the CFPB found that Wells Fargo had unlawfully repossessed vehicles and frozen accounts, improperly denied mortgage modifications and illegally charged surprise overdraft fees, impacting more than 16 million client accounts. The federal agency ordered Wells Fargo to pay out more than $2 billion directly to consumers and $1.7 billion to the CFPB as a civil penalty.
Wells Fargo CEO Charles Scharf stated in a press release at the time, “We have made significant progress over the last three years and are a different company today. We remain committed to doing the right thing for our customers and working closely with our regulators and others to deal appropriately with any issue that arises.”
According to the CFPB, these were not the bank’s only offenses. For instance, in 2016, Wells Fargo had been fined for creating unauthorized accounts and charging illegal fees for student loans.
Industry and Customer Reviews
The company has an average customer review score of 1.4 out of 5 stars on Trustpilot and almost 1.1 out of 5 stars on the BBB. However, these ratings are based on a small portion of Wells Fargo’s customers (over 1,100 on Trustpilot and over 900 on the BBB). Customer complaints include being dissatisfied with the resolution when fraudulent activity occurs on their accounts and having deposits and loan payments not applied to their accounts properly.
Wells Fargo’s Bauer Financial rating is 4 out of 5 stars, and its mobile app has 4.8 out of 5 stars in both Google Play and the Apple App Store. In the 2023 J.D. Power U.S. Retail Banking Satisfaction Study, Wells Fargo ranked below the regional average in 11 out of the 12 regions where it was represented.
In our December 2023 MarketWatch Guides consumer banking survey, 58% of respondents who listed Wells Fargo as their primary bank reported being “extremely satisfied” with the bank overall.
Our team reached out to Wells Fargo for comment on its banking practices and review scores. A representative directed us to the company’s statement about its December 2022 settlement with the CFPB and declined further comment.
Wells Fargo vs. Citi
Citibank only has about 650 physical branches in 13 states, so Wells Fargo wins when it comes to brick-and-mortar locations. But Citi has a much larger ATM network, with 65,000 available compared to Wells Fargo’s 11,000. Both banks have F ratings from the BBB.
Wells Fargo offers four checking account options while Citi only has two. But Citi’s checking accounts have no minimum opening deposit, no overdraft fees and low monthly fees that are easy to get waived. However, Citi doesn’t have early direct deposits like Wells Fargo.
Citi beats Wells Fargo out in savings, with lower monthly fees and a much higher APY on its Citi Accelerate Savings account, which doesn’t have a minimum opening deposit. While Wells Fargo offers CD APYs that are competitive with Citi’s, Citi has a larger selection of CD terms available online.
Wells Fargo vs. Chase
Chase has a larger physical presence than Wells Fargo, with 4,700 branches in 48 states and Washington, D.C., compared with Wells Fargo’s roughly 4,600 branches in 36 states and Washington, D.C. Chase also has a larger network of ATMs at 16,000 compared to Wells Fargo’s 11,000.
Wells Fargo’s monthly fees for checking and savings are slightly lower than Chase’s, and it has lower account balance requirements for getting the fees waived. Chase wins in the CD category — it offers many more term options online and has a lower minimum deposit ($1,000 compared to $2,500 or $5,000 with Wells Fargo). Chase doesn’t have online live chat like Wells Fargo.
Wells Fargo vs. Bank of America
Bank of America has nearly 4,000 branches compared to Wells Fargo’s roughly 4,600. But Bank of America offers more ATMs (15,000) than Wells Fargo. It also offers higher interest rates on savings accounts and CDs than Wells Fargo. However, Wells Fargo generally requires lower minimum opening deposits for checking accounts.
The Bottom Line: Is Wells Fargo Right for You?
As one of the largest banks in the U.S., Wells Fargo could be a strong choice for someone who doesn’t want to rate shop and have different products and loans across a variety of banks. Its interest rates on savings and checking accounts are comparable to rates from other traditional banks, but it can’t beat many of the online banks that don’t have the same overhead as brick-and-mortar institutions.
In spite of weathering several reputational and subsequent financial penalties, the bank has remained profitable and has repeatedly stated its commitment to repairing its reputation and strengthening its risk management and compliance processes to prevent further issues.
FAQ: Wells Fargo Reviews
Wells Fargo has monthly service fees ranging from $5 to $35 for its checking and savings accounts. Depending on which accounts you have, you may be able to get these fees waived if a primary account holder is 24 or younger, if you make eligible transfers or if you maintain a minimum daily balance from $500 to $250,000 for checking and $300 to $3,500 for savings.
Wells Fargo has 11,000 ATMs in 36 states and Washington, D.C. Customers can make fee-free transactions at Wells Fargo ATMs. Out-of-network ATM fees typically apply unless you have a premium account.
Wells Fargo has a highly rated mobile app that includes mobile check deposit, account transfers and Zelle. Its online banking platform has tools for bill pay, alerts, budgeting and more. Reviews rate Wells Fargo’s digital banking on par with competitors such as Chase, Bank of America and Citibank.
Methodology
Our team researched more than 100 of the country’s largest and most prominent financial institutions, collecting information on each provider’s account options, fees, rates, terms and customer experience. We then scored each firm based on the data points and metrics that matter most to potential customers. Read our full methodology.
**Data accurate at time of publication
Editor’s Note: Before making significant financial decisions, consider reviewing your options with someoneyou trust, such as a financial adviser, credit counselor or financial professional, since every person’s situation and needs are different.
If you have feedback or questions about this article, please email the MarketWatch Guides team ateditors@marketwatchguides.com.
Adam FrankelContributor
Adam B. Frankel is a MarketWatch Guide team contributor and portfolio manager. When he’s not managing money in the stock market, he teaches financial topics and other core concepts at local schools from elementary through high school.
