Wells Fargo Bank Checking and Savings Account Review
Joy Wallet is advertiser-supported: we may earn compensation from the products and offers mentioned in this article. However, any expressed opinions are our own and aren't influenced by compensation. To read our full disclosure, click here.
Fast Facts
Availability:
In 33 states and District of Columbia
Minimum deposit:
$25
Fee:
$5-$35; waivable
Overdraft fees:
$35
ATM access:
13,000 in-network ATMs
Savings APY:
0.26% – 2.51%
Finding the right checking and savings account to fit your lifestyle can be challenging. There are more options than ever in the marketplace, and many banks appear to have identical services. Understanding the difference between checking and savings accounts can be tough.
One of the country’s top national banks is Wells Fargo. While many Americans turn to Wells Fargo for checking and savings account services, they may not be right for you. Below, I’ll explain everything you need to know about Wells Fargo’s checking and savings accounts.
Related: How to Choose a Bank
Jump To
What is Wells Fargo Bank?
Wells Fargo & Company (WFC) has been a financial services company in the United States for over 160 years. Wells Fargo was first established in 1852 as Wells, Fargo & Co. and later rebranded to Wells Fargo. Wells Fargo has over 4,700 locations nationwide.
Wells Fargo is headquartered in San Francisco and had over $1.5 trillion in assets at the end of July 2024. The FDIC insures Wells Fargo's deposits. It offers many banking services, such as checking and savings accounts, small business and commercial banking, credit cards, loans, mortgage equal housing lenders, wealth management, and investing through WellsTrade.
Better banking is here.
- No account fees
- Earn up to 4.50% APY
- Up to 2-day-early-paycheck
- No-fee Overdraft Coverage.
- Do it all in one app.
- Up to $2M of additional FDIC insurance through a network of participating banks.
How do Wells Fargo checking and savings accounts work?
When banking with Wells Fargo, you can choose from four checking and three savings accounts. They also offer access to a large network of over 13,000 in-network ATMs across the country, which benefits anyone who does not live near a physical Wells Fargo branch.
To open a checking or savings account, visit a Wells Fargo bank branch or apply directly online.
These are Wells Fargo’s available checking account types:
- Everyday Checking. Best for college students and individuals looking for a low-cost checking option with low balance requirements.
- Clear Access Banking. Best for anyone who does not need paper checks, needs access to basic banking tools, and wants overdraft protection.
- Prime Checking. Best for anyone with high bank account balances who want discounts and fee waivers for many banking services.
- Premier Checking. Best for individuals with high balances looking for premium benefits, discounts and fee waivers for most banking services.
While Wells Fargo only offers free checking services for college students, I like that their Everyday Checking account has easy ways to waive monthly fees, while their Clear Access Banking account has a low monthly fee. On the downside, I do not like Wells Fargo’s minimum account deposit requirements.
These are the three savings account types at Wells Fargo:
- Way2Save Savings. Best for new savers looking to build up savings automatically.
- Platinum Savings. Best for intermediate savers looking to earn higher interest rates on deposits.
- Wells Fargo CDs. Best for individuals looking to earn interest on deposits over set increments.
Wells Fargo’s savings accounts are clearly defined, which is not always true for most banks. While even their basic savings account has a monthly fee, Wells Fargo offers numerous ways to waive it, which will be easy for most individuals to meet. On the downside, even Wells Fargo’s highest savings rates are below many online banks’ rates, though they’re on par with other national banks with a physical presence.
How much does Wells Fargo cost?
There are different charges and requirements you’ll want to be aware of when opening a Wells Fargo checking or savings account, including monthly charges, waiver options, and minimum deposit requirements for each account:
Checking Account | Monthly fee | How to avoid fees | Minimum opening deposit |
Everyday | $10 | $500/mo direct deposit OR minimum daily balance of $500 | $25 |
Clear Access Banking | $5 | Primary account owner is 13 to 24 years old | $25 |
Prime | $25 | $20,000 or more in statement-ending qualifying linked balances | $25 |
Premier | $35 | $250,000 or more in statement-ending qualifying linked balances | $25 |
Here are the fees and requirements for Wells Fargo’s savings accounts:
Savings account | Monthly fee | How to avoid fees | Minimum deposit |
Way2Save | $5 (free under 18) | Save-as-you-go transfers, $300 daily balance, automatic transfers | $25 |
Platinum | $12 | $3,500 minimum daily balance each fee period | $25 |
Wells Fargo CDs | $0 | N/A | $2,500 |
Better banking is here.
- No account fees
- Earn up to 4.50% APY
- Up to 2-day-early-paycheck
- No-fee Overdraft Coverage.
- Do it all in one app.
- Up to $2M of additional FDIC insurance through a network of participating banks.
Wells Fargo features
Now that you understand Wells Fargo's main checking and savings accounts, I’ll walk you through some key features the bank offers.
Low monthly charges
I wish Wells Fargo had at least one free monthly account for anyone who isn’t a student, but I do love that the monthly fees are much lower than those of competitors. Wells Fargo also makes it easy to waive these monthly fees, with more and lower minimum requirements than most national banks.
Simple account tiers
While many national banks offer a variety of checking and savings accounts, it’s often difficult to understand which account is best for you. I like that Wells Fargo’s accounts are all easily explained, with fees and requirements detailed.
Free checking and savings for college students and minors
If you’re a student between 13 and 24, Wells Fargo offers free checking and savings accounts with no balance requirements. However, you will have to meet the minimum opening deposit requirement of $25 to open an account.
Built-in overdraft protection
Wells Fargo has high overdraft fees ($35) but offers the Clear Access Banking checking account designed to protect you from these fees. If you’ve overdrafted in the past or worry about possibly spending more than you may have from time to time, this feature is worth looking into.
Large network of branches and ATMs
You’d expect Wells Fargo to be well-spread nationwide as a national bank. This bank has about 4,700 branch locations and more than 13,000 in-network ATMs. Their large selection of service locations makes them a better choice than most national banks, especially if you don’t live near Wells Fargo.
Mortgages
Wells Fargo provides various home mortgage products, including fixed-rate and adjustable-rate mortgages. Fixed-rate mortgages provide stability with consistent interest rates over the life of the loan, making budgeting predictable. Alternatively, adjustable-rate mortgages offer initial lower interest rates that may adjust periodically. Wells Fargo's mortgages come with the flexibility to suit various financial situations and goals.
Brokerage services
Wells Fargo provides access to various investment products, including stocks, bonds, mutual funds, exchange-traded funds (ETFs), and more. With a commitment to personalized financial guidance, their team of skilled financial advisors can assist clients in crafting investment portfolios aligned with their financial objectives and risk tolerance. Additionally, Wells Fargo offers a robust online trading platform for self-directed investors, empowering them with the tools and resources to make informed investment decisions.
Insurance
Wells Fargo has long been recognized for its diverse array of insurance products designed to meet the varied needs of its customers. From safeguarding homes and vehicles with property and casualty insurance to securing financial futures with life insurance, Wells Fargo's insurance arm, Wells Fargo Insurance Services, provides a comprehensive suite of options. The bank also extends its coverage to health and disability insurance, protecting individuals and families against unexpected medical expenses and income loss due to accidents or illness.
Who is Wells Fargo best for?
College students
Balancing schoolwork should be your main priority during college, which is why I love that Wells Fargo offers free checking and savings accounts for students up to 24 years of age. Many national banks offer free checking or savings, but Wells Fargo delivers on both fronts.
Anyone searching for affordable checking and savings
Although Wells Fargo doesn’t have the highest rates (0.26% – 2.51%), it certainly has some of the most affordable, low-price checking and savings accounts. If you feel more comfortable with an established bank with brick-and-mortar locations and a digital presence, Wells Fargo is one of the most affordable national banks available.
Who shouldn’t use Wells Fargo?
Some individuals outside of Wells Fargo’s 33 serviced states
Having a physical bank branch nearby is no longer important to enjoy great checking and savings accounts. However, I understand some people may prefer to have a bank close by (or within reasonable driving distance) just in case. You might want to find a different banking option if you live outside Wells Fargo’s 33-serviced states and the District of Columbia.
Anyone interested in high interest rates
Wells Fargo’s savings rates aren’t very impressive. If you’re looking for a savings account that can grow your money, you’re better off looking for a high-yield savings account with a competitive rate with an online-only bank.
Better banking is here.
- No account fees
- Earn up to 4.50% APY
- Up to 2-day-early-paycheck
- No-fee Overdraft Coverage.
- Do it all in one app.
- Up to $2M of additional FDIC insurance through a network of participating banks.
Wells Fargo pros and cons
Now that you understand if Wells Fargo is a good fit for you, I’ll run you through some additional pros and cons you’ll want to know when banking here.
Pros
- Access to 4,700 branches and 13,000+ ATMs. When looking at some of the top national banks, Wells Fargo blows the competition away when it comes to banking presence.
- Affordable checking and savings options. Wells Fargo makes it easy to afford a checking and savings account with low monthly fees and numerous ways to waive these fees. The minimum balance and transfer requirements to waive fees are also much lower than competitors with similar accounts.
- Free money transfers with Zelle. Like many other national banks, Wells Fargo allows you to easily transfer money to family and friends using Zelle. Wells Fargo offers Zelle transfers through Wells Fargo Online and Mobile interfaces and does not charge a fee for this service.
Cons
- Minimum deposits required. Although I love Wells Fargo’s checking and savings account options, it was disappointing to see that all of them require a $25 minimum deposit to open an account. Although this is a small requirement compared to some other banks, you can find several national banking institutions without minimum deposit requirements.
- Complex overdraft structure. Unless you’re signed up for the Clear Access Banking account, Wells Fargo’s overdraft policies may seem a bit confusing. If you do overdraw on your account, you can be charged an overdraft fee of $35 up to three times a day. You can link your checking and savings account to prevent this fee.
- High out-of-network ATM fees. Wells Fargo has tens of thousands of in-network ATMs, but if you’re unable to find one or happen to not live near one, you’ll be charged a hefty $2.50 ATM service fee for any out-of-network transactions.
Wells Fargo vs. competitors
Now that you thoroughly understand Wells Fargo's features, benefits, and drawbacks, I’ll show you how this banking giant stacks up against other top banks in the country.
Wells Fargo vs. Citibank
One of Wells Fargo’s main competitors is Citibank. This top financial institution offers many of the same services as Wells Fargo, but there are important differences you should be aware of between these two banks.
Wells Fargo and Citibank offer a good selection of checking and savings accounts. Citibank offers more, but its account tiers are slightly confusing, poorly laid out, and defined as Wells Fargo’s. But here's the best part: Citi has eliminated overdraft fees, returned item fees, and overdraft protection fees.
Wells Fargo has more locations and in-network ATMs than Citibank and seems to have more options for low-to-mid-income earners. On the other hand, Citibank has no minimum deposit requirements to open an account.
Lastly, Citibank’s biggest advantage over Wells Fargo is its high-yield savings account, which can earn you up to 4.45% on your deposits. Not all zip codes qualify for this APY, but if yours does, you can grow your savings faster than with Wells Fargo.
Wells Fargo vs. PNC Bank
PNC Bank is another top competitor of Wells Fargo. These banks also have similar checking and savings account options with a few distinctions worth highlighting.
Wells Fargo and PNC Bank offer free checking and savings options for college students and minors. They also have high overdraft fees and require monthly fees for most accounts. Neither of these banks has particularly great savings rates, either.
Wells Fargo, however, has more physical branch locations than PNC Bank, which might benefit some individuals. PNC Bank offers more robust digital tools than Wells Fargo and requires that you pay a $25 minimum deposit at a branch, but this doesn't apply if you open the account online.
Bank | Minimum deposit | Monthly fee | Savings APY | Overdraft Fee | Number of branches |
Wells Fargo | $25 | $10 | 0.26% – 2.51% | $35 each, 3/day | 4,700 |
Citibank | $0 | $10 to $25 | 4.45% | $0 | 723 |
PNC Bank | $25 | $7 - $25 | 4.65% | $36 each, 4/day | 9,523 |
FAQs
How much money do I have to keep in my Wells Fargo account?
Wells Fargo does not have a minimum balance requirement. However, if you want to avoid monthly fees, maintaining a certain balance per day might be a way to waive this fee.
How much does it cost to open a checking and savings account at Wells Fargo?
For most individuals, it will cost $25 to open a checking and/or savings account with Wells Fargo.
Is Wells Fargo’s savings account good?
Wells Fargo’s savings accounts have a lot of unique options, such as automatic transfer rules. However, Wells Fargo’s savings account rates are on the low side and won’t earn you as much interest as other accounts.
The bottom line
Wells Fargo is one of the oldest and strongest banks in the nation, with a large physical presence and comprehensive digital tools. I enjoy this bank’s easy-to-understand account options and affordable checking and savings plans. I also like that they offer over 13,000 in-network ATMs.
You can bank with Wells Fargo whether you live near a branch, but you might want to search for a comparable bank nearby if you’re outside of this bank’s serviced area. You should also shop around if you’re looking to build your savings in a high-yield account.
You can learn more at wellsfargo.com.
Joy Wallet is an independent publisher and comparison service, not an investment advisor, financial advisor, loan broker, insurance producer, or insurance broker. Its articles, interactive tools and other content are provided to you for free, as self-help tools and for informational purposes only. They are not intended to provide investment advice. Joy Wallet does not and cannot guarantee the accuracy or applicability of any information in regard to your individual circumstances. We encourage you to seek personalized advice from qualified professionals regarding specific investment issues. Featured estimates are based on past market performance, and past performance is not a guarantee of future performance.
Our site doesn’t feature every company or financial product available on the market. We are compensated by our partners, which may influence which products we review and write about (and where those products appear on our site), but it in no way affects our recommendations or advice. Our editorials are grounded on independent research. Our partners cannot pay us to guarantee favorable reviews of their products or services.
We value your privacy. We work with trusted partners to provide relevant advertising based on information about your use of Joy Wallet’s and third-party websites and applications. This includes, but is not limited to, sharing information about your web browsing activities with Meta (Facebook) and Google. All of the web browsing information that is shared is anonymized. To learn more, click on our Privacy Policy link.
Images appearing across JoyWallet are courtesy of shutterstock.com.
Writer
Courtney Johnston is a freelance writer, specializing in finance, travel, and health. She has written for The Chicago Tribune, Benzinga, BestReviews, Mashvisor, Fundera, MoneyGeek, and The Culture Trip. She also teaches writing instruction at the University of Indianapolis. Courtney currently resides in Indianapolis.
Share this article
