Wells Fargo Review: Great Loyalty Perks, Diverse Offerings, and a Large Branch Network

Poll a group of Wells Fargo customers about their experiences with the bank and you'll probably get a mixed bag. But there's no denying it offers some alluring perks you won't find with many competitors, like debit cards for savings account owners and discounts on loan products for customers with multiple accounts. Check out our full Wells Fargo review below to decide if it's right for you.

Wells Fargo offers two savings accounts, the Way2Save® Savings account and the Platinum Savings account.

Wells Fargo Way2Save® Savings

The Way2Save® Savings account is the better choice for teenagers and those who usually don't keep much money in savings. It has a $5 monthly fee, which can be waived in several easy ways

The interest rate is below the national average. Nevertheless, Wells Fargo tries to make up for it with other features you don't often see in brick-and-mortar savings accounts. For example, this account includes a debit card for direct access to cash.

It also offers automatic savings tools, like Save As You Go® transfers. If you have this feature enabled, Wells Fargo will automatically transfer $1 from your linked Wells Fargo checking account to your Way2Save® Savings account whenever you make a nonrecurring debit card purchase or pay a bill online.

Wells Fargo Platinum Savings

The Wells Fargo Platinum Savings account is the smarter option for those interested in doing all of their banking with Wells Fargo.

This account includes a debit card. It also features automatic savings transfers. You can link your Platinum Savings account to your Wells Fargo checking account as well for overdraft protection.

The monthly maintenance fee is $12, though you can avoid it if you maintain a minimum daily balance of $3,500. Both the fee and the balance requirement to have the banking fee waived are much higher than with the Way2Save® Savings account. Make sure you are comfortable meeting these before you sign up.

Wells Fargo offers one type of certificate of deposit (CD), explained in detail below.

Wells Fargo Standard CD

Wells Fargo Standard CDs give you the choice between a three-month, six-month, or one-year term, though additional terms may be available at your branch. Surprisingly, it doesn't offer traditional CDs with terms longer than one year, so it's not ideal for those who hope to build a CD ladder. Minimum balance requirements are not unreasonable, but they are a little higher than you see with some other banks. APYs are pretty low, even for those with larger balances.

Wells Fargo CD rates can't compete with the yields offered by online banks, nor do the banks standard CDs offer a flexible range of terms. We suggest reviewing alternatives to find the right CD account for you.

Wells Fargo has four personal checking accounts. All checking accounts have a $25 minimum opening deposit. The bank also charges overdraft fees of $35 up to three times per business day to checking account customers who don't have overdraft protection.

Wells Fargo Clear Access Banking

This bank account has a $5 monthly fee that's waived if you're 24 years old or younger or if you link a Wells Fargo Campus ATM Card or Campus Debit Card to the account. Those under 24 years old don't pay a monthly fee at all. Like the Everyday Checking account, it offers online and mobile banking tools as well as a debit card for easy access to your funds. However, you can't write checks from the account.

Wells Fargo Everyday Checking

The Wells Fargo Everyday Checking account pairs well with the Way2Save® Savings account. The account has a $10 monthly maintenance fee that's waived if you maintain a $500 minimum daily balance or have $500 worth of electronic deposits. The account is also free if you're a college student with a linked Wells Fargo student bank account or if you're age 24 and younger. The account includes online and mobile banking tools, plus budgeting tools, and it comes with a debit card and check-writing capabilities.

Prime Checking

This account offers a modest rate of interest and special perks like discounted rates on some Wells Fargo loan products. It also has higher limits for transferring money between banks than its other checking accounts. But you have to keep a balance of $20,000 at the end of each statement period to avoid its $25 monthly fee.

Premier Checking

The Premier Checking account requires a $250,000 balance at the end of each statement period to avoid the account's $35 monthly service fee. You can only open a Premier Checking account by visiting a Wells Fargo branch in person. The account offers a higher level of relationship banking benefits and discounts than the Prime Checking account.

Wells Fargo scored second to last in the 2022 J.D. Power U.S. National Banking Satisfaction Study. This may be a source of concern for some potential customers, particularly those who are interested in a brick-and-mortar bank because they believe it offers superior customer service.

The bank's customer service may not affect your day-to-day experience, though, particularly if you're used to managing most of your money online.

Wells Fargo offers fee waivers on most of its accounts to customers who are able to meet certain requirements. It also offers higher interest rates to Prime Checking customers who open other accounts with the bank. Curiously, it doesn't extend these benefits to customers with other checking accounts.

Prime Checking customers can also look forward to additional perks, like discounts on Wells Fargo loans and investment accounts, as well as additional fee waivers if they maintain a certain balance. These are rarer perks that may appeal to those who are interested in Wells Fargo's services beyond banking.

Wells Fargo is a smart choice for you if:

• You like being rewarded for being a loyal customer.
• You enjoy banking in person and want access to a large branch network.
• You want to do all of your banking and investing in one place.

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