Your Wells Fargo Checking Account Might Get More Expensive in November
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Wells Fargo is raising the monthly service fee on its Wells Fargo Everyday Checking account from $10 to $15 and tightening one of the most common waiver rules.
As of Oct. 25, you'll need to maintain a $1,500 minimum daily balance (up from $500) to avoid the charge. The bank is also adding a new option to waive the fee if you keep $5,000 or more in combined deposit or investment balances with Wells Fargo.
Other waiver paths, like $500+ in direct deposits, being 17 to 24 years old, or having qualifying military deposits, remain unchanged.
Why it matters
A $15 monthly fee may not sound like much, but it adds up to $180 a year. That essentially wipes out the interest many people earn from a basic savings account.
If you've been keeping a low balance or only using Wells Fargo for direct deposits and bill pay, this change could eat into your savings unless you meet one of the new waiver thresholds.
A smarter alternative: SoFi Checking and Savings (Member FDIC)
If Wells Fargo's new $15 fee feels like a step backward, SoFi® might be the forward move.
The only thing better than a high-yield savings account is one that comes with a strong checking account too. The SoFi Checking and Savings (Member FDIC) combo has earned a spot on both our Best High-Yield Savings and Best Checking Accounts lists for 2025.
This account has no monthly fees, no minimums, and early access to direct deposits. Even better, new customers can also snag a limited-time offer: Earn up to $300 and +0.70% Boost on Savings APY with direct deposit. Terms apply.
It's all managed through SoFi®'s sleek online platform, which combines checking, savings, investing, and even personal loans under one roof. If you're comfortable with an online-only setup, it's one of the most rewarding all-in-one accounts available right now. Read our full review to learn more.
On SoFi's Secure Website.
Member FDIC.
SoFi Checking and Savings
On SoFi's Secure Website.
= Best
= Excellent
= Good
= Fair
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= Best
= Excellent
= Good
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= PoorOn SoFi's Secure Website.
- Competitive APY on both Savings and Checking
- No monthly account fee
- Welcome bonus up to $300 (direct deposit required)
- ATM access
- Unlimited number of external transfers (up to daily transaction limits)
- FDIC insured (up to $3M with opt-in to SoFi Insured Deposit Program)
- Early access to direct deposits
- Tools to help you track savings goals
- Combo account only; no stand-alone savings or checking
- Maximum Savings APY requires direct deposit
- No branch access; online only
- Overdraft protection requires monthly direct deposit minimum
For those who plan to set up direct deposit with their new account, we think SoFi Checking and Savings (Member FDIC) is hard to beat. Not only does this savings account offer a strong APY, but the linked checking account earns an above-average rate, too -- which is a rare perk. Plus, new customers earn a bonus of up to $300 with eligible direct deposit. Frankly, it's the kind of combo that could make it worthwhile to switch banking relationships.
Your next steps
The smartest move is to plan now. Review your balance habits, check your deposits, and decide whether this account still fits your needs.
A few minutes today could save you $180 a year and possibly earn you more in interest elsewhere.
Our Research Expert
Jake FitzGerald is a full-time Editorial Strategist and Personal Finance Writer at Motley Fool Money, leading content production and distribution while also writing about credit cards, bank accounts, and other financial products. He has more than a decade of experience editing and shaping financial content to give readers clear, trustworthy money advice. His work focuses on delivering practical insights that empower people to make smarter financial decisions. Off the clock, he’s a fan of college football tailgates and still loyal to his favorite putter -- despite what his short game suggests.