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

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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.

Best For: Diverse banking offerings

Wells Fargo

Rating image, 4.00 out of 5 stars.
Info Icon Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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4.00/5
Bottom Line

Wells Fargo offers a variety of banking accounts and relationship benefits, including rare perks like loan discounts, to those with multiple accounts. It's also one of the few banks to offer a debit card to savings account customers and its branch network shines with a large national footprint.

Pros
  • Variety of checking accounts
  • Relationship benefits for loyal customers
  • Debit card with savings accounts
  • Ability to bank all in one place
Cons
  • Checking account fees
  • Low APYs
  • Poor customer service
  • Missing common CD terms

Wells Fargo savings accounts review

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

Wells Fargo Way2Save® Savings account

The Way2Save® Savings account is the better choice for teenagers and those who usually keep less than $500 in savings. It has a lower monthly fee which can be waived in several easy ways.

The interest rate is not impressive. 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 account

The Platinum Savings account is the smarter option for those interested in doing all of their banking with Wells Fargo. Customers who open a Portfolio by Wells Fargo® checking account are eligible for a bonus APY on their Platinum Savings account. The bonus rate is not particularly impressive, but it's better than the standard rate.

This account also 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 -- and balance requirement to waive the banking fee -- are much higher than with the Way2Save® Savings account. Make sure you are comfortable meeting these before you sign up.

Compare savings accounts

Wells Fargo's savings accounts aren't competitive with the highest savings accounts rates found with online banks. Check out our picks for the best savings accounts or compare some select high-yield savings accounts below.

Rates as of Sept. 26, 2022
Offer
 
 
 
Account
Goldman Sachs Bank USA
Sponsored Listing
Rating
Rating image, 4.00 out of 5 stars.
Info Icon Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.00/5
Rating image, 4.00 out of 5 stars.
Info Icon Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.00/5
Rating image, 4.50 out of 5 stars.
Info Icon Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.50/5
APY 2.15% 1.90% 2.40%
Min. to earn APY $0 $1 $100
Next Steps

Wells Fargo CD accounts

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. Surprisingly, it doesn't offer traditional CDs with terms longer than one year. It's not the ideal choice 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.

Compare CD rates

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.

Rates as of Sept. 22, 2022
Lender
Account
1 yr. apy
2 yr. apy
3 yr. apy
4 yr. apy
5 yr. apy
Min. deposit
Early Withdrawal Penalty
Next Steps
Logo for Discover High Yield CD
Member, FDIC
2.70%
3.00%
3.10%
3.15%
3.25%
$2,500
Yes
Logo for Marcus by Goldman Sachs High Yield CD
Member, FDIC
Marcus by Goldman Sachs High Yield CD
3.00%
3.10%
3.15%
3.20%
3.30%
$500
Yes
Logo for CIT Bank CD
Member, FDIC
0.30%
0.40%
0.40%
0.50%
0.50%
$1,000
Yes

Wells Fargo checking accounts review

Wells Fargo has three checking accounts that are designed for the majority of consumers.

Wells Fargo Clear Access Banking℠ account

This checkless bank account has a low, waivable monthly fee and a reasonable opening deposit requirement. 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.

Wells Fargo Everyday Checking account

The Wells Fargo Everyday Checking account pairs well with the Way2Save® Savings account. It's free for college students and has reasonable requirements for waiving its maintenance fee for non-students. The account includes online and mobile banking tools, plus budgeting tools, and it comes with a debit card and check-writing capabilities.

Portfolio by Wells Fargo® account

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 substantial sum with the bank to avoid its monthly fee.

Compare checking accounts

If you're looking for other checking account options, start by browsing our experts' picks for best checking accounts.

Wells Fargo customer service and experience

Wells Fargo scored last in the latest 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.

It may not affect your day-to-day banking experience, though, particularly if you're used to managing most of your money online.

Wells Fargo relationship benefits

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 Portfolio by Wells Fargo® customers who open other accounts with the bank. Curiously, it doesn't extend these benefits to customers with other checking accounts.

Portfolio by Wells Fargo® 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. 

Alternatives to Wells Fargo

If Wells Fargo doesn't seem like the right bank for you, here are some other options that may suit you better.

Chase Bank

Chase is another national bank with a large branch network. It rewards its customers through relationship benefits. This bank fared better than Wells Fargo in J.D. Power's customer satisfaction survey and it has a high rating with the Better Business Bureau as well. Chase Bank offers several types of checking accounts, just like Wells Fargo. It also has a broader array of CDs for those who are interested in CD laddering or CDs with longer terms.

CIT Bank

CIT Bank is a popular online bank that offers high APYs to all customers, regardless of their account balance. A great example of this is the CIT Savings Connect account. CIT Bank doesn't have the same variety of checking accounts as Wells Fargo, but it does have a greater selection of CDs. The bank also offers home loans for customers who are interested in this.

Is Wells Fargo right for you?

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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