Wells Fargo Bank Checking and Savings Account Review
- What is Wells Fargo Bank?
- How do Wells Fargo checking and savings accounts work?
- How much does Wells Fargo Cost?
- Wells Fargo Features
- Who is Wells Fargo best for?
- Who shouldn’t use Wells Fargo?
- Wells Fargo Pros and Cons
- Wells Fargo vs. competitors
- The bottom line
What is Wells Fargo Bank?
How do Wells Fargo checking and savings accounts work?
- 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.
- Preferred Checking. Best for anyone with high bank account balances looking to earn interest on checking deposits.
- Portfolio by Wells Fargo. Best for individuals with high balances looking for the highest tier of checking services, benefits, and rewards.
- 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 of time.
How much does Wells Fargo Cost?
|Checking Account||Monthly Fee||Fees waived||Minimum Deposit|
|Everyday||$10 (free for ages 17 - 24)||$500/mo direct deposit OR average balance of $500||$25|
|Clear Access||$5 (free for ages 13 - 24)||N/A||$25|
|Preferred||$15||$1,000/mo direct deposit OR average account balance of $10,000 OR link Wells Fargo mortgage||$25|
|Portfolio||$30||$25,000/mo direct deposit OR average account balance of $50,000||$25|
|Savings Account||Monthly Fee||Fees waived||Minimum Deposit|
|Way2Save||$5 (free under 18)||Save-as-you-go transfers OR $300 daily balance OR automatic transfers||$25|
|Platinum||$12||$3,500 daily balance||$25|
|Wells Fargo CDs||$0||N/A||$2,500|
Wells Fargo Features
Low monthly charges
Simple account tiers
Free checking and savings for college students and minors
Built-in overdraft protection
Large network of branches and ATMs
Who is Wells Fargo best for?
Existing Wells Fargo customers
Anyone searching for affordable checking and savings
Who shouldn’t use Wells Fargo?
Some individuals outside of Wells Fargo’s 37 serviced states
Anyone interested in high interest rates
Wells Fargo Pros and Cons
- Access to 5,000+ 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.
- Minimum deposits required. Although I love Wells Fargo’s checking and savings account options, it was disappointing to see that nearly 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, but if the bank moves money from your savings to your checking to avoid overdrawing on your account, you’ll be charged a $12.50 transfer fee for each transaction. On the bright side, Wells Fargo also offers an “Overdraft Rewind” feature that eliminates overdraft fees if your direct deposit clears the day after an overdraft transaction occurs. Still, all these fees can add up and put a real dent in your finances.
- 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
Wells Fargo vs. Citibank
Wells Fargo vs. PNC Bank
|Bank||Minimum Deposit||Monthly Fee||Savings APY||Overdraft Fee||Number of Branches|
|Wells Fargo||$25||$10||0.01% – 0.04%||$35 each, 3/day||5,400|
|Citibank||$0||$4.50 - $30||0.04% – 0.70%||$34 each, 4/day||700|
|PNC Bank||$0||$7 - $25||0.01% – 0.065%||$36 each, 4/day||2,300|
The bottom line
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