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
Affordable checking and savings options
Free money transfers with Zelle
Minimum deposits required
Complex overdraft structure
High out-of-network ATM fees
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|
How much money do I have to keep in my Wells Fargo account?
How much does it cost to open a checking and savings account at Wells Fargo?
Is Wells Fargo’s savings account good?
Does Wells Fargo have a spending limit?
Does Wells Fargo have senior discounts?
The bottom line
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