Wells Fargo Bank Review for 2023
Whether you're interested in opening a checking account, savings account, or certificate of deposit (CD), Wells Fargo offers a variety of options to choose from.
This comprehensive Wells Fargo review aims to assist you in assessing whether these products align with your specific financial requirements.
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Wells Fargo Savings Accounts
Wells Fargo offers two main savings account options: the Way2Save® Savings account and the Platinum Savings account.
Way2Save® Savings Account from Wells Fargo Review
Though the Wells Fargo Way2Save® savings account doesn't offer high interest rates like some other online banks or credit unions, it does come with several perks and benefits.
- Low Minimum Opening Deposit: You only need $25 to open a Savings Account with Wells Fargo. This makes it an accessible option for those who don't have a lot of money to start saving but still want to take advantage of the benefits that come with having a savings account.
- Bonus Opportunities: If you deposit $25,000 of new money into your Way2Save® Savings Account within 30 days of opening it and keep the funds in there for at least 90 days, you may be eligible for a sign-up bonus of up to $525.
- Automatic Transfers from Checking: The automatic transfer feature is one unique benefit offered by this savings account. You can link your checking account so every time you use your debit card, $1 will automatically transfer from checking into savings.
Platinum Savings Account from Wells Fargo Review
Get higher interest rates and more benefits with a Platinum Savings account, requiring a minimum initial deposit of $50 and offering better interest rates than the Way2Save® option.
When combined with qualifying direct deposits into an eligible linked Wells Fargo checking account, you can earn a bonus rate on your Platinum Savings balance.
Both savings accounts come with online and mobile banking access, making it easy to manage your finances from anywhere.
Wells Fargo Bank Checking Accounts
If you're looking for a checking account with one of the largest national banks, Wells Fargo is definitely worth considering.
With over 5,300 branches and 13,000 ATMs across the country, they offer convenient access to your money no matter where you are.
- Everyday Checking Account: The Everyday Checking account is one of Wells Fargo's most popular options. It comes with all the standard features you'd expect from a checking account: a debit card, checks, online banking access, and more. The minimum deposit required to open an Everyday Checking account is $25.
- Premium Relationship Checking Account: If you have higher balances in your accounts or use other services offered by Wells Fargo, like their mortgage loans or investment accounts, then the Premium Relationship Checking might be right for you.
The Bottom Line
Wells Fargo offers several types of checking accounts designed to meet different needs based on customers' financial situations and lifestyles, including student accounts, teenagers, etc.
Standard Fixed Rate CD from Wells Fargo Review
If you're looking for a safe and reliable way to invest your money, a certificate of deposit (CD) may be the right choice for you.
Wells Fargo offers standard fixed rate CDs with competitive interest rates that can help grow your savings over time.
- Minimum Deposit and Term Lengths: To open a standard fixed rate CD with Wells Fargo, you'll need at least $2,500. The bank only offers terms up to one year, which is shorter than many other banks that offer terms up to five or even 10 years.
- Interest Rates: The interest rates offered by Wells Fargo's standard fixed rate CDs are decent when compared with other brick-and-mortar banks; however, they fall behind online banks' offerings such as Ally Bank's high-yield CDs which offer significantly higher returns. The exact amount of interest earned will depend on how much money is deposited and how long it stays invested, but it could pay higher interest rates ranging from 4.25% to 4.51%.
- Fees and Charges: One downside of investing in any type of account through Wells Fargo is their fees charged for overdraft protection ($35 per item), insufficient funds ($35 per item), ATM usage outside its network ($2.50-$5 fee), early withdrawal penalty fee, etc.
Who is Wells Fargo Best For?
- Elderly Customers: There are tailored services for elderly clients, including assistance with Medicare coverage through its partnership with UnitedHealthcare's AARP Medicare Supplement Insurance Plans.
- Campus Debit Card Users: College students can benefit from using a linked Wells Fargo checking account alongside their campus debit card to make financial decisions and avoid additional fees.
- Multifaceted Banking Needs: If you require various financial products, consolidating them under one roof could simplify your banking experience and provide better customer service support.
In summary, while Wells Fargo may have lower interest rates, its extensive branch network, diverse account offerings, and tailored services for specific customer groups make it a viable option for many individuals.
Wells Fargo Pros Explained
- Free Online Banking and Mobile App: Their account online option allows you to access your accounts from anywhere at any time. Additionally, they offer a mobile app that provides all the same features as their online platform but in a more convenient format for those who prefer using their smartphones or tablets.
- Free Money Transfers: Wells Fargo offers free money transfers between accounts. Whether you need to send money to someone else's account or transfer funds between your own accounts, there are no fees involved.
- Large Selection of Financial Products: There is an extensive selection of financial products available including checking and savings accounts, loans, credit cards, retirement planning options, and investment services.
Wells Faro Cons Explained
- Low Interest Rates on Savings Accounts: The Way2Save® Savings Account only earns 0.01% APY (Annual Percentage Yield), which is significantly lower than other online banks or credit unions that offer higher interest rates for their savings accounts. If you're looking to earn more money from your savings, it may be worth considering alternative options such as high-yield savings accounts offered by online banks like Ally Bank or Marcus by Goldman Sachs.
- Out-of-Network ATM Fees: Wells Fargo charges $2.50 per transaction when using third party ATMs in addition to any fees charged by the ATM owner/operator. This can add up quickly if you frequently use out-of-network ATMs.
- Overdraft Fees Charged Up To Three Times Daily: Overdraft fees can add up quickly since they charge $35 per occurrence and allow up to three overdrafts per day ($105 total).
FAQs
Is Wells Fargo trustworthy?
Wells Fargo has taken steps to rebuild trust after past scandals by improving transparency and implementing new policies.
Individuals should conduct their research before choosing a bank, and the Consumer Financial Protection Bureau provides resources on banks' performance.
What is Wells Fargo best known for?
Wells Fargo is one of the largest national banks in the United States, offering various financial products such as checking accounts, savings accounts, loans, credit cards, and investment services.
Is Wells Fargo going under?
No evidence suggests that Wells Fargo is going under, despite past scandals. They have taken steps towards rebuilding trust with customers through enhanced compliance measures and improved customer service initiatives.
How does Wells Fargo compare to online banks and credit unions?
- Savings options: Online banks typically offer higher interest rates on savings accounts compared to traditional banks.
- Checking accounts: There are a variety of checking account options, including those with no monthly fees and qualifying direct deposits.
- Overdraft protection: Both online banks and credit unions may offer better overdraft protection policies.
Conclusion
Overall, the Wells Fargo review shows that it has several benefits, such as free money transfer, and several cons, such as low interest rates. A Wells Fargo account is a good option for seniors and college students, but might not be suitable for those with budgeting issues.
