Wells Fargo Bank Review: Checking, Savings and CDs - NerdWallet (2023)

Full review

Wells Fargo Bank Review: Checking, Savings and CDs - NerdWallet (1)

Wells Fargo Everyday Checking

Checking

Member FDIC

3.5

/5NerdWallet rating

Monthly fee

$10.00

Waived with direct deposit or $500 minimum balance

Bonus

$200

Requirements to qualify

Wells Fargo’s Everyday Checking has a $10 monthly service fee that can be avoided in one of a couple ways, including keeping a $500 minimum daily balance or having $500 or more in total qualifying direct deposits. Primary account owners who are 17-24 years old or customers who link the account to a Wells Fargo Campus ATM card or Campus Debit card can also avoid the fee. That said, other banks offer checking accounts with no monthly fees or minimum balance requirements.

Checking account holders can take advantage of approximately 12,000 Wells Fargo ATMs, which trails Chase and Bank of America’s networks of about 16,000 ATMs.

Wells Fargo is currently offering a $200 bonus for new accounts (expires 03/28/2023); our bonuses roundup explains how to qualify.

Wells Fargo Bank Review: Checking, Savings and CDs - NerdWallet (2)

Wells Fargo Way2Save Savings

Savings

Member FDIC

3.5

/5NerdWallet rating

APY

0.15%

With $0.01 min. balance for APY

(Video) The 5 BEST Bank Accounts of 2022

Wells Fargo’s Way2Save account has a $5 monthly fee, waived with a $300 minimum daily balance or a recurring savings transfer from checking to savings. The bank makes it easier to waive this fee than some other national banks, but there are many online banks that don't charge a fee at all. The 0.15% annual percentage yield is very low.

» Want to see more options? Check out NerdWallet’s best savings accounts.

Wells Fargo Bank Review: Checking, Savings and CDs - NerdWallet (3)

Wells Fargo CD

CD

Member FDIC

1.0

/5NerdWallet rating

1-year APY

1.50%

Minimum deposit

$2,500

Wells Fargo has very few standard CDs available online, and they come with a high $2,500 minimum deposit and low yields. There are also no term lengths above one-year available online. If you want to open a CD with a longer term, you have to go to a branch. In general, you can find better rates elsewhere online.

» Want to see the best options? Here's our list of the highest CD rates and the banks that offer them.

Banking experience

4.5

NerdWallet rating

Wells Fargo offers extensive branch coverage. Its mobile banking apps offer check deposit, person-to-person payments and bill payments, and they're well-rated by app store users.

Customer service is available 24/7 by phone. It can also be reached through Facebook and Twitter.

Note that in addition to the nearly $4 billion in fines levied by the Consumer Financial Protection Bureau in December 2022, Wells Fargo has been penalized by government regulators multiple times, including for the creation of unauthorized accounts for customers to meet sales targets, and then for charging unnecessary fees on mortgages and auto loans. The bank paid millions of dollars to affected consumers and made leadership changes in the wake of the scandals.

» Interested in more from this bank? Check out the best Wells Fargo credit cards

(Video) Best CD rates 2022 | Certificate of Deposit explained

Overdraft fees

4.0

NerdWallet rating

Unlike an increasing number of banks that have reduced or eliminated overdraft fees completely, Wells Fargo charges an overdraft fee of $35, with a maximum of three fees per day. You can opt to use your Wells Fargo savings account, credit card or line of credit as a backup source of funds. There is no transfer fee when money is moved from those options to checking to cover an overdraft.

Wells Fargo checking accounts with direct deposit have a feature called Overdraft Rewind, which can erase fees for customers who receive direct deposits the day after overspending. Unlike overdraft protection, you don’t have to opt in to Overdraft Rewind. It’s an automatic feature but it’s limited — it will only help if you've overdrawn your account just before payday, for example.

The bank also does not charge an extended overdraft fee for accounts that are in the red for several days in a row. Some large banks tack on these charges, also called continuous overdraft fees, to negative-balance accounts.

» Want more details? Read our in-depth coverage of Wells Fargo's overdraft fees and policies

Wells Fargo Bank Review: Checking, Savings and CDs - NerdWallet (4)

Wells Fargo Everyday Checking

Checking

Member FDIC

3.5

/5NerdWallet rating

Monthly fee

$10.00

Waived with direct deposit or $500 minimum balance

Bonus

$200

Requirements to qualify

Wells Fargo’s Everyday Checking has a $10 monthly service fee that can be avoided in one of a couple ways, including keeping a $500 minimum daily balance or having $500 or more in total qualifying direct deposits. Primary account owners who are 17-24 years old or customers who link the account to a Wells Fargo Campus ATM card or Campus Debit card can also avoid the fee. That said, other banks offer checking accounts with no monthly fees or minimum balance requirements.

Checking account holders can take advantage of approximately 12,000 Wells Fargo ATMs, which trails Chase and Bank of America’s networks of about 16,000 ATMs.

(Video) Best Savings Accounts and CD's of 2022

Wells Fargo is currently offering a $200 bonus for new accounts (expires 03/28/2023); our bonuses roundup explains how to qualify.

How does Wells Fargo compare?

LendingClub High-Yield Savings

Member FDIC

SoFi Checking and Savings

Member FDIC

Discover Bank Online Savings

Member FDIC

NerdWallet rating

4.5/5

NerdWallet rating

5.0/5

NerdWallet rating

5.0/5

APY

4.00%

With $0 min. balance for APY

APY

3.75%

With $0 min. balance for APY

APY

3.30%

With $0 min. balance for APY

Bonus

N/A

Bonus

$250

Earn up to $250 with direct deposit. Terms apply.

Bonus

$200

Requirements to qualify

Learn more
Learn more
Learn more

Methodology

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.

(Video) Should I worry about my high-yield savings account?

How we rate banks, credit unions and other financial service providers

FAQs

Does Wells Fargo have good CDs? ›

Wells Fargo offers CDs with low rates and high minimums. And unlike other big banks, there aren't many terms to choose from. Having the bank's premium checking account provides a slight boost to rates.

Is Wells Fargo a good bank to open a savings account? ›

Is Wells Fargo a good bank? Wells Fargo is comparable to other national banks in that it has similar features: large ATM and branch networks, low savings rates and high overdraft fees. It can be convenient to bank at Wells Fargo, especially if you have a mortgage or other account there.

Can I trust Wells Fargo with my money? ›

Fortunately for consumers, there are thousands of financial institutions that are FDIC-insured, including Wells Fargo. FDIC insurance limits cap at $250,000. The FDIC insures certificates of deposit and money market accounts, along with traditional checking and savings accounts.

Which bank offers 7% interest on savings account? ›

Do Banks Offer 7% Interest On Savings Accounts? 7% interest isn't something banks offer in the US, but one credit union, Landmark CU, pays 7.50% interest, though there are major requirements and stipulations.

What bank is offering the highest CD rate? ›

Best CD rates of January 2023
  • Amerant Bank: 1 year – 5 years, 2.25% APY – 4.00%* APY; $10,000 minimum deposit to open.
  • Ally Bank: 3 months – 5 years, 2.00% APY – 4.35% APY; no minimum deposit needed to open.
  • CIT Bank: 6 months – 5 years, 0.30% APY – 4.75% APY; $1,000 minimum deposit to open.

Which bank pays the most interest on CDs? ›

Best 1-Year CD Rates:
  • GreenState Credit Union - 4.90% APY.
  • Merchants Bank of Indiana - 4.86% APY.
  • Ivy Bank - 4.85% APY.
  • INSBANK Online - 4.85% APY.
  • North American Savings Bank - 4.76% APY.
  • CFG Bank - 4.75% APY.
  • First Internet Bank - 4.75% APY.
  • Limelight Bank - 4.75% APY.

Which banks are better than Wells Fargo? ›

With 4,000 more ATM locations than Wells Fargo, reduced fees and a wider variety of welcome bonuses, Chase is a better option for most customers. Chase is also the clear winner for military personnel, offering waived fees on checking accounts and ATM withdrawals for active-duty service members and veterans.

Which one is better Wells Fargo or Bank of America? ›

The bottom line: Wells Fargo beats Bank of America when comparing checking accounts, but you may prefer Bank of America if you want to open a saving account. For CDs, it'll likely depend on whether you prefer a variety of terms or higher rates.

Is Wells Fargo a good investment bank? ›

Wells Fargo is the classic example of the “In-Between-a-Bank”: Technically, it's not a bulge bracket, but it's also not a boutique or middle market firm. It's strong in debt and ranks among the top banks there, but doesn't do as much M&A advisory business.

What is the problem with Wells Fargo? ›

Wells Fargo is a repeat offender that has been the subject of multiple enforcement actions by the CFPB and other regulators for violations across its lines of business, including faulty student loan servicing, mortgage kickbacks, fake accounts, and harmful auto loan practices.

Is Dirty Money about Wells Fargo? ›

Dirty Money provides an up-close and personal view into untold stories of scandal, financial malfeasance, and corruption in the world of business. This season offers a look inside Jared Kushner's real estate empire, the Wells Fargo banking scandal, and Malaysia's 1MDB corruption case.

What bank is the safest to put your money? ›

The Safest Banks in the U.S.
  • JPMorgan Chase.
  • U.S. Bank.
  • PNC Bank.
  • Citibank.
  • Wells Fargo.
  • Capital One.
  • M&T Bank Corporation.
  • AgriBank.
Oct 9, 2022

How can I get 5% interest on savings? ›

How to put money into a savings account that gives 5% interest? There is no such thing as a savings account that gives five percent interest. However, you may be able to get close by investing in a fixed annuity. As of January 2023, annuities guarantee up to 5.25% APY.

Where can I put my money to earn the most interest? ›

So, if you have some money set aside and want to earn a higher rate of interest without taking too much risk, consider these strategies.
  • Switch to a high-interest savings account. ...
  • Consider a rewards checking account. ...
  • Take advantage of bank bonuses. ...
  • Try a money market account. ...
  • Check with your local credit union.
Dec 16, 2022

What is the best savings account at the moment? ›

We go into these in more detail in this article, but here's a quick rundown of the top interest rates on savings accounts at the moment:
  • Easy access savings account: 2.92%
  • Notice savings account: 3.60%
  • One year fixed-term bond: 4.33%
  • Sharia savings account: 4.45%
  • Regular savings account: 7%

Is it worth putting money in a CD right now? ›

Certificates of deposit have the highest interest rates among bank accounts, with the best rates currently reaching 3% and above. Current rates are among the highest they've been in a decade. When the Federal Reserve raises its rate, as it has multiple times in 2022, banks usually raise their savings and CD yields.

What is the best CD rate for $100000? ›

Top National Jumbo CD Rates vs. Regular CD Rates
BEST NATIONAL JUMBO CDs
Lafayette Federal Credit Union4.68% APY$100,000
Michigan State University Federal Credit Union4.66% APY$100,000
Luana Savings Bank4.34% APY$100,000
Best non-Jumbo option: Merchants Bank of Indiana4.86% APY$1,000
41 more rows

Who has the highest 2 year CD rates? ›

Best Current 2-Year CD Rates:
  • Merchants Bank of Indiana - 4.86% APY.
  • Dover Federal Credit Union - 4.80% APY.
  • Mountain America Credit Union - 4.75% APY.
  • Pen Air Federal Credit Union - 4.75% APY.
  • North American Savings Bank - 4.71% APY*
  • Crescent Bank - 4.65% APY.
  • Quorum Federal Credit Union - 4.60% APY.

Who pays the highest 1 year CD rate? ›

Best 1-year CD rates for January 2023
  • Marcus by Goldman Sachs: 4.30% APY, $500 minimum deposit.
  • TIAA Bank: 4.30% APY, $1,000 minimum deposit.
  • Barclays Bank: 4.25% APY, $0 minimum deposit.
  • Quontic Bank: 4.25% APY, $500 minimum deposit.
  • Sallie Mae Bank: 4.25% APY, $2,500 minimum deposit.

How much does a 10000 CD make in a year? ›

How much does $10,000 in a CD make in a year? This depends on the CD rate. A one-year CD with a rate of 1% APY earns $100, while a CD with a rate of 0.10% APY earns $10.

Who has the highest 3 month CD rates? ›

A closer look at the top 3-month CD rates
  • Ally Bank: 2.00% APY; $0 minimum opening deposit. ...
  • SchoolsFirst Federal Credit Union: 1.75% APY; $20,000 minimum deposit to earn APY. ...
  • Boeing Employees' Credit Union: 1.51% APY; $500 minimum deposit. ...
  • Discover Bank: 1.50% APY; $2,500 minimum deposit.
Jan 5, 2023

Who is the number 1 bank in America? ›

JPMorgan Chase is the top largest bank in the US, with a balance sheet total of $3.31 trillion.

Why do people choose Wells Fargo? ›

We're committed to your success. Wells Fargo offers personalized recommendations that can help you reach your financial goals. With more than 150 years of experience, we're focused on helping you figure out the best financial solutions for every stage of your life.

Who is better Chase or Wells Fargo? ›

The bottom line: Chase is a better choice for savings and CDs, but Wells Fargo has easily manageable checking options.

Where does Wells Fargo rank? ›

Key Takeaways. Wells Fargo is among the top five banks in the United States. The bank makes money by lending out at a higher rate than it borrows. Wells Fargo operates four segments including Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.

What is the most trustworthy bank in America? ›

The Lifestory Research 2022 America's Most Trusted® Bank Study found Chase the most trusted bank. The America's Most Trusted® Study is a large-scale survey of consumers in the United States that seeks to identify the brands that people trust the most within their respective industries.

What is Wells Fargo bank rating? ›

Wells Fargo & Company
DBRS MorningstarS&P Global
Long-term Issuer RatingAA (low)BBB+
Short-term Issuer RatingR-1 (middle)A-2
Senior UnsecuredAA (low)BBB+
SubordinatedA (high)BBB
2 more rows

What are the pros and cons of Wells Fargo? ›

Pros and cons
ProsCons
Bank accounts make it easy to automatically save Possible to waive monthly feesLow rates on savings and CDs compared to online banks $2,500 minimum deposit required to open a CD Limited CD options F rating from the Better Business Bureau
Jan 4, 2023

Which bank is the best bank to invest your money? ›

Goldman Sachs is arguably the most prestigious investment bank. It is a public company that's more than 150 years old; it had nearly $2.5 trillion in assets under supervision at the end of 2021.

How much money do I need to keep in Wells Fargo savings? ›

$300 minimum daily balance. 1 automatic transferFootnote 1 1 each fee period of $25 or more from a linked Wells Fargo checking account.

Is Wells Fargo in trouble 2022? ›

December 2022: The CFPB orders Wells Fargo to pay $1.7 billion in fines and $2 billion in consumer redress in connection with "illegal activity" across several of its product lines.

Why is Wells Fargo in trouble again? ›

The Consumer Financial Protection Bureau said Wells Fargo's “illegal activity” included repeatedly misapplying loan payments, wrongfully foreclosing on homes, illegally repossessing vehicles, incorrectly assessing fees and interest and charging surprise overdraft fees.

Why does Wells Fargo keep declining? ›

Card declines

Go to Manage Alerts to see if you are set up to receive this alert automatically for select decline reasons including: Insufficient funds. An incorrect PIN. An exceeded daily dollar limit.

Why you shouldn't put all your money in the bank? ›

The problem with keeping too much money in the bank. When you don't invest, you're effectively losing out on money, because you don't give your savings a chance to grow. And that's precisely what happens when you keep too much money in a savings account.

Why did Wells Fargo make fake accounts? ›

The bank now admits, according to DOJ officials, that it pressured employees to meet "unrealistic sales goals that led to thousands of employees opening millions of accounts for customers under false pretenses or without customer consent often by misusing customers' identities."

What did Elizabeth Warren say about Wells Fargo? ›

Sen. Elizabeth Warren called Wells Fargo CEO Charles Scharf “evasive,” saying the bank's answers to her questions about fraud across the Zelle payment platform were misleading, “insulting and useless.”

Where should seniors put their money? ›

When saving for retirement, you should minimize risk by investing in options with guaranteed growth. Options for low-risk investments and savings include CDs, fixed annuities, money market accounts, savings accounts, CDs, and treasury securities.

Where is the best place to put your money in a bank? ›

High-Yield Savings Accounts

A high-yield savings account is the best place to keep short-term savings or an emergency fund you may need to access on short notice. You can add to or withdraw from your balance at any time, and there's no penalty for accessing your money.

Where should I put my money instead of the bank? ›

  1. Higher-Yield Money Market Accounts.
  2. Certificates of Deposit.
  3. Credit Unions and Online Banks.
  4. High-Yield Checking Accounts.
  5. Peer-to-Peer (P2P) Lending Services.

What is the best thing to do with a lump sum of money? ›

What might you choose to do when you receive a lump sum of money? Some options might include paying down debt, building your emergency fund, investing, fund your retirement accounts, funding an HSA and more.

How can I get 10% interest? ›

HOW TO EARN A 10% ROI: TEN PROVEN WAYS
  1. Paying Off Debts Is Similar to Investing. ...
  2. Stock Trading on a Short-Term Basis. ...
  3. Art and Similar Collectibles Might Help You Diversify Your Portfolio. ...
  4. Junk Bonds. ...
  5. Master Limited Partnerships (MLPs) ...
  6. Investing in Real Estate. ...
  7. Long-Term Investments in Stocks. ...
  8. Creating Your Own Company.
Oct 26, 2021

How much interest does a 100000 savings account earn? ›

Interest on $100,000

Even with a well-diversified portfolio and minimal living expenses, this amount is not high enough to provide for most people. Investing this amount in a low-risk investment like a savings account with a rate between 2% to 2.50% of interest each year would return $2,000 to $2,500.

Which bank gives 7% interest on savings account? ›

Do Banks Offer 7% Interest On Savings Accounts? 7% interest isn't something banks offer in the US, but one credit union, Landmark CU, pays 7.50% interest, though there are major requirements and stipulations.

Where can I put $20000? ›

How to invest $20k: 8 ways to make your money work for you
  • Invest with a robo-advisor.
  • Invest with a broker.
  • Do a 401(k) swap.
  • Invest in real estate.
  • Put the money in a savings account.
  • Try out peer-to-peer lending.
  • Pay for an education.
  • Pay off debt.
Oct 19, 2022

What to do with money sitting in the bank? ›

What to do with extra cash
  1. Pay off debt. If you have a significant amount of debt, consider putting your extra money toward paying that down or off. ...
  2. Boost your emergency fund. ...
  3. Increase your investment contributions. ...
  4. Invest in yourself. ...
  5. Consider the timing. ...
  6. Go ahead and treat yourself.

What bank has the highest return on savings? ›

The best high-yield savings account rates
  • CIT Bank - 4.05% APY.
  • PNC Bank - 4.00% APY.
  • LendingClub Bank - 4.00% APY.
  • Bread Savings - 4.00% APY.
  • CIBC Bank USA - 3.77% APY.
  • Citizens Access - 3.75% APY.
  • Synchrony Bank - 3.75% APY.
  • TAB Bank - 3.64% APY.

What is better than a bank savings account? ›

Alternatives to traditional savings accounts include certificates of deposit (CDs), money market accounts, high-yield checking accounts, Treasury bonds, and online savings accounts.

Which bank has highest return in savings account? ›

Savings Bank Account Interest Rates of Banks
Name of BankRates of Interest (p.a.)
Kotak Mahindra Bank Savings Account3.50% to 4.00%
State Bank of India (SBI) Savings Account2.70%
Yes Bank Savings Account4.00% to 5.25%
Citibank Savings Account2.50%
7 more rows

What is the rate of a CD at Wells Fargo? ›

Open a Standard Fixed Rate CD account
TermStandard Interest RateRelationship Interest Rate
1 Year1.49%1.50%
1.49%1.50%
1.49%1.50%
1.98%1.99%
14 more rows

Is it worth buying CDs anymore? ›

Though CDs are stable and safe, the reality is that you might not get the best return for your money. On top of that, both Jacobs and Blackman point out that even with a high yield, you're not likely to beat inflation with a CD investment.

What is the best high interest savings account? ›

Best High-Yield Savings Account Rates
  • MySavingsDirect - 4.35% APY.
  • CFG Bank - 4.25% APY.
  • Western State Bank - 4.25% APY.
  • UFB Direct - 4.21% APY.
  • Vio Bank - 4.17% APY.
  • Popular Direct - 4.16% APY.
  • Bask Bank - 4.15% APY.
  • Salem Five Direct - 4.10% APY.

Can you get 6% on a CD? ›

One option that might interest you is investing in certificates of deposit or CDs. CD rates have been increasing in recent months, and some banks offered 6% CD rates in the past.

Where can I get 5% interest on my money? ›

Best 5% Interest Savings Accounts
  • Varo: 5% up to $5,000.
  • UFB Direct: 4.21% on your entire balance.
  • Current: 4% up to $6,000.
  • NetSpend: 5% up to $1,000.
  • Digital Federal Credit Union: 6.17% up to $1,000.
  • Blue Federal Credit Union: 5% up to $1,000.
  • Mango Money: 6% up to $2,500.
  • Landmark Credit Union: 7.50% up to $500.
Dec 30, 2022

What is one disadvantage to putting money in a CD? ›

Limited liquidity

One major drawback of a CD is that account holders can't easily access their money if an unanticipated need arises. They typically have to pay a penalty for early withdrawals, which can eat up interest and can even result in the loss of principal.

What is better than a CD for savings? ›

CDs, on the other hand, often charge a penalty to make early withdrawals. Keep in mind: To get the most out of your funds, place them in a high-yield savings account — often offered by online banks and credit unions — which provide an above-average interest rate.

Why would you not invest in CDs? ›

CD rates may not be high enough to keep pace with inflation when consumer prices rise. Investing money in the stock market could generate much higher returns than CDs. CDs offer less liquidity than savings accounts, money market accounts, or checking accounts.

What is replacing CDs? ›

Manufacturers have replaced the aging CD player with touch-screen media centers that offer streaming services, hands-free Bluetooth® and can play digital files from portable USB drives. Over the years, CD sections in stores have been shrinking as less and less people buy CDs.

What are the disadvantages of a CD? ›

Cons of Using a Certificate of Deposit for Savings
  • Accessibility. With a savings account or money market account, you're allowed to make a certain number of withdrawals of cash or transfer funds to a linked checking account. ...
  • Early Withdrawal Penalties. ...
  • Interest Rate Risk. ...
  • Inflation Risk. ...
  • Lower Returns.
Jul 31, 2022

Are CDs worth it 2022? ›

Ultimately, the answer depends on your circumstances. CDs may be a good option if you're looking for a safe investment with predictable returns if the alternative is sticking the money under your mattress. However, if you're hoping to grow your money quickly, you may want to look into other options.

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