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Wells Fargo: Overall Bank Rating
| Feature | Insider rating (out of 5) |
| Savings | 2.75 |
| Checking | 3.25 |
| CD | 2.25 |
| Trustworthiness | 1 |
| Total | 2.5 |
Wells Fargo: Pros and Cons
| Pros | Cons |
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Wells Fargo Way2Save® Savings Account Review
Wells Fargo savings rates are low, but it does come with plenty of other perks.
You also only need
Wells Fargo Everyday Checking Account Review
The most appealing feature of
Wells Fargo Fixed Rate Certificate of Deposit Review
Wells Fargo requires
About Wells Fargo
Wells Fargo has approximately 4,900 branches and 12,000 ATMs in 36 states and Washington, DC.
The bank's mobile app has received 4.8 out of 5 stars in both the Apple store and the Google Play store.
You can call customer service 24/7.
Your bank account deposits are FDIC insured up to $250,000, or $500,000 for joint accounts. This means your money is safe even if Wells Fargo were to shut down.
Is Wells Fargo Trustworthy?
The Better Business Bureau currently gives Wells Fargo an F rating because it has received customer complaints on the BBB website and there has been government action taken against the bank. In the past few years, Wells Fargo has been involved in the following controversies:
- In December 2022, The Consumer Financial Protection Bureau required Wells Fargo to pay more than $3.7 billion in a settlement that accused the bank of wrongfully charging fees that led thousands of customers to lose vehicles and homes. The settlement also accuses the bank of wrongfully charging overdraft fees on checking and savings accounts.
- In 2021, Wells Fargo consented to a Cease and Desist order from the Office of the Comptroller of the Currency. The OCC stated that the bank's home lending loss mitigation program was unsuccessful, and it charged Wells Fargo a $250 million civil penalty.
- The Maryland Attorney General entered into a settlement with Wells Fargo when it claimed that the bank didn't accurately disclose information to investors about residual mortgage-backed securities. The Attorney General announced the $20 million settlement in 2020, but the issues with Wells Fargo's RMBSs were from 2005 to 2009.
Wells Fargo FAQs
How much money do you need to open a bank account at Wells Fargo?
If you'd like to open a savings or checking account, you'll need at least $25 for the initial deposit. CDs will require a minimum of at least
Is Wells Fargo a good bank?
Wells Fargo might be a decent place to bank if you prioritize a brick-and-mortar banking experience and want an institution with a large branch and ATM network. It's also great for earning a sign-up bonus if you qualify.
If you'd like to earn competitive interest rates on savings accounts or CDs, you'll find stronger accounts at online banks or credit unions. You also might want to explore local banks or mission-driven banks if you don't like Wells Fargo's settlement history.
Does Wells Fargo have free checking?
The Wells Fargo Everyday Checking account has a $10 monthly service fee unless you qualify to waive it. The account also has a $35 overdraft, but you can link to a Wells Fargo savings account for free overdraft protection.
Is Wells Fargo FDIC insured?
Yes, Wells Fargo is FDIC insured. Your bank account deposits are FDIC insured up to $250,000, or $500,000 for joint accounts.
How Wells Fargo Compares
We've compared Wells Fargo to two other big, national banks: Bank of America and Chase.
Wells Fargo vs. Bank of America
Your decision may ultimately come down to which institution has the most nearby branch locations. If you're looking for a sign-up bonus, Wells Fargo is likely the better choice.
For checking accounts, Bank of America offers a
If you take bonuses out of the equation, Bank of America might be the better choice for a savings account. With the
Wells Fargo vs. Chase
Chase and Wells Fargo are two of the largest national banks in the US. Your choice between the two might depend on where you live. Otherwise, your decision could rely on differences between bank account features and perks.
You might favor Wells Fargo over Chase if you're only looking to open a checking account. Wells Fargo makes it easier to waive the monthly service fee than Chase. You can earn a
Why You Should Trust Us: How We Reviewed Wells Fargo
To review Wells Fargo, we rated accounts and services using Personal Finance Insider's bank account methodology.
In general, we look at ethics, customer support, and mobile apps when rating an account. Other factors we consider depend on which type of account we're reviewing. For example, we look at overdraft protection for checking accounts, and early withdrawal penalties for CDs.