Wells Fargo offers a variety of banking products for individuals at any stage of life. Whether you’re looking to open a checking, savings or certificate of deposit (CD) account, the bank has options for you. This Wells Fargo review will help you determine if these products fit your needs.
Checking
Wells Fargo customers have several options when it comes to checking accounts. There are four different accounts available, each requiring a $25 minimum initial deposit.
Wells Fargo Everyday Checking is a basic checking account with a complimentary debit card and check-writing privileges. The account features a $10 monthly service fee, which is waived if you meet one of the following each statement period:
- Keep a $500 minimum daily balance
- Have $500 or more in total qualifying direct deposits each statement period
- Have a linked Wells Fargo Campus ATM Card or Campus Affinity Debit Card
- Are a primary account owner 17 to 24 years old
Wells Fargo Clear Access Banking℠ is a digital checking account. This checkless account is available for anyone to open, but its $5 monthly fee is waived only for primary account holders ages 13 to 24.
Prime Checking is an interest-bearing (0.05% to 0.10% APY depending on balance) account that offers a long list of perks and discounts. Prime account holders enjoy:
- Reduced interest rates on loans
- Fee-free cashier’s checks and money orders
- No charge for incoming wire transfers
- Some reimbursem*nts of ATM fees charged by machines not owned by Wells Fargo
- Discounted safe deposit box rentals
- Free personal checks
Prime Checking accounts come with a $25 monthly service fee. It’s waived for customers who keep $20,000 or more in linked Wells Fargo deposit and investment accounts, such as checking, savings, CD and brokerage accounts.
Wells Fargo Premier Checking is an interest-bearing (0.25% to 0.50% APY depending on balance) account featuring what Wells Fargo describes as its “highest level of relationship banking benefits and perks.” They include:
- Bonus interest rates
- Personalized 24/7 phone support from the bank’s Premier Banking team
- Waived non-Wells Fargo ATM fees
- Interest rate discounts on select loan products
The account’s $35 monthly service fee is the highest among all of the bank’s checking accounts, but it’s waived for customers who maintain balances totaling $250,000 or more across Wells Fargo deposit and investment accounts, including checking, savings, CDs, annuities and brokerage accounts.
Savings
Wells Fargo has two primary savings accounts: Way2Save and Platinum Savings.
Both accounts require a $25 minimum initial deposit.
Wells Fargo Way2Save® Savings has a $5 monthly service fee, but it’s waivable if you meet one of the following monthly requirements:
- Maintain a $300 minimum daily balance
- Have at least one “Save As You Go” automatic $1 transfer from a linked Wells Fargo checking account when you complete a debit card purchase or bill pay transaction
- Make an automatic transfer of $25 or more from a linked Wells Fargo checking account
- Make an automatic transfer of $1 or more each business day from a linked Wells Fargo checking account
- Are the primary account owner and 24 years of age or younger
Way2Save earns interest on all balances and features low variable rates in line with many national banks. Still, it’s not competitive with the high-yield interest rates found with many online savings accounts.
The other savings account is the Wells Fargo Platinum Savings. This account carries a $12 monthly service fee, which is waived by maintaining a $3,500 minimum daily balance each statement period. Platinum Savings account holders can receive a complimentary debit card, a perk that isn’t common with savings accounts. The account even comes with the option to write checks.
Platinum Savings is an interest-bearing savings account with the option to earn a bonus rate by pairing it with a Portfolio by Wells Fargo checking account. Both rates are low compared to what you can find at an online bank.
CDs
Wells Fargo offers CDs but doesn’t provide an extensive range of CD terms. Standard CDs ( are available in three-month, six-month and one-year terms. Wells Fargo CDs aren’t ideal for individuals who want to maximize their savings by building a CD ladder. CDs through Wells Fargo don’t have competitive rates, either, compared to those offered by online banks. The minimum deposit needed to open a CD is $2,500.
Step Rate CDs are also available through Wells Fargo. The 24-month CD comes with automatic rate increases at seven, 13 and 19 months. Unlike most CDs, Wells Fargo Step Rate CDs allow for one penalty-free withdrawal every six months so long your account balance is over the minimum requirement.
Both CD types offer a bonus rate for individuals with a linked Portfolio by Wells Fargo account.
When a Wells Fargo CD reaches maturity, customers can change terms, add funds, withdraw funds (keeping the minimum balance requirements) or close the CD account.
Wells Fargo CDs renew automatically at maturity. Standard CDs are subject to early withdrawal penalties of up to 12 months’ interest if you withdraw funds before the maturity date. Step Rate CDs are subject to early withdrawal penalties of up to six months’ interest (outside of the allowed withdrawal rules).
Here are Wells Fargo’s rates for its Standard CDs across all balance tiers:
| CD Term | APY |
|---|---|
3 Months | 4.50% |
6 Months | 2.50% |
1 Year | 1.50% |
The rate on all three standard CD account terms moves up to 0.02% APY for customers with a linked Prime Checking, Premier Checking or Private Bank Interest Checking account.
