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At A Glance

Wells Fargo is now the third-largest bank in America offering a wide range of banking products and services. It has more branches than any other bank in the US with close to 8,050 locations and 13,000 ATMs in all 50 states. Wells Fargo bank is known for its attractive credit cards and as one of the largest mortgage lenders in the country.

Despite its 2016 scandal, Wells Fargo is still one of the most recognized banks in the United States and has rebranded the company in order to embrace more consumer-friendly practices while upgrading its technology and security to regain consumers trust.

 Mission Statement: “Building a Better Bank. This is Wells Fargo”
Wells Fargo vows to evolve their culture, transform their practices and deliver exceptional service to the customers all while regaining their trust.

  • Access to the largest network of branches and ATMs
  • Second-chance bank account
  • 24/7 fraud monitoring
  • Low interest rates
  • Monthly fees
  • 2016 Scandal

Types of Accounts

Wells Fargo’s impressive product line-up includes, but is not limited to, checking and savings accounts, CDs, investment products, business banking, and every conceivable loan type, including credit cards, VA loans, and mortgages. Let’s explore some of these:

Everyday Checking Account

Preferred Checking

Teen Checking

Way2Save Savings Account

Platinum Savings Account

Portfolio Account

CD Accounts

IRA Accounts

Loan Options


Everyday Checking Account

At Wells Fargo, the Everyday checking account is a standard checking account with no interest. The account requires a minimum $25 deposit to open and has $10 monthly fee. The fee can be waived if one of the requirements below are met:

  • at least 10 posted debit card purchases or payments
  • qualifying direct deposits of $500 or more
  • daily minimum balance of $1500
  • a linked Wells Fargo campus ATM/ campus debit card if you are a college student
  • are between age 17-24

Preferred Checking Account

This is an interest-bearing account of 0.01% APY on an account balance of $500. To open this account a $25 initial deposit is required. The $15 monthly fee can be avoided one of three ways:

  • $10,000 or more in combined deposit balances
  • direct deposits totaling at least $1,000
  • a linked Wells Fargo home mortgage

Portfolio Checking Account

This checking account is aimed at those with a larger portfolio of funds to manage. This account comes with Wells Fargo’s highest interest rates and level of service. This means access to Wells Fargo Advisors or the option to have an assigned advisor to your portfolio. As most of Wells Fargo’s accounts it requires a $25 minimum opening deposit and will cost you a $30 monthly maintenance fee. You earn interest of 0.01% on balances up to $4,999.99, or 0.05% on balances of $5,000 or more.

  • Monthly fee can be waived by maintaining a $25,000 balance on a linked account or if another bank account, brokerage and credit balances clear $50,000
  • A 20% discount on the investment advisory fee for the Intuitive Investor program
  • Interest rate discounts on auto loans, home equity loans, and credit cards with special purchases or travel protection
  • No fees on cashier’s checks or money orders

Teen Checking Account

This checking account is aimed at teenagers between the age of 13 – 17. It gives them the freedom to begin learning about finances, while still allowing the parents to monitor their account transactions. Immediate access to cash is available with an authorized debit card and mobile banking access. Parents can place withdrawal and purchase limits on this Wells Fargo Teen account. There are no fees attached to this account.

Way2Save Savings Account

The Way2Save savings account is perfect for those looking to start savings towards any particular goal. It requires a minimum deposit of $25 to pen the account and has a monthly $5 fee which can be waived by maintaining at least a $300 balance in the account or by setting up a recurring transfer. The interest rate is low at only 0.01% APY but standard for Wells Fargo rates.

This account also offers a quick tool to help jump start your savings, for every transaction you make in your Wells Fargo checking account, a small amount, as low as $1, can be automatically transferred to your savings.

Platinum Savings

The Wells Fargo Platinum Savings offers the possibility of a higher interest rate between 0.05% APY and 0.10%APY for balances under $25,000 and between 1.88% and 1.95% APY for balances over $25,000. To be granted access to the increased rate you will be required to deposit $25,000 in new funds into the account at once or open a Portfolio relationship.

This account will cost you a $25 opening deposit and a $12 monthly fee that can be waived by maintaining a balance of $3,500. This particular savings account gives you the possibility of writing checks and using this account as your checking’s overdraft protection, which may come in handy in time of need.

CD Accounts

Wells Fargo offers different types of certificates of deposit, including fixed rate and step-up rate CDs which offer a higher rate of return than a regular savings account. The catch: you are unable to withdraw your money for a selected term.

Wells Fargo CDs require a minimum $2,500 to open with terms varying from as low as 9 months to 39 months. A Step Rate CD is a 24-month CD featuring guaranteed interest rate increases and one penalty-free withdrawal every six months, provided the minimum opening balance is maintained.

As we take a look at their rates, note that you can get the Bonus rates by linking to a Portfolio checking account.


$5,000 minimum opening deposit
TermAPYBonus APY1Renewal Term
9 months 1.90%1.95%6 months
29 months 1.40%1.45%24 months
39 months 1.40%1.45%36 months

Standard CD Rates

$2,500 minimum opening deposit
TermAPYBonus APYBalance
3 months0.05%0.10%$0 – $4,999.99
0.05%0.10%$5,000 – $9,999.99
0.05%0.10%$10,000 – $24,999.99
0.05%0.10%$25,000 – $49,999.99
0.05%0.10%$50,000 – $99,999.99
0.05%0.10%$100,000 +
6 months0.75%0.80%$0 – $4,999.99
0.75%0.80%$5,000 – $9,999.99
0.75%0.80%$10,000 – $24,999.99
0.75%0.80%$25,000 – $49,999.99
0.75%0.80%$50,000 – $99,999.99
0.75%0.80%$100,000 +
1 Year0.25%0.30%$0 – $4,999.99
0.25%0.30%$5,000 – $9,999.99
0.25%0.30%$10,000 – $24,999.99
0.25%0.30%$25,000 – $49,999.99
0.25%0.30%$50,000 – $99,999.99
0.25%0.30%$100,000 +

Step Rate CD Rates

$2,500 minimum opening deposit
TermAPYBonus APY
24 months1.45%1.50%

It’s important to note that Wells Fargo does have early withdrawal penalties:

  • Simple interest on certificates withdrawn within seven days of opening
  • For terms of less than 90 days, one months’ interest
  • Terms between three months and 12 months, three months’ interest
  • For terms over 12 months, through 24 months, six months’ interest
  • Terms greater than 24 months, 12 months’ interest

IRA Accounts

Wells Fargo bank has three different types of individual retirement account options to offer. All allow for the opening of traditional, Roth, and SEP IRAs. Those options include:

  • WellsTrade IRA – This type of account will cost you $30 in account fees. It is an online brokerage account that lets you manage your own investments and trades. It offers access to no-load mutual funds and target date funds, plus stocks, bonds, and ETFs.
  • Intuitive Investor IRA – Requires a minimum deposit of $10,000 to open the account and a 0.5% annual advisory fee. You can provide Wells Fargo with your investment needs and risk tolerances, and the bank will appoint an advisor to manage and diversify the portfolio. This account includes access to financial advisors, plus account monitoring and rebalancing.
  • Full-Service Brokerage IRA – This account also requires a $10,000 minimum to open. It allows for a direct relationship with a financial advisor who will develop a personalized investment strategy for your particular needs. Annual fees range from $100 to $150.

Loan Options

Wells Fargo has a lot of loan options to consider, including the following:

  • Home mortgages – Wells Fargo has flexible terms when it comes to mortgages. Whether you’re looking for a 15-year, 20-year, or 30-year mortgage, Wells Fargo has you covered. The bank also offers jumbo loans and adjustable rate mortgages.
  • Home-equity lines – Wells Fargo offers you money you need to make home improvements. Whether be simple renovations or an emergency situation you can put your home’s equity to work and get some cash flow for the repairs.
  • Personal loans – Ranging from $3,000 to $100,000 with no collateral required, Wells Fargo can issue unsecured personal loans
  • Auto loans – Wells Fargo makes buying a car easy offering affordable interest rates and up to 72 months of the repayment period on auto loans.
  • Student loans – Wells Fargo is willing to invest in your future up to 100% of your education expenses. You have to be attending an undergraduate or graduate school to qualify for a Wells Fargo student loan.
  • Credit Cards – Wells Fargo offers a variety of credit options, that include rewards and cash back. Options for secured cards are also available if you are looking to rebuild your credit.

Banking Features

  • Business Banking – Wells Fargo offers a full range of business banking services for business large or small including, payroll management, financing, merchant processing, employee benefits and treasury management.
  • Intuitive Investor – This is Wells Fargo’s automated online investment platform commonly referred to as robo-advisor. With a minimum of $10,000 robo-advisor can professionally assist you with your portfolio.
  • 24/7 Fraud Monitoring – Wells Fargo’s team on fraud agents work round the clock to check your accounts for any fraudulent or suspicious activity. If there are any red flags, customers are alerted right away.
  • Mobile app – Allows Wells Fargo customers to bank on-the-go with ease. It also offers the mobile wallet feature which is compatible with Samsung Pay, Apple Pay and Google Pay.

About Wells Fargo Bank

Founded in 1852, this financial giant has total assets short of $2 trillion and is present across every state with just shy of 6,000 branches and 13, 000 ATM machines. In 2016, the Consumer Financial Protection Bureau fined Wells Fargo $100 million for the illegal practice of opening unauthorized accounts. Since then, the company has restructured and rebranded and is currently devoted to becoming the bank of the people. In such their transformation continues as the bank still sits as the third largest bank in America.

Wells Fargo has much to offer its retail customers, with various types of savings accounts, checking accounts, and CDs, plus investment products and robo-advisor as well as individual retirement accounts and business banking. It also has to offers loan products ranging from mortgages and auto loans to personal loans and home equity lines of credit. A little of everything for everyone.

The Bottom Line

Wells Fargo is one of the biggest banks in the United States and despite its 2016 scandal it continues to push forward and thrive. It has been around for years and will continue to be around. That being said, if you are looking for stability and basic banking features all under one roof, then Wells Fargo is the bank for you.

However, if you are looking for perhaps a more trust worthy bank, and higher interest rates for your money, then another bank might be best for you.