Wells Fargo review 2024: Full-service banking giant with strong digital tools, but modest rates
Wells Fargo provides nationwide access and comprehensive banking services but lags behind some competitors in terms of rates, fees, and customer experience.
Written by
Writer
Adam B. Frankel has more than four decades of personal finance experience, from managing money in the stock markets to leveraging personal finance strategies to optimize his own resources.
Written by
Editor
Hanna Horvath is a CERTIFIED FINANCIAL PLANNER™ and Bankrate's senior editor of content partnerships.
Updated August 28, 2024, 11:02 AM EDT
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Wells Fargo is a well-known name in banking and offers everything you could expect from a large financial institution, including personal banking, small business banking, mortgages, auto loans, and commercial banking services. Wells Fargo also boasts an extensive network of branches and ATMs and a robust online and mobile banking experience.
Though Wells Fargo has a blemished past — from regulatory issues to customer satisfaction concerns — the bank has worked hard to overhaul its management, culture, and products. Today, you’ll find an almost five-star online and mobile banking experience.
Fox Money rating: 6.8/10
Wells Fargo offers a full-service banking experience with a strong physical presence and digital tools, but customers seeking the highest yields or lowest fees may find better options elsewhere.
Pros
- Extensive network of branches (over 4,200) and ATMs (over 11,000) in 36 states
- Comprehensive product range including checking, savings, CDs, loans, and investment services
- Well-rated mobile app with a wide range of features
- 24/7 customer support via phone
- Competitive rates on special CDs
- Teen and student account options
Cons
- Lower interest rates on savings and checking accounts compared to online banks
- Monthly maintenance fees on most accounts (though they can be waived)
- Minimum opening deposit requirements for most accounts
- Higher minimum deposit requirements for CDs ($2,500-$5,000)
- No online chat support
- No money market account option
Wells Fargo bank accounts
Wells Fargo offers a wide variety of checking, savings accounts, and CD options.
Checking accounts
Wells Fargo offers four main checking account options. All come with online and mobile banking, bill pay, and access to the bank's extensive ATM network.
Wells Fargo offers several ways to waive the monthly fees on its checking accounts, such as:
- Maintaining a minimum daily balance
- Making qualifying direct deposits
- Being a student or military member
- Having a linked Wells Fargo Campus debit or ATM card
Requirements vary by account type, so check the specific criteria for your Wells Fargo checking account.
Pros
- Monthly fees can be waived
- Most checking accounts offer overdraft protection
- Extra Grace Day and Early Pay Day features can be beneficial for those on a tight budget
- Low or no opening minimum deposits
Cons
- Other banks charge lower or no monthly fees
- APYs are low (or none at all)
- Overdraft fees
Savings accounts
Wells Fargo offers two different savings accounts to help customers grow their money.
The Way2Save savings account helps you automate savings with Save As You Go®. This program automatically transfers $1 from a linked Wells Fargo checking account to your Savings account every time you use your debit card for a one-time purchase or complete a Bill Pay transaction.
The Platinum Savings account could be a good fit for those with significant cash. If you link this account to a Wells Fargo Premier Checking account, you could unlock higher relationship rates. Depending on your balance, you could earn up to 2.51% on your balance. Another standout feature is the ability to write checks, a highly unusual feature for a savings account.
Pros
- No transaction limits
- Relatively low opening deposit requirement
- Automatic savings feature on Way2Save account
- Potentially competitive APYs if you have a linked Premier Checking Account and maintain a high balance
Cons
- High monthly fees (although it’s possible to have them waived)
- APYs are lower than what you can find at several online banks
CDs
Wells Fargo offers CD terms from 3 months to 1 year, with APYs up to 4.75% on special promotional CDs (up to 5.01% with a linked account). Minimum deposits range from $2,500 — for standard CDs — to $5,000 for special fixed-rate CDs.
Like many large banks, the APYs on the standard CDs are underwhelming and fall short of meeting the national average.
Pros
- Competitive rates on special CDs
- Interest is compounded daily
Cons
- Other banks have lower or no minimum opening deposit requirements
- Limited terms available online
Other Wells Fargo products and services
As one of the largest full-service banks in the country, Wells Fargo’s array of financial products include:
- Credit cards: Wells Fargo offers several credit cards, including rewards cards, travel cards, balance transfer cards, and small business cards.
- Mortgages: This includes new and refinance loans.
- Personal loans: The bank offers a range of personal loan terms for existing customers who have been with Wells Fargo for at least 12 months.
- Auto loans: You may be able to finance your auto loan through one of the 11,000 participating dealers.
- Small business banking services: Choose from payment services, funding, and other financial services to support your business.
Wells Fargo fees
Most Wells Fargo accounts charge monthly maintenance fees, which can typically be waived if you meet certain criteria. Here’s a breakdown of the bank’s most common fees:
- Overdraft fees: $35
- Monthly maintenance fees: $5-$35 (waivable)
- Non-sufficient funds fees: None
- ATM fees: $0 at Wells Fargo ATMs, $2.50at out-of-network ATMs
Wells Fargo customer experience
Online and mobile banking experience
Wells Fargo’s online banking platform is quite robust, with features like mobile check deposit, bill pay, money transfers, and more. Wells Fargo ranked third in banking satisfaction in J.D. Power’s 2024 Online Banking Satisfaction Study, which reviewed responses from 17,843 retail bank customers nationwide.
Mobile app customers also found Wells Fargo’s app to be user-friendly — it holds 4.9 out of 5 stars on the Apple App Store (out of over 9 million ratings) and 4.8 out of five stars on Google Play (out of 2.5 million reviews). These ratings are considerably higher than other national banks — and even some online banks.
Customer service
You can reach Wells Fargo customer service in several ways:
- Phone: Call 1-800-869-3557 24/7
- Online: Sign in to your Wells Fargo online banking account and use the secure email feature
- Social media: Send a private message to @Ask_WellsFargo on Twitter
For those who want access to their banking or money in person, Wells Fargo’s footprint spans 36 states and over 11,000 ATMs, making it relatively easy to access your funds if you live in a state with a branch.
Account security
Wells Fargo is an FDIC-insured bank that covers eligible deposit accounts — including checking, savings, and CDs — up to at least $250,000 per depositor, per ownership category.
Wells Fargo employs several measures to protect your accounts and personal information, including encryption, fraud monitoring, secure logins, account alerts, and zero liability protection.
It’s worth noting that Wells Fargo has had a somewhat checkered history, with significant regulatory challenges and fines related to various mismanagement and misconduct issues. For example, in 2016, the bank was fined $185 million for creating millions of unauthorized accounts in customers' names to meet aggressive sales targets.
Since these scandals, Wells Fargo has taken steps to address regulatory concerns and rebuild trust, such as overhauling leadership and governance structures, improving risk management and internal controls, and enhancing customer service and complaint resolution processes.
Wells Fargo vs. Chase vs. Bank of America
Here’s how Wells Fargo stacks up to two other large national banks, Chase and Bank of America.
All three banks have a wide range of products, extensive branch and ATM networks, and highly-rated mobile apps. However, there are some key differences:
- Wells Fargo offers higher rates on some savings and CD accounts compared to Chase, but is weaker than Bank of America's CD rates.
- Bank of America has eliminated overdraft fees, while Wells Fargo and Chase still charge them.
- Chase is known for its credit card offerings and rewards programs, while Wells Fargo shines in linking accounts for relationship benefits.
How we rated this bank
Every bank review we publish has undergone a rigorous editorial process to ensure accuracy and objectivity. Learn more about our methodology here.
Here are some of the factors that influenced this bank’s overall score:
The bottom line
Wells Fargo provides nationwide access and comprehensive banking services but lags behind some competitors in terms of rates, fees, and customer experience. The bank's relationship benefits and special CD rates are notable perks for those who can meet the requirements.
Editorial disclosure: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.