This Big Four bank has a wide selection of checking, savings, investment accounts and more.
Since being founded in 1852, Wells Fargo has grown to become one of the Big Four banks of the US, serving millions of customers from coast to coast.
It offers a range of personal banking options, has great financial ratings and is FDIC insured, so if it’s safety and security you’re after, this bank might be right for you.
What banking products does Wells Fargo offer?
- Way2Save Savings. Save automatically when you link this account to a Wells Fargo checking account.
- Platinum Savings. Keep your money safe while earning up to 2.1% interest with this account.
- CDs. Available in a variety of term lengths, Wells Fargo‘s Standard and Special CDs earn up to 2.60% APY.
- Everyday Checking. Easily manage your money with 24/7 access to your account, avoidable monthly service fees and more.
- Preferred Checking. Designed for customers with higher account balances and Wells Fargo Home Mortgage holders, this checking account even earns interest.
- Portfolio by Wells Fargo. An interest-earning checking account that helps you get benefits and earn rewards with Wells Fargo.
- Teen Checking. A standard checking account designed to help teens get a head start on responsible financial management.
- Opportunity Checking. A great starter checking account for those unable to open standard accounts.
How does Wells Fargo compare to other banks?
With nearly $1.3 billion in total domestic deposits, San Francisco-based Wells Fargo is the third largest of the Big Four banks and the 10th largest bank in the world. There are more than 13,000 ATMs across the country, making up 12.1% of all bank-owned ATMs in the US.
In addition to its vast network of physical branches and ATMs, Wells Fargo has developed a convenient digital platform that allows customers to manage their accounts by using its website and Android or Apple mobile apps.
Why should I open an account at Wells Fargo?
When you open an account with Wells Fargo, you’ll get access to several benefits:
- Convenience. Access and manage your money at one of the 6,300+ branches, online or on the mobile app.
- Security. Wells Fargo has impressive financial ratings, effective security measures and is FDIC insured.
- Accessible customer service. Wells Fargo customer service is available by phone or social media seven days a week.
- ATM network. Wells Fargo has one of the largest ATM networks in the US.
What should I look out for?
While Wells Fargo is a highly rated bank, there are a few drawbacks to be aware of:
- High fees. Wells Fargo charges higher service fees than many smaller banks, so it’s important to read your account disclosure.
- Low rates. Interest rates on most Wells Fargo accounts are far lower than their competitors.
- High opening deposit requirements. Many other banks and credit unions have low or no opening deposit requirements.
- Longer processing times. Wells Fargo doesn’t process transactions on weekends, which may be part of the reason why some customers complain about long processing times.
- Unreliable website and app. While Wells Fargo‘s digital platform offers convenient access to accounts, many customers find the website and apps inefficient and unreliable.
- Limited branch availability. Wells Fargo doesn’t have any branches in HI, KY, LA, MA, ME, MO, NH, OK, RI, VT or WV.
What do regulators and customers say about Wells Fargo?
While Wells Fargo was previously BBB-accredited, it was revoked in 2016 in the wake of its illegal credit card add-on sales scandal. It is now unrated and holds a ⅕ star customer review rating.
Almost all customer feedback on the BBB website is negative, with over 3,600 complaints closed in the past three years and over 400 negative reviews. Complaints address issues with products and services, communication, unexpected fees and more.
However, it’s important to keep in mind that many customers only take the time to leave negative reviews, which is why you won’t see as many positive reviews. Look around for more customer reviews and speak with friends or family about their experiences to get a better idea of what to expect when banking with Wells Fargo.
Bottom lineWells Fargo offers a full suite of personal banking options backed by the security of a Big Four bank. If you’re looking for a safe place to store your money or want to do all of your banking with one institution, it might be right for you.
But if you’re after high interest rates, low fees or a more personal customer service experience, you may want to keep looking. Before choosing a product, compare your options with our guide to savings accounts.