Finder makes money from featured partners, but editorial opinions are our own. Advertiser disclosure

Compare Wells Fargo banking products: Savings, Checking, and CDs

This Big Four bank has a wide selection of checking, savings, investment accounts and more.

No reviews yet. Write a review

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?

Compare Wells Fargo to the competition

$
Name Product Account type Annual Percentage Yield (APY) FDIC or NCUA insured amount Minimum balance to earn interest Minimum deposit to open Offer Estimated total balance
UFB Secure Savings
Finder Rating: 4.7 / 5: ★★★★★
UFB Secure Savings
Traditional savings,Custodial account

5.25%

Up to $250,000
$0
$0
$1,052.50
SoFi Checking and Savings
Finder Rating: 4.6 / 5: ★★★★★
Bonus
SoFi Checking and Savings
Traditional savings,Checking

4.60%

0.50%

1.20%

Up to $250,000
$0
$0
Earn up to $300 with a qualifying direct deposit, terms apply. This offer is available until December 31, 2023.
$1,046
American Express® High Yield Savings Account
Finder Rating: 4.9 / 5: ★★★★★
American Express® High Yield Savings Account
Traditional savings

4.30%

Up to $250,000
$1
$0
$1,043
Wealthfront Cash Account
Finder Rating: 4.6 / 5: ★★★★★
Wealthfront Cash Account

5.00%

Up to $8M FDIC insurance
$1
$1
$1,050
Valley Direct High Yield Savings Account
Finder Rating: 4.6 / 5: ★★★★★
Valley Direct High Yield Savings Account
Savings app

5.25%

$250,000
$0.01
$1
$1,052.50
Customers Bank High Yield Savings Through Raisin
Not rated yet
Customers Bank High Yield Savings Through Raisin
Traditional savings

5.30%

$0
$1
$1,053
loading
Name Product 6-month APY 1-year APY 5-year APY Minimum deposit to open
Crescent Bank CDs
Finder Rating: 4.8 / 5: ★★★★★
Crescent Bank CDs
N/A
5.35%
4.70%
$1,000
Earn competitive rates up to 5.35% APY (annual percentage yield) on terms ranging from 1 to 5 years. Pay $0 maintenance fees. Member FDIC.
Western Alliance Bank 12 months CDs through Raisin
Finder Rating: 4.7 / 5: ★★★★★
Western Alliance Bank 12 months CDs through Raisin
N/A
5.51%
N/A
$1
Get 5.51% APY on a 12 month CD, and earn an APY that’s higher than the national average. Pay no fees and just a $1 minimum deposit. FDIC insured.
Quontic Bank CD
Finder Rating: 5 / 5: ★★★★★
Quontic Bank CD
5.05%
5.30%
4.30%
$500
Lock in a high rate. Minimum of $500 required to open. Open your account in 3 minutes or less. Member FDIC.
Ponce Bank CD through Raisin
Finder Rating: 4.9 / 5: ★★★★★
Ponce Bank CD through Raisin
4.00%
N/A
N/A
$1
Snag the highest APYs on the market for the shortest CD terms via Raisin. FDIC insured.
Sallie Mae CDs through Raisin
Finder Rating: 4.7 / 5: ★★★★★
Sallie Mae CDs through Raisin
N/A
N/A
N/A
$1
Lock in strong CD rates as high as APY on term lengths you'll only find through Raisin. Plus, you only need $1 to open and you have the option of opening a no-penalty CD. Member FDIC.
Discover CDs
Finder Rating: 3.8 / 5: ★★★★★
Discover CDs
3.40%
5.20%
4.00%
$2,500
Start saving with $2,500 and enjoy flexible terms from 3 months to 10 years with no account fees. FDIC insured
loading

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.

Checking accounts

Pros

  • Low opening deposit requirements. All you need is $25 to open most Wells Fargo checking accounts.
  • ATM network. Wells Fargo has one of the largest ATM networks in the US.
  • Second-chance checking option. If you have negative marks on your Chexsystems report, you can build a good banking history with a Wells Fargo Opportunity Checking account.

Cons

  • Monthly fees. Unless you’re a teen, you’ll pay anywhere from $10 to $30 a month in fees. But Wells Fargo waives these when you meet certain requirements.
  • High fees. Wells Fargo charges higher service fees than many smaller banks, so it’s important to read your account disclosure.
  • Low APYs. This bank has many interest-bearing checking account options, but they earn 0.05%.

Savings accounts

Pros

  • Savings tools. Wells Fargo customers get access to financial goal tracking tools, a personalized budgeting program and free financial education.
  • Low opening deposits. You only need $25 to open a savings account with Wells Fargo.
  • Overdraft protection. Use your savings account to protect your Wells Fargo checking account from overdraft charges.

Cons

  • Low rates. Interest rates on most Wells Fargo accounts are far lower than their competitors.
  • Only two personal accounts. Wells Fargo only offers two personal savings accounts and both have monthly fees.
  • Monthly fees. If you can’t meet the minimum account requirements, expect to pay $5 a month for the Way2Save Savings account and $12 a month for the Platinum Savings account.

CDs

Pros

  • No monthly fees. You won’t pay anything to open or maintain a CD with Wells Fargo.
  • Flexibility. Wells Fargo CD terms range from three to 39 months depending on which CD type you go with.
  • Bonus APY. You’ll earn a higher interest rate when you link your Portfolio by Wells Fargo account to your CD.
  • Accessible interest. You can’t touch your initial deposit until your CD matures, but you can request free monthly interest payouts at any time.

Cons

  • Low APYs. The highest interest rate offered by Wells Fargo is 0.02% APY for a Wells Fargo Step Rate CD, which is low compared to other banks.
  • High opening deposits. You’ll need at least $2,500 to open a Standard or Step Rate CD.
  • Early withdrawal penalties. If you need to access your money before your CD matures, expect to pay a fee equal to 30 to 360 days interest depending on the term.
  • Some CDs renew at lower rates. If you open a Step Rate CD and want to renew it at maturity, it’ll renew at the Standard CD rate, which means you’ll earn a lower APY.

Overall banking

Pros

  • 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.

Cons

  • 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.
  • High fees. Wells Fargo charges average or above-average fees for nearly all of its products and services. Several of these fees can be avoided by satisfying certain criteria, though many digital banks offer compable accounts and services without such fees.
  • 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.

Compare Wells Fargo to the competition

    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 line

    Wells 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.

    Common questions about banking at Wells Fargo Bank

    More guides on Finder

    Go to site