Wells Fargo Prime Checking Account Review
Wells Fargo Prime Checking isn't available on Finder right now.
- Fee
- $25 per month
- APY
- 0.01%
- Minimum deposit to open
- $25
Our verdict
An interest-bearing checking account designed for customers with high balances.
Prime Checking is built for people who already bank heavily with Wells Fargo. On its own the $25 monthly fee is steep for a checking account. But with at least a $20,000 balance with the bank, the fee disappears and you pick up perks that Wells Fargo's basic accounts don't offer. The Prime account comes with free cashier's checks and money orders, a monthly ATM fee refund, and discounts tied to mortgages, personal loans and Wells Fargo Advisors accounts. In a way, you can think of this account as a discount pass or relationship account for existing Wells Fargo customers.
Best for: Existing Wells Fargo customers who want discounts with the bank.
Pros
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Discounts on everyday banking services
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ATM fee refunds
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Supports Zelle
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Free cashier and money orders
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Early direct deposit
Cons
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High balance requirement to waive the fee
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$35 overdraft fee
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Low APY
Who is Wells Fargo Prime Checking best for?
Without a doubt, this account is designed for loyal and long-term Wells Fargo customers. The perks and the monthly fee waivers are all for Wells Fargo customers.
How to waive the monthly fee
The $25 monthly fee is pretty pricey for a checking account. But you can waive it a statement-ending balance of at least $20,000 across eligible Wells Fargo accounts, such as checking, savings and investments.
So as we’ve said, this account is best for long-term Wells Fargo customers who’ve got a ton of money stashed with the bank. Otherwise, you’ll be paying $300 a year just to keep the account open.
What we like about the Wells Fargo Prime Checking account
The fee waiver threshold is the whole pitch here. Once you’ve got $20,000 or more in linked qualifying deposit and investment balances, Prime Checking effectively becomes free and the perks start paying for themselves.
Also, Wells Fargo has around 11,000 ATMs and 5,000 branches nationwide, making it ideal for those who prefer in-person customer support; something you won’t get with digital banks.
Waviers and discounts
With this account, you’ll get ATM refunds (one non-Wells Fargo fee reimbursed monthly, in the US or internationally). This is a real upgrade over the Wells Fargo’s Everyday Checking account, which just charges you $3 or $5 every time.
Cashier’s checks and money orders are also free with Prime checking, versus $10 and $5 respectively on the lower-tier accounts.
Wells Fargo offers a relationship rates on linked certificates of deposit and savings accounts. There are also rate discounts up for grabs on new personal loans, and potential closing cost credits or rate reductions on select mortgages.
And even more, there’s a 1% discount on foreign currency cash purchases and a discounted safe deposit box rental where available.
Typical modern banking perks
Day-to-day banking is the same solid Wells Fargo experience: mobile and online banking, Zelle support, 24/7 fraud monitoring and zero liability protection.
Wells Fargo also supports early direct deposit, which gets qualifying direct deposits (payroll, pension, government benefits) into your account up to two business days early.
What could be better
The $25 monthly fee is not worth your time if you’re not close to the $20,000 balance requirement to get it waived.
And while this account is advertised as interest-bearing, the account only earns 0.01% APY. Rates are also variable, and could depend on your zip code.
The overdraft fee is also standard Wells Fargo pricing at $35 per item (waived only on items $10 or under, capped at three per day), so this account offers no real overdraft advantage over Wells Fargo’s cheaper tiers.
Compare Wells Fargo Prime Checking with other top checking accounts
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How we picked theseWhat is the Finder Score?
The Finder Score crunches over 300 checking accounts from hundreds of financial institutions. It takes into account the product's monthly fees, overdraft fees, opening deposit, customer support options, ATM network and features — this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of checking accounts against what we consider is the best option: no monthly fees, no overdraft fees, a large ATM network of 50,000 or more, additional features outside of typical banking services, and the optional perk of earning interest. Accounts that are nearly free to maintain and use are scored the highest, while accounts with costly fees and few features are scored the lowest.
Finder Scores: What they mean
If you want peace of mind, this rating will give it to you. These products offer the best value and outcomes considering various product features, terms, conditions and price.
Well-balanced products that provide what you need, offering a healthy mix of competitive features at a good price. However, they're not quite the best in class.
Bottom line: You can find better, but these products still offer reasonable value and have the basics sorted.
These products may not offer much value in the long run, and there are better options available.
Frequently asked questions
Your reviews
Bethany Finder
Banking editor
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