Wells Fargo is a decent choice if you're looking for a brick-and-mortar bank, but it isn't as competitive as the best banks.
Business Insider's personal finance team found that it is in need of improvement in some areas, like trustworthiness and savings account interest rates.
It does offer a few bright spots though. For example, it offers some of the best checking bonuses out there for opening new accounts, as well as some of the best credit cards.
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Wells Fargo Overview
Wells Fargo is a national brick-and-mortar bank with more than 5,600 branches and 11,000 ATMs. Branches are available in about 36 states and Washington, DC.
You can apply for bank accounts, credit cards, personal loans, home loans, and auto loans. The bank also has a robo-advisor platform called Intuitive Investor.
Wells Fargo bank account deposits are FDIC insured up to $250,000, or $500,000 for joint accounts. This means your money is safe even if the bank were to shut down.
Wells Fargo Online and Mobile Banking Experience
Wells Fargo offers standard online and mobile banking, similar to other national banks. You'll be able to make mobile check deposits, send money with Zelle, and set bank account alerts to maintain your account balance.
The bank's mobile app has received 4.9 out of 5 stars in the Apple Store based on 9.8 million ratings. In the Google Play store, it's also received 4.8 out of 5 stars based on over 2.6 million reviews.
Wells Fargo Customer Service and Support
The bank offers customer support at branches or by phone. You can schedule an appointment with a banker online or walk into a branch during traditional business hours.
For specific services, like personal loans or mortgage financing, the hours may vary.
Wells Fargo Pros and Cons
Wells Fargo Pros
- Bank accounts make it easy to automatically save
- Variety of credit card and mortgage options
- Open Wells Fargo Everyday Checking Account and earn a $325 bonus when you open a new Everyday Checking account and make $1,000 or more in qualifying direct deposits within 90 days of account opening (offer ends July 8, 2025)
Wells Fargo Cons
- Wells Fargo Way2Save interest rate is lower than options from online banks
- $2,500 minimum deposit required to open a CD
- High account minimum for Intuitive Investor
- F rating from the Better Business Bureau
Banking Options with Wells Fargo
Wells Fargo Way2Save® Savings Account
$5 monthly service fee
0.01%
$25
Pros
Cons
- Approximately 5,600 branches and 11,000 ATMs
- Waive $5 monthly service fee by maintaining a $300 daily balance, OR setting up automatic savings options, OR be under age 24 and the primary account owner OR transferring $25 or more from a linked Wells Fargo checking account, or have 1 automatic transfer each business day within the fee period of $1 or more from a linked Wells Fargo checking account
- Save As You Go® transfers $1 into your Way2Save Savings Account from checking each time you swipe your debit card
- Interest compounded daily, paid monthly
- FDIC insured
Wells Fargo savings rates are low, but it does come with plenty of other perks.
You also only need $25 to open an account, and there are several ways to waive the $5 monthly service fee. You can link the account to your Wells Fargo checking account so that every time you swipe your debit card, you automatically transfer $1 from checking into savings.
Read Business Insider's Wells Fargo Savings Rates Review.
Wells Fargo Everyday Checking Account
$10 monthly service fee
None
$25
$325
Pros
Cons
Wells Fargo is a solid choice if you're looking for a brick-and-mortar bank with a national presence. It also offers some of the best checking and savings account bonuses out there for opening new accounts. But to earn high savings rates, you'll want to look elsewhere.
Wells Fargo Everyday Checking Account- Approximately 5,600 branches and 11,000 ATMs
- Waive $10 monthly fee when you have $500 in direct deposits per month, OR maintain minimum balance of $500, OR link account to a Wells Fargo Campus ATM or Campus Debit Card OR are 17-24 years old
- FDIC insured
The most appealing feature of Wells Fargo Everyday Checking Account is the $325 sign-up bonus. You may qualify if you receive at least $1,000 in direct deposits within 90 days of opening the account. You also have multiple options for waiving the $10 monthly service fee.
Wells Fargo Standard Fixed Rate CD
2.00% to 2.01%
$2,500
Pros
Cons
- Choose from 3-month, 6-month, or 1-year CD term
- Earn the Relationship APY when linked to a Prime Checking, Premier Checking, or Private Bank Interest Checking account
- Early withdrawal penalty is 3 months interest for 3-month, 6-month, and 1-year CDs
- Interest compounded daily; choose how often to be paid
- FDIC insured
The bank requires $2,500 to open a CD, and it only offers terms up to one year — many banks have terms up to five or even 10 years. It pays decent rates for a brick-and-mortar bank. The Wells Fargo Special Fixed Rate CD pays an even higher rate of 3.50% to 4.00% (varies by location), but it only has a few terms,, and you'll need $5,000 to open an account.
Read Business Insider's Wells Fargo CD Rates Review.
Wells Fargo Investing
Wells Fargo Intuitive Investors
$500
0.25% to 0.35%
Pros
Cons
- Wells Fargo members with a checking account get up to a 0.10% management fee discount
- Offers Globally Diversified and Sustainability Focused portfolios
- Dividend reinvesting
Wells Fargo has an automated investing platform called Intuitive Investors. You'll need at least $500 to open an account, which is steep compared to other robo-advisors.
Read Business Insider's Wells Fargo Intuitive Investor Review.
Wells Fargo Mortgages
Wells Fargo Mortgage
620
3%
Conforming, jumbo, VA, FHA, USDA, new construction, cash-out refinance, Dream. Plan. Home. Mortgage
Pros
Cons
Wells Fargo Mortgage offers a wide variety of mortgages, including the Dream. Plan. Home. Mortgage, which offers assistance and grants to people who make below 80% of the area median income. But it ranks extremely low in trustworthiness.
Wells Fargo Mortgage- Offers mortgages in all 50 US states and Washington, DC
- Dream. Plan. Home. Mortgage has more lax credit score requirements and is for people who earn less than 80% of the median area income
- Minimum credit score and down payment displayed are for conforming mortgages
The bank offers conforming loans, jumbo loans, VA loans, FHA loans, and new construction loans. The bank also has a Dream. Plan.Home. Mortgage. which is a fixed-rate mortgage specifically for customers who are below 80% of the area median income.
Read Business Insider's Wells Fargo Mortgage Review.
Wells Fargo Personal Credit Cards
Wells Fargo Autograph Journey℠ Card
$95
N/A
20.24%, 25.24%, or 29.24% Variable
Earn 60,000 bonus points
Good or Excellent
Pros
Cons
The Wells Fargo Autograph Journey℠ Card is a true travel credit card, with benefits that rival many of the best travel rewards credit cards currently on the market. This card has a low annual fee on par with that of popular competing credit cards and Wells Fargo's also has a Points Transfer program that allows cardholders to juice maximum value from every point they earn.
Autograph Journey℠ Card- Apply Now to take advantage of this offer and learn more about product features, terms and conditions.
- Earn 60,000 bonus points when you spend $4,000 in purchases in the first 3 months – that’s $600 toward your next trip.
- Earn unlimited 5X points on hotels, 4X points on airlines, 3X points on other travel and restaurants, and 1X points on other purchases.
- $95 annual fee
- Book your travel with the Autograph Journey Card and enjoy Travel Accident Insurance, Lost Baggage Reimbursement, Trip Cancellation and Interruption Protection and Auto Rental Collision Damage Waiver.
- Earn a $50 annual statement credit with $50 minimum airline purchase.
- Up to $1,000 of cell phone protection against damage or theft. Subject to a $25 deductible.
- Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
Read Business Insider's Wells Fargo Autograph Journey Card Review.
Wells Fargo Autograph® Card
$0
0% intro APR on purchases for 12 months from account opening
19.24%, 24.24%, or 29.24% variable
Earn 20,000 bonus points
Good to Excellent
Pros
Cons
The Wells Fargo Autograph® Card is one of the best credit card options if you're looking for a no-annual-fee card with a solid welcome bonus — especially if you spend a lot in its 3 bonus points per dollar categories.
Wells Fargo Autograph Card- Apply Now to take advantage of this offer and learn more about product features, terms and conditions.
- Earn 20,000 bonus points when you spend $1,000 in purchases in the first 3 months - that's a $200 cash redemption value.
- Earn unlimited 3X points on the things that really add up - like restaurants, travel, gas stations, transit, popular streaming services, and phone plans. Plus, earn 1X points on other purchases.
- $0 annual fee.
- 0% intro APR for 12 months from account opening on purchases. 19.24%, 24.24%, or 29.24% variable APR thereafter.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
- Redeem your rewards points for travel, gift cards, or statement credits. Or shop at millions of online stores and redeem your rewards when you check out with PayPal.
- Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
Read Business Insider's Wells Fargo Autograph Credit Card Review.
Wells Fargo Attune℠ Card
$0
0% intro APR for 12 months from account opening on purchases
20.24%, 25.24%, or 29.99% variable
Earn a $100 cash rewards bonus
Good to Excellent
Pros
Cons
Read Business Insider's Wells Fargo Attune Card Review.
Wells Fargo Reflect® Card
$0
0% intro APR for 21 months from account opening on purchases and qualifying balance transfers made within 120 days
17.24%, 23.74%, or 28.99% Variable
N/A
Good to Excellent
Pros
Cons
If you're looking for the best Wells Fargo credit card for balance transfers, the Wells Fargo Reflect® Card is a great choice. And it offers an extra-long interest-free period on new purchases, too.
Wells Fargo Reflect Card- Apply Now to take advantage of this offer and learn more about product features, terms and conditions.
- 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers. 17.24%, 23.74%, or 28.99% variable APR thereafter; balance transfers made within 120 days qualify for the intro rate, BT fee of 5%, min: $5.
- $0 annual fee.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
- Through My Wells Fargo Deals, you can get access to personalized deals from a variety of merchants. It's an easy way to earn cash back as an account credit when you shop, dine, or enjoy an experience simply by using an eligible Wells Fargo credit card.
Read Business Insider's Wells Fargo Reflect Credit Card Review.
Wells Fargo Active Cash® Card
$0
0% intro APR on purchases and qualifying balance transfers for 12 months from account opening
19.24%, 24.24%, or 29.24% variable
Earn $200 cash rewards bonus
Good to Excellent
Pros
Cons
The Wells Fargo Active Cash® Card is definitely worth considering if you want to earn a strong rate of cash rewards on purchases without rotating categories or earning caps and with no annual fee. It's got a solid welcome bonus and intro APR offer, which puts it high on our list of best credit cards with an introductory zero-interest offer.
Wells Fargo Active Cash Card- Apply Now to take advantage of this offer and learn more about product features, terms and conditions.
- Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
- Earn unlimited 2% cash rewards on purchases.
- 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers. 19.24%, 24.24%, or 29.24% Variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5.
- $0 annual fee.
- No categories to track or remember and cash rewards don't expire as long as your account remains open.
- Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
Read Business Insider's Wells Fargo Active Cash Card Review.
Bilt Mastercard®
$0
N/A
See Terms
N/A
Good to Excellent
Pros
Cons
The Bilt Mastercard® is the first credit card to offer up to 100,000 points in a calendar year rewards for paying rent without the transaction fee — and you can redeem your points for travel, merchandise, and more. While it now offers bonus points on dining and select travel, if you're not a renter, you should consider other no-annual-fee rewards credit cards as well.
Bilt Mastercard®- $0 Annual Fee
- Earn 1x points on rent payments without the transaction fee, up to 100,000 points each calendar year
- Earns 3x points on dining
- Earn 2x points on travel
- Earn 1x points on other purchases
- Earn double points on the first of each month (excluding rent, up to 1,000 bonus points)
- Use the card 5 times each statement period to earn points
- Earn up to 5x Bilt points on Lyft rides when you link your Bilt account and pay with your Bilt card
- Point redemptions include airlines, hotels, future rent payments, credit card statement credits, toward a down payment on a home, etc.
- Select "Apply Now" to learn more about the product features, terms, and conditions
Read Business Insider's Bilt Mastercard Card Review.
Choice Privileges® Select Mastercard®
$95
N/A
19.99%, 24.24%, or 29.24% Variable
Earn 60,000 points
Good to Excellent
Pros
Cons
Wells Fargo has two Choice Hotels credit cards, and the Choice Privileges® Select Mastercard® is the most rewarding of the pair with automatic elite status, and points on your card anniversary.
Choice Privileges Select Mastercard- Apply Now to take advantage of this offer and learn more about product features, terms and conditions.
- Earn 60,000 bonus points when you spend $3,000 in purchases in the first 3 months - enough to redeem for up to 7 Reward nights at select Choice Hotels® properties. Additional fees may apply.
- Earn 10X points on stays at participating Choice Hotels® properties.
- Earn 5X points on purchases at gas stations, grocery stores, home improvement stores and on phone plan services. Plus earn 1X points on other purchases.
- $95 annual fee.
- Up to $800 of cell phone protection against damage or theft. Subject to a $25 deductible.
- Receive 20 Elite night credits qualifying for at least Platinum level status each calendar year.
- No foreign transaction fee.
Read Business Insider's Choice Privileges Select Mastercard Review.
Choice Privileges® Mastercard®
$0
N/A
19.99%, 24.24%, or 29.24% Variable
Limited Time Offer: Earn 60,000 points
Good to Excellent
Pros
Cons
While the Choice Privileges® Mastercard® has no annual fee and modest benefits, it's a weaker option compared to many other no-annual-fee hotel credit cards on the market.
Choice Privileges Mastercard- Apply Now to take advantage of this offer and learn more about product features, terms and conditions.
- Limited Time Offer: Earn 60,000 bonus points when you spend $1,000 in purchases in the first 3 months - enough to redeem for up to 7 reward nights at select Choice Hotels® properties. Additional fees may apply.
- Earn 5X points on stays at participating Choice Hotels® properties.
- Earn 3X points on purchases at gas stations, grocery stores, home improvement stores and on phone plan services. Plus earn 1X points on other purchases.
- $0 annual fee.
- Up to $800 of cell phone protection against damage or theft. Subject to a $25 deductible.
- Receive 10 Elite night credits qualifying for at least Gold level status each calendar year.
- No foreign transaction fee.
Read Business Insider's Wells Fargo Choice Privileges Mastercard Review.
Wells Fargo has some of the best credit cards overall. The Bilt Mastercard® (rates and fees) stands out as a strong option for renters because you can earn rewards for paying rent. Meanwhile, the Wells Fargo Active Cash® Card is a great option for cash-back rewards.
Read Business Insider's Best Wells Fargo Credit Cards.
Wells Fargo Personal Loans
Wells Fargo Personal Loan
6.99% to 24.49% (with relationship discount)
$3,000 to $100,000
Undisclosed
Pros
Cons
Wells Fargo Personal Loan are a good choice if you need a significant amount of cash, as you can borrow up to $100,000 with the lender. However, if you're not a current customer, you can't apply for a personal loan without visiting a branch.
Wells Fargo personal loan- Loan amounts range from $3,000 to $100,000
- Term lengths range from 1 to 7 years
- Rate discounts to customers who have a checking account with the bank and who make their loan payments automatically through that account
- Non-customers must apply by visiting a branch and talking with a banker
- Loans made by Wells Fargo, member FDIC
Wells Fargo offers some of the best low-interest personal loans. Loans amount range from $3,000 to $100,000, and you can choose from term lengths between one to seven years.
Read Business Insider's Wells Fargo Personal Loans Review.
Is Wells Fargo Trustworthy?
The Better Business Bureau currently gives Wells Fargo an F rating because it has received customer complaints on the BBB website and there has been government action taken against the bank.
In December 2022, the Consumer Financial Protection Bureau required the bank to pay more than $3.7 billion in a settlement that accused the bank of wrongfully charging fees that led thousands of customers to lose vehicles and homes. The settlement also accuses the bank of wrongfully charging overdraft fees on checking and savings accounts.
Wells Fargo Alternatives
Wells Fargo vs. Bank of America
Your decision may ultimately come down to which institution has the most nearby branch locations. If you're looking for a sign-up bonus, Wells Fargo is likely the better choice.
For checking accounts, Bank of America offers a $300 bonus for new customers who open a new eligible personal checking account online with qualifying activities (offer expires January 31, 2025). This is lower than Wells Fargo's checking bonus.
If you take bonuses out of the equation, Bank of America might be the better choice for a savings account. With the Bank of America Advantage Savings Account, you won't have to worry about monthly service fees during the first six months of opening an account. If you get the Wells Fargo Way2Save® Savings Account you'll need to meet certain requirements every month to waive a $5 monthly service fee.
Wells Fargo vs. Chase
Chase and Wells Fargo are two of the largest national banks in the U.S. Your choice between the two might depend on where you live. Otherwise, your decision could rely on differences between bank account features and perks.
You might favor Wells Fargo over Chase if you're only looking to open a checking account. Wells Fargo makes it easier to waive the monthly service fee than Chase. You can earn a $300 bonus when you open an account and make direct deposits totaling $500 or more within 90 days of coupon enrollment (offer expires on 7/16/2025) with Chase Total Checking® account. While this bonus is easier to earn than Wells Fargo's checking bonus, it's still not quite as high.
Should You Bank with Wells Fargo?
Wells Fargo is a decent option if you want to bank with a brick-and-mortar financial institution. It has an extensive branch and ATM network, so you'll likely find a nearby branch in many states. It also has a variety of bank accounts, credit cards, mortgages, and loan types. Hence, it may also be worthwhile if you want to bank with one financial institution primarily.
If you're interested in competitive savings or CD rates, other financial institutions may be more suitable choices. The bank also has many common bank fees like monthly service fees and overdraft fees. There are ways to waive these fees. That said, keep in mind that some banks and credit unions do not charge these fees at all.
Why You Should Trust Us: How We Reviewed Wells Fargo
For our Wells Fargo review, we rated accounts and services using our editorial standards.
At Business Insider, we rate products on a scale from one to five stars. We review different features for distinct products.
In general, we look at ethics, security, customer support, miscellaneous features, and mobile apps when rating a bank account. Other factors we consider depend on which type of account we're reviewing. For example, we look at overdraft protection for checking accounts, and early withdrawal penalties for CDs.
We use a weighted average to get our star rating for bank accounts, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
We also used distinct methodologies for reviewing credit cards, personal loans, student loans, home loans, and investment accounts. For example, we examined annual fees and rewards rates with credit cards, and we looked at fees and term options with personal loans.
Wells Fargo Review Overall Rating
| Feature | Personal Finance Insider rating (out of 5) |
| Banking | 3 to 3.75 |
| Investing | 3.58 |
| Mortgages | 3.12 |
| Personal Credit Cards | 3.5 to 4.3 |
| Personal Loans | 3 |
| Trustworthiness | 1 |
| Total | 3.25 |
Wells Fargo FAQs
What are Wells Fargo checking account fees?
Wells Fargo has several fees on its Everyday Checking Account, including monthly service fees, out-of-network ATM fees, overdraft fees, cashier's checks, and money orders. Some fees may be waived or avoided depending on how you manage your account.
Is Wells Fargo a good bank?
Wells Fargo is a good bank if you prioritize an extensive branch and ATM network. It also has a variety of bank accounts, credit cards, mortgages, and loan types, so it may be worthwhile if you want to do all your banking with one financial institution. You may prefer another bank if you want to open a high-yield savings account or investment options with lower minimum opening requirements.
Has Wells Fargo addressed its past controversies?
Yes. The Consumer Financial Protection Bureau required Wells Fargo to pay over $2 billion in redress to customers who had their bank accounts frozen, vehicles repossessed, or homes lost due to bank fees.
