Wells Fargo Bank Review (original) (raw)
Wells Fargo is the third largest bank in the U.S. by consolidated assets, as reported by the Federal Reserve, with branches in 36 states and Washington, D.C. The company offers a wide array of financial services, including consumer and commercial banking, wealth management and lending. In this Wells Fargo review, we at the MarketWatch Guides team will evaluate its banking products and how it compares to its peers.
Key Takeaways
- We give Wells Fargo 3.8 stars out of 5.0 overall for its wide availability, customer service and selection of account types and their fees and interest rates.
- The interest rates on its checking, savings and certificate of deposit (CD) products are lower than what you’ll find with some competing options.
- Our recent MarketWatch Guides consumer banking survey shows that 58% of Wells Fargo customers are extremely satisfied with their banking experience.
Advertisement
The listings that appear are from companies from which this website may receive compensation, which may impact how, where and in what order products appear. Not all companies, products or offers were reviewed in connection with this listing.
Featured Savings Accounts
FEATURED
Lending Club
4.3
APY 3.50%
Bonus N/A
Min. Deposit Amount $0
Earn up to 4.75% APY with $250+ deposits per month
SoFi Checking + Savings
4.8
APY 3.80%
Bonus Up to $300
Min. Deposit Amount $0
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either 50(withatleast50 (with at least 50(withatleast1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR 300(withatleast300 (with at least 300(withatleast5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
UFB Portfolio Savings
4.6
APY 4.01%
Bonus N/A
Min. Deposit Amount $0
Unlock up to 4.21% APY, Combine Freedom Checking with Portfolio Savings to boost your savings APY by up to 0.20%
Discover
4.6
APY 3.75%
Bonus N/A
Min. Deposit Amount $0
Our Wells Fargo Ratings
Wells Fargo is the third largest bank in the U.S., with consolidated assets of over $1.7 billion, as reported by the Federal Reserve, and branches in 36 states and Washington, D.C. The company offers a wide array of financial services, including consumer and commercial banking, wealth management, investment banking and lending.
We at the MarketWatch Guides team give Wells Fargo 3.8 out of 5 stars after evaluating factors including its branch availability, account fees, interest rates and customer support. The company gains points for the number of products it offers, its large number of physical branches and its mobile app. It loses points for its F rating from the Better Business Bureau (BBB) and the fact that it offers a limited selection of CD terms online.
Here’s how the company scores in each of our review categories:
*Ratings are determined by our editorial review team. Learn more about our scoring methodology. Our review team reached out to Wells Fargo for a comment on its savings account and CD scores but did not receive a response.
Wells Fargo Overview
For those who prefer to keep all of their bank accounts in one place, Wells Fargo delivers. The bank’s deposit offerings include checking accounts, savings accounts and CDs, but no money-market accounts. It also offers credit cards; loans; and commercial, small-business, corporate and investment banking.
You’ll often find higher fees with Wells Fargo than with some competing banks, although in some instances, the bank will waive those fees. Also, the interest rates on its deposit accounts generally aren’t as competitive as you’ll find with online banks and credit unions.
Wells Fargo is best for someone who prioritizes banking in person and keeping their financial products under one roof over getting the highest rates on their deposits. But if you’re looking for no-fee accounts, no minimum opening deposit and higher APYs – all of which are top considerations according to our latest MarketWatch Guides banking survey – an online bank or credit union might be a better choice.
>> Related: Learn more about where to find a Wells Fargo near you
Wells Fargo Bank Accounts
As one of the nation’s largest banks, Wells Fargo provides numerous deposit products designed to fit the needs of clients ranging from teens setting up their first checking accounts to adults planning for retirement. Its personal-banking services include four types of checking accounts, two savings accounts and CDs, including special-rate and fixed-rate options with terms ranging from three months to one year. With the bank’s Early Pay Day feature, account holders can get access to eligible direct deposits up to two days sooner.
| Wells Fargo Account | Standard APY* | Relationship APY* | Minimum Opening Deposit | Minimum Account Balance |
|---|---|---|---|---|
| Clear Access Banking | N/A | N/A | $25 | None |
| Everyday Checking | N/A | N/A | $25 | None |
| Prime Checking | 0.01% | N/A | $25 | None |
| Premier Checking | 0.01% | N/A | $25 | None |
| Way2Save Savings | 0.01% | N/A | $25 | None |
| Platinum Savings | 0.05% to 2.50% | 0.26% to 2.51% | $25 | None |
| Special fixed-rate CD | 3.76% to 4.51% | 4.01% to 4.76% | 5,000∣5,000 | 5,000∣5,000 |
| Standard fixed-rate CD | 1.50% to 2.50% | 2.01% to 3.26% | 2,500∣2,500 | 2,500∣2,500 |
*APY accurate as of November 14, 2024. Rates listed are for San Francisco.
Wells Fargo Mobile App
Wells Fargo’s mobile banking app gets high ratings in both the App Store (4.9 of 5 stars with more than 8.8 million reviews) and Google Play (4.8 of 5 stars with more than 2.3 million reviews). The app is praised for being responsive and user-friendly in 5-star reviews but is criticized for excessive updates and slow-to-load pending charges in 2- and 3-star reviews.
In our banking survey, one Wells Fargo customer told MarketWatch Guides, “It’s incredibly easy to bank with Wells Fargo; they provide everything on the app.” Another customer liked “how easy their online mobile banking app is to navigate.”
The MarketWatch Guides team’s experience with the app has largely been positive, as well. One team member shared, “I pay bills and check balances with it frequently. I use it to make transfers as well. It’s always been reliable and fast.”
Another team member agreed: “Wells Fargo’s mobile app has served its purpose well: Accessing it is easy, reviewing my money history is very straightforward. I’ve sent money through Zelle multiple times — even to people overseas — and I’ve never had any issues.”
However, a third person’s experience wasn’t as positive: “The user interface isn’t the best. 50% of the time I use the app, 50% I use my computer.”
Wells Fargo Reputation and Customer Satisfaction
Wells Fargo has made the news for its banking practices several times over the last decade. In a 2020 settlement with the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC), the bank agreed to pay a $3 billion penalty after confirming that it had created millions of accounts without customers’ consent between 2002 and 2016.
The bank launched major marketing campaigns in 2018 and 2019 aimed at rebuilding trust with its customers.
Consumer Financial Protection Bureau (CFPB) Violation
In 2022, the CFPB found that Wells Fargo had unlawfully repossessed vehicles and frozen accounts, improperly denied mortgage modifications and illegally charged surprise overdraft fees, impacting more than 16 million client accounts. The federal agency ordered Wells Fargo to pay out more than 2billiondirectlytoconsumersand2 billion directly to consumers and 2billiondirectlytoconsumersand1.7 billion to the CFPB as a civil penalty.
Wells Fargo CEO Charles Scharf stated in a press release at the time, “We have made significant progress over the last three years and are a different company today. We remain committed to doing the right thing for our customers and working closely with our regulators and others to deal appropriately with any issue that arises.”
According to the CFPB, these were not the bank’s only offenses. For instance, in 2016, Wells Fargo had been fined for creating unauthorized accounts and charging illegal fees for student loans.
Industry and Customer Reviews
The company has an average customer review score of 1.4 out of 5 stars on Trustpilot and almost 1.1 out of 5 stars on the BBB. However, these ratings are based on a small portion of Wells Fargo’s customers (over 1,100 on Trustpilot and over 900 on the BBB). Customer complaints include being dissatisfied with the resolution when fraudulent activity occurs on their accounts and having deposits and loan payments not applied to their accounts properly.
Wells Fargo’s Bauer Financial rating is 4 out of 5 stars, and its mobile app has 4.8 out of 5 stars in both Google Play and the Apple App Store. In the 2023 J.D. Power U.S. Retail Banking Satisfaction Study, Wells Fargo ranked below the regional average in 11 out of the 12 regions where it was represented.
In our December 2023 MarketWatch Guides consumer banking survey, 58% of respondents who listed Wells Fargo as their primary bank reported being “extremely satisfied” with the bank overall.
Our team reached out to Wells Fargo for comment on its banking practices and review scores. A representative directed us to the company’s statement about its December 2022 settlement with the CFPB and declined further comment.
Wells Fargo vs. Other Top Banks
When you compare Wells Fargo to other large banks, it trails our highest-rated picks. It offers many of the features you’d expect to find with a bank of its size, such as thousands of physical locations, a widespread ATM network, an easy-to-use app and a variety of financial products.
The factors keeping this bank from earning higher ratings in our review include its monthly maintenance fees, lower APYs and generally poor customer service ratings. Here’s how Wells Fargo compares to three of the country’s largest banks:
Filters
Advertisement
The listings that appear are from companies from which this website may receive compensation, which may impact how, where and in what order products appear. Not all companies, products or offers were reviewed in connection with this listing.
| Bank | Rating | Number of Branch Locations | Number of ATM Locations | See More |
|---|---|---|---|---|
 Wells Fargo Learn More |
3.8 | 4,600 | 11,000 | Learn More |
 Citibank Learn More |
4.2 | 650 | Access to over 65,000 | Learn More |
 Chase Bank Learn More |
4.0 | 4,700 | 16,000 | Learn More |
 Bank of America Explore Rates |
4.0 | 3,900 | 15,000 | Explore Rates |
| Bank | Rating | Number of Branch Locations | Number of ATM Locations | See More |
|---|---|---|---|---|
| Wells Fargo Learn More |
3.8 | 4,600 | 11,000 | Learn More |
| Citibank Learn More |
4.2 | 650 | Access to over 65,000 | Learn More |
| Chase Bank Learn More |
4.0 | 4,700 | 16,000 | Learn More |
| Bank of America Explore Rates |
4.0 | 3,900 | 15,000 | Explore Rates |
No results were found.
*The bank offers a low fee that is waivable if at least one requirement is met, such as recurring direct deposit, a minimum monthly balance or a linked savings account. Requirements vary by bank.
Wells Fargo vs. Citi
Citibank only has about 650 physical branches in 13 states, so Wells Fargo wins when it comes to brick-and-mortar locations. But Citi has a much larger ATM network, with 65,000 available compared to Wells Fargo’s 11,000. Both banks have F ratings from the BBB.
Wells Fargo offers four checking account options while Citi only has two. But Citi’s checking accounts have no minimum opening deposit, no overdraft fees and low monthly fees that are easy to get waived. However, Citi doesn’t have early direct deposits like Wells Fargo.
Citi beats Wells Fargo out in savings, with lower monthly fees and a much higher APY on its Citi Accelerate Savings account, which doesn’t have a minimum opening deposit. While Wells Fargo offers CD APYs that are competitive with Citi’s, Citi has a larger selection of CD terms available online.
Wells Fargo vs. Chase
Chase has a larger physical presence than Wells Fargo, with 4,700 branches in 48 states and Washington, D.C., compared with Wells Fargo’s roughly 4,600 branches in 36 states and Washington, D.C. Chase also has a larger network of ATMs at 16,000 compared to Wells Fargo’s 11,000.
Wells Fargo’s monthly fees for checking and savings are slightly lower than Chase’s, and it has lower account balance requirements for getting the fees waived. Chase wins in the CD category — it offers many more term options online and has a lower minimum deposit ($1,000 compared to 2,500or2,500 or 2,500or5,000 with Wells Fargo). Chase doesn’t have online live chat like Wells Fargo.
Wells Fargo vs. Bank of America
Bank of America has nearly 4,000 branches compared to Wells Fargo’s roughly 4,600. But Bank of America offers more ATMs (15,000) than Wells Fargo. It also offers higher interest rates on savings accounts and CDs than Wells Fargo. However, Wells Fargo generally requires lower minimum opening deposits for checking accounts.
The Bottom Line: Is Wells Fargo Right for You?
As one of the largest banks in the U.S., Wells Fargo could be a strong choice for someone who doesn’t want to rate shop and have different products and loans across a variety of banks. Its interest rates on savings and checking accounts are comparable to rates from other traditional banks, but it can’t beat many of the online banks that don’t have the same overhead as brick-and-mortar institutions.
In spite of weathering several reputational and subsequent financial penalties, the bank has remained profitable and has repeatedly stated its commitment to repairing its reputation and strengthening its risk management and compliance processes to prevent further issues.
FAQ: Wells Fargo Reviews
Wells Fargo has monthly service fees ranging from 5to5 to 5to35 for its checking and savings accounts. Depending on which accounts you have, you may be able to get these fees waived if a primary account holder is 24 or younger, if you make eligible transfers or if you maintain a minimum daily balance from 500to500 to 500to250,000 for checking and 300to300 to 300to3,500 for savings.
Wells Fargo has 11,000 ATMs in 36 states and Washington, D.C. Customers can make fee-free transactions at Wells Fargo ATMs. Out-of-network ATM fees typically apply unless you have a premium account.
Wells Fargo has a highly rated mobile app that includes mobile check deposit, account transfers and Zelle. Its online banking platform has tools for bill pay, alerts, budgeting and more. Reviews rate Wells Fargo’s digital banking on par with competitors such as Chase, Bank of America and Citibank.
Methodology
Our team researched more than 100 of the country’s largest and most prominent financial institutions, collecting information on each provider’s account options, fees, rates, terms and customer experience. We then scored each firm based on the data points and metrics that matter most to potential customers. Read our full methodology.
Savings and money market accounts
The best scores go to banks, loans and fintech companies with high interest rates and low or no fees or minimum opening deposits.
High marks are given to those with multiple accounts and minimal fees, plus benefits such as reward programs and mobile check deposit.
Top-rated financial institutions have low or no minimum opening deposits, as well as a variety of term options and specialty CDs for flexibility.
Banking experience and access
Providers that excel in this category have large branch and ATM networks and multiple checking and savings accounts, and they earn more points for offering CDs and money market accounts.
35% Savings and money market accounts
30% Checking accounts
20% Certificates of deposit
15% Banking experience and access
Savings and money market accounts
The best scores go to banks, loans and fintech companies with high interest rates and low or no fees or minimum opening deposits.
Checking accounts
High marks are given to those with multiple accounts and minimal fees, plus benefits such as reward programs and mobile check deposit.
Certificates of deposit
Top-rated financial institutions have low or no minimum opening deposits, as well as a variety of term options and specialty CDs for flexibility.
Banking experience and access
Providers that excel in this category have large branch and ATM networks and multiple checking and savings accounts, and they earn more points for offering CDs and money market accounts.
All America Bank, Alliant Credit Union, Ally Bank, Amerant Bank, America First Credit Union, American Airlines Credit Union, American Express National Bank, Apple Bank, Arvest Bank, Associated Bank, Axos Bank, Banesco Bank, Bank of America, Bank of Hope, Bank Purely, Bank5 Connect, Barclays, Bask Bank, BECU (Boeing Employees Credit Union), Bethpage Federal Credit Union, BMO, BMO Alto Bank, Bread Savings (formerly Comenity Direct), BrioDirect, Capital One Bank, CFG Bank, Charles Schwab, Charlie Financial, Chase Bank, Chime, CIBC USA, CIT Bank, Citibank, Citizens, Citizens Bank, Colorado Federal Savings Bank, Comerica Bank, Connexus Credit Union, Consumers Credit Union, Credit One Bank, Cross River Bank, Current, Customers Bank, Delta Community Credit Union, Discover Bank, East West Bank, Emigrant Direct, EverBank (formerly TIAA Bank), Federal Savings Bank, Fifth Third Bank, First Citizens Bank, First Internet Bank (of Indiana), First National Bank of America, First Tech Federal Credit Union, FNBO Direct, Frost Bank, Golden 1 Credit Union, Heritage Bank NA, HSBC, Huntington Bank, KeyBank, Lafayette Federal Credit Union, Lake Michigan Credit Union, LendingClub, Limelight Bank, Live Oak Bank, Lonestar Bank, M.Y. Safra Bank, M&T Bank, Marcus by Goldman Sachs, Mercury Bank, Merrick Bank, Michigan State University Federal Credit Union, Milli, Morgan Stanley Private Bank, Mountain America Credit Union, My eBanc, MySavingsDirect, National Bank of Kansas City, Navy Federal Credit Union, NBKC Bank, North American Savings Bank (NASB), Northpointe Bank, Patelco Credit Union, PenFed Credit Union (Pentagon Federal), PNC Bank, Popular Direct, Presidential Bank, Provident Bank, Quontic Bank, Quorum Federal Credit Union, Randolph-Brooks Federal Credit Union, Regions Bank, Ridgewood Savings Bank, Rising Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union, SoFi Bank, South State Bank, Spectrum Credit Union, Spring Bank, Star One Credit Union, State Bank of Texas, State Department Federal Credit Union, State Employees’ Credit Union, Suncoast Credit Union, Sutton Bank, Synchrony Bank, Synovus Bank, TD Bank, Texas Capital Bank, Third Federal Savings & Loan, Transportation Alliance Bank (TAB Bank), Truist Bank, U.S. Bank, UFB Direct, Umpqua Bank, Upgrade, USAA Bank, USAlliance Financial, Valley National Bank, Varo Bank, Vio Bank, VyStar Credit Union, Webbank, Webster Bank, Wells Fargo, Western State Bank, Zions Bank, Zynlo Bank
**Data accurate at time of publication
Editor’s Note: Before making significant financial decisions, consider reviewing your options with someone you trust, such as a financial adviser, credit counselor or financial professional, since every person’s situation and needs are different.
Editor’s Note: Parts of this story were auto-populated using data from Curinos, a research firm that collects data from more than 3,600 banks and credit unions. For more details on how we compile daily rate data, check out our methodology here.