Wells Fargo Bank Review
About the Bank
Wells Fargo is one the largest and oldest continuously operating banks in the U.S., and it also ranks as one of the biggest banks in the world. The bank has a significant physical presence, with over 5,000 branches and 13,000 ATMs in states stretching from coast to coast.
Consumers can meet virtually any banking need with Wells Fargo products, which include:
- Checking and savings accounts
- Certificates of deposit
- Prepaid debit cards
- Mortgage and home equity loans
- Personal loans
- Student loans
- Credit cards
- Homeowners and auto insurance
- Individual retirement accounts
- Wealth management services
The most popular checking option is the Everyday Checking account, which offers convenient 24/7 access with a low monthly maintenance fee. It takes just $25 to open one of these accounts and they’re suited for customers who want a basic checking account, as well as college students looking for low-cost checking.
Preferred Checking is suited for customers who want to earn interest on their checking balances, or who have a home mortgage with Wells Fargo. Those customers are eligible for a waiver of the monthly maintenance fee.
Portfolio by Wells Fargo is another checking option if you have a linked savings account, CD or IRA with the bank. There’s also a special checking account just for teens and the Opportunity Checking account, which is designed for people who may not be able to open a standard checking account because of their banking or credit history.
On the savings side, there are three choices: Way2Save accounts, which have a low minimum deposit and let you grow your savings automatically; Platinum Savings, which earns a higher interest rate on deposits; and Wells Fargo CDs. CD accounts feature the highest APY for savers, but you’ll need $2,500 minimum to open a CD, versus $25 for either savings account option.
Wells Fargo Online is the bank’s online banking system and you can use it to handle all your financial tasks, including paying bills, setting up account alerts, transferring money between checking and savings, creating your budget and tracking your savings goals. The mobile app version also allows you to deposit checks through your mobile device and make secure purchases with your phone. The mobile deposit limits are comparable to what other traditional big banks allow.
The bank offers several credit cards, including a cash back rewards card, a co-branded card designed for travelers and a secured credit card, which is geared towards people who are new to using credit or are rebuilding their credit history. There are also cards for college students and for credit users who are looking for a low introductory APR balance transfer offer.
Two cards -- the Wells Fargo Rewards card and the Wells Fargo Visa Signature card -- feature a generous rewards structure for everyday spenders who primarily use their card for gas, grocery and drugstore purchases. Some cards have an annual fee; others don’t. One thing to note: certain cards are available exclusively to existing Wells Fargo customers.