<p><img src="https://static4.businessinsider.com/image/5eb96de548d92c798611f6ea-2400/wells%20fargo%20personal%20loan%20review%204x3.png" border="0" alt="Wells Fargo personal loan review 4x3" data-mce-source="Wells Fargo; Alyssa Powell/Business Insider"></p><p></p><bi-shortcode id="disclaimer" class="mceNonEditable" data-type="pfi"></bi-shortcode><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><ul class="summary-list"><li>Wells Fargo (Member FDIC) has the largest presence in the US of any national bank.</li><li>Its savings accounts make it easy to automatically save, but don't pay competitive interest rates.</li><li>Wells Fargo's NR in trustworthiness from the Better Business Bureau may factor into your decision.</li><li><a href="https://www.businessinsider.com/personal-finance/best-checking-accounts" target="_blank" rel="noopener">Read our picks for the best checking accounts right now </a></li></ul><bi-shortcode id="table-of-contents-sticky" class="mceNonEditable" data-type="h2">Table of Contents: Masthead Sticky</bi-shortcode><h2>Should you bank with Wells Fargo'</h2><table style="width: 100%; border-collapse: collapse;" border="1" cellpadding="10px"><tbody><tr><td style="width: 50%; text-align: center;"><strong>You might like Wells Fargo if you:</strong></td><td style="width: 50%; text-align: center;"><strong>You might not like Wells Fargo if you:</strong></td></tr><tr><td style="width: 50%;"><ul><li>Prefer banking in person to banking online</li><li>Want bank accounts that make it easy to automatically save</li><li>Would like a debit card attached to your savings account</li><li>Qualify to waive monthly fees</li></ul></td><td style="width: 50%;"><ul><li>Want to earn high rates on savings and CDs</li><li>Don't qualify to waive monthly fees</li><li>Don't have $2,500 to open a CD</li><li>Want a CD with a term over two years</li><li>Are worried about its NR rating from the Better Business Bureau</li></ul></td></tr></tbody></table><aside class="quick-tip headline-regular"><p><strong>The bottom line:</strong> Wells Fargo is a solid choice if you're looking for a brick-and-mortar bank with a national presence, but you'll want to look elsewhere for the best interest rates.</p></aside><h2><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="product_editorial_name" data-customtext="" data-shouldlink="true" data-pid="5f5940aa0afbe720113b353e">Wells Fargo Way2Save Savings</bi-inline-shortcode> review</h2><bi-shortcode id="commerce-link" class="mceNonEditable" data-cardtype="credit-card" data-pid="5f5940aa0afbe720113b353e" data-type="undefined">Wells Fargo Way2Save Savings Account</bi-shortcode><p>If your goal is to earn a high interest rate on your savings balance, Wells Fargo isn't your best bet.</p><p>But if you want to save with a brick-and-mortar bank that has a national presence, then <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="product_editorial_name" data-customtext="" data-shouldlink="true" data-pid="5f5940aa0afbe720113b353e">Wells Fargo Way2Save Savings</bi-inline-shortcode> does have a couple features that set it apart from competitors.</p><bi-shortcode id="related-article-module" class="mceNonEditable" data-type="5de976d2fd9db219d66b74d4" data-title="Here are the best savings accounts right now" data-url="https://www.businessinsider.com/personal-finance/what-are-the-best-savings-accounts-right-now" data-thumbnail="https://i.insider.com/5df15700fd9db20ea414b144" data-shortcode-display-text="Related Article Module: Here are the best savings accounts right now"></bi-shortcode><p>The Save As You Go feature makes it easy for you to automatically save if you also have a Wells Fargo checking account. Each time you swipe your debit card, Wells Fargo transfers one dollar from your checking account into savings. The <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="product_editorial_name" data-customtext="" data-shouldlink="true" data-pid="5f5940aa0afbe720113b353e">Wells Fargo Way2Save Savings</bi-inline-shortcode> account also comes with a debit card even if you don't have a checking account, which is rare.</p><p>Wells Fargo also has a <a href="https://www.wellsfargo.com/savings-cds/platinum/" target="_blank" rel="noopener">Platinum Savings Account</a>. The interest rate is still low, but you'll receive paper checks and have access to more savings tools. Just beware you could end up paying a higher monthly fee with this account.</p><h2><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="product_editorial_name" data-customtext="" data-shouldlink="true" data-pid="5ed559323f737030496d5de5">Wells Fargo Everyday Checking</bi-inline-shortcode> review</h2><bi-shortcode id="commerce-link" class="mceNonEditable" data-cardtype="credit-card" data-pid="5ed559323f737030496d5de5" data-type="undefined">Wells Fargo Everyday Checking Account</bi-shortcode><p><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="product_editorial_name" data-customtext="" data-shouldlink="true" data-pid="5ed559323f737030496d5de5">Wells Fargo Everyday Checking</bi-inline-shortcode> is a good option if you can avoid the fees.</p><bi-shortcode id="related-article-module" class="mceNonEditable" data-type="5ed7fc153ad861242a46bc2f" data-title="Here are the best checking accounts available right now" data-url="https://www.businessinsider.com/personal-finance/best-checking-accounts" data-thumbnail="https://i.insider.com/5ed92909aee6a86e94137448" data-shortcode-display-text="Related Article Module: Here are the best checking accounts available right now"></bi-shortcode><p>There are multiple ways to waive the $10 monthly service fee. The overdraft fee is $35, but you can link to a Wells Fargo savings account for overdraft protection. You'll still pay $12.50 for transferring funds as overdraft protection, though, so this account is probably the best fit for people who don't expect to overdraw at all.</p><p>Wells Fargo has more checking accounts, but the monthly fees are easiest to waive with <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="product_editorial_name" data-customtext="" data-shouldlink="true" data-pid="5ed559323f737030496d5de5">Wells Fargo Everyday Checking</bi-inline-shortcode>.</p><h2><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="product_editorial_name" data-customtext="" data-shouldlink="true" data-pid="5f594396f348c32d10196d16">Wells Fargo Fixed Rate CD</bi-inline-shortcode> review</h2><bi-shortcode id="commerce-link" class="mceNonEditable" data-cardtype="credit-card" data-pid="5f594396f348c32d10196d16" data-type="undefined">Wells Fargo Fixed Rate Certificate of Deposit</bi-shortcode><p>You'll need at least $2,500 to open a CD with Wells Fargo. If you don't have this much money, you can find other banks that require less.</p><bi-shortcode id="related-article-module" class="mceNonEditable" data-type="5dd312be3afd37342b479224" data-title="The best CD rates of September 2020" data-url="https://www.businessinsider.com/personal-finance/who-has-the-best-cd-rates-right-now" data-thumbnail="https://i.insider.com/5dde8f85fd9db257724a8fd4" data-shortcode-display-text="Related Article Module: The best CD rates of September 2020"></bi-shortcode><p>Wells Fargo pays low rates on CDs, but rates are comparable to other big brick-and-mortar banks, like Chase and Bank of America. If you want to earn a high APY, you're better off using an online bank. You can only open a <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="product_editorial_name" data-customtext="" data-shouldlink="true" data-pid="5f594396f348c32d10196d16">Wells Fargo Fixed Rate CD</bi-inline-shortcode> with a 3-month, 6-month, or 1-year term, but competitors offer a wider variety of term length options.</p><p>The <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="product_editorial_name" data-customtext="" data-shouldlink="true" data-pid="5f2053b14dca6875b7120054">Wells Fargo Step Rate CD</bi-inline-shortcode> has a two-year term and periodically increases your rate, but the rates are still low.</p><h2>Wells Fargo features</h2><p>Wells Fargo has the largest national presence of any bank in the US, followed closely by Chase and Bank of America. Wells Fargo has over 5,000 branches and 13,000 ATMs in 36 states and Washington DC.</p><p>The bank's mobile app has received 4.8 out of 5 stars in the Apple store, and 4.7 out of 5 stars in the Google Play store.</p><p>You can call customer service 24/7.</p><p>Your bank account deposits are <a href="https://www.businessinsider.com/personal-finance/what-is-fdic-insurance" target="_blank" rel="noopener">FDIC insured</a> up to $250,000, or $500,000 for joint accounts.</p><h2>Is Wells Fargo trustworthy'</h2><p>The Better Business Bureau currently does not have a rating for Wells Fargo as the BBB is investigating its profile. Previously, the organization gave Wells Fargo an F in trustworthiness. In the past few years:</p><ul><li>Wells Fargo has <a href="https://www.businessinsider.com/wells-fargo-to-pay-3b-to-resolve-probes-into-fake-accounts-2020-2" target="_blank" rel="noopener">continued to pay billions in settlements</a> for its employees creating fake bank accounts to meet sales goals, <a href="https://www.businessinsider.com/wells-fargo-fake-accounts-scandal-impact-on-business-2016-12" target="_blank" rel="noopener">which became public knowledge in 2016.</a></li><li>The bank paid the city of Philadelphia $10 billion in response the city's claims that Wells Fargo engaged in predatory mortgage lending to racial minorities (2019).</li><li>The Consumer Financial Protection Bureau and Office of the Comptroller of the Currency <a href="https://www.businessinsider.com/wells-fargo-settlement-for-loan-abuses-2018-4" target="_blank" rel="noopener">charged Wells Fargo $1 billion</a> for overcharging and selling extra products to customers with auto and home loans (2018).</li></ul><p>If Wells Fargo's history bothers you, you may want to consider other options on <a href="https://www.businessinsider.com/personal-finance/best-banks" target="_blank" rel="noopener">Insider's list of the best banks</a>.</p><h2>How Wells Fargo compares to similar banks</h2><p>We've compared Wells Fargo with two other brick-and-mortar bank with a national presence: Chase and Bank of America.</p><table style="width: 100%; border-collapse: collapse;" border="1" cellpadding="10px"><tbody><tr><td style="width: 33.3333%; text-align: center;"><img src="https://static3.businessinsider.com/image/5ee3e2c319182454a0669479-232/wells-fargo-logo.png" border="0" alt="wells fargo logo" data-mce-source="Everyday Checking"></td><td style="width: 33.3333%; text-align: center;"><img src="https://static4.businessinsider.com/image/5f29754a3ad8614c656729d9-200/chase-logo-member-fdic.png" border="0" alt="chase logo member fdic" data-mce-source="Chase Total Checking"></td><td style="width: 33.3333%; text-align: center;"><img src="https://static3.businessinsider.com/image/5f35420db4bb1c001df53013-475/bank-of-america-logo.png" border="0" alt="bank of america logo" data-mce-source="Bank of America"></td></tr><tr><td style="width: 33.3333%; text-align: center;"><p><strong>Sign-up bonus</strong></p><p>None</p></td><td style="width: 33.3333%; text-align: center;"><p><strong>Sign-up bonus</strong></p><p>Up to $200</p></td><td style="width: 33.3333%; text-align: center;"><p><strong>Sign-up bonus</strong></p><p>Up to $100</p></td></tr><tr><td style="width: 33.3333%; text-align: center;"><p><strong>Savings APY</strong></p><p><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="annual_percentage_yield_apy_display" data-customtext="" data-shouldlink="false" data-pid="5f0f41c2988ee30d9821f65e">0.01% to 0.02% APY</bi-inline-shortcode></p></td><td style="width: 33.3333%; text-align: center;"><p><strong>Savings APY</strong></p><p><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="annual_percentage_yield_apy_display" data-customtext="" data-shouldlink="false" data-pid="5efcb2eaaee6a80d5f7a76a2">0.01% - 0.05% APY</bi-inline-shortcode></p></td><td style="width: 33.3333%; text-align: center;"><p><strong>Savings APY</strong></p><p><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="annual_percentage_yield_apy_display" data-customtext="" data-shouldlink="false" data-pid="5f296d9a19182467263afea7">0.01% to 0.05% APY</bi-inline-shortcode></p></td></tr><tr><td style="width: 33.3333%; text-align: center;"><p><strong>BBB rating</strong></p><p>NR</p></td><td style="width: 33.3333%; text-align: center;"><p><strong>BBB rating</strong></p><p>A+</p></td><td style="width: 33.3333%; text-align: center;"><p><strong>BBB rating</strong></p><p>A+</p></td></tr><tr><td style="width: 33.3333%; text-align: center;"><strong><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="brand,name" data-customtext="Open an account" data-shouldlink="true" data-pid="5f5940aa0afbe720113b353e">Wells Fargo Wells Fargo Way2Save Savings Account</bi-inline-shortcode></strong></td><td style="width: 33.3333%; text-align: center;"><strong><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="brand,name" data-customtext="Open an account" data-shouldlink="true" data-pid="5efca81d988ee3411764de87">Chase Chase Savings </bi-inline-shortcode></strong></td><td style="width: 33.3333%; text-align: center;"><strong><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="brand,name" data-customtext="Open an account" data-shouldlink="true" data-pid="5f296d9a19182467263afea7">Bank of America Bank of America Advantage Savings Account</bi-inline-shortcode></strong></td></tr></tbody></table><h3>Wells Fargo review vs. Chase review</h3><p>You can earn a slightly higher savings rate with Chase than with Wells Fargo, but you have to meet certain criteria and have a high balance. Even then, the rate is still low. If you're searching for a high APY, neither bank is your best bet.</p><bi-shortcode id="related-article-module" class="mceNonEditable" data-type="5ecfd2013f73707d547c3c6a" data-title="The best bank account bonuses right now" data-url="https://www.businessinsider.com/personal-finance/best-bank-account-bonuses" data-thumbnail="https://i.insider.com/5ed51ef55af6cc0f4a4351a8" data-shortcode-display-text="Related Article Module: The best bank account bonuses right now"></bi-shortcode><p>You may prefer Chase to Wells Fargo if you qualify for a sign-up bonus. Wells Fargo doesn't offer cash bonuses, but right now you can earn $200 for opening a <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="name" data-customtext="" data-shouldlink="true" data-pid="5ec800d3988ee36fe76d4944">Chase Total Checking</bi-inline-shortcode> accountand $150 for a <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="name" data-customtext="" data-shouldlink="true" data-pid="5efca81d988ee3411764de87">Chase Savings </bi-inline-shortcode> account.</p><p>Wells Fargo requires $2,500 to open a CD, while Chase only asks for $1,000. If you don't have enough money to open a CD with Wells Fargo, then you may prefer Chase.</p><p>Otherwise, your choice between the two banks could come down to which one has a branch closer to your home.</p><h3>Wells Fargo review vs. Bank of America review</h3><p>You might prefer Bank of America if you qualify for its $100 cash bonus. Unlike Wells Fargo, it offers a sign-up bonus for opening a checking account.</p><p>You may be able to earn a higher APY with Bank of America, but you'll need to meet strict criteria. Neither bank is the best choice for earning a competitive interest rate.</p><bi-shortcode id="related-article-module" class="mceNonEditable" data-type="5f1995eb4dca6813cd2750b8" data-title="Bank of America CD rates are low, but you may still prefer its CDs to Chase or Wells Fargo" data-url="https://www.businessinsider.com/personal-finance/bank-of-america-cd-rates" data-thumbnail="https://i.insider.com/5eb5c50f204ad3102c62f735" data-shortcode-display-text="Related Article Module: Bank of America CD rates are low, but you may still prefer its CDs to Chase or Wells Fargo"></bi-shortcode><p>Bank of America only requires $1,000 to open a CD, while Wells Fargo requires $2,500. Bank of America also gives you more term length options. You can open a CD with terms ranging from 28 days to 10 years.</p><p>When it comes down to it, you might just choose the bank with a branch closer to your house or office.</p><div><style> #div-gpt-ad-1579713650634-0 > div > iframe { width: 100% !important; min-width: 300px; max-width: 595px; } </style><script async src="https://securepubads.g.doubleclick.net/tag/js/gpt.js"></script><script> window.googletag = window.googletag || { cmd: [] }; googletag.cmd.push(function () { googletag.defineSlot('/1035677/Business_Insider_', [[1, 1], [300, 139], [595, 139], [300, 250], [595, 250], [300, 360], [595, 360], [300, 475], [595, 475]], 'div-gpt-ad-1579713650634-0') .addService(googletag.pubads()); googletag.pubads().enableSingleRequest(); googletag.pubads().setTargeting('category', ["Banking"]).setTargeting('subcat', ["Savings Accounts"]).setTargeting('post_id', []) .setTargeting('post_url', []) .setTargeting('keyword', []) .setTargeting('company-product', []) .setTargeting('post_title', []); googletag.enableServices(); }); </script><!-- /1035677/Business_Insider_ --><div id="div-gpt-ad-1579713650634-0"> <script> googletag.cmd.push(function () { googletag.display('div-gpt-ad-1579713650634-0'); }); </script></div></div><bi-shortcode id="related-content-module" class="mceNonEditable" data-type="more-savings-coverage" data-sheetname="More Savings Coverage">Related Content Module: More Savings Coverage</bi-shortcode><p><a href="https://www.businessinsider.com/personal-finance/wells-fargo-review#comments">Join the conversation about this story »</a></p>
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