Wells Fargo review: A good option if you want a brick-and-mortar bank with a large national presence

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Summary List PlacementTable of Contents: Masthead StickyShould you bank with Wells Fargo?

You might like Wells Fargo if you:

Prefer banking in person to banking online
Want bank accounts that make it easy to automatically save
Would like a debit card attached to your savings account
Qualify to waive monthly fees

You might not like Wells Fargo if you:

Want to earn high rates on savings and CDs
Don’t qualify to waive monthly fees
Don’t have $2,500 to open a CD
Want a CD with a term over two years

The bottom line: 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.

Wells Fargo Way2Save Savings review
Wells Fargo Way2Save® Savings Account

If your goal is to earn a high interest rate on your savings balance, Wells Fargo isn’t your best bet.

But if you want to save with a brick-and-mortar bank that has a national presence, then Wells Fargo Way2Save Savings does have a couple features that set it apart from competitors.

 

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 Wells Fargo Way2Save Savings account also comes with a debit card even if you don’t have a checking account, which is rare.

Wells Fargo also has a Platinum Savings Account. 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.

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Wells Fargo Everyday Checking review
Wells Fargo Everyday Checking Account

Wells Fargo Everyday Checking is a good option if you can avoid the fees.

 

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.

Wells Fargo has more checking accounts, but the monthly fees are easiest to waive with Wells Fargo Everyday Checking.

Wells Fargo Fixed Rate CD review
Wells Fargo Fixed Rate Certificate of Deposit

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.

 

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 Wells Fargo Fixed Rate CD with a 3-month, 6-month, or 1-year term, but competitors offer a wider variety of term length options.

The Wells Fargo Step Rate CD has a two-year term and periodically increases your rate, but the rates are still low.

Wells Fargo features

Wells Fargo has the largest national presence of any bank in the …read more

Source:: Business Insider

      

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