Wells Fargo Bank Review 2026: Checking, Savings and CDs
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Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Overview
Megabank Wells Fargo offers a large network of branches, many ATMs and a variety of financial products. Monthly fees on basic bank accounts can be easily waived, but savings rates tend to be low. If you have a high enough balance across eligible accounts, you could receive upgrades on interest rates (but they’re still lower than the national average).
Large branch network.
Large, free, nationwide ATM network.
24/7 customer service by phone.
Expensive overdraft fee.
Low rates on some savings accounts and CDs.
Monthly fees (though some are avoidable).
Product reviews
Savings
Wells Fargo’s Way2Save account has a $5 monthly fee, waived with a $300 minimum daily balance or a recurring savings transfer from checking to savings. The bank makes it easier to waive this fee than some other national banks, but there are many online banks that don't charge a fee at all. The 0.01% annual percentage yield is very low.
A benefit of the savings account is that it offers automatic savings transfers and the option to sign up for a save-as-you-spend program. This is where you add a linked Wells Fargo checking account, and each time you make a debit purchase or pay a bill from checking, the bank will transfer an extra $1 into savings. Automated savings programs can make it easy to build your balance without extra effort.
» Want to see more options? Compare NerdWallet’s best savings accounts
Wells Fargo Way2Save Savings
Certificates of deposit
Wells Fargo has very few standard CDs available online, and they come with a high $2,500 minimum deposit and low yields. There are also no term lengths above one-year available online. If you want to open a CD with a longer term, you have to go to a branch. In general, you can find better rates elsewhere online. Compare with NerdWallet's list of the best CD rates.
» Learn more about Wells Fargo CD rates
Full List of CD Rates
| Term | APY | Min Deposit |
|---|---|---|
| 3 months | 0.51% | $2,500 |
| 3 months | 0.50% | $2,500 |
| 4 months | 3.75% | $5,000 |
| 4 months | 3.49% | $5,000 |
| 6 months | 0.51% | $2,500 |
| 6 months | 0.50% | $2,500 |
| 7 months | 3.50% | $5,000 |
| 7 months | 3.24% | $5,000 |
| 9 months | 1.55% | $5,000 |
| 9 months | 1.35% | $5,000 |
| 11 months | 3.25% | $5,000 |
| 11 months | 2.99% | $5,000 |
| 1 year | 1.51% | $2,500 |
| 1 year | 1.50% | $2,500 |
| 19 months | 2.45% | $5,000 |
| 19 months | 2.40% | $5,000 |
| 2 years | 0.40% | $2,500 |
| 29 months | 2.50% | $5,000 |
| 29 months | 1.20% | $5,000 |
| 39 months | 1.10% | $5,000 |
| 39 months | 1.05% | $5,000 |
| 5 years | 0.35% | $10,000 |
Wells Fargo CD
Customer experience & overdraft fees
Customer experience
Wells Fargo offers extensive branch coverage. Its mobile banking apps offer check deposit, person-to-person payments and bill payments, and they're well-rated by app store users.
Customer service is available 24/7 by phone. It can also be reached through social media channels.
Wells Fargo earns high marks in this category. However, note that the bank has been penalized by government regulators multiple times, including nearly $4 billion in fines levied by the CFPB in December 2022. Wells Fargo has been fined for the creation of unauthorized accounts for customers to meet sales targets, and for charging unnecessary fees on mortgages and auto loans. The bank paid millions of dollars to affected consumers and made leadership changes in the wake of the scandals.
» Interested in more from this bank? Check out the best Wells Fargo credit cards
Overdraft fees
Unlike an increasing number of banks that have reduced or eliminated overdraft fees completely, Wells Fargo charges an overdraft fee of $35, with a maximum of three fees per day. You can opt to use your Wells Fargo savings account, credit card or line of credit as a backup source of funds. There is no transfer fee when money is moved from those options to checking to cover an overdraft.
Wells Fargo personal checking and savings accounts include a feature called Extra Day Grace Period. The feature gives customers who have overdrawn their account one business day to deposit enough money to cover the overdrawn amount and have the overdraft fee waived. The deposits must be made by midnight E.T. the business day following the day the overdrafts occurred.
The bank also does not charge an extended overdraft fee for accounts that are in the red for several days in a row. Some banks tack on these charges, also called continuous overdraft fees, to negative-balance accounts.
Rating methodology
How we rate banks and credit unions
Banking writers and editors use an objective methodology to rate banks, credit unions, and other providers, and to recommend the best products.
100+
Financial institutions reviewed
100+
Financial institutions reviewed
We took a close look at around 100 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
30+
Categories assessed
30+
Categories assessed
Each provider is evaluated across five weighted categories and 30 subcategories, including checking and savings accounts, certificates of deposit, customer experience, and overdraft services. For banks or credit unions without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
60+
Data points analyzed
60+
Data points analyzed
We considered more than 60 data points for each provider. Depending on the category, these included account fees and rates (such as annual percentage yields), ATM and branch access, account features, account bonuses, customer service access and user-facing technology, such as innovative tools and mobile apps. We gathered this information for each financial institution from its website, a media representative or both.
Star rating categories
The review team is made up of seasoned writers and editors who cover personal banking deposit accounts, such as checking, savings and certificates of deposit, as well as related banking services, such as overdraft programs and ATM networks. For providers without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
Financial institutions and providers surveyed are: Affirm, All America Bank, Alliant Credit Union, Ally Bank, Alto, Amalgamated Bank, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5 Connect, Barclays, Bask Bank, BMO, Boeing Employees Credit Union, Bread Savings®, BrioDirect, Capital One, Cash App, CFG Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens Access, Citizens Bank, Climate First Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Customers Bank, Discover® Bank, E*TRADE, EverBank, Fifth Third Bank, First Foundation, First Internet Bank, First Tech Federal Credit Union, FNBO Direct, Forbright Bank, FourLeaf Federal Credit Union, GO2bank, Golden 1 Credit Union, Hope Credit Union, HSBC Bank, Huntington Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, My Banking Direct, NASA Federal Credit Union, Navy Federal Credit Union, NBKC, Newtek Bank, OMB Bank, OnePay, Openbank, PayPal, Peak Bank, Pentagon Federal Credit Union, PNC, Poppy Bank, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Valley Bank, Varo, Venmo, Vio Bank, Wells Fargo, Western Alliance Bank, Zolve and Zynlo Bank.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for banks and credit unions and our editorial guidelines.
Frequently asked questions
Is Wells Fargo a good bank?
Wells Fargo is comparable to other national banks in that it has similar features: large ATM and branch networks, low savings rates and high overdraft fees. It can be convenient to bank at Wells Fargo, especially if you have a mortgage or other account there. Wells Fargo also has a history of multiple settlements with regulators over opening 1.5 million unauthorized bank accounts, along with charging customers fees in those fake accounts.
Should I bank at Wells Fargo or Chase?
Both national banks have similar offerings, though Chase has more ATMs and a free overdraft program for linked savings transfers. Wells Fargo and Chase have about the same number of branches. See more on our Chase vs. Wells Fargo comparison.
How do I open a Wells Fargo account?
You can open an account online on Wells Fargo’s website or at a branch. To apply in person, you’ll need to bring two forms of ID (such as a government-issued ID and your signed Social Security card), as well the minimum amount of money to open the account, such as $25 for the basic checking and savings options. For an online application, you also need to provide your mobile phone number.
How do I close a Wells Fargo account?
You need to call or visit a Wells Fargo branch. Prepare beforehand with these steps to closing a bank account.