• Skip to primary navigation
  • Skip to main content
Good Financial Cents®
Content is based on in-depth research & analysis. Opinions are our own. We may earn a commission when you click or make a purchase from links on our site. Learn more.
  • Make Money
    • Get Money Now
      • Ultimate Guide to Making Money
      • Need Money Now
      • Get Free Money Fast
      • Make Money Fast
      • Make $1K Per Month
      • Make $100 Per Day
    • Control Your Destiny
      • Self Employed Jobs
      • Make Money from Home
      • Hobbies That Make Money
      • How to Become a Freelance Writer
      • Small Business Ideas to Start
      • How to Become an Independent Contractor
      • Best Online Jobs
    • Passive Income
      • Passive Income Ideas
      • Multiple Streams of Income
      • Extra Income
      • Residual Income Ideas
      • Learn to Sell e-Books
      • Make Money on Facebook
      • Make Money on Tiktok
      • Best Online Survey Sites to Make Money
    • Explore More
      • Best Side Hustle Ideas
      • Make Money for Teens
      • Best Online Colleges
      • Best Jobs No College Degree
      • Become a Millionaire
      • Careers for the Future
  • Manage Money
    • Best Of
      • Budgeting Tools
      • Personal Finance Software
      • Best Cashback Cards
    • Company Reviews
      • Personal Capital vs Mint
      • Personal Capital Review
      • SmartAsset Review
    • Guides
      • Buy or Lease a Car
      • What is Liquid Net Worth?
      • Setting Financial Goals
      • How to Budget
      • Ways to Save Money
    • Explore More
      • How Much Car Can I Afford?
      • Best Auto Refinance Companies
  • Invest
    • Best Of
      • Best Short and Long-Term Investments
      • Best Low Risk Investments
      • Best Online Stock Brokers
      • Best Crypto Exchanges
      • Best Short Term Investments
      • Best Long Term Investments
      • Best Trading Platforms
      • Best Investment Apps
    • Company Reviews
      • Lending Club
      • Robinhood
      • M1 Finance
      • Ally
      • TD Ameritrade
      • Fundrise
      • Betterment
      • Etrade
      • Wealthfront
    • Guides
      • Investing for Beginners
      • Investing Small Amounts of Money
      • Investing in Real Estate
      • No Money Down Real Estate
      • Bonds vs Stocks
      • Peer to Peer Lending
      • Best Hedges Against Inflation
      • Safe Bitcoin Investing in 2023
    • Explore More
      • Bitcoin vs. Real Estate
      • Betterment vs Wealthfront
      • Investing for College Students
      • Stock Market Alternatives
    • By Investment Amount
      • How to Invest $100
      • How to Invest $1K
      • How to Invest $2k-$3k
      • How to Invest $5K
      • How to Invest $10K
      • How to Invest $15k
      • How to Invest $20K
      • How to Invest $30k
      • How to Invest $50K
      • How to Invest $100K
      • How to Invest $200K
      • How to Invest $500K
      • How to Invest $1M
  • Taxes
    • Best Of
      • Best Tax Relief Companies
      • Best Tax Software
    • Guides
      • Federal Income Tax Guide 2023
      • Taxes and Cryptocurrency
      • How to Do Your Own Taxes
      • How to Invest Your Tax Refund
      • Hiring a Professional Tax Preparer
      • Tax Tips for Freelancers
    • Company Reviews
      • TurboTax Review
      • H&R Block Review
      • Taxslayer
      • Tax Act
  • Insurance
    • Best Of
      • Best Life Insurance
      • Best Home Insurance
      • Best Auto Insurance
      • Cheap Term Life Insurance
      • Car Insurance For Young Adults
    • Guides
      • Term vs Whole Life
      • Different Types of Car Insurance
      • Average Cost of Car Insurance
    • Explore More
      • Life Insurance Over 50
      • Life Insurance Over 80
      • $1 Million Life Insurance
      • $2 Million Life Insurance
      • $3 Million Life Insurance
    • Company Reviews
      • Banner Life Insurance
      • Ladder Life Insurance
      • Health IQ
      • Haven Life
      • Policygenius
      • State Farm Auto Insurance Review
  • Retirement
    • Roth IRA
      • Best Places to Open a Roth IRA
      • Best Investments for Roth IRA
      • 7 Roth IRA Secrets
      • Roth IRA Conversion Guide
      • Roth IRA Rules
      • Roth IRA vs Roth 401k
      • Are Roth IRA Contributions Tax Deductible?
    • 401(k)
      • 401(k) Limits
      • 401(k) to Roth Rollover
      • Is 401(k) Enough for Retirement?
      • Maxed Out 401(k): What's next?
    • Traditional IRA
      • Traditional IRA Rules and Limits
      • Traditional IRA vs. 401(k)
      • Simple IRA Rules
      • SEP IRA Rules
      • How Much Do You Need to Start an IRA?
    • Explore More
      • SEP IRA vs. Roth IRA
      • 457 Plan for Successful Retirement
      • 401a Rollover Rules
      • How to Retire at 50
      • How to Retire at 55
  • Banking
    • Best Of
      • Best National Banks
      • Best High-Yield Savings Accounts
      • Best Checking Accounts
      • Best Savings Accounts
      • Best CD Rates
      • Best Money Market Accounts
    • Company Reviews
      • BBVA
      • Synchrony
      • Wells Fargo
    • Explore More
      • 9 Banking Alternatives for 2023
      • What is a Credit Union?
  • Home
    • Best Of
      • Best Mortgage Lenders
      • Best Mortgage Refinance Companies
      • Best Home Warranties
      • Best Homeowners Insurance
      • Best VA Loans
      • Best Mortgage Rates
      • Best Moving Companies
      • Best Home Security
    • Guides
      • Home Buying Checklist
      • Online Home Appraisal
      • How Much House Can I Afford?
      • First-time Homebuyer Programs
      • How to Get Approved for a Home Loan
      • Save Money When Building a House
      • How to Save for a Downpayment
      • When to Refinance Your Mortgage
    • Explore More
      • 15 vs. 30-year Mortgage
      • Home Warranty vs. Home Insurance
      • Veterans United Home Loan Review
      • Quicken Loans Review
      • HELOC vs Second Mortgage
      • DCU Mortgage Review
      • Costco Mortgage Program Review
      • USAA Mortgage Loan Review
  • Credit
    • Best Of
      • Best Credit Repair Companies
      • Best ID Theft Protection Services
      • Best Credit Report Options
      • Best Bad Credit Loans
    • Guides
      • How to Build Your Credit Score
      • How to Raise Your Credit Score in 5 Months
      • How to Dispute Your Credit Report
      • Hot to Remove Collections from Your Credit Reports
      • How Identity Theft Destroys Your Credit Score
    • Explore More
      • What is a Good Credit Score?
      • What is a Bad Credit Score?
  • Debt
    • Best Of
      • Best Debt Consolidation Loans
      • Best Personal Loans
      • Best Student Loans
      • Best Student Loan Refinance
    • Guides
      • What is Debt Consolidation?
      • How to Get Out of Debt
      • How to Get a Personal Loan Approved
      • How to Pay Off Student Loans Faster
      • Should I Consolidate My Debts?
      • Should I File for Bankruptcy?
    • Company Reviews
      • Credible
      • Sofi

Wells Fargo Review | Business or Personal Banking and Lending

https://www.goodfinancialcents.com/wp-content/uploads/2019/07/MG_5503-150x150.jpg
  • Written By:
    Jeff Rose, CFP®

    Jeff Rose, CFP®

    Jeff Rose, CFP® is a Certified Financial Planner™, founder of Good Financial Cents, and author of the personal finance...

    Read More
  • Updated: August 23, 2021
  • 5 Min Read
  • Advertising Disclosure

    Advertising Disclosure

    GoodFinancialCents® has an advertising relationship with the companies included on this page. All of our content is based on objective analysis, and the opinions are our own. For more information, please check out our full disclaimer and complete list of partners.

Quality Verified THE GFC® PROMISE
shield check icon
Quality Verified

GoodFinancialCents® partners with outside experts to ensure we are providing accurate financial content.

These reviewers are industry leaders and professional writers who regularly contribute to reputable publications such as the Wall Street Journal and The New York Times.

Our expert reviewers review our articles and recommend changes to ensure we are upholding our high standards for accuracy and professionalism.

Our expert reviewers hold advanced degrees and certifications and have years of experience with personal finances, retirement planning and investments.

shield check icon
Why You Can Trust GoodFinancialCents®

GoodFinancialCents® partners with outside experts to ensure we are providing accurate financial content.

These reviewers are industry leaders and professional writers who regularly contribute to reputable publications such as the Wall Street Journal and The New York Times.

Our expert reviewers review our articles and recommend changes to ensure we are upholding our high standards for accuracy and professionalism.

Our expert reviewers hold advanced degrees and certifications and have years of experience with personal finances, retirement planning and investments.

Whether you are looking for a checking account, a savings account, a combination of the two, or some other kind of personal banking product like a line of credit or certificate of deposit, your choice of bank will make a significant difference.

You need to find a bank that is right for your specific needs. Wells Fargo offers a wide range of banking products and services geared to meet the needs of different people and businesses.

Let’s explore what Wells Fargo is all about, so you can decide whether or not it is the right bank for you.

Wells Fargo Overview

Wells Fargo Logo

Wells Fargo Bank opened its doors to clients on March 18, 1852. Headquartered in San Francisco, California, it is the third-largest bank on market capitalization in the United States.

The bank boasts total assets of about $2 trillion and is publicly traded on the New York Stock Exchange under the abbreviation WFC.

Wells Fargo Bank provides banking, investing, mortgage, insurance, and credit cards as well as consumer and commercial financial services.

It offers retail customers checking accounts, savings accounts, and CDs, as well as investment products, individual retirement accounts (IRAs), and financial advisors.

Additionally, Wells Fargo offers nationwide access with over 13,000 ATMs and about 6,000 branches across the country.

That said, let’s explore the banking and loan products that Wells Fargo Bank has to offer.

Wells Fargo Banking Products

Wells Fargo offers a wide selection of banking products, including savings and checking accounts—but are Wells Fargo’s accounts right for you?

Wells Fargo Checking Accounts

There are several options for Wells Fargo checking accounts that you can choose from. Each of the accounts comes with a Platinum Debit card equipped with chip technology.

You also get to enjoy round-the-clock customer service and text-based banking with any of the accounts.

Those account types include:

  • Everyday Checking – You need just a small deposit to set up a Wells Fargo Everyday Checking account. You’ll need to pay monthly service fees for this account. However, the fees can be waived if you meet certain conditions such as making a given number of credit/debit purchases or carrying a given monthly balance.
  • Preferred Checking – With a Preferred Checking account, your money can earn interest on the condition that you meet the minimum balance requirement. Moreover, if you have a mortgage with this bank, you won’t pay the monthly service fee for this account. This account also offers you budgeting and cash flow tools.
  • Portfolio Account – If you have a lot of cash to keep in your checking account, you stand to earn higher interest rates with the Portfolio by Wells Fargo account. In fact, the interest rate increases as you deposit more money into your account.

The portfolio account offers you a range of other benefits, including:

  • Interest rate discounts – on Wells Fargo loans
  • Waived ATM charges – for non-Well Fargo transactions
  • No overdraft protection transfer fees
  • Opportunity Checking – If no bank is willing to offer you a traditional checking account, a Wells Fargo opportunity checking account would be your ideal option. You’ll get to enjoy lower balance requirements, mobile baking, and waived monthly fees.
  • Teen Checking – If you have kids between the ages of 13 and 17, you can open checking accounts for them, but you’ll co-own the account with them. This type of account features tools that are geared to teach teens financial responsibility.

Wells Fargo Savings Accounts

Low-interest rates and monthly fees characterize Wells Fargo savings accounts. The bank offers a number of savings account types, which include:

  • Way2Save Savings – if you’re not disciplined when it comes to saving, you can benefit from the Way2Save program. This program works by automatically transferring $1 to your savings account every time you make a qualifying purchase with your linked Wells Fargo checking account.
  • Platinum Savings – If you have a significant amount of money in your savings account, the cash may qualify for higher interest rates with the Platinum Savings. Despite being a savings account, Platinum Savings also allows you to write free checks. That means you can easily access your money.
  • Certificate of Deposits (CDs) – If you can keep your money for a considerable period, the cash can earn the highest interest rates from Wells Fargo CDs compared to other deposit products.

Wells Fargo Loan Options

Wells Fargo also offers a number of loan options, including the following:

  • Home mortgages – Whether you want a 15-year, 20-year, or 30-year mortgage, Wells Fargo has got you covered. The bank also offers jumbo loans and adjustable rate mortgages.
  • Home-equity lines – Wells Fargo can lend you money to make home improvements. You can as well put your home’s equity to work and get some cash flow.
  • Personal loans – Wells Fargo can lend you an unsecured personal loan of $3,000 to $100,000.
  • Auto loans – Wells Fargo can help you purchase a used or new car from a dealer. It can also facilitate a private party purchase or a lease buyout. The bank offers affordable interest rates and up to 72 months of the repayment period for auto loans.
  • Student loans – Wells Fargo can finance up to 100 percent of your education expenses. You have to be in undergraduate or graduate school to qualify for a Wells Fargo student loan.
  • Credit Cards – Wells Fargo offers a variety of credit options, including secured cards if you wish to build your credit history.

Should You Bank with Wells Fargo?

What We Like About Wells Fargo Bank

  • A vast network of ATMs – The over 13,000 ATM can help you avoid paying exorbitant fees at non-Wells Fargo ATMs.
  • Offers a second chance – If you’ve suffered a financial crisis, Wells Fargo gives you a chance to recover from the crisis and redeem yourself financially.
  • Automatic online bill payment – This tool can help you avoid late payment of bills and its related effects.
  • Debit card zero liability protection – This feature helps to protect you from fraudulent transactions on your debit card.
  • Check deposit via smartphone – All you need to do is send a picture of the back and front of your check to the bank.
  • Text alerts – If you don’t have a smartphone or PC, you can simply text a command regarding your bank account to 93557 and get a response immediately.
  • Mobile Wallet services – Wells Fargo works perfectly with Apple Pay, Google Pay, and Samsung Pay. The Wells Fargo app also allows you to use your Wells Fargo Wallet for increased convenience when it comes to making payments.
  • 24/7 fraud monitoring – Wells Fargo checks your account round-the-clock for suspicious activities and alerts you if anything unusual is detected. This ensures that you are protected against identity theft or fraudulent transactions of your account before you even notice it.

What We Don’t Like About Wells Fargo Bank

  • Low-interest rates – Your money will earn little interest, thanks to Wells Fargo’s minimal interest rates. You may need to find another bank if you’re looking for higher interest rates.
  • Strict conditions for the monthly service fees waiver – Wells Fargo has quite high minimum daily balance requirements that you should meet to enjoy the monthly service fee waiver.
  • Wells Fargo charges for overdraft protection – You’ll need to pay some fees if you link your credit or savings account to your checking account. If the bank advances cash to your checking account to prevent an overdraft, you will be charged for every transfer.

In Conclusion

Wells Fargo is one of the best banks in the United States. When you bank with them, you will get access to a wide range of valuable features geared to give you a pleasant and stress-free banking experience.

You’ll enjoy banking in person at over 13,000 Wells Fargo ATMs and about 6,000 branches spread across the country.

You can also complete your transactions on the go or from the comfort of your home, thanks to Wells Fargo Mobile and Wells Fargo Online.

The major disadvantage of Wells Fargo Bank is its combined low interest rates and high fees. With these factors in mind, you should be able to make an informed decision on whether or not to bank with Wells Fargo.

Facebook LinkedIn Twitter

About the Author

Jeff Rose, CFP® is a Certified Financial Planner™, founder of Good Financial Cents, and author of the personal finance book Soldier of Finance. He was a financial planner for 16+ years having founded, Alliance Wealth Management, a SEC Registered Investment Advisory firm, before selling it to focus on his passion - educating the masses on the importance of financial freedom through this blog, his podcast, and YouTube channel.


Jeff holds a Bachelors in Science in Finance and minor in Accounting from Southern Illinois University - Carbondale. In addition to his CFP® designation, he also earned the marks of AAMS® - Accredited Asset Management Specialist - and CRPC® - Chartered Retirement Planning Counselor.

While a practicing financial advisor, Jeff was named to Investopedia's distinguished list of Top 100 advisors (as high as #6) multiple times and CNBC's Digital Advisory Council.

Jeff is an Iraqi combat veteran and served 9 years in the Army National Guard. His work is regularly featured in Forbes, Business Insider, Inc.com and Entrepreneur.

Facebook Twitter LinkedIn


You Might Also Enjoy

8 Best Savings Accounts of 2023

8 Best Savings Accounts of 2023

Best Online Banks: Start Today

Best Online Banks: Start Today

Best High-Interest Savings Accounts

Best High-Interest Savings Accounts

Best Money Market Accounts of 2023

Best Money Market Accounts of 2023

The Best Checking Accounts for Your Business

The Best Checking Accounts for Your Business

Ditch Your Bank: 9 Banking Alternatives That Pay More

Ditch Your Bank: 9 Banking Alternatives That Pay More

Leave a Reply

Cancel reply

  • Make Money
  • Manage Money
  • Invest
  • Taxes
  • Insurance
  • Retirement
  • Banking
  • Home
  • Credit
  • Debt
  • About
  • Contact
  • Facebook LinkedIn Twitter

© 2023 Good Financial Cents®. All Rights Reserved. | Privacy Policy | Disclaimer

All written content on this site is for information purposes only. Opinions expressed herein are solely those of AWM, unless otherwise specifically cited. Material presented is believed to be from reliable sources and no representations are made by our firm as to another parties’ informational accuracy or completeness. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation.

All third party trademarks, including logos and icons, referenced in this website, are the property of their respective owners. Unless otherwise indicated, the use of third party trademarks herein does not imply or indicate any relationship, sponsorship, or endorsement between Good Financial Cents® and the owners of those trademarks. Any reference in this website to third party trademarks is to identify the corresponding third party goods and/or services.