Wells Fargo Bank Rates & Review

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Wells Fargo Bank Review

Wells Fargo has come a long way since its stagecoach days. Today, it's the No. 1 bank in America by many criteria.

Few bank names are as iconic in America as Wells Fargo. It's almost impossible to hear it without conjuring all sorts of romantic images of the Wild West circa 1852, when Henry Wells and William Fargo formed Wells, Fargo & Co. to fill a growing need for banking and rapid delivery services.

Today, Wells Fargo Bank and its parent company are regularly showered with industry and media accolades. These include:

  • One of the top 100 best companies in the world (Forbes, 2010)
  • One of the world's 50 most respected companies (Barrons, 2010)
  • America's second most generous corporate foundation (Business Week, 2010)
  • America's greenest bank (Newsweek, 2009)
  • America's No. 1 large bank for customer satisfaction (American Customer Satisfaction Index, 2009)

By the end of the first quarter of 2010, the organization had 70 million customers, 278,000 employees, and assets of $1.2 trillion. Deposits at Wells Fargo Bank are FDIC-insured up to $250,000 per depositor through at least December 31, 2013.

Personal banking

As one would expect, Wells Fargo Bank has a comprehensive range of savings and checking accounts. Account selection and interest rates vary by state. The bank offers five checking accounts, two of which pay interest, and one of which is designed especially for students. Its flagship PMA checking account offers free checks, free online bill pay, bonus interest rates and waived service fees on linked savings accounts, and brokerage benefits on linked WellsTrade accounts.

Traditional savings products include the Wells Fargo® High Yield Savings account. CD rates are offered for terms ranging from three months to 54 months. Premium rates are offered on initial terms starting at nine months. There is also a money market account, which may pay a bonus rate if it is linked to one of a number of Wells Fargo Bank checking accounts.

Commercial banking

Wells Fargo Bank offers business checking, savings, and CD accounts; business credit cards, business loans and lines of credit; payroll and merchant services; various IRA and 401(k) plans; business property, liability, and employee health insurance; and more. For commercial customers, the bank offers fraud protection, merchant services, payroll, treasury services, health savings accounts (HSAs), and employee benefits consulting.

  • Account Type
  • APY
  • Adverstiser Comments
  • Savings
  • 0.01%
    Min to Earn APY: $0
  • Way2Save - APY for balances of $0 and above - $5 monthly fee waived with $300 minimum daily balance, or set up and maintain one or more automatic, recurring savings options- Rate collected within: NY, 10025
  • Money Market
  • 0.03%
    Min to Earn APY: $0
  • Money Market Savings - $10 monthly fee waived with 1 of the following: $3,500 minimum daily balance or $75 automatic monthly transfer from another Wells Fargo checking account
  • CD Rates
  • Standard 1 Year CD Tier $2,500 - $9,999 - Rate collected within: NY, 10025.

See below CD Rates for sample states

  • Term
  • APY
  • Min. To Earn APY
  • Compounding Method
  • Wells Fargo Bank (Rate in NY)

    • 1 year
    • 0.05%
    • $0
    • Compounding Daily
5 Responses to "Wells Fargo Bank Rates & Review"
  1. Ski December 18, 2013 at 4:27 pm

    Wow, nice rant Debra. However, maybe the reason you are (as implied) not making much money is your poor math skills. If you can find a federally insured savings account that will pay you $15 a year in interest on a balance of $300, you should be putting every penny you can into that account. That is about 5% interest. At .01% interest your $300 would earn you about 3 cents.

  2. Wendy Burke March 21, 2013 at 1:52 pm

    In November 2011, I set up both a Wells Fargo Way2Save account and a standard checking account. Between then and the end of December 2012, I was earning interest each month on the savings account no matter how little money was in the account. Since January 2013, however, no interest has been deposited. Obviously there has been some change in policy that I'm not aware of, and I was wondering what that is. By the way, I haven't had any fees on that account either, although I have been getting a monthly fee on my checking account since late last summer/fall. But I was notified that was coming several months in advance.

  3. Debra December 27, 2011 at 7:20 pm

    on a savings account where you expect $300 minimum daily balance to waive a $5 fee. wow you damn banks stink. you rob from the poor and keep them that way. management fit perfectly in the shoes of the unreformed scrooge. I have to tell you, your idea of interest on savings is thievery at best. On the off chance that your calculator is broken, your measily 1/100th of a percent of "interest" on $300 is a whopping $15 a year. WHAT A JOKE - you are a disgrace. You claim you are iconic - in what? surely NOT in helping the guy who is struggling. More that 12% of the Florida working public are unemployed. what is bank management doing to help the person down on their luck. I challenge a top banker to walk in the shoes of someone making $25,000/year. How do you sleep at night and think you are doing ok by your fellow man?

  4. Maria October 30, 2011 at 5:38 pm

    Hi Jennet, Wells Fargo Bank checking account products may vary dependent on the state that you live in. Based on information from their Website, for example, in the state of Alabama they will waive the monthly maintenance fee if you have recurring direct deposit or if you maintain a required monthly balance, depending on the type of account that you open. It is always a good idea to ask for a list of fees whenever you contemplate opening an account with any bank. Think about how you will be using your account, for example how often will you be writing checks, will you be using the ATM, online banking or other banking services, and find out the fees, if any, for each of these services. Here is a link for the Wells Fargo Bank website https://www.wellsfargo.com/, so you may contact them direct should you have other questions. Best wishes!

  5. jennet sydnor October 27, 2011 at 8:28 am

    interested in opening a checking account online. do you offer free checking with no deposit?

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