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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.

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