The main account types Wells Fargo offers
Wells Fargo offers three core checking and savings accounts for personal customers: Wells Fargo Checking, Wells Fargo Premier Checking, and Wells Fargo Savings. The standard checking account has no monthly fee if you maintain a minimum balance or set up direct deposit. Premier Checking costs more per month but includes higher balance thresholds and additional perks like higher interest rates and waived overdraft fees under certain conditions. The savings account works alongside either checking option and earns interest, though the rate varies based on your balance and current market conditions.
Wells Fargo also offers money market accounts, which combine features of checking and savings accounts and typically pay higher interest rates than standard savings. These accounts usually require a larger opening deposit and minimum balance. For customers who want to lock in a fixed rate for a set period, Wells Fargo offers certificates of deposit (CDs) in terms ranging from three months to five years.
Key Takeaways
- Wells Fargo's standard checking account has no monthly fee if you keep a minimum balance or receive direct deposits, while Premier Checking offers more features for a higher monthly cost.
- Savings accounts, money market accounts, and CDs all earn interest, with rates varying by account type, balance level, and current market conditions.
- Wells Fargo offers credit cards, personal loans, home loans, and auto loans through the same bank, so you can manage multiple products in one place.
- Investment and brokerage services are available through Wells Fargo Advisors, a separate division that handles stocks, bonds, mutual funds, and retirement accounts.
- Wells Fargo also provides business checking, business savings, merchant services, and payroll processing for small and mid-sized companies.
Credit products: cards and lines of credit
Wells Fargo issues multiple credit card brands, each designed for different spending patterns. The Wells Fargo Active Cash Card offers cash back on all purchases. The Wells Fargo Propel American Express Card targets higher spending on travel, dining, and streaming. The Wells Fargo Secured Card is designed for people building or rebuilding credit and requires a cash deposit that becomes your credit limit.
Beyond credit cards, Wells Fargo offers personal lines of credit, which let you borrow money as needed up to a set limit and pay interest only on what you use. These differ from personal loans, which give you a lump sum upfront. Both products are unsecured, meaning you do not pledge collateral, and both carry interest rates that depend on your credit score and income.
Lending for homes and vehicles
Wells Fargo originates mortgages for home purchases and refinances, including conventional loans, FHA loans, VA loans, and USDA loans. The bank also handles home equity lines of credit (HELOCs) and home equity loans, which let you borrow against the value you have built in your home. These products are secured by your property, which means the bank can foreclose if you stop paying.
Auto loans through Wells Fargo cover new and used vehicles. You can apply for a loan before shopping for a car, and the bank will issue you a pre-approval letter showing your borrowing power. Wells Fargo also offers auto refinancing, which lets you replace an existing car loan with a new one, usually to lower your interest rate or monthly payment.
Investment and retirement accounts
Wells Fargo Advisors, the bank's investment division, offers brokerage accounts where you can buy and sell stocks, bonds, exchange-traded funds (ETFs), and mutual funds. These accounts come in standard taxable versions and tax-advantaged versions like IRAs. Wells Fargo also manages employer-sponsored retirement plans, including 401(k) plans and 403(b) plans for nonprofits and schools.
For self-employed people and small business owners, Wells Fargo offers SEP IRAs and Solo 401(k)s, which let you save for retirement with higher contribution limits than standard IRAs. Investment advisory services are available, where a financial advisor helps you build and manage a portfolio based on your goals and risk tolerance.
Business banking and merchant services
Wells Fargo offers business checking accounts, business savings accounts, and business money market accounts tailored to small and mid-sized companies. These accounts often include features like unlimited transactions, online bill pay, and cash management tools. The bank also provides merchant services, which process credit and debit card payments in physical stores and online, and payroll processing, which handles employee paychecks, tax withholding, and filing.
For businesses that need short-term funding, Wells Fargo offers business lines of credit and term loans. Equipment financing is available for companies that need to purchase machinery or technology. The bank also handles commercial real estate loans for businesses buying or refinancing property.
Insurance and wealth management
Wells Fargo offers auto insurance, home insurance, and life insurance through partnerships with insurance carriers. These products are sold through Wells Fargo's website and branches but underwritten by separate insurance companies. Wealth management services are available for high-net-worth customers, including estate planning, trust administration, and tax strategy.
The bank also provides trust services, where Wells Fargo acts as trustee for trusts you establish during your lifetime or through your will. This service is typically used by customers with significant assets who want professional management of their estate.
Digital and mobile banking tools
All Wells Fargo accounts come with access to the Wells Fargo mobile app and online banking portal. These platforms let you check balances, transfer money between accounts, pay bills, deposit checks by photo, and set up alerts for unusual activity. Wells Fargo also offers Zelle, a peer-to-peer payment service that lets you send money to other people using their email address or phone number, usually within minutes.
Wells Fargo's debit card comes with fraud protection and can be used at any ATM in the Wells Fargo network or at partner ATMs nationwide. The bank also offers prepaid cards for customers who prefer not to open a traditional bank account, though these cards carry monthly fees and limited features compared to checking accounts.
Frequently Asked Questions
Does Wells Fargo charge monthly fees on all accounts?
No. Standard checking has no monthly fee if you maintain a minimum balance (usually $500 to $1,000) or receive direct deposits. Savings accounts also have no monthly fee. Premier Checking and some specialty accounts do charge monthly fees, but you can waive them by meeting balance or deposit requirements.
Can I open multiple accounts at Wells Fargo?
Yes. Most customers open both a checking and savings account together. You can also open additional accounts for different purposes—for example, a separate savings account for an emergency fund. Each account is insured separately by the FDIC up to $250,000, so multiple accounts give you higher total coverage.
What interest rates does Wells Fargo pay on savings accounts?
Interest rates vary by account type and change based on market conditions and the Federal Reserve's actions. Money market accounts typically pay higher rates than standard savings accounts. Check Wells Fargo's website or call a branch for current rates, as they are not fixed and can change weekly.
Does Wells Fargo offer student loans?
Wells Fargo does not originate federal or private student loans directly. However, the bank offers personal loans that some customers use to cover education costs. You can also refinance existing student loans through other lenders and manage the payments through Wells Fargo checking or savings.
How do I access Wells Fargo investment services?
Investment accounts are managed through Wells Fargo Advisors, which you can reach through the main Wells Fargo website or by visiting a branch. You can open a brokerage account online or with a financial advisor. Minimum opening deposits vary by account type, and some advisory services require a minimum account balance.