Friday, 4 December 2020

Wells Fargo Bank Reviews: Checking, Savings, CD, Money Market, and IRA Accounts

Wells Fargo Bank Reviews: Checking, Savings, CD, Money Market, and IRA Accounts
01 Sep
10:52

Wells Fargo Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.01%

Savings

Wells Fargo Bank Wells Fargo Way2Save Savings

1.85%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

0.15%

CD Rates

Wells Fargo Bank 1 Year CD – Bonus

2.70%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

1.50%

CD Rates

Wells Fargo Bank 39 Month CD Special

3.00%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Wells Fargo checking account options

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How Wells Fargo’s checking accounts compare

Like many big banks, Wells Fargo’s checking accounts have high fees and low interest rates compared to other online checking accounts available. Sure, there are two checking accounts that offer interest, but it’s so low that’s it’s not even worth considering unless you have a few accounts at Wells Fargo already and want to keep everything in one place.

Other banks also offer mobile, telephone and online banking plus the added bonus of free checks and no ATM fees on all their accounts. Looking side by side with its competitors, Wells Fargo’s monthly maintenance fees are pretty high, unless you can make the minimum requirements to waive them. Even then, some of the requirements seem high, especially when competitors don’t have any minimum requirements.

Wells Fargo savings account options

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How Wells Fargo’s savings accounts compare

There’s no way around it: Wells Fargo savings accounts rates are dismal compared to other online bank offerings. Many competitors offer APYs that are way higher and don’t have any monthly maintenance fees. Though not all have check writing capabilities, many offer mobile banking and ATM access.

Wells Fargo CD Rates

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How Wells Fargo’s CD rates compare

Aside from the guaranteed rate increases and opportunity to withdraw money with the Step Up CD, there isn’t really anything special about Wells Fargo CDs. Sadly, the interest rates are way lower than CDs that you can get elsewhere. If you’re looking to keep all your accounts in one place, it could be worth it, but give these CDs a pass if you’re after the highest interest rates possible.

Wells Fargo IRA Account Options

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How Wells Fargo’s IRA CD rates compare

Though the minimum deposit amount is in par with many of its competitors, the rates fall significantly short. While the special rates are higher, it’s still almost half compared to the best offering out there. You’re better off looking elsewhere, such as on our list of the best IRA CDs.

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Sarah Li Cain

Sarah Li Cain |

Sarah Li Cain is a writer at MagnifyMoney. You can email Sarah Li here

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Source: https://www.magnifymoney.com/blog/reviews/wells-fargo-bank/

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