Yes, Wells Fargo offers multiple checking accounts with different features and monthly fees
Wells Fargo has several checking account products, each designed for different banking habits and balance levels. The main options are Wells Fargo Everyday Checking, Wells Fargo Premier Checking, and Wells Fargo Active Cash Checking. Each one carries a different monthly service fee, has different minimum balance requirements, and offers different rewards or perks. You can hold more than one checking account at Wells Fargo simultaneously, though the bank may explore certain restrictions based on your account history and relationship with them.
The account you choose affects how much you pay in monthly fees, what you earn on deposits, and which features come included. Understanding the differences helps you avoid paying for features you won't use or missing out on benefits that match your spending pattern.
Key Takeaways
- Wells Fargo offers at least three main checking account types, each with different monthly fees ranging from $0 to $15 depending on the account and how you use it.
- You can waive monthly fees on most accounts by maintaining a minimum daily balance, setting up direct deposit, or meeting other specific requirements that vary by account type.
- Premier Checking includes higher balance requirements and additional perks like higher interest rates and fee waivers, while Everyday Checking is the basic option with lower minimums.
- Active Cash Checking is designed for customers who want cash back rewards on debit card purchases rather than traditional interest-bearing features.
Everyday Checking: The basic option with the lowest barrier to entry
Everyday Checking is Wells Fargo's standard checking account. It carries a $10 monthly service fee, but you can waive it by maintaining a $500 minimum daily balance, setting up direct deposit of any amount, or keeping a combined balance of $1,500 across linked Wells Fargo accounts. The account comes with online and mobile banking, bill pay, and access to Wells Fargo's ATM network.
This account does not earn interest on your balance. It is the right choice if you want a straightforward checking account without extra features or if you can easily meet one of the fee-waiver conditions. If you cannot maintain the minimum balance and do not have direct deposit set up, you will pay the $10 monthly fee.
Premier Checking: Higher minimums and additional benefits
Premier Checking requires a higher commitment but includes more perks. The monthly service fee is $15, but you can waive it by maintaining a $5,000 minimum daily balance or a $10,000 combined balance across linked accounts. Some customers may also waive the fee through other means depending on their account relationship with Wells Fargo.
The main advantage of Premier Checking is that it earns interest on your balance—the rate varies based on market conditions and your balance tier. You also get higher ATM fee reimbursements, priority customer service, and other benefits like waived wire transfer fees. This account makes sense if you maintain a larger balance anyway and want to earn something on it, or if you use services like wire transfers frequently enough that the fee waivers pay for themselves.
Active Cash Checking: Rewards-focused checking with cash back
Active Cash Checking is Wells Fargo's rewards-based checking account. It has a $0 monthly service fee with no minimum balance requirement, making it free to open and maintain. Instead of earning interest, this account offers cash back on debit card purchases—typically 1% cash back on everyday purchases up to a certain monthly threshold, then a lower rate after that.
This account is designed for customers who use their debit card regularly and want rewards rather than interest income. Because there is no monthly fee and no minimum balance, it is also a good option if you want a second checking account for a specific purpose without paying extra. The trade-off is that you earn no interest on deposits, so it is not ideal if you are trying to grow savings.
How to open a second checking account at Wells Fargo
You can open multiple checking accounts at Wells Fargo, but the process and any restrictions depend on your current relationship with the bank. If you already have a Wells Fargo account, you can usually open a second one online through your existing login or by visiting a branch. The bank may ask why you want a second account, but there is no rule against having more than one.
If you do not have an existing Wells Fargo account, you will need to open your first account in person at a branch or online with a valid government ID and Social Security number. Once that account is open, you can add additional accounts more easily. Some customers open a second checking account to separate spending from savings, to keep business and personal finances apart, or to take advantage of different fee structures or rewards.
Monthly fees and how to avoid them
The monthly service fees for Wells Fargo checking accounts vary by type, but most can be waived. The table below shows the standard fee for each account type and the main ways to waive it:
| Account Type | Monthly Fee | Common Fee Waiver Options |
|---|---|---|
| Everyday Checking | $10 | $500 minimum daily balance, direct deposit, or $1,500 combined balance |
| Premier Checking | $15 | $5,000 minimum daily balance or $10,000 combined balance |
| Active Cash Checking | $0 | No fee; no minimum balance required |
The easiest way to avoid fees is to set up direct deposit if your employer or benefit provider offers it—most accounts waive the fee for any amount of direct deposit, even if it is small. If direct deposit is not an option, check whether you can meet the minimum balance requirement by combining accounts you already have or plan to open. Wells Fargo counts balances across multiple accounts toward the combined balance threshold, so you may already may have access to without realizing it.
Switching between account types or closing an account
If you open one type of checking account and later decide you want a different one, you have options. You can keep both accounts open simultaneously, or you can close one and move your money to the other. Closing an account is straightforward—you can do it online, by phone, or in person at a branch. Make sure you have moved your money out first and that no automatic payments or direct deposits are still linked to the account you are closing.
Some customers keep two accounts open on purpose: for example, an Everyday Checking account for daily spending and an Active Cash Checking account specifically for debit card purchases to earn the cash back. This strategy works as long as you can meet the fee requirements for both accounts or are willing to pay the fees. If you are paying monthly fees on accounts you do not actively use, closing them and consolidating into one account usually makes more financial sense.
Frequently Asked Questions
Can I have both Everyday Checking and Premier Checking open at the same time?
Yes, Wells Fargo allows you to hold multiple checking accounts simultaneously. You would need to meet the fee-waiver requirements for each account separately, or pay the monthly fee for whichever account does not may have access to. Some customers do this to separate spending categories or to take advantage of different features.
What happens if I do not meet the minimum balance requirement?
If you do not meet the minimum balance and have not set up direct deposit, Wells Fargo will charge the monthly service fee. The fee is deducted from your account automatically each month. You can avoid future fees by either raising your balance, setting up direct deposit, or switching to Active Cash Checking, which has no minimum balance and no monthly fee.
Does Wells Fargo charge a fee to open a second checking account?
No, there is no fee to open a second checking account at Wells Fargo. You only pay the monthly service fee associated with the account type you choose, and that fee can usually be waived by meeting the account's specific requirements.
Which checking account earns the most interest?
Premier Checking is the only standard Wells Fargo checking account that earns interest. The rate varies based on market conditions and your balance tier. Active Cash Checking does not earn interest but offers cash back instead. Everyday Checking earns no interest and offers no rewards.
Can I transfer money between my two Wells Fargo checking accounts?
Yes, you can transfer money between your own Wells Fargo accounts online, through the mobile app, or at a branch. Transfers between your own accounts are free and typically process when ready or within one business day, depending on the method you use.