Yes, Wells Fargo offers money market accounts
Wells Fargo offers money market accounts — savings accounts that combine features of both checking and savings accounts. They typically pay interest on your balance and come with a debit card or checkbook, though you usually face limits on how many withdrawals you can make per month.
The specific money market account Wells Fargo offers and the interest rate it pays change over time, so you will want to check their website or visit a branch to see what is currently available and what rate you would earn on your money.
Key Takeaways
- Wells Fargo money market accounts let you earn interest while keeping your money accessible, unlike regular savings accounts that often pay very little.
- These accounts typically come with check-writing or debit card access, so you can withdraw money more easily than from a traditional savings account.
- Most money market accounts have monthly withdrawal limits — often six withdrawals per month — and may charge a fee if you exceed that limit.
- Interest rates on money market accounts vary by how much money you deposit and change frequently, so comparing rates across banks matters if you are deciding where to keep your money.
- Wells Fargo may require a minimum opening deposit or minimum balance to avoid monthly fees, so read the account details before opening.
How a money market account differs from a regular savings account
A regular savings account at Wells Fargo is designed for money you want to set aside and not touch often. A money market account is designed for money you want to keep safe and earning interest, but also access more easily. The main difference is that a money market account usually comes with a debit card or checkbook, so you can withdraw money without visiting a branch or calling customer service.
The trade-off is that money market accounts typically have rules about how many times per month you can withdraw money. Federal rules previously limited these accounts to six withdrawals per month, though those rules have changed. Wells Fargo's current policy on withdrawal limits depends on the specific account, so check the account details when you are comparing options.
Interest rates on money market accounts are usually higher than on regular savings accounts, but lower than on certificates of deposit (CDs), which lock your money away for a set time period. If you want your money to grow but also need to reach it without penalty, a money market account sits in the middle.
What you need to know about interest rates and minimums
Wells Fargo money market accounts pay interest, but the rate depends on how much money you keep in the account. Banks typically offer higher rates for larger balances — for example, a higher rate if you maintain $25,000 than if you maintain $2,500. The exact rate tiers and the rates themselves change based on what the Federal Reserve does with interest rates, so the rate you see today may be different in three months.
Most Wells Fargo money market accounts require either a minimum opening deposit or a minimum balance to avoid a monthly fee. This minimum might be $2,500, $10,000, or another amount depending on the account. If your balance drops below the minimum, Wells Fargo may charge you a monthly maintenance fee — typically $10 to $25 — which reduces the interest you earn.
Before opening an account, compare the interest rate Wells Fargo is offering to rates at other banks. Online banks and credit unions sometimes offer higher rates on money market accounts than large national banks do, so it is worth checking a few places if earning more interest matters to you.
Monthly fees and how to avoid them
Wells Fargo money market accounts may charge a monthly maintenance fee if you do not meet the account's requirements. The most common requirement is maintaining a minimum balance. If you drop below that balance even for one day during the month, you may be charged a fee.
Some accounts waive the monthly fee if you set up direct deposit — meaning your paycheck or another regular payment goes straight into the account. Others waive the fee if you maintain a certain balance or if you link the account to a Wells Fargo checking account. Read the account details carefully to understand which fees explore and what you need to do to avoid them.
If you are charged a fee, contact Wells Fargo to ask whether they will reverse it, especially if it is your first time falling below the minimum or if you have been a customer for a long time. Banks sometimes waive one fee as a courtesy.
How to open a Wells Fargo money market account
You can open a Wells Fargo money market account online, by phone, or in person at a branch. Online is usually fastest — you will need your Social Security number, a government-issued ID, and your current address. The process typically takes 10 to 15 minutes.
When you open the account, you will choose how much money to deposit initially. This deposit must meet the account's minimum opening deposit requirement. You can transfer money from another bank account, or if you have a Wells Fargo checking account, you can move money between your accounts.
After you open the account, Wells Fargo will mail you a debit card and checks (if the account includes check-writing). You can start using the account online or through the Wells Fargo mobile app right away, even before the physical card arrives.
Money market accounts versus other Wells Fargo savings options
Wells Fargo offers several ways to save money, and each works differently. A regular savings account is the simplest — you deposit money, earn a small amount of interest, and can withdraw anytime. A money market account adds check-writing or debit card access and usually pays more interest, but comes with withdrawal limits and higher minimum balance requirements.
A certificate of deposit (CD) locks your money away for a set period — typically three months to five years — and pays a higher interest rate than a money market account. The catch is that if you withdraw the money before the time period ends, you pay a penalty. CDs work well if you know you will not need the money for a while.
If you are trying to decide between these options, ask yourself: Do I need to reach this money quickly? If yes, a money market account or savings account makes sense. Do I not need this money for at least six months? If yes, a CD might earn you more. Wells Fargo staff at a branch can walk you through the options based on your situation.
Frequently Asked Questions
Can I write checks from a Wells Fargo money market account?
Some Wells Fargo money market accounts come with check-writing, and some do not. It depends on which account you open. When you are comparing options, look for whether the account includes checks or a debit card. If check-writing matters to you, make sure the account you choose offers it.
What happens if I withdraw money more than the allowed number of times per month?
Wells Fargo's current policy on excess withdrawals depends on the specific account. Some accounts charge a fee per withdrawal over the limit, while others may restrict further withdrawals. Check your account agreement or call Wells Fargo to understand the penalty for your specific account.
Is my money safe in a Wells Fargo money market account?
Yes. Wells Fargo is a bank insured by the Federal Deposit Insurance Corporation (FDIC), which means deposits up to $250,000 per account type are protected if the bank fails. Your money market account is covered separately from your checking account, so you have $250,000 protection in each.
Can I move money between my Wells Fargo checking and money market accounts?
Yes. You can transfer money between Wells Fargo accounts online, through the mobile app, or by visiting a branch. Transfers between your own accounts are free and usually happen the same day or next business day.
What interest rate will I earn?
Wells Fargo's money market account interest rates change frequently and depend on your balance tier. Visit Wells Fargo's website or call 1-800-869-3557 to see the current rates. Rates are typically higher for larger balances and change when the Federal Reserve adjusts its interest rate.