Premier Checking is Wells Fargo's mid-tier account with higher balance requirements and more perks
Wells Fargo Premier Checking sits between their basic checking account and their wealth management accounts. It requires you to keep a higher balance in the account — currently $15,000 or more — but in return you get benefits like waived monthly fees, higher interest rates on your balance, and access to premium customer service lines.
The account is designed for people who keep substantial money in their checking account regularly, either because they manage a household budget with larger monthly expenses or because they prefer to keep savings accessible in one place rather than split across multiple accounts.
If you maintain a lower balance most months, this account will cost you more than Wells Fargo's standard checking account. The monthly service fee is $15 if you don't meet the balance requirement, whereas their basic account has no monthly fee at all. That's why understanding whether you'll actually use the benefits matters before you open it.
Key Takeaways
- Premier Checking requires a $15,000 minimum balance to avoid a $15 monthly service fee, so it only makes financial sense if you regularly keep that much in the account.
- The account includes benefits like no ATM fees at Wells Fargo machines, higher interest rates than basic checking, and access to a dedicated customer service line.
- You can waive the monthly fee by maintaining the $15,000 balance, receiving direct deposits of at least $500 per month, or setting up a may have access to linked savings account.
- Wells Fargo offers other account types — basic checking, Platinum Checking, and Signature accounts — so comparing what each one costs you is important before deciding.
What the $15,000 balance requirement actually means
The minimum balance is a daily requirement, not an average. That means on any given day, your account balance must be at least $15,000 to avoid the monthly fee. If you dip below that amount even once during the month, you'll be charged the $15 fee on your next statement.
This is different from some banks that calculate an average balance over the month. Wells Fargo checks your balance daily, so if you normally keep $16,000 but make a large purchase that drops you to $14,500 for a few days, you'll trigger the fee that month.
There are two other ways to waive the fee without keeping the full balance: you can receive direct deposits totaling at least $500 per month (like a paycheck), or you can link a Wells Fargo savings account with a $25,000 minimum balance. Some people use the direct deposit option because it's easier to maintain than the checking balance itself.
Interest rates and how they compare to other Wells Fargo accounts
Premier Checking earns interest on your balance, which basic Wells Fargo checking does not. The exact rate changes based on how much money you have in the account and what the broader interest rate environment is doing — Wells Fargo publishes current rates on their website, and they vary.
The interest you earn on Premier Checking is typically higher than you'd get in their basic checking account, but lower than you'd earn in a dedicated savings account at any bank. This is because checking accounts are designed for money you need to access frequently, not for long-term savings.
If you're trying to decide between Premier Checking and keeping money in a separate savings account, compare the interest rates Wells Fargo is currently offering on both. Sometimes the difference is small enough that the convenience of having everything in one account makes Premier Checking worth it anyway.
Fees and what they cover
The $15 monthly service fee is waived if you meet one of the three conditions: the $15,000 balance, the $500 in monthly direct deposits, or the linked savings account with $25,000. If you don't meet any of those, you pay the fee every month.
Beyond the monthly fee, Premier Checking includes no ATM fees when you use Wells Fargo ATMs. If you use another bank's ATM, you'll be charged by that bank, and Wells Fargo will not refund it — that's standard across most banks. You also get no overdraft fees if you set up overdraft protection by linking another account.
There are fees for things like wire transfers, stop payments, and cashier's checks, but these are the same across all Wells Fargo checking accounts. The main difference between Premier and basic checking is the monthly service fee structure and the interest rate.
Who should consider Premier Checking
Premier Checking makes sense if you naturally keep $15,000 or more in your checking account because of how you manage money. Some people do this because they get paid monthly and spend gradually throughout the month, so they always have a large balance. Others do it because they prefer having emergency money in an account they can access when ready without waiting for a transfer.
It also makes sense if you receive regular direct deposits of at least $500 per month — a paycheck, pension, or regular payment from a business you own. In that case, you avoid the monthly fee without needing to maintain the high balance.
If you typically keep less than $15,000 in checking and don't have may have access to direct deposits, Wells Fargo's basic checking account (which has no monthly fee and no minimum balance) will cost you less money overall.
How to open Premier Checking and what you'll need
You can open Premier Checking online, by phone, or in person at a Wells Fargo branch. Online is usually fastest — you'll need a valid government ID, your Social Security number, and an initial deposit to fund the account.
Wells Fargo will run a background check using ChexSystems, which is a banking history report. If you've had problems with a previous bank account — like overdrafts you didn't pay or fraud — this check might flag it. You can ask Wells Fargo about their specific approval process if you're concerned about your history.
Once the account is open, you can set up direct deposit, link other accounts, and request a debit card. The debit card usually arrives within 7 to 10 business days. You can also start using the account when ready for transfers and bill payments while you wait for the physical card.
Other Wells Fargo checking accounts and how they differ
Wells Fargo offers several checking options. Their basic Everyday Checking has no monthly fee and no minimum balance, but also no interest and no premium perks — it's the simplest option. Platinum Checking sits above Premier and requires a $25,000 balance but includes additional benefits like higher interest rates and more ATM fee refunds at out-of-network machines.
There's also Signature Checking, which is designed for people who want investment services alongside their checking account. It requires a higher balance and is typically paired with a brokerage or wealth management relationship.
The right account depends on how much you keep in checking, whether you want interest, and what perks matter to you. If you're not sure, start with basic Everyday Checking — you can always move to Premier later if your balance grows.
Frequently Asked Questions
Can I switch from basic checking to Premier Checking without closing my account?
Yes. You can contact Wells Fargo by phone, online, or in person and ask to upgrade your existing account to Premier Checking. Your account number and routing number stay the same, so any automatic payments or direct deposits don't need to be changed. The upgrade usually takes effect within one business day.
What happens if I fall below $15,000 for just a few days?
You'll be charged the $15 monthly service fee. Wells Fargo checks your balance daily, so even a temporary dip below the minimum triggers the fee for that month. If this happens regularly, you might save money by switching to basic checking or by using the direct deposit waiver option instead.
Does the interest on Premier Checking count as income for taxes?
Yes. Any interest you earn on your checking balance is taxable income. Wells Fargo will send you a 1099-INT form at the end of the year showing how much interest you earned, and you'll report that on your tax return. The amount is usually small, but it still counts.
Can I use Premier Checking if I'm new to banking?
You can open it, but it may not be the best choice. If you're new to banking and don't yet have a pattern of keeping large balances, basic Everyday Checking is simpler and cheaper. Once you've been banking for a while and understand your own spending patterns, you can decide whether Premier makes sense for you.
What if I can't maintain the $15,000 balance right now but might be able to later?
Start with basic Everyday Checking. There's no penalty for upgrading later, and you'll avoid paying fees on a balance you're not maintaining. When your situation changes and you're consistently keeping $15,000 or more, you can upgrade to Premier at that time.