Wells Fargo's main account categories
Wells Fargo offers three broad categories of accounts: checking, savings, and money market accounts. Within each category, the bank provides multiple versions with different features, fee structures, and minimum balance requirements. The account you choose depends on how you plan to use it—whether you need frequent transactions, want to build savings, or are looking for higher interest rates on larger balances.
Each account type serves a different purpose in how you manage money. Checking accounts are built for regular spending and bill payments. Savings accounts are designed to hold money you want to keep separate and earn interest on. Money market accounts sit between the two, offering some of the features of each.
Key Takeaways
- Wells Fargo checking accounts range from basic accounts with no monthly fee to premium accounts that waive fees if you maintain a minimum balance or set up direct deposit.
- Savings accounts at Wells Fargo come in standard and high-yield versions, with interest rates that vary based on your balance and the account type you choose.
- Money market accounts combine features of checking and savings, allowing limited check writing while earning interest on your balance.
- Wells Fargo also offers certificate of deposit (CD) accounts where you lock money away for a set period in exchange for a fixed interest rate.
- The account that costs you the least depends on your typical balance, how often you use it, and whether you can meet the bank's requirements to waive monthly fees.
Checking accounts: what separates them
Wells Fargo offers several checking account options. The Wells Fargo Everyday Checking account has a monthly maintenance fee that is waived if you maintain a minimum balance, set up direct deposit, or meet other conditions the bank specifies. The Wells Fargo Prime Checking account is designed for customers who want more features and is willing to maintain a higher minimum balance to avoid fees.
All Wells Fargo checking accounts come with a debit card, online banking, and the ability to write checks. The differences lie in monthly fees, minimum balance requirements, overdraft protection options, and whether the account earns interest. Some accounts offer rewards on debit card purchases, though the structure and earning rate vary by account type.
Wells Fargo also offers Wells Fargo Clear Access Banking, which is designed for customers who may not have a traditional banking history or who want a simpler account structure. This account has different fee rules and may have lower or no minimum balance requirements than other checking options.
Savings accounts and interest-bearing options
Wells Fargo's savings accounts allow you to deposit money and earn interest, with the ability to withdraw funds when you need them. The interest rate you earn depends on the account type and your balance. Wells Fargo offers both standard savings accounts and high-yield savings accounts, though the availability and terms of high-yield products can change.
The key difference between a standard savings account and a high-yield version is the interest rate. High-yield accounts pay more interest on your balance, but they may require a higher minimum deposit or balance to open and maintain. Wells Fargo also limits how many withdrawals you can make from a savings account per month—this is a federal rule that applies to most banks, not just Wells Fargo.
Interest rates on savings accounts are not fixed and change based on market conditions and the Federal Reserve's actions. When you open an account, ask Wells Fargo what the current rate is and whether it is may provide for a specific period or subject to change at any time.
Money market accounts
A money market account combines features of both checking and savings accounts. You can write a limited number of checks per month and use a debit card, but you also earn interest on your balance like a savings account does. Money market accounts typically require a higher minimum balance than checking or standard savings accounts.
Wells Fargo's money market accounts come with monthly maintenance fees that may be waived if you maintain the required minimum balance. The interest rate is usually higher than a standard savings account but may be lower than a dedicated high-yield savings product. Money market accounts make sense if you want to earn interest while keeping some of your money accessible for regular use.
Certificates of deposit (CDs)
A certificate of deposit is an account where you agree to leave money untouched for a set period—typically ranging from a few months to several years. In exchange, Wells Fargo pays you a fixed interest rate that is usually higher than what you would earn in a savings account. The longer the term, the higher the rate is likely to be.
When your CD reaches its maturity date, you can withdraw the money plus the interest you earned, or you can roll it into a new CD. If you withdraw money before the maturity date, Wells Fargo charges an early withdrawal penalty, which reduces the interest you earned. CDs are useful if you have money you know you will not need for a specific period and want a may provide return.
Comparing fees and minimum balances
Monthly maintenance fees vary significantly across Wells Fargo accounts. Some accounts have no monthly fee under any circumstances. Others charge a monthly fee unless you meet one or more conditions—such as maintaining a minimum daily balance, setting up direct deposit, or keeping a linked savings account open.
Minimum balance requirements also differ. Some Wells Fargo accounts require no minimum to open, while others require $500, $1,000, or more. The minimum balance that triggers a fee waiver is often higher than the minimum needed to open the account. For example, an account might require $100 to open but $1,500 in daily balance to waive the monthly fee.
Overdraft fees, ATM fees, and wire transfer fees also vary by account type. Wells Fargo charges fees when you overdraw your account, use an out-of-network ATM, or send a wire transfer. Some premium accounts waive certain fees or offer more ATM access without charge. Before opening an account, review the fee schedule to understand what you will pay for the services you actually use.
How to choose the right account for your situation
Start by thinking about how you will use the account. If you need to make frequent deposits and withdrawals and pay bills regularly, a checking account is the foundation. If you want to set money aside and earn interest without touching it often, a savings account or CD makes sense. If you want both features in one account, a money market account bridges the gap.
Next, consider your typical balance. If you can consistently maintain a high balance, you may may have access to for fee waivers on premium accounts and earn higher interest rates. If your balance fluctuates or stays low, a basic account with no minimum balance requirement and no monthly fee may cost you less overall, even if the interest rate is lower.
Finally, think about what features matter to you. Do you need check-writing ability? Do you want to earn interest? Do you plan to use Wells Fargo's mobile app and online banking, or do you prefer visiting a branch? Wells Fargo offers different combinations of these features across its account lineup, so matching your needs to the right account can save you money and frustration.
Frequently Asked Questions
Does Wells Fargo charge a monthly fee on all of its accounts?
No. Wells Fargo offers some accounts with no monthly maintenance fee under any circumstances. Other accounts charge a monthly fee unless you meet specific conditions, such as maintaining a minimum balance or setting up direct deposit. Review the fee schedule for the specific account you are considering to understand what you will owe.
Can I earn interest on a Wells Fargo checking account?
Some Wells Fargo checking accounts earn interest, but the rate is typically very low compared to savings accounts or money market accounts. Most customers use checking accounts for frequent transactions and keep their savings in a separate savings or money market account where interest rates are higher.
What is the difference between a savings account and a money market account at Wells Fargo?
A savings account is designed for holding money and earning interest, with limited withdrawal options. A money market account lets you write checks and use a debit card like a checking account, while also earning interest like a savings account. Money market accounts usually require a higher minimum balance and pay higher interest than standard savings accounts.
How much interest will I earn on a Wells Fargo savings account?
Interest rates change based on market conditions and the Federal Reserve's decisions. Rates also vary by account type and your balance. Contact Wells Fargo directly or visit their website to see the current rates for the specific account you are interested in.
Can I withdraw money from a CD before it matures?
Yes, but Wells Fargo charges an early withdrawal penalty that reduces the interest you earned. The penalty amount depends on the CD's term length. If the penalty is larger than the interest you have earned so far, you will receive less than your original deposit back. It is best to only open a CD if you are confident you will not need the money until the maturity date.