The answer is Wells Fargo Bank.

Wells Fargo is a result of a merger between the original Wells Fargo & Company and Minneapolis-based Norwest Corporation in 1998. While Norwest was the nominal survivor, the merged company took the better-known Wells Fargo name and moved to Wells Fargo's hub in San Francisco. At the same time, its banking subsidiary merged with Wells Fargo's Sioux Falls-based banking subsidiary. Wells Fargo became a coast-to-coast bank with the 2008 acquisition of Charlotte-based Wachovia.

A big factor when choosing the right bank is its availability. If you find yourself constantly needing an ATM or to visit a branch, you’re going to want a bank with lots of locations near you. Wells Fargo offers the best option in Texas with over 640 branches and 1,200 ATMs. The bank also operates in 39 other dates and Washington, D.C. Additionally Wells Fargo provides thorough online and mobile services, meaning you can access your money virtually anywhere. 

As a big bank, Wells Fargo is able to offer a variety of bank accounts including two savings accounts, three CD types, five checking accounts and retirement accounts. This allows you to keep all your bank accounts in one place if you want to do so. There’s even a Teen Checking account so your teens can learn how to manage their money alongside you.

However, being a big bank also means that Wells Fargo can’t offer the highest-earning savings accounts. Its most basic rate lands at 0.15%, the lowest you can go. 

Wells Fargo Bank Account Basics

Wells Fargo offers a variety of banking products for individuals at any stage of life. Whether you’re looking to open a checking, savings or certificate of deposit (CD) account, the bank has options for you. This Wells Fargo review will help you determine if these products fit your needs.

Checking

Wells Fargo customers have several options when it comes to checking accounts. There are four different accounts available, each requiring a $25 minimum initial deposit.

Wells Fargo Everyday Checking is a basic checking account with a complimentary debit card and check-writing privileges. The account features a $10 monthly service fee, which is waived if you meet one of the following each statement period:

• Keep a $500 minimum daily balance
• Have $500 or more in total qualifying direct deposits each statement period
• Have a linked Wells Fargo Campus ATM Card or Campus Affinity Debit Card
• Are a primary account owner 17 to 24 years old

Wells Fargo Clear Access Banking℠ is a digital checking account. This checkless account is available for anyone to open, but its $5 monthly fee is waived only for primary account holders ages 13 to 24.

Prime Checking is an interest-bearing (0.05% to 0.10% APY depending on balance) account that offers a long list of perks and discounts. Prime account holders enjoy:

• Reduced interest rates on loans
• Fee-free cashier’s checks and money orders
• No charge for incoming wire transfers
• Some reimbursements of ATM fees charged by machines not owned by Wells Fargo
• Discounted safe deposit box rentals
• Free personal checks

Prime Checking accounts come with a $25 monthly service fee. It’s waived for customers who keep $20,000 or more in linked Wells Fargo deposit and investment accounts, such as checking, savings, CD and brokerage accounts.

Wells Fargo Premier Checking is an interest-bearing (0.25% to 0.50% APY depending on balance) account featuring what Wells Fargo describes as its “highest level of relationship banking benefits and perks.” They include:

• Bonus interest rates
• Personalized 24/7 phone support from the bank’s Premier Banking team
• Waived non-Wells Fargo ATM fees
• Interest rate discounts on select loan products

The account’s monthly service fee is the highest among all of the bank’s checking accounts, but it’s waived for customers who maintain balances totaling $250,000 or more across Wells Fargo deposit and investment accounts, including checking, savings, CDs, annuities and brokerage accounts.

Savings

Wells Fargo has two primary savings accounts: Way2Save and Platinum Savings.

Both accounts require a $25 minimum initial deposit.

Wells Fargo Way2Save® Savings has a $5 monthly service fee, but it’s waivable if you meet one of the following monthly requirements:

• Maintain a $300 minimum daily balance
• Have at least one “Save As You Go” automatic $1 transfer from a linked Wells Fargo checking account when you complete a debit card purchase or bill pay transaction
• Make an automatic transfer of $25 or more from a linked Wells Fargo checking account
• Make an automatic transfer of $1 or more each business day from a linked Wells Fargo checking account
• Are the primary account owner and 24 years of age or younger

The other savings account is the Wells Fargo Platinum Savings. This account carries a $12 monthly service fee, which is waived by maintaining a $3,500 minimum daily balance each statement period. Platinum Savings account holders can receive a complimentary debit card, a perk that isn’t common with savings accounts. The account even comes with the option to write checks.

Platinum Savings is an interest-bearing savings account with the option to earn a bonus rate by pairing it with a Portfolio by Wells Fargo checking account. Both rates are low compared to what you can find at an online bank.

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