Personal Finance Banking Savings
Written by Sophia Acevedo, CEPF; edited by Laura Grace Tarpley; reviewed by Evelyn He
2024-04-01T16:52:38Z
- Overall Bank Rating
- Pros and Cons
- About Wells Fargo
- Banking
- Investing
- Mortgages
- Personal Credit Cards
- Personal Loans
- How Wells Fargo Banking Compares
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate banking products to write unbiased product reviews.
The information for the following product(s) has been collected independently by Business Insider: Wells Fargo Autograph Journey℠ Visa® Card. The details for these products have not been reviewed or provided by the issuer.
How Wells Fargo bank accounts compare
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Wells Fargo Way2Save® Savings Account
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Wells Fargo Everyday Checking Account
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Wells Fargo Standard Fixed Rate CD
Editor's Rating
2.5/5
Annual Percentage Yield (APY)
0.01%
Minimum Deposit
$25
Editor's Rating
3.25/5
Annual Percentage Yield (APY)
None
Minimum Deposit
$25
Editor's Rating
2.25/5
Annual Percentage Yield (APY)
1.50% to 4.51%
Minimum Deposit
$2,500
On Wells Fargo's website
Start banking
Wells Fargo, FDIC Insured
Start saving
Wells Fargo, Member FDIC
Compare Today's Banking Offers
Wells Fargo Review: Overall Rating
| Feature | Personal Finance Insider rating (out of 5) |
| Banking | 2.25 to 3.25 |
| Investing | 3.58 |
| Mortgages | 3.12 |
| Personal Credit Cards | 3.5 to 4.3 |
| Personal Loans | 3 |
| Trustworthiness | 1 |
| Total | 3.25 |
Wells Fargo: Pros and Cons
| Pros | Cons |
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About Wells Fargo
Wells Fargo is a national brick-and-mortar bank with more than 4,000 branches and 12,000 ATMs. Branches are available in about 36 states and Washington, DC.
You can apply for bank accounts, credit cards, personal loans, home loans, and auto loans. The bank also has a robo-advisor platform called Intuitive Investor.
Wells Fargo bank account deposits are FDICinsured up to $250,000, or $500,000 for joint accounts. This means your money is safe even if Wells Fargo were to shut down.
Wells Fargo Online and Mobile Banking Experience
Wells Fargo offers standard online and mobile banking, similar to other national banks. You'll be able to make mobile check deposits, send money with Zelle, and set bank account alerts to maintain your account balance.
The bank's mobile app has received 4.8 out of 5 stars in the Apple Store based on 8.7 million ratings. In the Google Play store, it's also received 4.8 out of 5 stars based on over 2 million reviews.
Wells Fargo Customer Service and Support
Wells Fargo offers customer support at branches or by phone. You can schedule an appointment with a banker online or walk into a branch during traditional business hours.
For specific services, like personal loans or mortgage financing, the hours may vary.
Is Wells Fargo Trustworthy?
The Better Business Bureau currently gives Wells Fargo an F rating because it has received customer complaints on the BBB website and there has been government action taken against the bank. In the past few years, Wells Fargo has been involved in the following controversies:
- In December 2022, the Consumer Financial Protection Bureau required Wells Fargo to pay more than $3.7 billion in a settlement that accused the bank of wrongfully charging fees that led thousands of customers to lose vehicles and homes. The settlement also accuses the bank of wrongfully charging overdraft fees on checking and savings accounts.
- In 2021, Wells Fargo consented to a Cease and Desist order from the Office of the Comptroller of the Currency. The OCC stated that the bank's home lending loss mitigation program was unsuccessful, and it charged Wells Fargo a $250 million civil penalty.
Wells Fargo FAQs
How does Wells Fargo's customer service compare to other banks?
Wells Fargo customer service availability is better than many other banks. Some banks only offer customer support during the weekdays or traditional banking hours, but Wells Fargo offers 24/7 customer support for general banking.
What makes Wells Fargo stand out from other banks?
Wells Fargo stands out from other banks if you prioritize an extensive branch and ATM network. Wells Fargo also has a variety of bank accounts, credit cards, mortgages, and loan types, so it may be worthwhile if you want to do all your banking with one financial institution. You may prefer another bank if you want to open a high-yield savings account or investment options with lower minimum opening requirements.
Has Wells Fargo addressed its past controversies?
Yes. The Consumer Financial Protection Bureau required Wells Fargo to pay over $2 billion in redress to customers who had their bank accounts frozen, vehicles repossessed, or homes lost due to bank fees.
Wells Fargo Banking Review
Wells Fargo Way2Save® Savings Account
Wells Fargo Way2Save® Savings Account
On Wells Fargo's website
Insider’s Rating
2.5/5
Perks
Earn $525 bonus when you open an account and make a deposit of $25,000 or more in new money in the first 30 days; and maintain $25,000 in your account during the first 90 days (offer expires 06/25/2024)
Fees
$5 monthly service fee
Annual Percentage Yield (APY)
0.01%
Minimum Opening Deposit
$25
Bonus
Earn $525 bonus when you open an account and make a deposit of $25,000 or more in new money in the first 30 days; and maintain $25,000 in your account during the first 90 days (offer expires 06/25/2024)
$525 bonus
Pros
- $25 minimum opening deposit
- Automatic savings feature
Cons
- Low APY
- $5 monthly service fee
Product Details
- Approximately 4,900 branches and 12,000 ATMs
- Waive $5 monthly service fee by maintaining a $300 daily balance, OR setting up automatic savings options, OR be under age 24 and the primary account owner OR transferring $25 or more from a linked Wells Fargo checking account, or have 1 automatic transfer each business day within the fee period of $1 or more from a linked Wells Fargo checking account
- Earn $525 bonus when you open an account and make a deposit of $25,000 or more in new money in the first 30 days; and maintain $25,000 in your account during the first 90 days (offer expires 06/25/2024)
- Save As You Go® transfers $1 into your Way2Save Savings Account from checking each time you swipe your debit card
- Interest compounded daily, paid monthly
- FDIC insured
Wells Fargo savings rates are low, but it does come with plenty of other perks.
You also only need $25 to open an account, and there are several ways to waive the $5 monthly service fee. You can link the account to your Wells Fargo checking account so that every time you swipe your debit card, you automatically transfer $1 from checking into savings.
Read Business Insider's Wells Fargo Savings Rates Review.
Wells Fargo Everyday Checking Account
Wells Fargo Everyday Checking Account
Start banking
Wells Fargo, FDIC Insured
Insider’s Rating
3.25/5
Perks
Earn a $300 bonus when you open a new account from the offer webpage with a $25 minimum opening deposit and receive a total of $1,000 or more in qualifying electronic deposits to your new checking account within 90 calendar days of account opening (offer ends June 25, 2024)
Fees
$10 monthly service fee
Annual Percentage Yield (APY)
None
Minimum Opening Deposit
$25
Bonus
Earn a $300 bonus when you open a new account from the offer webpage with a $25 minimum opening deposit and receive a total of $1,000 or more in qualifying electronic deposits to your new checking account within 90 calendar days of account opening (offer ends June 25, 2024)
$325
Pros
- Relatively easy to waive monthly fee
- Free overdraft protection available
- $25 minimum opening deposit
Cons
- $10 monthly service fee
- $35 overdraft fee
- $2.50 out-of-network ATM fee
Insider’s Take
Wells Fargo is a solid choice if you're looking for a brick-and-mortar bank with a national presence. It also offers some of the best checking and savings account bonuses out there for opening new accounts. But to earn high savings rates, you'll want to look elsewhere.
Product Details
- Approximately 4,700 branches and 12,000 ATMs
- Earn $300 bonus when you open a new account from the offer webpage with a $25 minimum opening deposit and receive a total of $1,000 or more in qualifying electronic deposits to your new checking account within 90 calendar days of account opening (offer ends June 25, 2024)
- Waive $10 monthly fee when you have $500 in direct deposits per month, OR maintain minimum balance of $500, OR link account to a Wells Fargo Campus ATM or Campus Debit Card OR are 17-24 years old
- FDIC insured
The most appealing feature of Wells Fargo Everyday Checking Account is the $325 sign-up bonus. You may qualify if you receive at least $1,000 in direct deposits within 90 days of opening the account. You also have multiple options for waiving the $10 monthly service fee.
Wells Fargo Standard Fixed Rate CD
Wells Fargo Standard Fixed Rate CD
Start saving
Wells Fargo, Member FDIC
Annual Percentage Yield (APY)
1.50% to 4.51%
Minimum Opening Deposit
$2,500
Pros
- Interest compounded daily
- Choose how often your interest is paid
- Standard early withdrawal penalties
Cons
- Low APY
- $2,500 minimum deposit
- Limited term options
Product Details
- Choose from 3-month, 6-month, or 1-year CD term
- Earn the Relationship APY when linked to a Prime Checking, Premier Checking, or Private Bank Interest Checking account
- Early withdrawal penalty is 3 months interest for 3-month, 6-month, and 1-year CDs
- Interest compounded daily; choose how often to be paid
- FDIC insured
Wells Fargo requires $2,500 to open a CD, and it only offers terms up to one year — many banks have terms up to five or even 10 years. It pays decent rates for a brick-and-mortar bank. The Wells Fargo Special Fixed Rate CD pays an even higher rate of 4.25% to 5.01% (varies by location), but it only has a 7-month term, and you'll need $5,000 to open an account.
Read Business Insider's Wells Fargo CD Rates Review.
Wells Fargo Investing Review
Wells Fargo Intuitive Investors
Wells Fargo Intuitive Investors
Insider’s Rating
3.58/5
Account Minimum
$500
Fees
0.25% to 0.35%
Pros
- Smart-beta automated portfolios
- Tax-loss harvesting
- Unlimited access to human advisors
Cons
- High account minimum
- Only offers exchange traded funds (ETFs)
- Doesn’t offer advanced charting tools or goal-tracking features
Product Details
- Wells Fargo members with a checking account get up to a 0.10% management fee discount
- Offers Globally Diversified and Sustainability Focused portfolios
- Dividend reinvesting
Wells Fargo has an automated investing platform called Intuitive Investors. You'll need at least to open an account, which is steep compared to other robo-advisors.
Read Business Insider's Wells Fargo Intuitive Investor Review.
Wells Fargo Mortgages Review
Wells Fargo Mortgage
Wells Fargo Mortgage
On Bankrate's website
Insider’s Rating
3.12/5
Recommended Credit
620
Minimum Down Payment
3%
Types of Loans Offered
Conforming, jumbo, VA, FHA, USDA, new construction, cash-out refinance, Dream. Plan. Home. Mortgage
Pros
- Offers several types of home loans
- Dream. Plan. Home. Mortgage has more flexible credit requirements
- 24/7 customer service support
Cons
- No home equity loan, HELOC, or reverse mortgage
- Doesn't accept alternative forms of credit
- Ranks low in trustworthiness
Insider’s Take
Wells Fargo Mortgage offers a wide variety of mortgages, including the Dream. Plan. Home. Mortgage, which offers assistance and grants to people who make below 80% of the area median income. But itranks extremely low in trustworthiness.
Wells Fargo Mortgage review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Offers mortgages in all 50 US states and Washington, DC
- Branches in 36 states and DC
- Dream. Plan. Home. Mortgage has more lax credit score requirements and is for people who earn less than 80% of the median area income
- Doesn't accept alternative credit data, such as proof that you pay bills on time, if you have a low/no credit score
- Minimum credit score and down payment displayed are for conforming mortgages
Wells Fargo offers conforming loans, jumbo loans, VA loans, FHA loans, and new construction loans. The bank also has a Dream. Plan.Home. Mortgage. which is a fixed-rate mortgage specifically for customers who are below 80% of the area median income.
Read Business Insider's Wells Fargo Mortgage Review.
Wells Fargo Personal Credit Cards Review
Compare Wells Fargo Credit Cards
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Wells Fargo Autograph℠ Card
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Wells Fargo Active Cash® Card
-
Wells Fargo Autograph Journey℠ Visa® Card
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Choice Privileges® Select Mastercard®
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Bilt Mastercard®
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Choice Privileges® Mastercard®
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Wells Fargo Reflect® Card
Annual Fee
$0
Rewards
Earn unlimited 3x points on restaurants, travel, gas stations, transit, popular streaming services and phone plans. Earn 1x points on other purchases.
Annual Fee
$0
Rewards
Earn unlimited 2% cash rewards on purchases.
Annual Fee
$95
Rewards
Earn unlimited 5x points on hotels. Earn 4x points on airlines. Earn 3x points on other travel and dining. Earn 1x on other purchases.
Annual Fee
$95
Rewards
Earn 10X points on stays at participating Choice Hotels properties. Earn 5X points on qualifying purchases at gas stations, grocery stores, home improvement stores, and phone plans. Earn 1X points on other purchases.
Annual Fee
$0
Rewards
Earn 3x points on dining. Earn 2x points on travel (when booked directly with an airline, hotel, car rental or cruise company). Earn 1x points on rent payments (up to $100,000 each year). Earn even more on Rent Day with 6X on dining, 4X on travel, and 2X on other purchases (except rent). Earn points when you make 5 transactions that post each statement period.
Annual Fee
$0
Rewards
Earn 5X points on stays at participating Choice Hotels properties. Earn 3X points on purchases at gas stations, grocery stores, home improvement stores and phone plan services. Earn 1X points on other purchases.
Annual Fee
$0
Rewards
N/A
On Wells Fargo's website
On Wells Fargo's website
On Wells Fargo's website
On Bilt's website
On Wells Fargo's website
On Wells Fargo's website
Wells Fargo Autograph℠ Card
Wells Fargo Autograph℠ Card
On Wells Fargo's website
Insider’s Rating
Insider's Ratings are decided by our editorial team. The rating system considers various factors and evaluates cards against others of the same type so you can pick a card that is a good fit for your goals.
4.3/5
Perks
Earn unlimited 3x points on restaurants, travel, gas stations, transit, popular streaming services and phone plans. Earn 1x points on other purchases.
Annual Fee
$0
Intro APR
0% intro APR on purchases for 12 months from account opening
Regular APR
20.24%, 25.24%, or 29.99% variable
Intro Offer
20,000 bonus points when you spend $1,000 in purchases in the first three months from account opening
Earn 20,000 bonus points
Recommended Credit
Good to Excellent
Pros
- Generous welcome bonus for a no-annual-fee card
- Great earning rates in useful categories, including dining, travel, and gas stations
- Useful benefits including cell phone protection and Visa Signature concierge
Cons
- Minimum spending requirement to earn bonus is slightly higher than similar no-annual-fee cards
- No airline or hotel transfer partners
Insider’s Take
The Wells Fargo Autograph℠ Card is one of the best credit card options if you're looking for a no-annual-fee cash-back card with a solid welcome bonus — especially if you spend a lot in its 3x bonus categories.
Wells Fargo Autograph Card review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Select "Apply Now" to take advantage of this specific offer and learn more about product features, terms and conditions.
- Earn 20,000 bonus points when you spend $1,000 in purchases in the first 3 months - that's a $200 cash redemption value.
- Earn unlimited 3X points on the things that really add up - like restaurants, travel, gas stations, transit, popular streaming services, and phone plans. Plus, earn 1X points on other purchases.
- $0 annual fee.
- 0% intro APR for 12 months from account opening on purchases. 20.24%, 25.24%, or 29.99% variable APR thereafter.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
- Redeem your rewards points for travel, gift cards, or statement credits. Or shop at millions of online stores and redeem your rewards when you check out with PayPal.
- Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
Read Business Insider's Wells Fargo Autograph Credit Card Review.
Wells Fargo Active Cash® Card
Wells Fargo Active Cash® Card
On Wells Fargo's website
Insider’s Rating
Insider's Ratings are decided by our editorial team. The rating system considers various factors and evaluates cards against others of the same type so you can pick a card that is a good fit for your goals.
4.3/5
Perks
Earn unlimited 2% cash rewards on purchases.
Annual Fee
$0
Intro APR
0% intro APR on purchases and qualifying balance transfers for 15 months from account opening
Regular APR
20.24%, 25.24%, or 29.99% variable
Intro Offer
$200 cash rewards bonus after spending $500 in purchases in the first three months from account opening
Earn $200 cash rewards bonus
Recommended Credit
Good to Excellent
Pros
- Good welcome bonus for a $0 annual fee card
- Straightforward 2% cash rewards on purchases with no categories to track
- Strong benefits including cell phone protection, Visa Signature perks, and an intro APR on purchases and qualifying balance transfers
Cons
- If you've opened a Wells Fargo card in the past six months, you may not qualify for an additional Wells Fargo credit card
- Foreign transaction fees
Insider’s Take
The Wells Fargo Active Cash® Card is definitely worth considering if you want to earn a strong rate of cash rewards on purchases without rotating categories or earning caps and with no annual fee. It's got a solid welcome bonus and intro APR offer, which puts it high on our list of the best zero-interest credit cards.
Wells Fargo Active Cash Card review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Select "Apply Now" to take advantage of this specific offer and learn more about product features, terms and conditions.
- Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
- Earn unlimited 2% cash rewards on purchases.
- 0% intro APR for 15 months from account opening on purchases and qualifying balance transfers. 20.24%, 25.24%, or 29.99% Variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5.
- $0 annual fee.
- No categories to track or remember and cash rewards don't expire as long as your account remains open.
- Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
Read Business Insider's Wells Fargo Active Cash Card Review.
Wells Fargo Autograph Journey℠ Visa® Card
Wells Fargo Autograph Journey℠ Visa® Card
Insider’s Rating
4.2/5
Perks
Earn unlimited 5x points per dollar on hotels. Earn 4x points on airlines. Earn 3x points on other travel and dining. Earn 1x on other purchases.
Annual Fee
$95
Intro APR
N/A
Regular APR
See Wells Fargo Rates and Fees
Intro Offer
60,000 bonus rewards points after spending $4,000 in the first three months from account opening
Earn 60,000 bonus rewards points
Recommended Credit
N/A
Pros
- Trip cancellation and lost baggage protection
- Airline and hotel transfer partners available
- Welcome bonus
- Generous cellphone protection
- Low annual fee
Cons
- Transfer partner network not as diverse or robust as competitors
Insider’s Take
The Wells Fargo Autograph Journey℠ Visa® Card is a true travel credit card, with benefits that rival many of the best travel rewards credit cards currently on the market. This card has a low annual fee on par with that of popular competing credit cards and Wells Fargo's newly announced Points Transfer program allows cardholders to juice maximum value from every point they earn.
Autograph Journey review External link Arrow An arrow icon, indicating this redirects the user."
Read Business Insider's Wells Fargo Autograph Journey Credit Card Review.
Choice Privileges® Select Mastercard®
Choice Privileges® Select Mastercard®
On Wells Fargo's website
Insider’s Rating
Insider's Ratings are decided by our editorial team. The rating system considers various factors and evaluates cards against others of the same type so you can pick a card that is a good fit for your goals.
4.2/5
Perks
Earn 10X points on stays at participating Choice Hotels properties. Earn 5X points on purchases at gas stations, grocery stores, home improvement stores and phone plan services. Plus earn 1X points on other purchases.
Annual Fee
$95
Intro APR
N/A
Regular APR
20.99%, 25.24%, or 29.99% Variable
Intro Offer
Earn 60,000 bonus points when you spend $3,000 in purchases in the first 3 months enough to redeem for up to 7 rewards nights at select Choice Hotels® properties
Earn 60,000 points
Recommended Credit
Excellent
Pros
- Generous welcome bonus offer worth up to seven reward nights at Choice Hotels
- Automatic Platinum elite status
- Strong benefits including 30,000 points on each card anniversary, cell phone protection, Global Entry/TSA PreCheck application fee credit, and no foreign transaction fees
Cons
- Annual fee of $95
- No travel insurance or purchase protections
Insider’s Take
Wells Fargo has two Choice Hotels credit cards, and the Choice Privileges® Select Mastercard® is the most rewarding of the pair with a welcome bonus worth up to 11 reward nights, automatic elite status, and points on your card anniversary.
Choice Privileges Select Mastercard review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Select "Apply Now" to take advantage of this specific offer and learn more about product features, terms and conditions.
- Earn 60,000 bonus points when you spend $3,000 in purchases in the first 3 months - enough to redeem for up to 7 rewards nights at select Choice Hotels® properties.
- Earn 10X points on stays at participating Choice Hotels properties.
- Earn 5X points on purchases at gas stations, grocery stores, home improvement stores and phone plan services. Plus earn 1X points on other purchases.
- $95 annual fee.
- Up to $800 of cell phone protection against damage or theft. Subject to a $25 deductible.
- Receive 20 Elite night credits qualifying for at least Platinum level status each calendar year.
- No Foreign Currency Conversion Fee.
Read Business Insider's Choice Privileges Select Mastercard Review.
Bilt Mastercard®
Bilt Mastercard®
On Bilt's website
Insider’s Rating
Insider's Ratings are decided by our editorial team. The rating system considers various factors and evaluates cards against others of the same type so you can pick a card that is a good fit for your goals.
4/5
Perks
Earn up to 1x points on rent payments without the transaction fee, up to 100,000 points each calendar year. Earn 2x points on travel. Earn 3x points on dining. Earn 1x points on other purchases. Earn points when you make 5 transactions that post each statement period.
Annual Fee
$0
Intro APR
N/A
Regular APR
See Terms
Intro Offer
N/A
Recommended Credit
Good to Excellent
Pros
- Only credit card to offer rent payments to any landlord
- Excellent range of airline and hotel transfer partners through the Bilt App
- World Elite Mastercard benefits and no annual fee
Cons
- If you’re not a renter, other cards offer better welcome bonuses and rewards
- Must make 5 transactions per statement period to earn points
Insider’s Take
The Bilt Mastercard® is the first credit card to offer up to 100,000 points in a calendar year rewards for paying rent without the transaction fee — and you can redeem your points for travel, merchandise, and more. While it now offers bonus points on dining and select travel, if you're not a renter, you should consider other no-annual-fee rewards credit cards as well.
Bilt Mastercard® review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- $0 Annual Fee.
- Earn up to 1x points on rent payments without the transaction fee, up to 100,000 points each calendar year.
- 2x points on travel.
- 3x points on dining.
- 1x points on other purchases.
- Earn points when you make 5 transactions that post each statement period.
- When renting at a Bilt Alliance property, you can choose to have your rent payments automatically reported by Bilt to the three major credit bureaus each month; Experian™, TransUnion™, and Equifax™.
Read Business Insider's Bilt Mastercard Card Review.
Choice Privileges® Mastercard®
Choice Privileges® Mastercard®
On Wells Fargo's website
Insider’s Rating
Insider's Ratings are decided by our editorial team. The rating system considers various factors and evaluates cards against others of the same type so you can pick a card that is a good fit for your goals.
3.8/5
Perks
Earn 5X points on stays at participating Choice Hotels properties. Earn 3X points on purchases at gas stations, grocery stores, home improvement stores and phone plan services. Plus earn 1X points on other purchases.
Annual Fee
$0
Intro APR
N/A
Regular APR
20.99%, 25.24%, or 29.99% Variable
Intro Offer
Earn 40,000 bonus points when you spend $1,000 in purchases in the first 3 months - enough to redeem for up to 5 rewards nights at select Choice Hotels® properties.
Earn 40,000 points
Recommended Credit
Excellent
Pros
- Welcome bonus worth up to five reward nights at Choice Hotels
- Good benefits including automatic Gold elite status and cell phone protection
- No annual fee or foreign transaction fees
Cons
- No anniversary points or award night
- No travel insurance or purchase protections
Insider’s Take
While the the Choice Privileges® Mastercard® has no annual fee and modest benefits, it's a weaker option compared to many other no-annual-fee hotel credit cards on the market.
Choice Privileges Mastercard review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Select "Apply Now" to take advantage of this specific offer and learn more about product features, terms and conditions.
- Earn 40,000 bonus points when you spend $1,000 in purchases in the first 3 months - enough to redeem for up to 5 rewards nights at select Choice Hotels® properties.
- Earn 5X points on stays at participating Choice Hotels properties.
- Earn 3X points on purchases at gas stations, grocery stores, home improvement stores and phone plan services. Plus earn 1X points on other purchases.
- $0 annual fee.
- Up to $800 of cell phone protection against damage or theft. Subject to a $25 deductible.
- Receive 10 Elite night credits qualifying for at least Gold level status each calendar year.
- No Foreign Currency Conversion Fee.
Read Business Insider's Wells Fargo Choice Privileges Mastercard Review.
Wells Fargo Reflect® Card
Wells Fargo Reflect® Card
On Wells Fargo's website
Insider’s Rating
Insider's Ratings are decided by our editorial team. The rating system considers various factors and evaluates cards against others of the same type so you can pick a card that is a good fit for your goals.
3.5/5
Perks
0% intro APR for 21 months from account opening on purchases and qualifying balance transfers made within 120 days, then 18.24%, 24.74%, or 29.99% variable APR
Annual Fee
$0
Intro APR
0% intro APR for 21 months from account opening on purchases and qualifying balance transfers made within 120 days
Regular APR
18.24%, 24.74%, or 29.99% variable
Intro Offer
N/A
Recommended Credit
Good to Excellent
Pros
- Extra-long intro APR on purchases and qualifying balance transfers
- No annual fee
- Cell phone protection
Cons
- No rewards
- Foreign transaction fees
Insider’s Take
If you're looking for the best Wells Fargo credit card for balance transfers, the Wells Fargo Reflect® Card is a great choice. And it offers an extra-long interest-free period on new purchases, too.
Wells Fargo Reflect Card review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Select "Apply Now" to take advantage of this specific offer and learn more about product features, terms and conditions.
- 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers. 18.24%, 24.74%, or 29.99% variable APR thereafter; balance transfers made within 120 days qualify for the intro rate, BT fee of 5%, min $5.
- $0 Annual Fee.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
- Through My Wells Fargo Deals, you can get access to personalized deals from a variety of merchants. It's an easy way to earn cash back as an account credit when you shop, dine, or enjoy an experience simply by using an eligible Wells Fargo credit card.
Read Business Insider's Wells Fargo Reflect Credit Card Review.
Wells Fargo has some of the best credit cards overall. The Bilt Mastercard® stands out as a strong option for renters because you can earn rewards for paying rent. Meanwhile, theWells Fargo Active Cash® Card is a great option for cash-back rewards, and the Wells Fargo Reflect® Card has an impressive intro APR offer.
The bank also recently launched the Wells Fargo Autograph Journey℠ Visa® Card, which may be appealing if you're searching for a travel rewards credit card.
Read Business Insider's Best Wells Fargo Credit Cards.
Wells Fargo Personal Loans Review
Wells Fargo Personal Loan
Wells Fargo Personal Loan
Get matched with personal loan offers
Insider’s Rating
3/5
Perks
Relationship discount of 0.25%
Regular APR
8.49% to 24.49% (with relationship discount)
Loan Amount Range
$3,000 to $100,000
Minimum Credit Score
Undisclosed
Pros
- Large maximum loan amounts
- Discounts for current customers
- Established brick-and-mortar lender
- No origination fee or prepayment penalty
Cons
- Significant late fees
- History of mismanaging customer information
- No online applications for non-customers
Insider’s Take
Wells Fargo Personal Loan are a good choice if you need a significant amount of cash, as you can borrow up to $100,000 with the lender. However, if you're not a current customer, you can't apply for a personal loan without visiting a branch.
Wells Fargo personal loan review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Loan amounts range from $3,000 to $100,000
- Term lengths range from 1 to 7 years
- Rate discounts to customers who have a checking account with the bank and who make their loan payments automatically through that account
- Non-customers must apply by visiting a branch and talking with a banker
- Loans made by Wells Fargo, member FDIC
Wells Fargo offers some of the best low-interest personal loans. Loans amount range from $3,000 to $100,000, and you can choose from term lengths between one to seven years.
Read Business Insider's Wells Fargo Personal Loans Review.
How Wells Fargo Banking Compares
We've compared Wells Fargo bank acoc*nts to two other big, national banks: Bank of America and Chase.
Wells Fargo vs. Bank of America
Your decision may ultimately come down to which institution has the most nearby branch locations. If you're looking for a sign-up bonus, Wells Fargo is likely the better choice.
For checking accounts, Bank of America offers a $200 bonus for eligible new customers who open a Bank of America Advantage SafeBalance Banking® account with qualifying activities (offer expires May 31, 2024). This is lower than Wells Fargo's checking bonus. Wells Fargo also offers a substantial savings bonus if you can deposit at least $25,000, while Bank of America doesn't have a savings bonus at all.
If you take bonuses out of the equation, Bank of America might be the better choice for a savings account. With the Bank of America Advantage Savings Account, you won't have to worry about monthly service fees during the first six months of opening an account. If you get the Wells Fargo Way2Save® Savings Account you'll need to meet certain requirements every month to waive a $5 monthly service fee.
Bank of America Review
Wells Fargo vs. Chase
Chase and Wells Fargo are two of the largest national banks in the US. Your choice between the two might depend on where you live. Otherwise, your decision could rely on differences between bank account features and perks.
You might favor Wells Fargo over Chase if you're only looking to open a checking account. Wells Fargo makes it easier to waive the monthly service fee than Chase. You can earn a $300 bonus when you open an account and make direct deposits totaling $500 or more within 90 days of coupon enrollment (offer expires on 07/24/2024). While this bonus is easier to earn than Wells Fargo's checking bonus, it's still not quite as high. Chase also doesn't offer a savings bonus.
Chase Bank Review
Should You Bank with Wells Fargo?
Wells Fargo is a decent option if you want to bank with a brick-and-mortar financial institution. It has an extensive branch and ATM network, so you'll likely find a nearby branch in many states. Wells Fargo also has a variety of bank accounts, credit cards, mortgages, and loan types. Hence, it may also be worthwhile if you want to bank with one financial institution primarily.
If you're interested in competitive savings or CD rates, other financial institutions may be more suitable choices. Wells Fargo also has many common bank fees like monthly service fees and overdraft fees. There are ways to waive these fees at Wells Fargo. That said, keep in mind that some banks and credit unions do not charge these fees at all.
Why You Should Trust Us: How We Reviewed Wells Fargo
To review Wells Fargo, we rated accounts and services using our editorial standards.
At Business Insider, we rate products on a scale from zero to five stars. We review different features for distinct products.
In general, we look at ethics, customer support, and mobile apps when rating a bank account. Other factors we consider depend on which type of account we're reviewing. For example, we look at overdraft protection for checking accounts, and early withdrawal penalties for CDs.
We also used distinct methodologies for reviewing credit cards, personal loans, student loans, home loans, and investment accounts. For example, we examined annual fees and rewards rates with credit cards, and we looked at fees and term options with personal loans.
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She edits and writes bank reviews, banking guides, and banking and savings articles for the Personal Finance Insider team. She is also a Certified Educator in Personal Finance (CEPF).Sophia joined Business Insider in July 2021. Sophia is an alumna of California State University Fullerton, where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email sacevedo@businessinsider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >>Below are links to some of her most popular stories:
- Are banks open today? Here's a list of US bank holidays for 2023
- Best CD rates
- Best High-yield savings accounts
- Four reasons why your debit card might be denied even when you have money
Compliance and Operations Associate
Evelyn He is a compliance and operations associate at Business Insider who supports the Personal Finance Insider team. Personal Finance Insider is Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love.The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries.Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst.Outside of work, she enjoys spending time with her 15-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber.
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Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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