What Wells Fargo offers: the main account categories

Wells Fargo offers three broad categories of accounts: checking accounts (for everyday spending), savings accounts (for money you set aside), and money market accounts (a hybrid that earns interest but lets you write checks). They also offer certificates of deposit (CDs), which lock your money away for a set time in exchange for a may provide interest rate. Beyond accounts, Wells Fargo provides credit cards, loans, investment services, and wealth management for customers with larger balances.

The specific accounts and features available to you depend on whether you bank in person at a branch, online only, or through a mobile app. Some accounts require a minimum opening deposit or minimum balance to avoid monthly fees. Wells Fargo also has accounts designed for specific situations — students, seniors, and people new to banking — each with different fee structures and features.

Key Takeaways

  • Wells Fargo's checking accounts range from basic accounts with no monthly fee to premium accounts that waive fees for ATM use and offer other perks, depending on your balance or direct deposit.
  • Savings accounts at Wells Fargo earn interest, but the rate varies by account type and changes based on what the Federal Reserve does with interest rates.
  • Money market accounts combine features of checking and savings — you can write checks or use a debit card, but you earn interest like a savings account.
  • Certificates of deposit lock your money for a set period (three months to five years) in exchange for a may provide interest rate, and you pay a penalty if you withdraw early.
  • Wells Fargo also offers credit cards, personal loans, home loans, and investment accounts, though this guide focuses on deposit accounts.

Checking accounts: everyday spending and bill pay

A checking account is designed for frequent deposits and withdrawals — paychecks going in, bills and purchases going out. Wells Fargo offers several checking account options. The most basic is the Wells Fargo Everyday Checking, which has no monthly maintenance fee if you meet one of these conditions: maintain a minimum daily balance, set up direct deposit, or keep a linked savings account with a certain balance.

Wells Fargo also offers Wells Fargo Preferred Checking, which waives ATM fees at Wells Fargo machines nationwide and offers other benefits like overdraft protection. This account has a monthly fee unless you maintain a higher minimum balance or have direct deposit set up. For students, Wells Fargo offers Wells Fargo Student Checking, which has no monthly fee and no minimum balance requirement for a set period (usually until you graduate or reach a certain age).

All Wells Fargo checking accounts come with a debit card, online banking access, and the ability to set up automatic bill payments. You can deposit checks by photographing them with the mobile app, and you can transfer money between your own Wells Fargo accounts when ready online.

Savings accounts: setting money aside and earning interest

A savings account is meant for money you want to keep separate from everyday spending. Wells Fargo offers Wells Fargo Savings, which earns interest on your balance. The interest rate changes based on decisions made by the Federal Reserve, so the rate you earn today may be different in six months. Wells Fargo also offers Wells Fargo Way2Save Savings, which has a lower minimum balance requirement and is designed for people building savings gradually.

Savings accounts have limits on how many withdrawals you can make per month without a fee — federal rules allow up to six per month, though Wells Fargo's specific rules may differ. You cannot use a debit card to withdraw from a savings account; you transfer money to your checking account first, then spend it. This structure is intentional: it creates a small friction that discourages impulse withdrawals and helps you keep the money set aside.

Interest earned on a savings account is taxable income. Wells Fargo will send you a form at tax time showing how much interest you earned. The amount is usually small unless your balance is large or interest rates are high.

Money market accounts: checking features with interest earnings

A money market account combines features of both checking and savings accounts. You can write checks or use a debit card like a checking account, but your balance earns interest like a savings account. Wells Fargo offers Wells Fargo Money Market Account, which requires a higher minimum balance than a basic savings account but offers a higher interest rate in return.

Money market accounts also have limits on withdrawals per month. If you exceed the limit, you pay a fee. Because of these limits and the higher minimum balance requirement, money market accounts work best for people who have built up savings and want their money to earn interest while keeping it accessible for occasional larger withdrawals.

Certificates of deposit: locking in a may provide rate

A certificate of deposit (CD) is an agreement where you give Wells Fargo a sum of money for a set period — called the term — in exchange for a may provide interest rate. Wells Fargo offers CDs with terms ranging from three months to five years. The longer the term, the higher the interest rate is usually (though not always — this depends on market conditions).

When your CD reaches its maturity date (the end of the term), you can withdraw your money plus the interest you earned, or you can renew the CD for another term at the current rate. If you withdraw money before the maturity date, you pay an early withdrawal penalty, which is a fee that reduces the interest you earned. The penalty amount depends on the term length — longer-term CDs have larger penalties.

CDs are useful if you know you will not need money for a specific period and want to lock in a rate before rates drop. They are not useful if you might need the money sooner, because the penalty can wipe out your interest earnings.

Additional services: credit cards, loans, and investments

Beyond deposit accounts, Wells Fargo offers credit cards with different rewards structures (cash back, travel points, or other benefits). They also offer personal loans (unsecured loans for any purpose), auto loans, and home loans (mortgages). Customers with larger account balances may have access to investment accounts where they can buy stocks, bonds, and mutual funds, and wealth management services where an advisor helps manage their money.

This guide focuses on deposit accounts — the checking, savings, and CD products that form the foundation of banking. Credit cards, loans, and investments are separate products with their own terms, fees, and requirements. If you are interested in those services, Wells Fargo's website or a visit to a branch can provide details specific to your situation.

How fees work and what to watch for

Most Wells Fargo accounts have a monthly maintenance fee unless you meet certain conditions. Common ways to avoid fees include maintaining a minimum daily balance, setting up direct deposit, or keeping a linked account with a certain balance. Some accounts waive fees entirely for students or people under a certain age.

Beyond monthly fees, watch for overdraft fees (charged if you spend more than your balance), ATM fees (charged if you use an ATM outside the Wells Fargo network), and early withdrawal penalties on CDs. Wells Fargo offers overdraft protection, which links your checking account to a savings account or credit line so that if you overspend, the bank transfers money automatically instead of charging a fee — but this service may have its own terms.

The best way to understand the fees for a specific account is to ask a Wells Fargo representative or read the account's fee schedule, which the bank must provide before you open the account. Fees change occasionally, so it is worth reviewing your account's terms once a year.

Frequently Asked Questions

Do I need a minimum balance to open a Wells Fargo account?

Most Wells Fargo accounts require a minimum opening deposit, but the amount varies by account type. Some accounts require as little as $25, while others require $100 or more. Student checking accounts often have no minimum. Contact Wells Fargo directly or visit a branch to confirm the current requirement for the specific account you are interested in.

What is the difference between a savings account and a money market account?

A savings account is simpler and requires a lower minimum balance, but you cannot write checks or use a debit card. A money market account lets you write checks and use a debit card, but requires a higher minimum balance and offers a higher interest rate. Choose a savings account if you want to keep money completely separate from spending; choose a money market account if you want your money to earn interest while staying accessible.

Can I withdraw money from a CD early?

Yes, but you will pay an early withdrawal penalty that reduces the interest you earned. The penalty amount depends on the term length — a three-month CD has a smaller penalty than a five-year CD. Before opening a CD, ask Wells Fargo what the penalty is, so you know the cost if you need the money sooner.

How much interest will I earn on a savings account?

The interest rate changes based on Federal Reserve decisions and market conditions, so it varies over time. Wells Fargo's website shows the current rate for each account type. Interest earned is usually small unless your balance is large or rates are high. You can compare Wells Fargo's rates to other banks to see if they are competitive.

What happens if I do not meet the minimum balance requirement?

If you fall below the minimum balance, Wells Fargo will charge a monthly maintenance fee. You can avoid the fee by bringing your balance back up, switching to a different account with a lower minimum, or meeting one of the other fee-waiver conditions (like setting up direct deposit).