Wells Fargo Money Market Account Interest Rate - We like the convenience factor of Wells Fargo, but the megabank's low API and high overdraft fees give us some hesitation.
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Wells Fargo Money Market Account Interest Rate
Wells Fargo is a Big Four bank that made headlines in 2016 and 2017 due to scandals where employees created millions of fake accounts to meet their sales targets.
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They've come a long way since then, working to win back trust with strong customer service and new mobile services, but ultimately it's up to you to decide if you should trust Wells Fargo with your money.
Last year, Wells Fargo jumped on the banking trend toward eliminating or reducing overdraft penalties. Wells Fargo is now giving customers 24 hours to clear overdrafts and negative account balances before such charges are levied. It waived its $35 penalty for returning items due to insufficient funds, but did not waive the $35 overdraft penalty.
We're here to give you an honest look at the bank's checking and savings account features for individuals and small businesses, as well as the overall convenience and functionality of mobile banking.
Wells Fargo offers four checking account options: Everyday Checking, Premier Checking, Premier Checking and Clear Access Banking. Each bank account has a minimum initial deposit of $25 and monthly fees between $5 and $35.
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The Everyday Checking Account is Wells Fargo's most popular checking account, offering nationwide ATM access, a free debit card and checking privileges. After an initial initial balance of $25, there is no minimum balance to maintain and the $10 monthly service fee is easily avoided.
An Everyday Checking account allows you to write checks and withdraw money from many Wells Fargo ATMs, but your balance cannot earn interest. With so many interest-bearing checking account options on the market, the lack of APY is a major drawback.
One thing we like about this account is the number of options to waive the $10 monthly service fee. Wells Fargo will waive it if you meet one of the following conditions:
Wells Fargo's overdraft fees, on the other hand, are $35, with a limit of three per day. Beginning in 2022, Well Fargo does not charge for insufficient fund returns.
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But we like the automatic refund feature, which waives some overdraft fees if Wells Fargo receives an automatic transfer that covers at least the amount you overdrafted before 9 a.m. the next business day. This feature is free and automatically applied to most current accounts.
The Prime Checking Account is one of Wells Fargo's higher level checking options with benefits such as exemption from non-Wells Fargo ATM fees, higher transaction limits and interest on your account balance. Even though it's an interest-bearing account, the maximum annual percentage return of 0.10% still falls short of the returns of a Prime checking account.
In line with other Wells Fargo checking accounts, the Prime checking account has a pretty decent initial deposit of $25, but beyond that, the account really appeals to high loads. For example, the only way to avoid the $25 monthly service fee is to have an ending balance on your combined statement of $20,000 — much higher than the $500 needed to waive the monthly fee on an everyday checking account.
From there, the Portfolio by Wells Fargo account divides its users into two categories: under $100,000 and over $100,000. Those in the higher tier get 0.10% APY. The lower tier gets even a tiny 0.05% APY. Both tiers get benefits like one overdraft protection transfer fee and one non-Wells Fargo ATM fee refund per pay period.
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The benefits are nice, but if your goal is to get rich, there are other banks that offer high-yield accounts that will make your wealth grow faster. Or you can try Wells Fargo's regular checking account: Premier Checking.
Premier Checking from Wells Fargo is a premium checking account from Wells Fargo with a competitive maximum interest rate of 0.50% and many waived bank fees. Of course, these premium features come with a premium price tag.
Wells Fargo's Premier Checking Bank Account offers premium benefits to its premium customers. You don't have to pay wire transfer or ATM fees (and Wells Fargo will even reimburse you for other banks' ATM fees), get up to 0.50% APY, and get 24/7 bank support. In addition, you will receive discounts on investment accounts and investment advice.
In return, Wells Fargo expects you to maintain a high balance. In fact, you need the entire $250,000 balance to avoid the $35 monthly fee. Likewise, to earn that 0.50% APY, you need at least $100,000 in your account. Lower balances earn a decent but lower 0.25% APY.
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Simply put, the Premier Current Account has a lot of great features – but high account balances will be a problem for most people.
Clear Access from Wells Fargo is a digital bank account focused on simplifying banking. It doesn't allow access to checks, but it does provide a contactless debit card, and users don't have to deal with pesky overdraft fees.
The Clear Access Bank Account from Wells Fargo is offered as an easy way to spend only what you have. With a $5 monthly fee that's waived if you're 13 to 24, the Clear Access Banking account almost feels like a regular checking account. It is uncontrolled and you only take out what you have at hand.
Because of this, you will never encounter an overdraft fee. If you go into a negative balance from the additional license fee as a tip, you will only have a negative balance and will not be able to withdraw money until you have paid the negative amount.
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Even though it's a pretty basic checking account, you still have access to a contactless debit card, the Wells Fargo app, and a digital payment platform like Zelle.
If you want to keep all of your banking in one place, Wells Fargo offers two primary savings accounts that you can use separately or link to the Wells Fargo checking account of your choice. Like checking accounts, Wells Fargo savings accounts have a minimum opening deposit of $25 and the option to waive the monthly maintenance fee.
The Way2Save Savings Account is ideal if you're looking for a basic, no-frills savings account. The $5 monthly service fee is pretty small, but unfortunately so is the 0.15% APY.
The Way2Save account has only a $5 monthly maintenance fee and several easy ways to cancel. You can cancel it if:
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We like how easy it is to cancel, but it's worth noting that there are plenty of fee-free savings accounts on the market. Plus, the Way2Save account isn't exactly a way to earn interest, as it only earns 0.15% APY, which is well below the national average.
Why do people choose Wells Fargo? Convenience and comfort of access to your money. It's easy to find an ATM or even a brick-and-mortar branch. People like the convenience of easily moving money around.
We're also fans of the optional Save As You Go program, which transfers $1 to your savings account for every one-time debit purchase and automatic online bill payment transaction.
The Wells Fargo Platinum Savings Account has a $12 monthly service fee and unlimited ATM withdrawal and checking privileges. The maximum yield is a respectable 2.01% APY, but the minimum is a much less impressive 0.25% APY.
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The Wells Fargo Platinum Savings Account offers a base APY of just 0.25% — just above the national average — and requires a minimum balance of $3,500 to avoid the $12 monthly maintenance fee.
If you link your Prime Checking or Premier Checking account, Wells Fargo gets you a slightly better 0.26% APY. You can earn higher rates by maintaining a higher account balance – up to 2.01% on balances over $1 million. Even a $100,000 account balance will get you up to 1.02% APY.
You get unlimited branch and ATM withdrawals, so if you already plan to have multiple accounts with Wells Fargo, the Platinum Savings account is a good choice.
If you're looking for more, Wells Fargo most likely has it. See other financial services and benefits that Wells Fargo offers.
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We think Wells Fargo is one of the best banks for small businesses in general. We like their small business checking and savings account offerings because of their low fees.
While we'll touch on them all, the business start-up check is the most popular – and we think the best choice for most people to start a business – so we'll focus on that first.
For most small business owners, a Wells Fargo merchant account will cover your small business initiated merchant account. It has a low monthly service fee and the first 100 transactions of each payment period cost you nothing.
The Startup Business Checking Account has a minimum deposit of $25. The service charges a $10 monthly fee that is waived on a daily balance of $500 or an average balance of $1,000. You get 100 free transactions with this account
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