Banking Checking Accounts

Wells Fargo Prime Checking Review [2024]: Is it Worth the High Monthly Fee?

Wells Fargo Prime Checking is an interest-bearing account with no ATM fees, but it might not be worth the $25 monthly maintenance fee.

By Danielle Letenyei

Edited by Ashley Donohoe

Updated Dec. 17, 2024

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Wells Fargo Prime Checking

OUR VIEW

The Wells Fargo Prime Checking account is designed for individuals who prefer a traditional bank with a large physical presence and extensive ATM network. With benefits like no ATM fees, overdraft protection, and interest earnings, it could be appealing if you want access to comprehensive banking services.

However, I’m not a big fan of the account’s high monthly fee and the relatively high requirements to waive that fee. And the earning potential is rather low, though it is similar to other traditional banks.

Pros

Earns interest with no minimum balance required

No ATM fees on domestic and international transactions (both in and out of network)

Overdraft protection and an extra day grace period

Special rates for other eligible accounts and certain banking fee waivers

Cons

$25 monthly maintenance fee waivable only with a high combined account balance

3% foreign transaction fee

Below-average annual percentage yield (APY) of 0.01% (as of 12/20/24), depending on account balance

How we evaluate products

Wells Fargo Prime Checking overview

Founded in 1852, Wells Fargo is a well-established name in the banking industry with over 5,600 branch locations in the District of Columbia and 36 states. It’s also the third-largest commercial bank in the country, per the Federal Reserve.

Wells Fargo offers four personal checking accounts, and the Prime Checking account is one of the only two offering interest. However, the APY on this account may not be worth it when you consider the high monthly maintenance fee.

Look at these details so you can decide if the Wells Fargo Prime Checking account fits your needs.

APY	0.01% (as of 12/20/24) depending on account balance
Minimum balance for APY	$0
Minimum opening deposit requirement	$25
Monthly maintenance fees	$25 (waived with a combined linked ending account balance of at least $20,000)
Overdraft fees	$35 on items paid (not charged for items $10 and less, items returned for insufficient funds, or items covered by transfers from a linked savings account, credit card, or line of credit)
Number of branches	More than 5,600 branches in 36 states and the District of Columbia
ATM access	11,000 in-network ATMs No charge for using out-of-network ATMs, except for any third-party operator or network fees Reimburses one fee each for domestic and international out-of-network ATM operator fees per fee period
Account perks	Interest rate discounts on some personal loans No fees on incoming wire transfers, money orders, or cashier’s checks Access to special relationship rates on eligible linked savings accounts and certificates of deposit (CDs)
FDIC insured	Up to $250,000 per depositor

Who is this account best for?

The Wells Fargo Prime Checking account is best if you like the convenience of going to a brick-and-mortar bank to handle your finances. The bank operates over 5,600 branches in Washington, D.C. and 36 states, and it has a convenient online map and search tool that can help you find out if there are locations near you.

This account is also a good fit if you make a lot of ATM transactions. Unlike many other banks, Wells Fargo doesn’t charge fees whether you use one of its 11,000 in-network ATMs or pick any location that is out of its network. I think this is especially a nice perk if you’re someone who travels a lot or just doesn’t want to have to spend time searching for a free ATM.

While this account also seems like a good option if you want a checking account that earns interest, the APY is minimal, and the high monthly fee on the account would probably negate any interest you may earn. It makes more sense to use the Prime Checking account to pay your bills and then stash your spare cash at an online bank or another place that is more profitable.

What we like about Wells Fargo Prime Checking

No ATM fees

The most significant benefit of the Wells Fargo Prime Checking account is the lack of ATM fees for transactions made at in-network and out-of-network ATM locations in the U.S. and internationally.

While other bank ATM operators might charge you fees when you use an out-of-network machine, Wells Fargo won’t. Plus, Wells Fargo will also reimburse fees for one domestic and one international out-of-network ATM transaction per fee period (which is every 25 to 35 days).

Relationship benefits

Wells Fargo rewards you with certain relationship benefits when you link other Wells Fargo accounts to your Prime Checking. These perks include special interest rates on linked savings accounts and CDs and interest rate discounts on eligible new personal loans. The bank will also waive its $25 monthly service fee if your eligible linked account balances total at least $20,000.

Overdraft coverage

Overdraft fees are expensive, so it’s worth finding ways to avoid them. In many cases, Wells Fargo charges $35 if it pays a transaction when you don’t have sufficient funds in your account. There are some exceptions, such as if you resolve the shortage during the extra day grace period provided or the overdrawn amount doesn’t exceed $10.

However, with Wells Fargo’s overdraft protection, you can link a savings account, credit card, or line of credit to cover overdrafts at no charge, which can help you manage your money better.

You can link up to two Wells Fargo accounts to cover your excessive transactions.

For example, if there isn’t enough money in your linked savings account, the money will be taken from your credit card at no charge. While I always try to keep an eye on my balance to avoid shortages, I like the peace of mind that Wells Fargo’s overdraft protection provides.

Fee waivers

With the Wells Fargo Prime Checking account, you can benefit from waivers for common fees that some other accounts charge. You won’t pay for personal checks, cashier’s checks, money orders, stop payments, or incoming wire transfers. There are also no non-sufficient funds fees for returned items.

What Wells Fargo Prime Checking could improve

Monthly maintenance fee

Unless you have $20,000 in your Prime Checking account or across your eligible linked Wells Fargo accounts, you have to pay a $25 monthly maintenance fee. This is a definite drawback because many other checking accounts don’t charge monthly fees or have lower ones with more reasonable waiver options. I’ve managed to avoid these fees with my bank accounts.

Below-average checking APY

While the Wells Fargo Prime Checking account does earn interest, it’s minimal. The 0.01% (as of 12/20/24) APY is well below the average checking account interest rate of 0.08% (as of 11/18/24). You would need to keep $2,500 in the account for one year just to earn $25 in interest or to cover one monthly maintenance fee. Some competing accounts offer a much better return with up to a 3.30% APY.

Overdraft charges

If you don’t enroll in overdraft protection or link an account to cover your transactions, Wells Fargo can charge you $35 for any transaction over $10 that it pays. You won’t pay more than three of these fees per day, but that could still add up to $105 in overdraft charges. For comparison, many online banks don’t charge these fees at all.

Foreign transaction fees

The Wells Fargo Prime Checking account levies a 3% fee when you use your debit card for international purchases where the foreign currency is converted to U.S. dollars. I avoid accounts that charge foreign transaction fees because I travel often. But if you don’t plan to use this account for international transactions, this fee is less of an issue.

Featured Checking Account

4.5

Discover®️ Cashback Checking

Earn 1% cash back on up to $3,000 in debit card purchases each month.¹ See website for details. No minimum deposit or balance. FDIC Insured.

Learn More

4.0

Earn up to $450

When you open a new U.S. Bank Smartly® Checking account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through December 30, 2024. Member FDIC. Offer may not be available if you are an existing U.S. Bank customer or live outside of the U.S. Bank footprint.

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Wells Fargo Prime Checking customer experience

If you prefer to work with a bank that has physical locations that you can go into, then Wells Fargo is a good choice because it’s the third-largest U.S. commercial bank with 5,600+ branches across the majority of states. You can also reach a Wells Fargo representative through chat features on the bank website and mobile app or call them at (800) 869-3557. Other options include mailing letters and visiting the bank’s Twitter and Facebook pages.

The Wells Fargo website and mobile app have a robust FAQ section where you may find the answers to your questions on accounts, fees, debit cards, and more. I have a Wells Fargo credit card and use the mobile app to get answers to any questions I may have about my account.

Alternatives to consider

While the Wells Fargo Prime Checking account has some advantages, its monthly maintenance fee and foreign transaction fees may be reasons to explore other options. The APY is also relatively low compared to what some of the best banks offer.

SoFi Checking and Savings

When you open a SoFi® high-yield checking account, you automatically get a savings account, which also earns interest.² New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="http://sofi.com/banking">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Direct Deposit can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.00% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of Dec. 3, 2024. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a> SoFi’s checking account earns a 0.50% (as of 12/3/24) APY with direct deposit, which is around six times the going rate nationally.³ SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Dec. 3, 2024. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>

The SoFi savings account earns up to 4.00% APY if you use direct deposit.

There are no overdraft fees, monthly service fees, or ATM fees with SoFi banking. The bank also covers the 0.9% foreign convenience fee for foreign currency transactions with your debit Mastercard, leaving you with just a 0.2% foreign exchange fee. Member FDIC.⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/terms">SoFi.com/banking/fdic/terms</a> See list of participating banks at <a href="http://sofi.com/banking/fdic/receivingbanks">SoFi.com/banking/fdic/receivingbanks</a>

Visit SoFi | Read our SoFi Checking and Savings review

Bank of America Advantage Banking

If you’re looking for convenient access to your funds, Bank of America is a solid choice. It has thousands of ATMs and financial centers, so you can easily deposit cash and talk with an actual person.

Bank of America also has a highly-rated mobile app, so if banking on the go is a priority, this is a good choice. The main downside to Bank of America’s Advantage Banking checking accounts is that they do have fees. There are options for the fees to be waived, but if you prefer not having the possibility of being assessed a fee, this may not be a fit.

I especially like the range of accounts that Bank of America offers, including its Bank of America Advantage SafeBalance Banking®, which is a simple checking account with no overdraft fees.⁵ Bank of America Advantage SafeBalance Banking® Monthly Maintenance Fee: $4.95 or $0 — No monthly maintenance fee when you meet one of the following: • an owner of this account is under the age of 25 or • maintain a minimum daily balance of $500 in your account or • are a member of Bank of America Preferred Rewards®; Bank of America Advantage Plus Banking® Monthly Maintenance Fee: $12 or $0 – No monthly maintenance fee when you meet one of the following: • have at least one qualifying direct deposit of $250 or more or •maintain a minimum daily balance of $1,500 in your account or • are a member of Bank of America Preferred Rewards®; Bank of America Advantage Relationship Banking® Monthly Maintenance Fee: $25 or $0 – No monthly maintenance fee when you meet one of the following: • maintain a minimum daily balance of $20,000 in your account or • are a member of Bank of America Preferred Rewards®. ⁶ No paper check writing with this account. Pay options include a debit card, Mobile, or Online banking. Member FDIC.

Visit Bank of America | Read our Bank of America Advantage Banking review

Discover® Cashback Debit

The APY on the Wells Fargo Prime Checking is minimal. If you’re looking to get a little more out of your account, Discover® Cashback Debit account is a solid option. You earn 1.00% cash back on up to $3,000 in purchases each month.⁷ Earn 1% cash back on up to $3,000 in debit card purchases each month. See Deposit Account Agreement for details on transaction eligibility, limitations and terms. Deposit Account Agreement can be found at <a href="https://www.discover.com/content/dam/dfs/online-banking/documents/NationalDepositAccountAgreement.pdf">https://www.discover.com/content/dam/dfs/online-banking/documents/NationalDepositAccountAgreement.pdf</a>.

The downside to this account is that it’s essentially online-only (there is one branch in Delaware). If you’re someone who never steps into a branch, though, it could be a good fit. And it has an extensive ATM network.

This account also sets itself apart from Bank of America and Wells Fargo’s offerings by not having a monthly service fee. Member FDIC.⁸ See <a href="https://www.discover.com/content/dam/dfs/online-banking/documents/NationalDepositAccountAgreement.pdf">Deposit Account Agreement</a> for details on transaction eligibility, limitations, and terms.

Visit Discover | Learn more in our Discover Cashback Debit review

FAQs

Is Wells Fargo Prime Checking worth it?

While the various fee waivers, relationship perks, and interest-earning features of the Wells Fargo Prime Checking account may sound attractive, the monthly maintenance fee might not be worth it. If you don’t have at least $20,000 across your linked Wells Fargo accounts, the interest you earn won’t make up for the required $25 fee you’ll pay each month.

How do I sign up for a Wells Fargo Prime Checking account?

You can sign up for a Wells Fargo Prime Checking account on the bank’s website or by scheduling an appointment at a nearby branch. If you are a non-permanent U.S. resident or want to open a joint account, you must apply at a branch rather than online. You can also open the account through the bank’s mobile app if you’re a current Wells Fargo customer.

How can I best avoid fees on my Wells Fargo Prime Checking account?

The best way to avoid the $25 monthly maintenance fee on your Prime Checking account is to maintain a balance of $20,000 across your eligible linked accounts. These include checking, savings, CD, IRA, and Wells Fargo Advisors investment accounts. You can avoid overdraft fees with overdraft protection transfers from a linked savings account, credit card, or line of credit.

Bottom line

The Wells Fargo Prime Checking account offers notable benefits, particularly if you frequently use ATMs and want to avoid fees for in- and out-of-network transactions. The account’s relationship benefits and overdraft protection are also appealing, especially if you have other linked Wells Fargo accounts. However, the $25 monthly maintenance fee makes it less ideal if you can’t maintain a $20,000 minimum balance across your linked accounts.

Additionally, the foreign transaction fees and relatively low interest rates may encourage you to explore other options, mainly if high-interest or fee-free accounts are a priority. Ultimately, this account is most suitable if you value the convenience of Wells Fargo’s physical branches and extensive free ATM access.

Rare Checking Account That Offers Cash Back

4.5

Discover® Cashback Debit Benefits

Earn 1% cash back on up to $3,000 in debit card purchases each month¹ See website for details.
No minimum deposit, no minimum balance, and no account fees
Easily switch direct deposit via the Discover mobile app or online for Early Pay (get your paycheck up to 2 days early!)
60K+ fee-free ATMs and make cash deposits at Walmart stores nationwide

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