Skip to content


Open new savings account wells fargo

open new savings account wells fargo

wells fargo sign in 6% monthly pickup in personal spending is the latest sign that Wells Fargo Bank Savings The Wells Fargo Startup Accelerator is a. Terms and conditions apply. U.S. checking or savings account required to use Zelle®. Transactions between enrolled users typically occur in minutes. For your. If you're new to banking, you may be curious about which account is right for you: checking or savings? Should you open a checking account to get access to.

Travel with Grant Advertiser Disclosure

Good morning everyone, happy Friday!  Over the last few months, I have written about several changes regarding Wells Fargo checking and savings accounts:

In today’s post, Wells Fargo made changes to closing accounts and charging fees on accounts with a zero balance.  These changes are effective August 9, 2021 (so they are already live and should appear on your next monthly statement).  The key part of this change is:

Accounts with a zero balance will continue to be charged applicable fees (like the monthly service fee) until you request to close your account. We may close an account (except analyzed business accounts) with a zero balance on the fee period ending date or at month end without prior notification to you. Once an account is closed (either by you or us), no fees will be assessed on the best apy savings account 2015 your Wells Fargo account has a zero balance, you will need to have at least 1 “qualifying transaction posted within the last two months of the most recent fee period ending date” and “IOLTA and RETA accounts require a qualifying transaction within ten months of the most recent fee period ending date.”  I had to google IOLTA and RETA and found out that they stand for Interest on Lawyers’ Trust Account (IOLTA) and Real Estate Trust Account (RETA).

Here is open new savings account wells fargo counts as a qualifying transaction: “deposits and withdrawals made at a branch, ATM, online, mobile, or via telephone; one-time and recurring transfers made at a branch, ATM, online, mobile, or via telephone; automatic or electronic deposits, such as from payroll or government benefits; automatic or electronic payments, including Bill Pay; one-time and recurring purchases or payments made using a card or mobile device; and checks paid from the account. IOLTA and RETA accounts are not eligible for ATM cards or debit cards.  Bank-originated transactions, like monthly service or other fees, are not considered qualifying transactions that will prevent closure of an account with a zero balance.”

I did some more digging and found the Opening and Closing Accounts Questions page on the Wells Fargo website.  In order for you to close your Wells Fargo account, your account must have a positive or zero balance (not a negative balance) and you will need to call Wells Fargo at 1-800-869-3557 or go into a Wells Fargo branch to request to have your account closed.  If you keep your account at $0 expecting Wells Fargo to automatically close your account, just be warned that “accounts with a zero balance will continue to be charged applicable fees (like the monthly service fee) until you request to close your account.” And if your account becomes dormant / inactive, you will need to have your account “reactivated before they can be closed. Ask your banker to reactivate your account. Or you can sign on to Online Banking to see if you have the option to reactivate your account online.”

If you want to close your Wells Fargo account, here are the steps I would recommend.  I would bring the account down to $0 and wait for any pending transfers and transactions to post.  I would then call Wells Fargo to request to have my account closed.  I would then keep my eye out for the confirmation email or confirmation letter to arrive from Wells Fargo.  If you have any questions about these new changes, please leave a comment below.  Have a great weekend everyone!

Check Out These Related Posts:

This entry was posted in Credit Cards, Promotions + Deals and tagged Checking Account, Debit Cards, Free Stuff, Savings Account, Wells Fargo Bank. Источник:
Way2Save® Savings Account. com DA: 14 PA: 50 MOZ Rank: 74. APY: 0. Call Us: python pythonpath unknown configuration setting. 2% cash rewards are earned for every $1 spent in net purchases (purchases minus returns/credits) on the credit card account. Both accounts offer pretty low interest rates. Available in a variety of term lengths, Wells Fargo‘s Standard CDs earn up to 0. Wells Fargo offers two different savings accounts, the Way2Save Savings account and the Platinum Savings account. Service fees 42. Unlike some savings accounts, the Wells Fargo Way2Save program has a low $25 minimum deposit to get Sep 02, 2020 · Wells Fargo is making a play for cost-conscious banking consumers. $0 monthly Service Charge available. You open new savings account wells fargo up at least one automatic transfer. 03% interest with this account. Wells Fargo Clear Access Banking does not charge fees on ATM transactions within its network but there is a fee of up to $2. Jul 13, 2018 · For starters, Wells Fargo’s basic Way2Save® Savings account only earns at a 0. ←back to content Return to Footnote 1. Nov 22, 2021 · Bottom Line. You will earn a 0. Goldman Sachs Bank USA High-yield Online Savings Account. * The Wells Fargo Health Advantage ® credit card is issued with approved credit by Wells Fargo Bank, N. Wells Fargo Retirement High Yield Savings Account 41. A qualifying Save As You Go transfer is an automatic transfer of $1 from your linked Wells Fargo checking account to your Way2Save Savings account each time you (or any authorized signer or joint owner) use your debit card for a one-time purchase or complete a Bill Pay transaction through online banking, and the one-time debit card purchase or Bill Pay transaction posts to Wells Fargo Way2Save® Retirement Account 41. S. Charges a monthly fee. 01% annual percentage yield (APY); Platinum Savings: 0. Garden Center & Wholesale Nursery. 01% APY. comfind the savings product of choice and complete the application for that account. You can also avoid the Nov 29, 2018 · Wells Fargo vs Capital One: Accounts. This program works by automatically transferring $1 to Nov 06, 2020 · Wells Fargo’s basic savings account, the Way2Save Account, also has a $25 minimum opening deposit. Low APY. 05% to 1. There are 3 ways how to close a Wells Fargo account. wells fargo way2save retirement account


Nov. Password. User Login - Wells Fargo Access CEO® Portal Access CEO® If you need assistance, please contact your Wells Fargo Asset Management representative, or email us at [email protected] Check out top-rated Wells Fargo cards here and apply online today! Mar 09, 2019 · Wells Fargo was regarded for years as one of America’s best banks. Secure Wells Fargo bank online banking login to view online accounts. Wells Fargo Center Hiring Event. If you have any questions related to online and mobile banking, call 1-800-956-4442. Contact Customer Service through the bank’s Facebook page or via Twitter by tweeting your questions at the handle @Ask_WellsFargo. Oct 22, 2021 · Health and Safety Guidelines. Secure Open new savings account wells fargo Delivery Sign On Sign On This site is proprietary to Wells Fargo Bank, N. Triton Capital is not affiliated with Wells Fargo.which designates its main office as Sioux Falls, South Dakota. Beginning, May 3, 2018 customers who apply for the Kirkland’s credit card with Wells Fargo Bank, N. Submit credit applications. If you have any questions or concerns about the products offered on this linked third party website, please contact the Aon Hewitt Service Center at hrworkwaysasia Jan 15, 2018 · Wells Fargo: Provider of banking, mortgage, investing, credit card, insurance, and personal, small business, and commercial financial services. Enrollment with Zelle® through Wells Fargo Online® or Wells Fargo Business Online® is required. Wells Fargo Mobile App Not Working. Other Services. In the Username field, enter the following ID and password: Wells Fargo LAN username. Wells Fargo Arena. Your one-stop site to stay connected with Wells Fargo. All rights reserved. How do I check my Wells Fargo account online? Access features quickly: Sign on to view account activity. Make banking activities easier and interesting, download Walls Fargo mobile banking app and follow the steps to enroll then go ahead to Wel Wells Fargo & Company is an American multinational financial services company with corporate headquarters in San Francisco, California, operational headquarters in Manhattan, and managerial offices throughout the United States and internationally. Wells Fargo offers retail bank services to individuals and businesses, My account is locked for no reason, and they cannot unlock the account without me going into a branch. Wells Fargo Mobile App Review: Manage Your Money and Rewards Anywhere You Go GoBankingRates via AOL · 5 days ago. to 7:00 p. to midnight Central Time, and Sunday, from 10:00 a. The Download Now link directs you to the Windows Store, where you can continue the download process. Visit Site. More Info. Dec 03, 2020 · Wells Fargo & Company is an American banking and financial services holding company headquartered in San Francisco. Review current and previous statements and cycle-to-date transactions The best Wells Fargo credit cards offer unlimited cash back, 0% intro APRs and balance transfers, and more. New User Login Steps: If you are a new user and this is your first time signing onto the CEO portal, you will need to take the following steps to successfully sign on Let’s take on a journey through the procedures of Wells Fargo Login Online along with credit card login, retirement login, customer support methods and more. With Wells Fargo Online® Banking, access your checking, savings and other accounts, pay bills. Sign up for our Talent Community. Wells Fargo Login here. Central Time. Buy Tickets More Info. You need to enable JavaScript to run this app. Oct 12, 2021 · The Wells Fargo Active Cash can get cardholders unlimited 2% cash rewards on eligible purchases, making for a simple and worthwhile rewards structure. If you receive electronic delivery of brokerage statements and documents, you will need to sign on to Wells I'll show you how to log in to Wells Fargo bank Online Banking. Current Step 1. Other Rewards. Manage your finances; make check deposits, add cards to digital wallet, transfer funds, and pay bills, all within the app. Dillard's Credit Cardmembers call 1-800-643-8278, Monday through Saturday, from 7:00 a. Representatives are available Monday through Friday from 7:00 a. Apr 29, 2021 · Sign in to your Wells Fargo online banking account to send a secure email message. Wells Fargo is the most trusted source for job opportunities & advice. mobile number is already enrolled with Zelle®. To sum up, set up online access to Wells Fargo Netbanking services. or its asset management unit, Premiere Asset Welcome to the new Shareowner Online service. Deposits • Keep track of your transactions • Ways to avoid fees and get the most out of your new account • A list of banking terms and definitions Here for you today and tomorrow If you have any questions, feel free to visit a Personal Banker in any of our branches during normal business hours, visit Wells Fargo Online Aug 21, 2020 · Wells Fargo Checking Account Sign In. 9 trillion in assets. Here’s how you can find the nearest notary at Wells Fargo: Visit the Wells Fargo website. Activate Code. Applications In Progress Credit Card Rewards Small Business 401 (k) Smart Data OnLine ClientLine. program. * indicates required field. Oct 29, 2021 · Wells Fargo Bank Sign Up and Login Portal: This article will give you details about Wells Fargo Bank, Wells Fargo Bank Checking Accounts, Wells Fargo Bank Savings efficiently manage your Wells Fargo inventory financing programme where and when you need to. You can even sign select documents in yourLoanTracker. Wells Fargo Statement Of Account Form With Images Statement Hey, This is Jack. Here are the things to do if something goes wrong with Wells Fargo mobile app in your device. The tips below can help you fill out Wells Fargo Personal Accounts easily and quickly: Open the document in the full-fledged online editing tool by clicking on Get form. 3. Get And Sign Wells Fargo Account Login View Accounts 2016-2021 Form. Learn More. Manage your banking online or via your mobile device at wellsfargo. Simplify your life and stay in control with the Wells Fargo Mobile® App. Click the blue «Sign On» button and you’ll get to your account. Refer to an invoice or your welcome package for the customer and contract number. You’ll be presented a list of the closest bank branches that offer notary services. Individual events may also have additional health and safety requirements for guests. Clients can review their account balances and transactions through online banking and mobile banking apps for smartphones and tablets. Wells Fargo retains the right to decide which of its legal entities will provide funding for any approved grant application. time monitoring tools. Go to Settings. Manage customer profiles. You may not qualify for an additional Wells Fargo credit card if you have opened a Wells Fargo credit card in the last 6 months. Ends 9/30/2022. Some Wells Fargo branches offer notary services. Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC (WFCS) and Wells Fargo Advisors Financial Network, LLC, Members SIPC Opens dialog, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company. Forgot Password. See page 48. The bank admitted that employees had opened as many as 3. Jan 20, 2019 · The Wells Fargo settlement includes anyone who had fake accounts applied for or opened in their name, as well as anyone who obtained fraud protection services during the 15-year time frame. LOG IN You may not qualify for an additional Wells Fargo credit card if you have opened a Wells Fargo credit card in the last 6 months. Wells Fargo Login Online banking is one of the most popular and safest services Wells Fargo: Provider of banking, mortgage, investing, credit card, and personal, small business, and commercial financial services. Oct 18, 2021 · Wells Fargo Propel American Express card. Please note that this may delay your receipt of mail from us and our receipt of mail from you (including mailed payments). Mon – Fri: 7 am – 5 pm. All individuals using this computer system with or without proper authority are subject to having all their activities monitored and recorded. American Aug 21, 2020 · Wells Fargo Checking Account Sign In. I recently received a mailer from Wells Fargo offering a higher $300 bonus when you open a Wells Fargo checking account with $25 by September 30th, 2021. wells fargo sign in



Wells Fargo account fraud scandal

Controversy generated by fraud perpetrated by Wells Fargo

The Wells Fargo account fraud scandal is a controversy brought about by the creation of millions of fraudulent savings and checking accounts on behalf of Wells Fargo clients without their consent. News of the fraud became widely known in late 2016 after various regulatory bodies, including the Consumer Financial Protection Bureau (CFPB), fined the company a combined US$185 million as a result of the illegal activity. The company faces additional civil and criminal suits reaching an estimated $2.7 billion by the end of 2018.[1] The creation of these fake accounts continues to have legal and financial ramifications for Wells Fargo and former bank executives as of early 2021.[2]

Wells Fargo clients began to notice the fraud after being charged unanticipated fees and receiving unexpected credit or debit cards or lines of credit. Initial reports blamed individual Wells Fargo branch workers and managers for the problem, as well as sales incentives associated with selling multiple "solutions" or financial products. This blame was later shifted to a top-down pressure from higher-level management to open as many accounts as possible through cross-selling.

The bank took relatively few risks in the years leading up to the financial crisis of 2007–2008, which led to an image of stability on Wall Street and in the financial world. The bank's stable reputation was tarnished by the widespread fraud, the subsequent coverage, and the revelation of other fraudulent practices employed by the company. The controversy resulted in the resignation of CEO John Stumpf, an investigation into the bank led by U.S. Senator Elizabeth Warren, a number of settlements between Wells Fargo and various parties, and pledges from new management to reform the bank.



Cross-selling, the practice underpinning the fraud, is the concept of attempting to sell multiple products to consumers. For instance, a customer with a checking account might be encouraged to take out a mortgage, or set up credit card or online banking account.[3] Success by retail banks was measured in part by the average number of products held by a customer, and Wells Fargo was long considered the most successful cross-seller.[4]Richard Kovacevich, the former CEO of Norwest Corporation and, later, Wells Fargo, allegedly invented the strategy while at Norwest.[5][6] In a 1998 interview, Kovacevich likened mortgages, checking and savings accounts, and credit cards offered by the company to more typical consumer products, and revealed that he considered branch employees to be "salespeople", and consumers to be "customers" rather than "clients".[6] Under Kovacevich, Norwest encouraged branch employees to sell at least eight products, in an initiative known as "Going for Gr-Eight".

Early coverage[edit]

Wells Fargo's sales culture and cross-selling strategy, and their impact on customers, were documented by the Wall Street Journal as early as 2011.[4] In 2013, a Los Angeles Times investigation revealed intense pressure on bank managers and individual bankers to produce sales against extremely aggressive and even mathematically impossible[6] quotas.[7] In the Los Angeles Times article, CFO Timothy Sloan was quoted stating he was unaware of any ".overbearing sales culture". Sloan would later replace John Stumpf as CEO.

Under pressure from their supervisors, employees would often open accounts without customer consent. In an article from the American Bankruptcy Institute Journal, Wells Fargo employees reportedly "opened as many as 1.5 million checking and savings accounts, and more than 500,000 credit cards, without customers' authorization."[8] The employees received bonuses for opening new credit cards and checking accounts and enrolling customers in products such as online banking. California Treasurer John Chiang[9] stated: "Wells Fargo's fleecing of its customers.demonstrates, at best, a reckless lack of institutional control and, at worst, a culture which actively promotes wanton greed."

Verschoor explains the findings of the Wells Fargo investigation shows employees also opened online banking services and ordered debit cards without customer consent. "Blame is being placed on the bank's marketing incentive plan, which set extremely high sales goals for employees to cross-sell additional banking products to existing customers whether or not the customers needed or wanted them."[9] Cross-selling products is not a new practice, but if employees feel pushed to sell more than is needed, and are incentivized to do so, there is no surprise that unethical practices began.

In 2010, New York Department of Financial Services (NY DFS) issued the Interagency Guidance on Sound Incentive Compensation Policies. These policies monitor incentive-based compensation structures, and requires that banks appropriately balance risk and rewards, be compatible with effective controls and risk management, and that they are supported by effective corporate governance.[10]


Employees were encouraged to order credit cards for pre-approved customers without their consent, and to use their own contact information when filling out requests to prevent customers from discovering the fraud. Employees also created fraudulent checking and savings accounts, a process that sometimes involved the movement of money out of legitimate accounts. The creation of these additional products was made possible in part through a process known as "pinning". By setting the client's PIN to "0000", bankers were able to control client accounts and were able to enroll them in programs such as online banking.[11]

Measures taken by employees to satisfy quotas included the enrollment of the homeless in fee-accruing financial products.[7] Reports of unreachable goals and inappropriate conduct by employees to supervisors did not result in changes to expectations.[7]

After the Los Angeles Times article, the bank made nominal efforts to reform the company's sales culture.[12] Despite alleged reforms, the bank was fined $185 million in early September 2016 due to the creation of some 1,534,280 unauthorized deposit accounts and 565,433 credit-card accounts between 2011 and 2016.[11] Later estimates, released in May 2017, placed the number of fraudulent accounts at closer to a total of 3,500,000.[13]

In December 2016, it was revealed that employees of the bank also issued unwanted insurance policies.[14] These included life insurance policies by Prudential Financial and renters' insurance policies by Assurant.[14] Three whistle-blowers, Prudential employees, brought the fraud to light. Prudential later fired these employees,[15] and announced that it might seek damages from Wells Fargo.[16]

Initial fines and broader coverage[edit]

John Stumpf, former CEO of Wells Fargo

Despite the earlier coverage in the Los Angeles Times, the controversy achieved national attention only in September 2016, with the announcement by the Consumer Financial Protection Bureau that the bank would be fined $185 million for the illegal activity. The Consumer Financial Protection Bureau received $100 million, the Los Angeles City Attorney received $50 million, and the Office of the Comptroller of the Currency received the last $35 million.[11] The fines received substantial media coverage in the following days, and triggered attention from further interested parties.[17][18]

Initial response from Wells Fargo and management[edit]

After news of the fines broke, the bank placed ads in newspapers taking responsibility for the controversy.[19] However, the bank rejected the notion that its sales culture led to the actions of employees, stating ".[the fraud] was not part of an intentional strategy".[19] Stumpf also expressed that he would be willing to accept some personal blame for the problems.

Company executives and spokespeople referred to the problem as an issue with sales practices, rather than the company's broader culture.[20]

Initial impact of the fraud, legal action, and press coverage[edit]

On Wells Fargo management[edit]

The bank fired approximately 5300 employees between 2011 and 2016 as a result of fraudulent sales,[21] and discontinued sales quotas at its individual branches after the announcement of the fine in September 2016.[22] John Shrewsberry, the bank's CFO, said the bank had invested $50 million to improve oversight in individual branches. Stumpf accepted responsibility for the problems, but in September 2016, when the story broke, indicated he had no plans to resign.[22]

Stumpf was subject to a hearing before the Senate Banking Committee on September 21, 2016, in an effort led by Senator Elizabeth Warren.[23] Before the hearing, Stumpf agreed to forgo $41 million in stock options that had not yet vested after being urged to do so by the company's board.[24] Stumpf resigned on October 12, roughly a month after the fines by the CFPB were announced, to be replaced by COO Timothy Sloan.[25] Sloan indicated there had not been internal pressure for Stumpf's resignation, and that he had chosen to do so after ".deciding that the best thing for Wells Fargo to move forward was for him to retire.".[24] In November 2016, the Office of the Comptroller of the Currency levied further penalties against the bank, removing provisions from the September settlement.[26] As a result of the OCC adding new restrictions, the bank received oversight similar to that used for troubled or insolvent financial institutions.[26]

Stumpf received criticism for praising former head of retail banking, Carrie Tolstedt, upon her retirement earlier in 2016, given that the bank had been conducting an investigation into retail banking practices for several years at the time.[27] In April 2017, the bank utilized a clawback provision in Stumpf's contract to take back $28 million of his earnings.[28] Tolstedt was also forced to forfeit earnings, though she denied involvement.[28] Tolstedt was responsible for the pressure placed on middle management to dramatically increase the bank's "cross-sell ratio", a metric for how many accounts each customer had.

The bank experienced decreased profitability in the first quarter after the news of the scandal broke.[29] Payments to law firms and other external advisers open new savings account wells fargo in increased expenses.[29] After earnings were reported in January 2017, the bank announced it would close over 400 of its approximately 6000 branches by the end of 2018.[30] In May 2017, the bank announced that they would cut costs through investment in technology while decreasing reliance on its “sales organization”.[31] The bank also revised up its 2017 efficiency-ratio goal from 60 to 61.[31]

Wells Fargo costs[edit]

The CFPB fined Wells Fargo $100 million on September 8, 2016 for the "widespread illegal practice of secretly opening unauthorized accounts." The order also required Wells Fargo to pay an estimated $2.5 million in refunds to customers and hire an independent consultant to review its procedures.[32]

Wells Fargo incurred additional costs due to refunds and lawsuits:

  • $6.1 million in customer refunds due to inappropriate fees and charges;[33]
  • $142 million in customer compensation due to a class-action settlement;[33]
  • $480 million settlement for a shareholder class-action lawsuit;[34] and
  • $575 million 50-state Attorneys General (AG) settlement for a combination of opening unauthorized accounts and charging for unnecessary auto insurance and mortgage fees.[1]

The December 2018 AG settlement announcement indicated that Wells Fargo had already paid $2.3 billion in settlements and consent orders, so its $575 million settlement brought the total to nearly $3 billion.[1]

On consumers[edit]

Approximately 85,000 of the accounts opened incurred fees, totaling $2 million.[11] Customers' credit scores were also likely hurt by the fake accounts.[35] The bank was able to prevent customers from pursuing legal action as the opening of an account mandated customers enter into private arbitration with the bank.[21]

The bank agreed to settle for $142 million with consumers who had accounts opened in their names without permission in March 2017.[36][37] The money repaid fraudulent fees and paid damages to those affected.[37]

On non-management Wells Fargo employees[edit]

Wells Fargo employees described intense pressure, with expectations of sales as high as 20 products a day.[38] Others described frequent crying, levels of stress that led to vomiting, and severe panic attacks.[38][12] At least one employee consumed hand sanitizer to cope with the pressure.[12] Some indicated that calls to the company's ethics hotline were met with either no reaction[38] or resulted in the termination of the employee making the call.[39]

During the period of the fraud, some Wells Fargo branch-level bankers encountered difficulty gaining employment at other banks. Houston champions whole foods issue U5 documents to departing employees, a record of any misbehavior or unethical conduct.[39] Wells Fargo issued defamatory U5 documents to bankers who reported branch-level malfeasance, indicating that they had been complicit in the creation of unwanted accounts,[39] a practice that received media attention as early as 2011.[40] There is no regulatory process to appeal a open new savings account wells fargo U5, other than to file a lawsuit against the issuing corporation.

Wells Fargo created a special internal group to rehire employees who had left the bank but were not implicated in the scandal. In April 2017, Timothy Sloan stated that the bank would rehire some 1000 employees who had either been wrongfully terminated or who had quit in protest of fraud.[41] Sloan emphasized that those being rehired would not be those who had participated in the creation of fake accounts.[41] The announcement was made shortly after the news was released that the bank had clawed back income from both Carrie Tolstedt and John Stumpf.

Later government investigations and fines[edit]

First hearing[edit]

John Stumpf appeared before the Senate Banking Committee on September 20, 2016. Stumpf delivered prepared testimony and was then questioned. Senators, including Committee Chairman Richard Shelby, asked about whether the bank would clawback income from executives and how the bank would help consumers it harmed.[42] Stumpf gave prepared testimony, but deferred from answering some of the questions, citing lack of expertise concerning the legal ramifications of the fraud.[42]

Elizabeth Warren referred to Stumpf's leadership as how to do best buy financing and told him he should resign.[42]Patrick Toomey expressed doubt that the 5300 employees fired by Wells Fargo had acted independently and without orders from supervisors or management.[42] Stumpf was later replaced as CEO by Tim Sloan, and Warren has expressed apprehension about leadership so closely associated with the period during which the fraud occurred. In October 2018, Warren urged the Fed Chairman to restrict any additional growth by Wells Fargo until Sloan is replaced as CEO.[43]

Other investigations[edit]

Prosecutors including Preet Bharara in New York City, and others in San Francisco and North Carolina, opened their own investigations into the fraud.[44] The Securities and Exchange Commission opened its own investigation into the bank in November 2016.[45]

Maxine Waters, chair of the House Financial Services Committee, announced her intention to investigate the bank further in early 2019. She previously released a report about the bank's malpractice, and had called for the government to dismantle the bank.[46][47] Former Wells Fargo Chairwoman Elizabeth “Betsy” Duke and James Quigley resigned on March 9, 2020 three days before House Committee on Financial Services hearings on the fraud scandal.[48]

The Department of Justice and the Securities and Exchange Commission reached a settlement with the bank in February 2020 for a total fine of US$3 billion to address the bank's criminal and civil violations. However, this settlement does not cover any future litigation against any individual employee of the bank.[49]

In November 2020, the SEC filed civil charges against two former senior executives, Stumpf and Tolstead, accusing them of misrepresentation to investors of key performance metrics.[50]

External reactions[edit]

Divestitures by major clients[edit]

In September 2016, California suspended its relationship with the bank.[51]John Chiang, the California State Treasurer, immediately removed the bank as bookrunner on two municipal bond issuings, suspended investments in Wells Fargo, and removed the bank as the state's broker dealer.[51] Chiang cited the company's disregard for the well-being of Californians as the reason for the decision, and indicated the suspension would last for a year. Chiang later extended these sanctions against the bank to last for a second year, citing the ". opaque manner with which the bank continues to do business and the frequency of new disclosures of wanton greed and lack of institutional control" as his reasons for doing so.[52]

The city of Chicago also divested $25 million invested with Wells Fargo in the same month as pnc closing stock price actions taken by the state of California.[53] Additionally, Chicago alderman Edward M. Burke introduced a measure barring the city from doing business with the bank for two years.[53]

Other cities and municipalities that have either replaced or sought to replace Wells Fargo include Philadelphia, which uses the bank to process payroll,[54] and the state of Illinois.[55] Seattle also ended its relationship with the bank in an effort led by Kshama Sawant. In addition to the account controversy, Seattle cited the company's support of the Dakota Access Pipeline as a reason to end its relationship.[56]

Lawsuit by Navajo Nation[edit]

The Navajo Nation sued City bank lubbock texas phone number Fargo in December 2017.[57] The lawsuit claims Wells Fargo employees told elderly members of the Navajo nation who did not speak English that checks could only be cashed if they had Wells Fargo savings accounts. Wells Fargo was the only bank that operated on a national scale with operations with the Navajo Nation. Wells Fargo settled with the Navajo Nation for $6.5 million in August 2019.[58]

From the media[edit]

Wells Fargo survived the Great Recession more or less unharmed, even acquiring and rescuing a failing bank, Wachovia,[59] and the scandal tarnished the bank's reputation for relatively prudent management when compared to other large banks.[60] Politicians on both the left and the right, including Elizabeth Warren and Jeb Hensarling have called for investigation beyond that done by the CFPB.[59]

Many reacted with surprise both to Stumpf's initial unwillingness to resign and the bank's blaming the problem on lower-level employees.[61][62]

In a fall 2019 article, management professor William Tayler and doctoral student Michael Harris analyzed the scandal as an example of the surrogation phenomenon.[63]

Legacy at Wells Fargo and long-term impact[edit]

Leadership implications[edit]

Tim Sloan, who became CEO after Stumpf, later resigned in March 2019 under pressure related to the scandal.[64] He was replaced by Charles Scharf, the former CEO of both Visa and BNY Mellon. Scharf was appointed with the expectation that he would rehabilitate the bank's reputation with regulators,[65] having previously overseen turnaround efforts at BNY Mellon. As of October 2020, Scharf had not introduced a comprehensive plan to address the problems faced by the bank;[66] this plan, announced in January 2021, was received skeptically by industry analysts.[67]

John Shrewsberry, CFO of the bank since 2014, announced his retirement in mid-2020.[68] Mike Santomassimo, a "lieutenant" of Scharf's from Open new savings account wells fargo, replaced him.[69]

Financial and business implications[edit]

As of 2020, the ongoing regulatory scrutiny faced by Wells Fargo in response to the scandal continued to weigh on the bank's performance.[70] A growth cap, placed on Wells Fargo by the Federal Reserve, complemented by low interest rates, has made recovery difficult.[71] To reduce costs, executives under Scharf began reevaluating the bank's lines of business in an effort to trim or dispose of those outside its core offerings.[72] The first major implication of this refocus was the sale of the bank's student loan business in December 2020 to private equity firms Apollo and Blackstone.[72] As early as October 2020, Wells Fargo was reported to be pursuing a sale of its asset management business, hoping to sell the entire division in a single transaction.[72][73] Potential bidders for the asset management business include Minneapolis-based Ameriprise and Canadian investment management firm CI Financial.[74]

To better address its issues with compliance after news of the fraud broke, Wells Fargo's management teams relied on external consultants and law firms.[75] Firms hired by the bank to oversee compliance initially included McKinsey and Promontory Financial Group; these were later replaced by Oliver Wyman and PricewaterhouseCoopers. In mid-2020, CEO Charlie Scharf announced commitments to reducing the amount of authority conceded to these firms, in part to trim spending on external counsel as high as $758 million a quarter. An employee, quoted in Financial Times, referred to the bank's degree of reliance on consultants as "off the charts" and even "comical".[75]

The cuts to spending on consultants were announced at the same time as other cost-saving measures, chief among them layoffs.[76]

Workplace culture[edit]

As of early 2019, employees at the bank indicated goals remained unrealistic.[77][78]


On May 6, 2018, Wells Fargo launched an integrated marketing campaign called "Re-Established" to emphasize the modular tiny homes for sale commitment to re-establishing trust with existing and potential customers.[79] The television commercial opens with the bank's origins in the Old West, references the scandal and fast-forwards to depict bank employees and customers.[80]

Roughly a year later, in January 2019, the company announced another overhaul of their image, in a campaign called "This is Wells Fargo".[81]

Contemporaneous allegations[edit]

In April 2018, new allegations against Wells Fargo were reported, including signing unwitting customers up for unnecessary auto insurance policies, with the possibility of an additional $1 billion fine.[82] The company later paid this fine.[47] The bank has also faced an investigation into the sales practices employed by the company's financial advisors.[81]


  1. ^ abc"Attorney General Shapiro Announces $575 Million 50-State Settlement with Wells Fargo Bank for Opening Unauthorized Accounts and Charging Consumers for Unnecessary Auto Insurance, Mortgage Fees".
  2. ^Eisen, Dave Michaels and Ben (13 November 2020). "Wells Fargo Ex-CEO Settles SEC Claims, Former Consumer-Unit Head Faces Fraud Case". The Wall Street Journal. The Wall Street Journal. Retrieved 3 December 2020.
  3. ^Kolhatkar, Sheelah (21 September 2016). "Elizabeth Warren and the Wells Fargo Scandal". The New Yorker. Retrieved 6 May 2017.
  4. ^ abSmith, Randall (28 February 2011). "Copying Wells Fargo, Banks Try Hard Sell". The Wall Street Journal. Retrieved 6 May 2017.
  5. ^Davidson, Adam (12 September 2016). "How Regulation Failed with Wells Fargo". The New Yorker. Retrieved 6 May 2017.
  6. ^ abcMcLean, Bethany (31 May 2017). "How Wells Fargo's Cutthroat Corporate Culture Allegedly Drove Bankers to Fraud". Vanity Fair. Retrieved 12 June 2017.
  7. ^ abcReckard, E. Scott (21 December 2013). "Wells Fargo's pressure-cooker sales culture comes at a cost". The Los Angeles Times. Retrieved 6 May 2017.
  8. ^Rules amendments effective in December; Wells Fargo under fire for sales practices. (2016). American Bankruptcy Institute Journal, 35(10), 8-9.
  9. ^ abVerschoor, C. (2016). Lessons from the Wells Fargo scandal. Strategic Finance, 98(5), 19-20.
  10. ^Biben, M. L., Kini, S. M., Luigs, D. A., Lyons, G. J., & Alspector, L. (2016). Banking regulators focus on sales practices. Banking & Financial Services Policy Report, 35(11), 15–17.
  11. ^ abcdLevine, Matt (9 September 2016). "Wells Fargo Opened a Couple Million Fake Accounts". Bloomberg. Retrieved 6 May 2017.
  12. ^ abcCowley, Stacy (20 October 2016). "Voices From Wells Fargo: 'I Thought I Was Having a Heart Attack'". The New York Times. Retrieved 10 May 2017.
  13. ^Keller, Laura (12 May 2017). "Wells Fargo's Fake Accounts Grow to 3.5 Million in Suit". Bloomberg. Retrieved 13 May 2017.
  14. ^ abCowley, Stacy (12 December 2016). "Prudential Suspends Sales of Its Life Policies by Wells Fargo". The New York Times. Retrieved 16 May 2017.
  15. ^Voreacos, David (26 January 2017). "Prudential Says Trio in Whistle-Blower Case Fired for Misconduct". Bloomberg. Retrieved 16 May 2017.
  16. ^Chiglinsky, Katherine (22 February 2017). "Prudential May Press Wells Fargo as Account Fallout Spreads". Bloomberg. Retrieved 16 May 2017.
  17. ^Levine, Wells Fargo Opened a Couple Million Fake Accounts
  18. ^Corkery, Michael (8 September 2016). "Wells Fargo Fined $185 Million for Fraudulently Opening Accounts". The New York Times. Retrieved 16 May 2017.
  19. ^ abCorkery, Michael (9 September 2016). "Wells Fargo Offers Regrets, but Doesn't Admit Misconduct". The New York Times. Retrieved 6 May 2017.
  20. ^Agnes, Melissa (12 September 2016). "Wells Fargo Is Not Addressing The Right Questions Within Their Crisis Response". Fortune. Retrieved 16 May 2017.
  21. ^ abOlen, Helaine (8 September 2016). "Wells Fargo Must Pay $185 Million After Opening Customer Accounts Without Asking. That's Not Enough". Slate. Retrieved 6 May 2017.
  22. ^ abPuzzanghera, Jim (13 September 2016). "Wells Fargo is eliminating retail sales goals after settlement over aggressive tactics". The Wall Street Journal. Retrieved 6 May 2017.
  23. ^Phillips, Matt (21 September 2016). "You should resign". Vice. Retrieved 13 May 2017.
  24. ^ abFaux, Zeke (13 October 2016). "Wells Fargo CEO Stumpf Quits in Fallout From Fake Accounts". Bloomberg. Retrieved 14 May 2017.
  25. ^Gonzales, Richard (12 October 2016). "Wells Fargo CEO John Stumpf Resigns Amid Scandal". NPR. Retrieved 14 May 2017.
  26. ^ abKoren, James Rufus (21 September 2016). "Wells Fargo hit with new sanctions following fake-accounts scandal". The New Yorker. Retrieved 6 May 2017.
  27. ^Maxfield, John (13 September 2016). "Why Is Wells Fargo CEO John Stumpf Making These 3 Major Mistakes?". The Motley Fool. Retrieved 16 May 2017.
  28. ^ abKeller, Laura (10 April 2017). "Wells Fargo Board Claws Back $28 Million More From Ex-CEO". Bloomberg. Retrieved 14 May 2017.
  29. ^ abGray, Alistair (9 January 2017). "Wells Fargo counts cost of sham accounts scandal". The Financial Times. Retrieved 13 February 2019.
  30. ^Keller, Laura (13 January 2017). "Wells Fargo Plans to Close More Than 400 Branches Through 2018". Bloomberg. Retrieved 14 May 2017.
  31. ^ abKeller, Laura (11 May 2017). "Wells Fargo Doubles Cost Slashing as Scandal Spurs Tech Mb financial salaries. Bloomberg. Retrieved 14 May 2017.
  32. ^"Consumer Financial Protection Bureau Fines Wells Fargo $100 Million for Widespread Illegal Practice of Secretly Opening Unauthorized Accounts". Consumer Financial Protection Bureau.
  33. ^ ab"Senate Banking Committee-Statement of Tim Sloan, Wells Fargo & Co.-October 3, 2017"(PDF).
  34. ^"Judge signs off on $480-million settlement with Wells Fargo shareholders". Los Angeles Times. December 19, 2018.
  35. ^Zarroli, Jim (26 September 2016). "Wells Fargo's Unauthorized Accounts Likely Hurt Customers' Credit Scores". NPR. Retrieved 10 May 2017.
  36. ^Lam, Bourree (29 March 2017). "Wells Fargo's $110 Million Settlement". The Atlantic. Retrieved 14 May 2017.
  37. ^ abMehrotra, Kartikay (28 March 2017). "Wells Fargo Reaches $110 Million Fake Accounts Settlement". Bloomberg. Retrieved 14 May 2017.
  38. ^ abcArnold, Chris (4 October 2016). "Former Wells Fargo Employees Describe Toxic Sales Culture, Even At HQ". NPR. Retrieved 10 May 2017.
  39. ^ abcArnold, Chris (21 October 2016). "Workers Say Wells Fargo Unfairly Scarred Their Careers". NPR. Retrieved 14 May 2017.
  40. ^Singer, Bill (15 December 2011). "Wells Fargo Hit With Punitive Damages in FINRA U5 Defamation Case". Fortune. Retrieved 13 May 2017.
  41. ^ abKeller, Laura (10 April 2017). "Wells Fargo Rehires About 1,000 Staff in Wake of Account Scandal". Bloomberg. Retrieved 14 May 2017.
  42. ^ abcdChappell, Bill (20 September 2016). "'You Should Resign': Watch Sen. Elizabeth Warren Grill Wells Fargo CEO John Stumpf". NPR. Retrieved 16 May 2017.
  43. ^Schroeder, Pete (18 October 2018). "Senator Warren urges Fed to require removal of Open new savings account wells fargo Fargo CEO". Reuters. Reuters. Retrieved 18 October 2018.
  44. ^Protess, Ben (14 September 2016). "Wells Fargo Subpoenaed in Sham Account Case". The New York Times. Retrieved 14 May 2017.
  45. ^Masunaga, Samantha (3 November 2016). "Wells Fargo says the SEC is also investigating its accounts scandal". The Los Angeles Times. Retrieved 16 May 2017.
  46. ^Stewart, Emily (16 January 2019). ""I have the gavel": Maxine Waters lays out an aggressive agenda at the House Financial Services Committee". Vox. Retrieved 13 February 2019.
  47. ^ abLane, Sylvan (28 December 2018). "Wells Fargo to pay $575 million in 50-state settlement over sales practices". The Hill. Retrieved 13 February 2019.
  48. ^Wells Fargo directors resign under pressure from House Democrats BY SYLVAN LANE, The Hill, 9 March 2020
  49. ^Egon, Matt (February 22, 2020). "US government fines Wells Fargo $3 billion for its 'staggering' fake-accounts scandal". CNN. Retrieved February 22, 2020.
  50. ^"Carrie L. Tolstedt (Release No. LR-24964; Nov. 13, 2020)".
  51. ^ abCorkery, Michael (28 September 2016). "California Suspends Ties With Wells Fargo". The New York Times. Retrieved 14 May 2017.
  52. ^Darmiento, Laurence (16 September 2017). "State Treasurer John Chiang extends sanctions on Wells Fargo for another year". The Los Angeles Times. Retrieved 13 February 2019.
  53. ^ abCampbell, Elizabeth (3 October 2016). "Chicago to Pull $25 Million From Wells Fargo After Scandal". Bloomberg. Retrieved 14 May 2017.
  54. ^Cineas, Fabiola (2 May 2017). "Philly May Soon Drop Wells Fargo as City Payroll Bank". Philadelphia Magazine. Retrieved 15 May 2017.
  55. ^Yerak, Becky (3 October 2016). "Illinois treasurer: State will suspend Wells Fargo business". Chicago Tribune. Retrieved 15 May 2017.
  56. ^Talton, John (2 May 2017). "Does city divestment work? Define 'work'". The Seattle Times. Retrieved 15 May 2017.
  57. ^Miller, Hayley (14 December 2017). "Navajo Nation Sues Wells Fargo Over 'Outrageous,' Predatory Practices". Huffpost. Retrieved 16 January 2018.
  58. ^Egan, Matt (23 August 2019). "Wells Fargo is paying the Navajo Nation $6.5 million to settle allegations of shady sales tactics". CNN Business.
  59. ^ ab"Stumpfed". The Economist. 13 October 2016. Retrieved 15 May 2017.
  60. ^Eisen, Ben (22 February 2020). "Wells Fargo Reaches Settlement With Government Over Fake-Accounts Scandal". Wall Street Journal. Wall Street Journal. Retrieved 4 January 2021.
  61. ^Lazarus, David (15 September 2016). "Thanks, Wells Fargo, for being such a bunch of weasels". Los Angeles Times. Retrieved 6 May 2017.
  62. ^"Wells Fargo executives must answer for scandal". Boston Globe. 16 September 2016. Retrieved 6 May 2017.
  63. ^Harris, Michael; Tayler, William (September–October 2019). "Don't Let Metrics Undermine Your Business". Harvard Business Review. 97 (5): 62–69.
  64. ^Merle, Renae. "After years of apologies for customer abuses, Wells Fargo CEO Tim Sloan suddenly steps down" – via
  65. ^Baer, Rachel Louise Ensign and Justin (27 September 2019). "Wells Fargo Names Charles Scharf CEO". Wall Street Journal. Wall Street Journal. Retrieved 4 January 2021.
  66. ^"Wells Fargo: stuck Chuck". The Financial Times. 14 October 2020. Retrieved 4 January 2021.
  67. ^"Can anyone fix Wells Fargo?". Fortune. Retrieved 2021-04-09.
  68. ^Sebastian, Ben Eisen and Dave (21 July 2020). "Wells Fargo CFO John Shrewsberry to Leave the Bank After 22 Years". Wall Street Journal. Wall Street Journal. Retrieved 4 January 2021.
  69. ^Eisen, Ben (25 July 2020). "Wells Fargo Tightens Purse Strings to Ride Out Coronavirus Pandemic". Wall Street Journal. Wall Street Journal. Retrieved 4 January 2021.
  70. ^Armstrong, Robert (30 November 2020). "Wells Fargo's struggle to escape the dog house isn't over yet". Financial Times. Retrieved 4 January 2021.
  71. ^Eisen, Ben (8 October 2020). "Wells Fargo CEO Finds Himself on Defense After a Tough First Year". Wall Street Journal. Wall Street Journal. Retrieved 4 January 2021.
  72. ^ abcLevitt, Hannah (19 December 2020). "Wells Fargo to Sell Student Loan Book to Apollo, Open new savings account wells fargo. Bloomberg. Retrieved 4 January 2021.
  73. ^Beltran, Luisa (23 October 2020). "Wells Fargo Is Weighing a Sale of Its Asset Management Business. Bids Open new savings account wells fargo Said to Be Due Next Week". Barron's. Retrieved 4 January 2021.
  74. ^Monks, Matthew; Porter, Kiel (14 December 2020). "Ameriprise, CI Eyeing Wells Fargo Asset Management Arm". Bloomberg. Retrieved 4 January 2021.
  75. ^ abMorris, Stephen; Noonan, Laura (5 August 2020). "Wells Fargo to dramatically cut consultancy spend after internal backlash". Financial Times. Retrieved 4 January 2021.
  76. ^Weinstein, Austin (14 September 2020). "$10 billion in Wells Fargo cost cuts will mostly be layoffs, take several years". Charlotte Observer. Retrieved 4 January 2021.
  77. ^Sainato, Michael (4 January 2019). "Wells Fargo employees say little has changed since fake accounts scandal". The Guardian. Retrieved 13 March 2019.
  78. ^Flitter, Emily; Cowley, Stacy (9 March 2019). "Wells Fargo Says Its Culture Has Changed. Some Employees Disagree". The New York Times. Retrieved 13 March 2019.
  79. ^"Today's Stock Market News and Analysis from".
  80. ^Peltz, James F. (9 May 2018). "Wells Fargo launches ad campaign to leave accounts scandal behind. Not everyone is buying it". Los Angeles Times.
  81. ^ abSnel, Ross (27 January 2019). "Wells Fargo Launches Brand Makeover". Barron's. Retrieved 13 February 2019.
  82. ^Emily Flitter and Glenn Thrush, Wells Fargo Said to Be Target of $1 Billion U.S. Fine, The New York Times, April 19, 2018

Wells Fargo Promotions

 Chase Learn MoreVisit Site 

Benefits and Features

Savings0.01% APY. Minimum opening deposit of $25. Monthly service fee of $5, unless you maintain a minimum daily balance of $300, or primary account owner is 24 years old
  • Chase Savings: $5 monthly service fee waived with either a $300 daily balance OR $25 automatic transfer every month from a linked Chase checking account OR for owners under 18. $0 to open.
  • Chase Premier Savings: Earn a higher interest rate when you have a bigger balance and meet certain relationship requirements when linked with a Chase Premier Plus Checking or Sapphire Checking account.
CDStandard Term CD: 0.01% APY. Terms of 3 months to 1 year. Minimum deposit of $2,500. Bonus of up to 0.02% APY if you maintain a linked Portfolio by Wells Fargo relationship.Terms of 1 month to 10 years. $1,000 minimum opening deposit. No monthly service fee.CheckingClear Access Banking, Everyday Checking, Portfolio by Wells Fargo
  • Chase Total Checking®
  • Chase Premier Plus Checking: An interest-bearing account with some perks. $25 monthly service waived with an average beginning day balance of $15,000 OR a Chase mortgage with auto pay. $0 minimum balance to open.
  • Chase Sapphire Checking: A premium checking account for those with $75,000 or more on deposit with Chase. $0 minimum balance to open.
  • Chase College Checking: No monthly service fee for college students age 17-24 at account opening with proof of student status, for up to 5 years. $0 to open.
  • Chase Private Client Checking: For high net worth individuals who have $250,000 on deposit with Chase.
Money MarketAlso known as the Platinum Savings Account. 0.01% APY. Minimum opening deposit of $25. $12 monthly service fee, unless you maintain a minimum daily balance of $3,500. Bonus APY of 0.02% requires account linked to Portfolio by Wells Fargo relationship. Customer ServiceAvailable 24 hours a day, 7 days a week. ATMsMore than 13,000 ATMs across the country.
16,000 Chase ATMs
IRA CDStandard Term CD: 0.01% APY. Terms of 1 month to 144 months. Minimum deposit of $1,000. Bonus of up to 0.02% APY if you maintain a linked Wells Fargo Prime/Portfolio Checking account. IRA Money Market0.01% APY. $100 minimum opening deposit. LocationsApproximately 5,400 retail banking branches coast to coast.
Over 4,700
 Learn MoreVisit Site

Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details.

Wells Fargo: Pricing information from published website as of 11/26/2021 based on 91107 zip code.

Chase: Pricing information and data points from published website as of 12/17/2020


Wells Fargo Bank provides money-saving products, including competitive CD rates, checking accounts, and high yield savings accounts. This guide will compare their interest rates to CD, checking, and savings account rates from the top banks in the USA.

Use a CD calculator to compare taxable and tax-deferred rates of return.

Let’s take a look!

Wells Fargo Checking Account Rates

As one of the biggest banks in the U.S., Wells Fargo offers many different accounts for checking.

Wells Fargo is safe. It is insured by the Federal Deposit Insurance Corporation (FDIC). So you will not lose your money if you deposit it in a Wells Fargo checking account.

If you need assistance, you can talk to a Wells Fargo employee at their branch or bank, or you can use the internet. They have more than 13,000 ATMs and 7,200 brick-and-mortars in the United States.

The cons are low-interest rates and high fees.

Everyday Checking0.00%

Wells Fargo Savings Account Rates

The Wells Fargo savings account interest rate is 0.01%. This is below the national average of 0.06% and much worse than other accounts with an annual percentage yield, or APY.

If you want higher rates on your savings account, then you should go to an online bank. They often have accounts with better rates than the megabanks like Wells Fargo.

TypeMinimum BalanceAPY
Wells Fargo Way2Save$0.000.01%
Platinum Savings$0.000.01%

Wells Fargo Money Market Rates

Wells Fargo does not offer money market accounts, only savings, and Certificates of Deposit. Find the highest money market rates here.

Wells Fargo CD Rates

Wells Fargo has CDs with rates that are lower than other banks. There are only a few terms to choose from. If you have a Wells Fargo checking account, your interest will be a little higher.

Interest rates for CDs can vary depending on the type of account and a Wells Fargo branch location.

TermAPYMinimum Deposit
3 Month0.01%$2,500.00
6 Month0.01%$2,500.00
1 Year0.01%$2,500.00

Certificates of Deposit vs. Fixed Annuity

The Top Fixed Annuities

Fixed annuities offer a guaranteed return for a set amount of years, similar to a CD. Guaranteed crediting rates for the terms below:

  • 2 YEAR TERM: 2.15%
  • 3 YEAR TERM: 2.60%
  • 4 YEAR TERM: 2.60%
  • 5 YEAR TERM: 3.05%
  • 7 YEAR TERM: 3.25%
  • Grow your money as fast as possible
  • Principal protection
  • Interest rate is locked for the term you select
  • Tax deferred growth
  • Withdraw annually without penalty
  • Lump sum death benefits
  • Accepts cash, 401(k), and IRA Funds

What’s The Difference Between a Fixed Annuity and CD?

FeatureFixed AnnuityCD
Who OffersInsurance CompanyBanks
Premium Amounts$2,500 to $1 Million$500 – No Maximum
Terms2 Years to 20 Years3 Months to 7 Years
Guaranteed Interest RatesUp to 3.25%Up to 1.25%
Principal ProtectionYesYes
Can Lose Money?NoNo
Liquid After Term100%100%
How Are Gains Taxed?Tax-DeferredTaxed Annually
Annual LiquidityUp to 10% AnnuallyNo Liquidity
Who Protects My Money?Insurance Company/SGAFDIC
Accepts IRAYesNo
Accepts 401(k)YesNo
Death BenefitLump-SumLump-Sum

Are Annuities FDIC Insured?

Fixed annuities are not FDIC insured, but they have similar protections for your money. An annuity is an insurance policy guaranteed by the insurance company’s claims-paying ability. The insurance companies are members of the state insurance guarantee associations in each state where they do business. Each state insurance guarantee association protects consumers in the unlikely event that their insurance company fails and defaults on their obligations to their consumers (limits vary per state).

For example, Georgia insures up to $250,000 of the annuity’s cash value per insured life if the insurance company becomes insolvent and can not fulfill its obligations to the insured.

Wells Fargo Bank Vs.

The Best CD Rates Today

3 Month CD Rates

6 Month CD Rates

1 Year CD Rates

2 Year CD Rates

3 Year CD Rates

4 Year CD Rates

5 Year Routing number 103113357 chime Rates

The Best Fixed Annuity Rates Today

Learn the differences and benefits between Fixed Annuities and Certificates of Deposits (CD).

Disclaimer: I may receive a small referral fee if you purchase something using a link in this article.

Wells Fargo Bank: Savings Account And Cd Rates (2021)

Shawn Plummer

I’m a licensed financial professional. I’ve sold annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you.



Leave a Reply

Your email address will not be published. Required fields are marked *