As the bank’s premium checking account, Portfolio by Wells Fargo offers customers a number of major perks

  • Savings accounts
  • Checking accounts
  • Certificates of deposit
  • Credit cards

Savings Accounts

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Created specifically to encourage savings, the Wells Fargo Way2Save Savings Account has a low minimum deposit of $25 and a monthly service fee of $5, which can be waived with either a $300 minimum daily balance or by setting up automatic transfers from linked Wells Fargo checking accounts. In addition, Wells Fargo automatically waives the monthly bad credit payday loans fee for account holders under the age of 24.

Another savings encouragement is the Save As You Go transfer, which moves $1 from your Wells Fargo checking account to your Way2Save account with each qualifying transaction. These transactions include any non-recurring debit card purchases and any time you pay a bill using the Wells Fargo online bill pay option.

Wells Fargo also touts the use of your Way2Save account as a method of overdraft protection for customers who also have checking accounts. If you sign up for this optional service, Wells Fargo will transfer money from your Way2Save account into your checking account to cover an overdraft. However, this service doesn’t prevent you from being charged a $ overdraft fee once per business day. The fee can be avoided if a covering transfer or deposit is made on the same business day.

The APY on Way2Save accounts is currently set at 0.01% and there is no minimum balance required to earn it.

Wells Fargo’s Platinum Savings account comes with the option to write checks. They also don’t have any restrictions on the number of monthly withdrawals you can make from the account.

Savers can expect an APY of 0.01% with Platinum Savings, but there is a relationship bonus APY of 0.02% if you also link a Portfolio Relationship by Wells Fargo account (see below). Close the qualifying checking account and you lose the bonus rate.

Customers can open a Platinum Savings account with only $25 and there is no minimum balance requirement to earn interest. However, there is a $12 monthly fee that can only be waived by maintaining a $3,500 minimum daily balance.

Checking Accounts

Everyday Checking is Wells Fargo’s basic checking account option, the one that may appeal to a majority of customers. You can open an account with $25, but expect to pay a $10 monthly fee unless you meet one of the following waiver requirements:

  • Have $500 or more in qualifying direct deposits per month
  • Maintain a $500 minimum daily balance
  • Be between the age of 17 and 24
  • Are a college student with a linked Wells Fargo Campus ATM or Campus Debit Card

While it is relatively easy to avoid the monthly fee, make sure you’re aware of the other charges you may face, including a $2.50 out-of-network ATM fee and a $35 overdraft fee if you overdraw your account. If you sign up for Overdraft Protection with a linked savings account, you can avoid the painful $35 fee, but you will still have to pony up a $ transfer fee when the money moves from savings to checking.

All deposit account holders have the opportunity to reverse overdrafts with the Overdraft Rewind. Here’s how it works: if you make an ACH deposit that covers the overdraft by 9:00 a.m., Wells Fargo will recalculate your balance from the previous day to include the ACH deposit and may reverse any overdrafts or returned items that would have otherwise resulted without the addition of the deposit.

At its core, the Portfolio account is an interest-bearing checking account, although the 0.01% APY is not currently impressive. Expect a $25 per month maintenance fee, unless you maintain a minimum of $20,000 (combined) in your linked accounts at the end of each statement period.

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