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Key Takeaways
- Wells Fargo is raising its checking account fee to $15 in November, while new waiver rules will take effect this month.
- Most options for avoiding the fee will stay the same, but the minimum balance for a fee waiver will rise from $500 to $1,500.
- If you can’t easily avoid the fee, it may be worth switching to a bank with free checking, high-yield savings options, or rewards checking.
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What’s Changing With Wells Fargo’s Checking Fee
Wells Fargo currently charges a $10 monthly fee on its Everyday Checking account. That fee will soon rise to $15, unless you meet one of the requirements to waive it. In addition to raising the fee, Wells Fargo is adjusting one of its key waiver criteria—while also adding a new way to avoid the charge.
The updates will roll out in two phases:
- Oct. 25: New fee-waiver requirements take effect for fee periods beginning that day or later.
- Nov. 29: The higher $15 monthly fee begins for fee periods starting that date or later.
If you have a Wells Fargo Everyday Checking account, it’s worth reviewing the new rules now to make sure you’ll still qualify for a waiver.
Why This Matters for You
A $15 monthly fee can quietly drain $180 a year from your account. Understanding how to waive it—or when to switch—can keep that money in your pocket.
How To Avoid the Higher Fee Before It Hits
To skip the new $15 monthly charge, Wells Fargo customers still need to meet one of several requirements. Most remain the same, but two are changing this fall.
What’s Staying the Same
You can continue to avoid the monthly fee if you:
- Receive $500 or more in qualifying electronic deposits each fee period (e.g., direct deposit)
- Are 17 to 24 years old and the account’s primary owner
- Receive qualifying military deposits through Wells Fargo’s Worldwide Military Banking program
What’s Changing
Starting with fee periods that begin Oct. 25, these updates take effect:
- The minimum daily balance requirement rises to $1,500 (up from $500)
- A new waiver option lets you qualify with $5,000 or more in combined Wells Fargo deposit and investment balances
These updates mean some customers who previously avoided the fee with a few hundred dollars in checking may need to adjust how they bank—or explore another account type.
Other Checking Options To Consider
If it won’t be easy for you to regularly meet Wells Fargo’s new waiver requirements, it may be worth exploring other accounts. The bank’s new $15 monthly fee adds up to $180 a year, while many other institutions offer free checking. You could simply move to a bank that doesn’t charge fees—or consider two other possibilities that can help your money work harder.
Checking and high-yield savings at the same bank
One option is moving your checking to a bank that also offers a high-yield savings account paying a competitive rate. By opening both account types at one bank, you can easily move money between them while earning far more on savings. Today’s best high-yield savings accounts pay 4% to 5% APY, compared with Wells Fargo’s 0.01% savings rate.
Earning interest with a rewards checking account
Some banks and credit unions offer rewards checking accounts that pay a high interest rate—currently up to 6% APY—if you meet certain activity requirements, such as using your debit card frequently or setting up a monthly direct deposit. If you can easily meet the criteria, these accounts let you earn a strong return on your money while keeping the everyday flexibility of a checking account.
Switching your account from Wells Fargo may not suit everyone, but it’s worth knowing you have options. If you won’t be able to consistently meet the bank’s new waiver requirements, it makes sense to explore other accounts rather than lose $15 to fees every month.
Daily Rankings of the Best CDs and Savings Accounts
We update these rankings every business day to give you the best deposit rates available:
Important
Note that the “top rates” quoted here are the highest nationally available rates Investopedia has identified in its daily rate research on hundreds of banks and credit unions. This is much different than the national average, which includes all banks offering a CD with that term, including many large banks that pay a pittance in interest. Thus, the national averages are always quite low, while the top rates you can unearth by shopping around are often 5, 10, or even 15 times higher.
How We Find the Best Savings and CD Rates
Every business day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer CDs and savings accounts to customers nationwide and determines daily rankings of the top-paying accounts. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the account’s minimum initial deposit must not exceed $25,000. It also cannot specify a maximum deposit amount that’s below $5,000.
Banks must be available in at least 40 states to qualify as nationally available. And while some credit unions require you to donate to a specific charity or association to become a member if you don’t meet other eligibility criteria (e.g., you don’t live in a certain area or work in a certain kind of job), we exclude credit unions whose donation requirement is $40 or more. For more about how we choose the best rates, read our full methodology.
