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Key Takeaways
- Wells Fargo (WFC) will update its fee-waiver rules for Everyday Checking on Oct. 25, including a higher balance requirement that could make it harder for some customers to keep the account free.
- In November, Wells Fargo will bump the monthly fee up to $15.
- If you can’t easily avoid Wells Fargo’s monthly charge, consider switching to a bank with free checking—or explore other options such as high-yield checking accounts.
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What’s Changing Under Wells Fargo’s New Fee Rules
Wells Fargo is updating how customers can qualify to have their Everyday Checking fee waived, with new rules taking effect before the bank increases the fee itself.
The updates will roll out in two phases:
- Oct. 25: New fee-waiver requirements take effect for fee periods beginning that day or later, including a higher minimum balance needed to avoid the charge.
- Nov. 29: The monthly fee increases from $10 to $15 for fee periods starting on or after this date.
If you have a Wells Fargo Everyday Checking account, review the new rules before Oct. 25 to see whether you’ll still qualify for a waiver once they take effect.
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 it’s smarter to switch accounts—can help keep that money in your pocket.
Who Needs To Act Before Oct. 25—and Who Doesn’t
To skip paying a monthly charge, Wells Fargo customers still need to meet one of several requirements. But while most rules stay the same, one key requirement will change on Oct. 25, which means some people could face a fee they haven’t had to pay.
What’s Staying the Same
You can continue to avoid the monthly fee if you fit the following:
- Receive $500 or more in qualifying electronic deposits each fee period (for example, 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 or later, these updates take effect:
- The minimum daily balance requirement will rise to $1,500 (up from $500)
- A new waiver option will let you qualify with $5,000 or more in combined Wells Fargo deposit and investment balances
The higher $1,500 minimum balance means some customers who previously avoided the fee with just a few hundred dollars on deposit may need to adjust how much they keep at the bank, or start paying for the account each month.
Smart Alternatives If You’re Facing a Higher Fee
If it won’t be easy for you to regularly meet Wells Fargo’s new waiver requirements, it could 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 have a few options. You could move to a bank that doesn’t charge fees, or you could consider two other possibilities that could help your money work harder.
Option 1: Move your checking account and high-yield savings account to the same bank
One option is moving your checking account 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, which is many times higher than Wells Fargo’s 0.01% savings rate.
Option 2: Open a checking account where you can earn interest
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.
The Bottom Line
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.
