Wells Fargo Bank IRA Rates
Wells Fargo Bank offers various IRA options, including Roth and Traditional IRAs, with contributions invested in FDIC-insured deposits. There’s no fee to open an IRA with the bank, no annual fee, no required activity level, and no fee to close or transfer an IRA. There’s also no low-balance fee.
IRA contributions can be invested in a savings account or a CD. The bank’s savings account requires a $100 deposit and currently offers 0.05% interest. CD options vary, with minimums of either $1,000 or $2,500. Interest rates depend on location, term, and balance, and can be checked
at this link »
Wells Fargo Brokerage IRA Fees
The rates mentioned above aren’t very high, but Wells Fargo also offers investment IRAs through WellsTrade, its brokerage division. There’s no setup fee or annual fee for IRAs with WellsTrade.
WellsTrade does not require any activity level in an IRA. However, the broker charges $49.95 to close a retirement account and a $49.95 transfer fee for moving an IRA to another firm.
For those who prefer professional management, Wells Fargo Advisors offers investment advisory services, with fees based on either commissions or a percentage of assets. Fees vary depending on account size, typically ranging from 2.00% to 0.75%, and an initial consultation is free.
Wells Fargo IRA Commissions at WellsTrade
Stock and ETF trades in a WellsTrade IRA are free. Placing trades over the phone costs $25.
The broker offers a large selection of mutual funds, with 9,845 options for new investors. Of these, 2,558 are no-load and have no transaction fee. The fee for transaction-fee funds is $35.
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Wells Fargo IRA Review
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Wells Fargo IRA Fees Comparison
Wells Fargo’s $49.95 IRA closing fee is relatively high. In comparison, Vanguard and Charles Schwab do not charge a fee to close a retirement account.
The $49.95 ACAT transfer fee at WellsTrade is about average in the industry.
Wells Fargo’s IRA rates are low compared to those at other banks. For instance,
CIT Bank currently pays
3.50% APY.
Best IRA Accounts
About Wells Fargo Brokerage
Following its merger with Wachovia, Wells Fargo became one of the largest brokerage firms in the U.S. In addition to brokerage services, it provides full banking and lending options. The company’s banking division is based in San Francisco, California, while its brokerage operations are headquartered in St. Louis, Missouri.
Wells Fargo offers four IRA options, ranging from basic savings accounts to full-service managed plans:
Safety Plan: An IRA in an FDIC-insured savings account with low returns, ideal for those nearing retirement who want a safe way to save on taxes.
Simplicity Plan: Allows IRA holders to invest in a selection of no-load mutual funds (about 40 available).
WellsTrade: A standard online brokerage service offering a wide range of assets, including mutual funds, stocks, and ETFs, within an IRA.
Wells Fargo Advisors: A full-service investment plan that provides access to human advisors.
Wellstrade Research
Wells Fargo research tools help account holders analyze securities and stay updated on market news. Market and individual stock information is available with a slight delay (10–15 minutes), and users can set alerts for when a stock or ETF hits a certain price or sees a price change.
Additionally, Wells Fargo provides expert commentary and strategy reports through its research portal. Ninety-three analysts and 37 advisors offer insights on various topics, from global fixed income markets to the impact of Federal Reserve meetings on stock prices. Users can save and share reports to collaborate with partners or advisors on portfolio decisions.
In-Person Advice
In addition to online resources, Wells Fargo customers can meet with an advisor in person. Wells Fargo employs approximately 15,000 advisors and nearly 4,000 licensed bankers. The company has branches in all 50 states and over 70 countries, providing flexibility for customers who frequently move or travel.
Wellstrade Pros
- Research tools
- Asset allocation comparison
- Professional commentary and advice
- Access to Wells Fargo advisors across the country and worldwide
- Easy-to-use interface
- Organized account summary pages with clear graphics
- Quick access to account information and research tools
- Reliable search function for finding specific securities
Wellstrade Cons
- High fees
- Higher commissions for online trades compared to self-managed accounts at other firms
- Fees for managed accounts
- Limited online trading options
- Online trading only available with a WellsTrade account
Updated on 11/5/2024.
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