2024 Wells Fargo bank CD/Savings rates and fees on ROTH IRA, Sep/Simple IRA, 401k Rollover and Traditional IRA accounts. Wellstrade retirement account annual, maintenance, inactivity, and termination charges schedule.

Wells Fargo Bank IRA Rates

Wells Fargo Bank offers a selection of IRA’s, including Roth and Traditional varieties. Contributions are invested in FDIC-insured deposits. There is no fee to open an Individual Retirement Account with the bank; and there is no annual fee, either. Since it’s a bank IRA, there is no level of activity required. There is also no fee to close or transfer a Well Fargo IRA, and there is also no low-balance fee.

IRA contributions can be invested in either a savings account or a CD. The bank’s savings account requires a $100 deposit and currently pays just 0.05%. There are a variety of CD’s available. They have either a $1,000 or $2,500 minimum. Interest rates vary based on zip code, term, and balance. You can see them under think link »


Wells Fargo Brokerage IRA Fees

The above rates aren’t very high. Thankfully, Wells Fargo also offers investment IRA’s with its securities arm called WellsTrade. Individual Retirement Accounts with the broker cost nothing to setup. There is no annual fee.

WellsTrade does not require any level of activity in an IRA. The broker does charge $49.95 to close a retirement account. There is also a $49.95 transfer fee for moving an IRA to a different firm.

Retirement savers who would rather turn over investment decisions to financial professionals have access to Wells Fargo Advisors, an investment advisory service. This firm is compensated either through commissions or a percentage of assets under management. Fees are negotiable depending on account size. The percentage-based fee ranges from 2.00% to 0.75%. An initial consultation with the firm is free.


Wells Fargo IRA Commissions at WellsTrade

Stock and ETF transactions in a WellsTrade IRA cost $0. Placing a trade over the phone costs $25.

The broker has a good selection of mutual funds. The WellsTrade screener returns 9,845 products that are open to new investors. Of these, 2,558 come with no load and no transaction fee. The broker’s charge for transaction-fee funds is $35.


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Wells Fargo IRA Review

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Wells Fargo IRA Fees Comparison

Charging $49.95 to close an IRA is rather expensive, judged by industry standards. Vanguard and Charles Schwab, for instance, charge nothing to close a retirement account.

WellsTrade’s $49.95 ACAT transfer fee is about average in the industry.

Wells Fargo’s IRA rates are pretty low compared to what is available at other banks. For example, CIT Bank currently pays 5.00% APY.


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About Wells Fargo Brokerage

Wells Fargo, after merging with Wachovia, has become one of the largest brokerage houses in the U.S. Along with being a brokerage firm, they also provide full service banking and lending for their customers. The banking portion of the company is located in San Francisco, California, while the brokerage arm is located in St. Louis, Missouri.

Wells Fargo has four options for IRA’s, offering products ranging from a retirement account CD to full-service plan management:

Safety Plan: An IRA that’s a FDIC insured savings account. It has very low return, but could help people close to retirement save money on some taxes in a risk-free way.

Simplicity Plan: Allows IRA investors to invest in no-load mutual funds (there are about 40 available).

WellsTrade: A typical online brokerage service within the tax protection of an IRA. This IRA gives clients access to a full range of assets, such as mutual funds, stocks, and ETF’s.

Wells Fargo Advisors: A full-service investment plan that gives users access to human advisors.


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Wellstrade Research

Wells Fargo research tools enable the account holders to investigate security options and provide news and market updates. Markets and Individual stocks can be tracked on a slight delay (10 – 15 minutes) and there are ways to add alerts for when a stock or ETF reaches a set value or price change.

Additionally, Wells Fargo provides commentary and strategy reports through their research portal. 93 analysts and 37 advisors provide their views on everything from global fixed income markets to how Fed meetings will impact stock prices. Commentary and strategy reports can be saved and shared, which allows users to coordinate with partners and/or advisors on the latest news and trends that affect their portfolio.


In-Person Advice

Aside from the advice available online, a Wells Fargo customer always has the option of talking to an advisor in person. Wells Fargo currently employs approximately 15,000 advisors and almost 4,000 licensed bankers2. A branch is currently in operation in all 50 US states2 and over 70 countries worldwide. Having options for advisors across the country allows for flexibility for those customers who move or travel often to always have access to advice when needed.


Wellstrade Pros

  • Research tools
  • Asset allocation comparison
  • Professional commentary and advice
  • Access to Wells Fargo advisors across the country and around the world
  • Ease of use
  • Account summary pages are well organized with large font and color-coded graphs
  • Relatively few clicks to get to account information and research tools
  • Adequate search feature for finding individual securities


Wellstrade Cons

  • High fees
  • More expensive commission on online trades than self-managed accounts with other firms
  • Account fees for active management
  • Limited availability of online trading
  • Must have a certain account type (WellsTrade) to be eligible for online trading



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