Chase vs. Wells Fargo: Which Is Best for You?

Margarette BurnetteApr 26, 2021
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Wells Fargo and Chase are two of the largest U.S. banks, and they make it convenient to bank in person, with many ATMs and branches. Keep in mind that the interest rates both banks pay are low compared with other banks.

Here’s a quick look at how they stack up against each other:

Snapshot comparison

Chase

Wells Fargo

Checking accounts

Chase Total Checking®

  • Monthly fee $12. (See below for three ways to waive it.)

  • Minimum opening deposit: $0.

Wells Fargo Everyday Checking

  • Monthly fee: $10. (See below for four ways to waive it.)

  • Minimum opening deposit: $25.

Savings accounts

Chase Savings℠

  • APY: 0.01% (effective 9/14/20; rates are variable and subject to change).

  • Monthly fee: $5. (See below for five ways to waive it.)

Wells Fargo Way2Save

  • APY: 0.01%.

  • Monthly fee: $5. (See below for five ways to waive it.)

Certificates of deposit

Chase interest rates on CDs

  • 1 year: 0.01%.

  • 5-year: 0.01%.

  • Minimum deposit: $1,000.

Wells Fargo interest rates on CDs

  • 1 year: 0.01% for standard CDs.

  • 5-year: No standard rates available online beyond one-year terms. Call or visit a branch for rates.

  • Minimum deposit: $2,500.

Overdrafts, ATMs, customer service

  • Overdraft fee: $34, maximum of three per day.

  • Overdraft protection transfer fee: $0 per transfer.

  • ATMs: 16,000.

  • Branches: More than 4,700.

  • Customer service: Available via email and social media, and by phone (8 a.m.-12 a.m. ET Monday-Friday, 8 a.m.-8 p.m. ET on weekends).

  • Overdraft fee: $35, maximum of three per day.

  • Overdraft protection transfer fee: $12.50 per transfer.

  • ATMs: 13,000+.

  • Branches: 5,200.

  • Customer service: Available via social media and 24/7 by phone.

Chase Overall Star Rating
NerdWallet rating 
Read review
Wells Fargo Overall Star Rating
NerdWallet rating 
Read review

Choose Chase if:

  • You want a larger ATM network.

  • You prefer lower minimums for certificates of deposit.

  • You need to link a savings account for overdraft protection.

Choose Wells Fargo if:

  • You prefer lower monthly checking fees that are slightly easier to waive.

  • You want access to more branches.

Or go with an alternative

Unlike these brick-and-mortars, online banks don’t have thousands of branches. But they do have excellent annual percentage yields, or APYs, that make your savings grow faster. And fees tend to be low or nonexistent.

» Want to know more? Check out NerdWallet's best high-yield online savings accounts and top online checking accounts

Chase vs. Wells Fargo: Basic checking accounts

Chase Total Checking®

Wells Fargo Everyday Checking

Monthly fee

$12.

  • Receive $500 or more in direct deposits each month.

  • Keep a daily balance of at least $1,500.

  • Have a daily balance of at least $5,000 spread across qualifying Chase accounts.

$10.

  • Receive $500 or more in qualifying direct deposits each month.

  • Keep a daily balance of at least $500.

  • Link a Wells Fargo Campus ATM or Debit Card (available for college students).

  • Fee waived for ages 17 through 24.

Minimum deposit to open

$0.

$25.

APY

None.

None.

ATM fees and network

  • 16,000 Chase ATMs.

  • $2.50 for using out-of-network ATMs in the U.S., plus any fees from ATM owner.

  • 13,000+ Wells Fargo ATMs.

  • $2.50 per withdrawal for out-of-network ATMs in the U.S., plus any fees from ATM owner.

Sign-up bonus

$225 (expires 7/14/2021); our bonuses roundup explains how to qualify.

$200 (expires 6/30/2021); our bonuses roundup explains how to qualify.

Wells Fargo offers a sign-up bonus (expires 6/30/2021) and has slightly lower monthly fees and more ways to waive them, but Chase offers a more generous sign-up bonus (expires 7/14/2021).

Otherwise, the Chase Total Checking® and Wells Fargo Everyday Checking accounts are comparable, with large ATM networks and many branches. Both banks also offer premium checking accounts that earn interest — but not much.

» See more options on our list of best checking accounts

Chase vs. Wells Fargo: Basic savings accounts

Chase Savings℠

Wells Fargo Ways2Save

APY

0.01% (effective 9/14/20; rates are variable and subject to change).

0.01% APY.

Monthly fee

$5.

  • Have a daily balance of at least $300.

  • Set up an automatic transfer of at least $25 a month from a Chase checking account.

  • Link to a premium Chase checking account.

  • Link to a Chase College Checking℠ account.

  • Fee waived for those younger than 18.

$5.

  • Have a daily balance of at least $300.

  • Have at least one Save As You Go transfer from a linked Wells Fargo checking account.

  • Set up a recurring automatic transfer of at least $25 from a Wells Fargo checking account.

  • Set up an automatic transfer of at least $1 each business day from a linked Wells Fargo checking account.

  • Fee waived for those younger than 25.

Minimum deposit to open

$0.

$25.

Both accounts have monthly fees, but they are easy to avoid. For savings options with higher yields, read NerdWallet’s list of best savings rates.

» Looking for higher rates? Explore NerdWallet's list of top online savings accounts

Chase vs. Wells Fargo: Certificates of deposit

Chase

Wells Fargo

1-Year APY

0.01% standard rate.

0.01% standard rate.

3-Year APY

0.01%.

None online. Call or visit branches for rates.

5-Year APY

0.01%.

None online. Call or visit branches for rates.

Minimum deposit to open

$1,000.

$2,500.

For more details:

See our post on Chase CD rates.

See our post on Wells Fargo CD rates.

Rates may vary by location.

Chase requires less than half the amount Wells Fargo does to open a standard CD, but neither bank offers high APYs. You can find one-year rates at online banks higher than 0.30%.

» Learn more about Chase's CD rates and Wells Fargo's CD rates.

» To compare, see the latest top CD rates

Chase vs. Wells Fargo: Banking experience

Chase

Wells Fargo

Branches

More than 4,700.

5,200.

Banking apps (current ratings from app store users)

  • 4.8 out of 5 stars for iOS.

  • 4.4 out of 5 stars for Android.

  • 4.8 out of 5 stars for iOS.

  • 4.8 out of 5 stars for Android.

Customer service

  • Available by phone (8 a.m.-12 a.m. ET, Monday-Friday, 8 a.m.-8 p.m. ET on weekends).

  • Email support available.

  • Social media support available.

  • Available 24/7 by phone.

  • Social media support available.

Wells Fargo has more branches than Chase, but in general, their methods of customer support and mobile app ratings are similar. In 2017, Wells Fargo settled a lawsuit over employees opening more than 2 million unauthorized accounts. The bank has since taken steps to alter practices and reimburse customers.

Chase vs. Wells Fargo: Overdraft fees

Chase

Wells Fargo

Overdraft fee

$34, maximum of three per day.

$35, maximum of three per day.

Overdraft protection fee

$0 per transfer.

$12.50 per transfer.

Extended overdraft fee

None.

None.

Neither bank is lenient on overdraft fees, but Chase offers overdraft protection from a linked savings account for free. Wells Fargo charges $12.50 per transfer from savings.

Big banks, small rates

If you’re seeking the broad reach and expansive product selection of a national bank, you’ll find those at Wells Fargo or Chase. For similar banks, see our roundup of best national banks. If the low interest rates or hefty fees at these institutions don’t work for you, however, check out other top bank options such as credit unions or online banks.