Chase vs. Wells Fargo: Which Is Best for You?
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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. One big difference: Chase offers a checking bonus with easy qualifications. Keep in mind, though, 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®
| Wells Fargo Everyday Checking
|
Savings accounts | Chase Savings℠
| Wells Fargo Way2Save
|
Certificates of deposit | Chase interest rates on CDs
| Wells Fargo interest rates on CDs
|
Overdrafts, ATMs, customer service | ||
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. | $10. |
Minimum deposit to open | $0. | $25. |
APY | None. | None. |
ATM fees and network |
|
|
Sign-up bonus | $200 (expires 4/14/2021); our bonuses roundup explains how to qualify. | N/A |
» 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. | $5. |
Minimum deposit to open | $0. | $25. |
Sign-up bonus. | N/A | N/A |
» 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. | 0.15% standard rate. |
3-Year APY | 36-month Relationship rate of 0.02% for customers with linked Chase personal checking account. The standard rate is 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. |
» To compare, see the latest top CD rates
Chase vs. Wells Fargo: Banking experience
Chase | Wells Fargo | |
---|---|---|
Branches | More than 4,700. | 5,400. |
Banking apps (current ratings from app store users) |
|
|
Customer service |
|
|
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. |
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.