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Margarette Burnette is a NerdWallet authority on savings, who has been writing about bank accounts since before the Great Recession. Her work has been featured in The Associated Press, USA Today and other major newspapers. Before joining NerdWallet, Margarette was a freelance journalist with bylines in magazines such as Good Housekeeping, Black Enterprise and Parenting. She is based near Atlanta, Georgia.
Yuliya Goldshteyn is a banking editor at NerdWallet. She previously worked as an editor, a writer and a research analyst in industries ranging from health care to market research. She earned a bachelor's degree in history from the University of California, Berkeley and a master's degree in social sciences from the University of Chicago, with a focus on Soviet cultural history. She is based in Portland, Oregon.
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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 as of 02/10/2023. Interest 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% APY.
5-year: 0.01% APY.
Minimum deposit: $1,000.
Wells Fargo interest rates on CDs
1 year: 1.50% APY 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
Chase details
Overdraft fee: $34, maximum of three per day. No charge if account is overdrawn by $50 or less at end of day. Customers can also avoid an overdraft fee if the account balance is overdrawn more than $50 but is brought down to being overdrawn by $50 or less by the end of the next business day.
Overdraft protection transfer fee: $0 per transfer.
ATMs: More than 15,000.
Branches: More than 4,700.
Wells Fargo details
Overdraft fee: $35, maximum of three per day.
Overdraft protection transfer fee: $0 per transfer.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
4.60%SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
5.50%*Current promotional rate; annual percentage yield (variable) is 5.50% as of 4/2/24, plus a .50% boost available as a special offer with qualifying deposit. Terms apply; if the base APY increases or decreases, you’ll get the .75% boost on the updated rate. Cash Reserve is only available to clients of Betterment LLC, which is not a bank; cash transfers to program banks conducted through clients’ brokerage accounts at Betterment Securities.
Min. balance for APY
$0
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
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.
+ Click here for analysis of Chase and Wells Fargo's checking accounts
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.
Both banks offer a cash bonus for new account sign-ups, but the Chase bonus is easier to earn because it has a lower minimum direct deposit requirement.
0.01% effective as of 02/10/2023. Interest rates are variable and subject to change.
0.01%.
Monthly fee
$5.
5 ways to waive it
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.
5 ways to waive it
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 24 and younger.
Minimum deposit to open
$0.
$25.
+ Click here for analysis of Chase and Wells Fargo's savings accounts
Both accounts have monthly fees, but they are easy to avoid. However, Wells Fargo’s account has a more generous age limit for waiving the fee. Wells Fargo requires $25 to open an account, but Chase’s $0 opening deposit requirement is helpful if you’re starting out with just a few dollars.
+ Click here for analysis of Chase and Wells Fargo's CDs
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 5% APY.
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.
On a similar note...
Find a better savings account
See NerdWallet's picks for the best high-yield online savings accounts.