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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.
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Discover the bank accounts that fit your financial goals
Just answer a few questions to compare bank accounts that meet your needs.
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: 0.15%.
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.
Customer service: Available via email and Twitter, and by phone (7 a.m.-12 a.m. ET daily).
Wells Fargo details
Overdraft fee: $35, maximum of three per day.
Overdraft protection transfer fee: $0 per transfer.
ATMs: About 12,000.
Branches: 4,700.
Customer service: Available via social media and 24/7 by phone.
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.
You prefer lower minimums for certificates of deposit.
You want a more lenient overdraft policy.
Choose Wells Fargo if:
You prefer lower monthly checking fees that are slightly easier to waive.
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.
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.
4 ways to avoid it
Keep a daily balance of at least $500.
Receive $500 or more in qualifying direct deposits each month.
Have a primary account owner who is 17-24 years old.
Link a Wells Fargo Campus ATM or Debit Card.
Minimum deposit to open
$0.
$25.
APY
None.
None.
ATM fees and network
More than 15,000 Chase ATMs.
$3 for using out-of-network ATMs in the U.S., plus any fees from ATM owner.
About 12,000 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
$200 (expires 10/18/2023); our bonuses roundup explains how to qualify.
$300 (expires 09/26/2023); our bonuses roundup explains how to qualify.
+ 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.
Wells Fargo offers a bigger cash bonus for new account sign-ups, but the Chase bonus is easier to earn because it doesn't have a minimum direct deposit requirement.
0.01% (effective 9/14/20; rates are variable and subject to change).
0.15%.
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 1.30% APY.
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.
4.6 out of 5 stars for Android.
Customer service
Available by phone (7 a.m.-12 a.m. ET, daily).
Email support available.
Social media support available.
Available 24/7 by phone.
Social media support available.
+ Click here for analysis of Chase and Wells Fargo's banking experience
Wells Fargo has slightly 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. No charge if account is overdrawn by $50 or less at end of day. Also no overdraft fee if the account balance is overdrawn more than $50 but the customer brings the balance down to being overdrawn by $50 or less by the end of the next business day.
$35, maximum of three per day.
Overdraft protection fee
$0 per transfer.
$0 per transfer.
Extended overdraft fee
None.
None.
+ Click here for analysis of Chase and Wells Fargo's overdraft fees
Both banks charge overdraft fees, but Chase is slightly more lenient: It doesn’t charge an overdraft fee when your account is overdrawn by $50 or less at the end of the 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. Both banks offer overdraft protection from a linked savings account for free.
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.
4.50%SoFi members with direct deposit activity can earn 4.50% 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 4.50% APY for savings. SoFi members with Qualifying Deposits can earn 4.50% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that are equal to or greater than $5,000 every 30 days. Members without either Direct Deposit or Qualifying Deposits 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 8/2/2023. 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%*Base annual percentage yield (variable) is 4.75% as of 7/31/23. 5.50% APY reflects a .75% boost available as a special offer with qualifying deposit. Terms apply. Cash Reserve is only available to clients of Betterment LLC, which is not a bank, and cash transfers to program banks are 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.
0.50%SoFi members with direct deposit activity can earn 4.50% 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 4.50% APY for savings. SoFi members with Qualifying Deposits can earn 4.50% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that are equal to or greater than $5,000 every 30 days. Members without either Direct Deposit or Qualifying Deposits 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 8/2/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
