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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.
If bigger is better when it comes to banking, you’ll like what U.S. Bank and Wells Fargo have to offer. Both megabanks have thousands of branches and ATMs across the country. We compared them to help you find which one might suit you best.
Snapshot comparison
U.S. Bank
Wells Fargo
Checking accounts
U.S. Bank Smartly Checking
Monthly fee: $6.95. (See below for five ways to waive it.)
Minimum opening deposit: $25.
Wells Fargo Everyday Checking
Monthly fee: $10. (See below for four ways to waive it.)
Minimum opening deposit: $25.
Savings accounts
U.S. Bank Standard Savings
APY: 0.01%.
Monthly fee: $4. (See below for three ways to waive it.)
Wells Fargo Way2Save
APY: 0.15%.
Monthly fee: $5. (See below for five ways to waive it.)
Certificates of deposit
U.S. Bank interest rates on CDs
1 year: 0.05% APY.
5 years: 0.25% APY.
Minimum deposit: $500.
Wells Fargo interest rates on CDs
1 year: 1.50% APY for standard CDs.
5 years: Not available online.
Minimum deposit: $2,500.
Overdrafts, ATMs, customer service
U.S. Bank details
Overdraft fee: $36, maximum of four per day. No charge if account is overdrawn by $50 or less at end of day. Customers can also have an overdraft fee waived if a deposit is made to cover the overdrawn amount by 11 p.m. ET on the day the overdraft fee was charged.
Overdraft protection transfer fee: $0.
Extended overdraft fee: None.
ATMs: More than 37,000.
Branches: More than 2,000.
Customer service: Available by social media, and 24/7 by phone.
Wells Fargo details
Overdraft fee: $35, maximum of three per day.
Overdraft protection transfer fee: $0.
ATMs: More than 12,000.
Branches: About 4,700.
Customer service: Available by 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 want to have your monthly checking account fee waived with lower minimum deposits or balances.
You are closer to Wells Fargo locations.
Choose U.S. Bank if:
You live in a state where the accounts are available (Arizona, Arkansas, California, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oregon, South Dakota, Tennessee, Utah, Washington, Wisconsin or Wyoming).
You have an eligible U.S. Bank credit card, which waives your checking account monthly fee.
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%*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.
5.50%All Bread Savings APYs are accurate as of 12/7/2023. APYs are subject to change at any time without notice. Offers apply to personal accounts only. Fees may reduce earnings. To open a CD, a minimum of $1,500 is required and must be deposited in a single transaction. A penalty will be imposed for early withdrawals on CDs. At maturity, your CD will automatically renew and earn the base interest rate in effect at that time.
0.50%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.
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 U.S. Bank and Wells Fargo's checking accounts
Compared to online banks, both banks have steep monthly fees on their accounts, though they can be waived if you meet certain requirements. Wells Fargo has the edge when it comes to balance requirements, however, since its minimum is lower.
U.S. Bank vs. Wells Fargo: Basic savings accounts
U.S. Bank Standard Savings Account
Wells Fargo Ways2Save
APY
0.01% APY on all balances.
0.15% APY on all balances.
Monthly fee
$4.
3 ways to waive it
Have a daily balance of at least $300.
Have a $1,000 minimum average balance.
Have an account older who is under age 18.
$5.
5 ways to waive it
Have a daily balance of at least $300.
Set up a recurring automatic transfer of at least $25 from a Wells Fargo checking account.
Have an automatic transfer of $1 or more each business day from a linked Wells Fargo checking account.
Have at least one Save As You Go® transfer from a linked Wells Fargo checking account.
Be younger than 24.
Minimum deposit to open
$25.
$25.
Sign-up bonus
N/A.
N/A.
+ Click here for analysis of U.S. Bank and Wells Fargo's savings accounts
The basic savings accounts at both banks earn only slightly more interest than zilch, with annual percentage yields of 0.01%. At that rate, putting $10,000 into savings would earn you a grand total of $1 over 12 months. And the fact that each bank has a monthly fee means you can actually lose money in your savings account.
U.S. Bank vs. Wells Fargo: Certificates of deposit
U.S. Bank Standard
Wells Fargo Standard Fixed Rate
Minimum opening deposit
$500.
$2,500.
APY on 1-year CD
0.05%.
1.50%.
APY on 3-year CD
0.10%.
Not available online.
APY on five-year term
0.25%.
Not available online.
Rates may vary by location.
+ Click here for analysis of U.S. Bank and Wells Fargo's CDs
Both banks offer rates that are low compared to CD rates offered by online banks. Exact APYs depend on where you live.
U.S. Bank vs. Wells Fargo: Banking experience
U.S. Bank
Wells Fargo
Branches
More than 2,000.
About 4,700.
Banking apps (current ratings from app store users)
4.8 out of 5 stars for iOS.
4.7 out of 5 for Android.
4.8 out of 5 stars for iOS.
4.7 out of 5 for Android.
Customer service
Available 24/7 by phone.
Social media support available.
Available 24/7 by phone.
Social media support available.
+ Click here for analysis of U.S. Bank and Wells Fargo's banking experience
Both banks have thousands of branches and ATMs, but Wells Fargo has more. Wells Fargo has also been in the news for its customer experience, though not in a good way. Back in September 2016, Wells Fargo agreed to pay a $185 million settlement after the Consumer Financial Protection Bureau found the bank had opened fake accounts in customers’ names, an illegal practice that federal officials say was widespread. Since then, the bank has faced a large class action lawsuit.
U.S. Bank vs. Wells Fargo: Overdraft fees
U.S. Bank
Wells Fargo
Overdraft fee
$36, maximum of four per day. No charge if account is overdrawn by $50 or less at end of day. Customers can also have an overdraft fee waived if a deposit is made to cover the overdrawn amount by 11 p.m. E.T. on the day the overdraft fee was charged.
$35, maximum of three per day.
Overdraft protection fee
$0.
$0.
Extended overdraft fee
None.
None.
+ Click here for analysis of U.S. Bank and Wells Fargo's overdraft fees
U.S. Bank and Wells Fargo continue to charge expensive overdraft fees even as an increasing number of banks are removing overdraft penalties. Both banks will waive fees if your account is overdrawn by a certain amount — $50 or less at U.S. Bank, $5 at Wells Fargo — but for transactions over those amounts, charges can add up.
U.S. Bank and Wells Fargo both have a range of products for customers, but they also tend to have high fees. If you prefer large banks with thousands of ATMs and branches, the best option likely depends on where you live. If you are closer to Wells Fargo locations, that bank may be the better choice. But if U.S. Bank branches and ATMs are more convenient, it may be the one to consider.
For a closer look at comparable financial institutions, check out our roundup of the best national banks.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
