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Wells Fargo vs. Bank of America: Which Is Best for You?
Both banks have similar offerings, but there are slight differences to know about before choosing between the two.
Amber is a former banking writer for NerdWallet. Her work has been featured by USA Today, The Christian Science Monitor and The Associated Press. She holds a bachelor's degree in comparative literature from UCLA.
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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Bank of America and Wells Fargo, the second- and third-largest U.S. banks, respectively, offer similar flavors of traditional-style banking, packed with ATMs and branches. But there are some slight differences that you should know about if you’re deciding between the two.
Here’s a quick look at how Wells Fargo and Bank of America compare.
Snapshot comparison
Wells Fargo
Bank of America
Checking accounts
Wells Fargo Everyday Checking
Monthly fee: $10 (See checking section below for ways to waive it).
Minimum opening deposit: $25.
Bank of America Advantage Plus Banking®
Monthly fee: $12 (See checking section below for ways to waive it).
Minimum opening deposit: $100.
Savings accounts
Wells Fargo Way2Save
APY: 0.15%.
Monthly fee: $5 (See savings section below for ways to waive it).
Bank of America Advantage Savings
APY: 0.01%.
Monthly fee: $8 (See savings section below for ways to waive it).
Certificates of deposit
Wells Fargo CD interest rates
1 year: 1.50%.
5 year: No standard rates available online beyond one-year terms. Call or visit a branch for rates.
Minimum deposit: $2,500.
Bank of America CD interest rates
1 year: 0.03%.
5 year: 0.03%.
Minimum deposit: $1,000.
Overdrafts, ATMs, customer service
Wells Fargo details
Overdraft fee: $35, maximum of 3 per day.
Overdraft protection transfer fee: $0.
ATMs: More than 12,000.
Branches: About 4,700 in more than 35 states.
Customer service: Available by social media and 24/7 by phone.
Bank of America details
Overdraft fee: $10, maximum of two per day.
Overdraft protection transfer fee: $12.
ATMs: 16,000.
Branches: About 4,100 in more than 35 states.
Customer service: Available by live chat, email and social media, and by phone Monday - Friday, 8 a.m. - 11 p.m. ET; Saturday - Sunday, 8 a.m. - 8 p.m. ET.
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.
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.
Wells Fargo vs. Bank of America: Basic checking accounts
Wells Fargo Everyday Checking
Bank of America Advantage Plus Banking®
Monthly fee
$10.
How to get it waived
You must meet one of the following requirements:
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.
$12.
How to get it waived
You must meet one of the following requirements:
Keep a daily balance of at least $1,500.
Make $250 in direct deposits per month.
Be enrolled in Preferred Rewards, which requires a minimum $20,000 average combined balance across bank accounts.
Minimum deposit to open
$25.
$100.
APY
None.
None.
ATM fees and network
More than 12,000 ATMs.
$2.50 fee at non-Wells Fargo ATMs, plus any fees from ATM owner.
About 16,000 ATMs.
$2.50 for each out-of-network ATM transaction.
Bonus offer
$200 (expires 03/28/2023); our bonuses roundup explains how to qualify.
$100 (expires 06/30/2023); our bonuses roundup explains how to qualify.
+ Click here for analysis of Wells Fargo and Bank of America's checking accounts
Neither checking account earns interest, but Wells Fargo's monthly fee is lower. If you plan to use direct deposit to avoid a monthly fee, note that the minimum deposit requirement at Wells Fargo is double that of Bank of America's. Be aware that other banks charge no monthly fees with no strings attached.
Both banks offer a cash bonus for new accounts, but Wells Fargo's bonus is bigger.
Wells Fargo vs. Bank of America: Basic savings accounts
Wells Fargo Way2Save
Bank of America Advantage Savings
APY
0.15% APY.
0.01% APY.
Monthly fee
$5.
How to get it waived
You must meet one of the following requirements:
Keep an average balance of $300.
Set up a recurring auto transfer of at least $25 each period from a linked account.
Have an auto transfer of at least $1 on each business day from a linked checking account.
Have at least one Save As You Go transfer from a linked checking account.
Have a primary account older who’s 24 years old or younger.
$8.
How to get it waived
You must meet one of the following requirements:
Keep a minimum daily balance of $500.
Link to the interest checking account, Advantage Relationship Banking®.
Be a Bank of America Preferred Rewards client.
Have an account owner who is under 25 and an eligible student.
Have an account owner who is under 18.
Minimum deposit to open
$25.
$100.
+ Click here for analysis of Wells Fargo and Bank of America's savings accounts
Both banks offer dismal savings rates that are lower than the national average. Bank of America’s interest rate can increase if you’re enrolled in Preferred Rewards, but that requires an average daily balance of $20,000 or more in qualifying accounts. And even if you do this, the rate is still extremely low compared with some other banks, especially online banks.
Both banks offer automated programs to boost your savings. Bank of America’s Keep the Change program rounds up your Bank of America debit card purchases to the nearest dollar, and deposits the difference automatically into your savings account. Wells Fargo’s Save As You Go program transfers $1 from your checking account to your savings account every time you make a non-recurring debit card purchase or pay a bill using the bank’s online bill pay.
+ Click here for analysis of Wells Fargo and Bank of America's CDs
Bank of America’s minimum deposit amount is lower than Wells Fargo's, but both banks have very low CD rates compared with national averages. Rates may also vary by ZIP code.
Wells Fargo vs. Bank of America: Banking experience
Wells Fargo
Bank of America
Branches
About 4,700 in more than 35 states and Washington, D.C.
About 4,100 in more than 35 states and Washington, D.C.
Banking apps (ratings from app store users)
4.8 out of 5 stars for iPhone.
4.6 for Android.
4.8 out of 5 stars for iPhone.
4.7 for Android.
Customer service
Available 24/7 by phone.
Social media support available.
Available by phone Monday-Friday, 8 a.m.-11 p.m. ET, Saturday-Sunday, 8 a.m.-8 p.m. ET.
Live chat support available.
Email support available.
Social media support available.
+ Click here for analysis of Wells Fargo and Bank of America's banking experience
Both banks cover a majority of states, though Wells Fargo has the edge over Bank of America when it comes to branch count.
Both have multiple ways to contact customer service. Unless you need 24/7 access to customer service like Wells Fargo offers, the two banks are roughly on par with each other.
Note: Wells Fargo paid several penalties to government regulators in the past few years due to a series of abusive practices. This included bank employees opening roughly 1.5 million bank accounts without customers’ consent.
+ Click here for analysis of Wells Fargo and Bank of America's overdraft fees
Overdraft fees are high at both banks. Other banks charge less, or have lower limits on the number of times you can overdraft per day. An increasing number of banks don't charge an overdraft fee at all.
Both banks offer overdraft protection but Wells Fargo doesn’t charge for these transfers. (Read more about Wells Fargo overdraft policies.) Bank of America charges $12 per instance.
Neither bank charges an extended overdraft fee, which is what banks can charge for having a negative account balance for a certain number of days.
Wells Fargo and Bank of America have similar offerings but slight differences in how to avoid fees that might tip either bank in your favor. If you’re looking for competitive interest rates on savings accounts and CDs, however, you’ll have to check elsewhere. You can find options at NerdWallet's best banks and credit unions.
A savings account is a place where you can store money securely while earning interest.
A savings account is a place where you can store money securely while earning interest.
4.00%SoFi members with direct deposit can earn up to 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 1.20% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 4.00% APY for savings. Members without direct deposit will earn 1.20% APY on all account balances in checking and savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 03/17/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet
3.75%3.75% APY (annual percentage yield) with $0 minimum balance to earn stated APY. Accounts must have a positive balance to remain open. APY valid as of 02/14/2023.
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.
4.20%Annual percentage yield (variable) is as of 03/27/2023.
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.
3.30%Your annual percentage yield can be as high as 3.30% based on the following combined rate rewards: direct deposits (not including intra-bank transfers from another account) totaling $1,500 or more each month will earn 0.40%. A qualifying direct deposit is required for the remaining interest rate qualifications to apply. Ten (10) point-of-sale transactions per month using your Rewards Checking Visa® Debit Card for normal everyday purchases with a minimum of $3 per transaction, or enrolling in Account Aggregation/Personal Finance Manager (PFM) will earn 0.30%; maintaining an average daily balance of at least $2,500 per month in an Axos Self Directed Trading Invest account will earn 1.00%; maintaining an average daily balance of at least $2,500 a month in an Axos Managed Portfolio Invest account will earn 1.00%; and making a monthly payment to an open Axos Bank consumer loan (commercial and business loans excluded) via transfer from your Rewards Checking account will earn a maximum of 0.60%.
Monthly fee
$0
Money market accounts pay rates similar to savings accounts and have some checking features.
Money market accounts pay rates similar to savings accounts and have some checking features.
