Comparing two giant banks can be like choosing between vanilla and French vanilla: What the heck is the difference? Wells Fargo and Bank of America, the second- and third-largest U.S. banks, respectively, offer similar flavors of traditional-style banking, packed with networks of ATMs and branches.
Here’s a quick look at how they stack up:
Snapshot comparison
Checking accounts |
|
Wells Fargo Everyday Checking | Bank of America Advantage Plus Banking |
Savings accounts |
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Wells Fargo Way2Save | Bank of America Advantage Savings |
Certificates of deposit |
|
Wells Fargo CD interest rates
| Bank of America CD interest rates |
Overdrafts, ATMs, customer service |
|
Online alternatives
Learn more | ||
Discover Bank |
» Want to know more? Check out NerdWallet’s best high-yield online savings accounts
Wells Fargo vs. Bank of America: Basic checking
Wells Fargo Everyday Checking | Bank of America Advantage Plus Banking |
|
---|---|---|
Monthly fee | $10 | $12 |
Minimum opening deposit | $25 | $100 |
Interest | None | None |
ATM network | 13,000 ATMs | 16,600 ATMs |
Out-of-network ATM fee | $2.50 | $2.50 |
» Explore other options with NerdWallet’s list of best checking accounts |
Basic savings
Wells Fargo Way2Save | Bank of America Advantage Savings |
|
---|---|---|
Monthly fee | $5 | $8 |
Interest rate | 0.01% APY | 0.03% APY |
Minimum opening deposit | $25 | $100 |
Automatic transfer from linked checking | Yes | Yes |
» Find rates well above 1% on our list of best savings accounts |
Certificates of deposit
Wells Fargo | Bank of America | |
---|---|---|
Minimum deposit | $2,500 | $1,000 |
Short-term rate | 0.15% APY for 1 year | 0.05% APY for 1 year |
Long-term rate | 1.15% APY (with $5,000 minimum) for 39 months | 0.75% APY for 5 years |
For more details: | See our post on Wells Fargo CD rates | See our post on Bank of America CD rates |
» To compare, see the latest top CD rates |
Bank experience
Wells Fargo | Bank of America | |
---|---|---|
Branches | 5,400 in nearly 40 states and Washington, D.C. | About 4,300 in nearly 40 states and Washington, D.C. |
Website | Well-organized website covers all product lines | Easily navigable website with most rates and fees clearly displayed |
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, as well as chat and social media | Available by phone Monday-Friday, 8 a.m.-11 p.m. ET, Saturday-Sunday, 8 a.m.-8 p.m. ET; also chat, email and social media |
Overdraft fees
Wells Fargo | Bank of America | |
---|---|---|
Overdraft fee | $35, maximum of 3 per day | $35, maximum of 4 per day |
Overdraft protection fee | $12.50 per transfer | $12 per transfer |
Extended overdraft fee | None | None |
Similar but not identical
Wells Fargo and Bank of America have similar offerings but slight differences in avoiding 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.