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 backed with a lot of heft.
Here’s a quick look at how they stack up:
Snapshot comparison
 |  |
Checking accounts |
|
| Wells Fargo Everyday Checking | Bank of America Core Checking |
Savings accounts |
|
| Wells Fargo Way2Save | Bank of America Rewards Savings |
| Skip ahead to see how Wells Fargo and Bank of America savings rates compare with competitors | |
Certificates of deposit |
|
| Wells Fargo CD interest rates | Bank of America CD interest rates |
Overdrafts, ATMs, customer service |
|
Choose Wells Fargo if:
Choose Wells Fargo if:
- You tend to have under $500 in your savings account
- You prioritize 24/7 access to customer service
- You can’t meet any of the requirements to waive service fees on Bank of America’s accounts
Choose Bank of America if:
Choose Bank of America if:
- Your direct deposits total between $250 and $500 in a month
- You frequently access your bank through your phone
- You can’t meet any of the requirements to waive service fees on Wells Fargo’s accounts
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 (APYs) that make your savings grow faster. And fees tend to be low or nonexistent.
» 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 Core Checking |
|
|---|---|---|
| Monthly fee | $10 | $12 |
| Minimum opening deposit | $25 | $25 |
| Interest | None | None |
| ATM network | 12,800 ATMs | 16,000 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 Rewards Savings |
|
|---|---|---|
| Monthly fee | $5 | $8 |
| Interest rate | 0.01% | 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 | 0.10% APY for 1 year | 0.05% APY for 1 year |
| Long-term rate | 1.20% APY (with $5,000 minimum) for 58 months | 0.75% APY for 5 years |
| » To compare, see the latest top CD rates | ||
Bank experience
| Wells Fargo | Bank of America | |
|---|---|---|
| Branches | 6,000 in nearly 40 states and Washington, D.C. | About 4,500 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) | 3.2 out of 5 stars for iPhone; 4.3 for Android | 4.7 out of 5 stars for iPhone; 4.4 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 transfer fee | $12.50 | $12, but free for certain account holders |
| Extended overdraft fee | None | None |
| International debit card fee | 3% of transaction amount | 3% of transaction amount |
Similar but not identical
Wells Fargo and Bank of America are large national banks with similar product offerings, though with slight differences that might tip either bank in your favor. Look closely at variations on how to avoid fees on checking and savings accounts. You’ll want to make sure there are ATMs and branches in your vicinity as well. If you’re looking for good interest rates on savings accounts, however, you’ll have to check elsewhere.
Amber Murakami-Fester is a staff writer at NerdWallet, a personal finance website. Email: amufe@nerdwallet.com. Twitter: @iamyams. Jeanne Lee contributed to this report.
