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Wells Fargo vs. Bank of America: Which Is Best for You?

April 13, 2018

Banking, Checking Accounts, Savings Accounts

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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

Wells Fargo	Bank of America
Checking accounts
Wells Fargo Everyday Checking Monthly fee: $10 (How to waive it) Minimum opening deposit: $25	Bank of America Core Checking Monthly fee $12 (How to waive it) Minimum opening deposit: $25
Savings accounts
Wells Fargo Way2Save Interest rate: 0.01% Monthly fee: $5 (How to waive it)	Bank of America Rewards Savings Interest rate: 0.03% Monthly fee: $8 (How to waive it)
Skip ahead to see how Wells Fargo and Bank of America savings rates compare with competitors
Certificates of deposit
Wells Fargo CD interest rates 1 year: 0.25% Minimum deposit: $2,500	Bank of America CD interest rates 1 year: 0.05% Minimum deposit: $1,000
Overdrafts, ATMs, customer service
Wells Fargo details Overdraft fee: $35, maximum of 3 per day Overdraft protection transfer fee: $12.50 ATMs: 13,000 Branches: 5,700 in nearly 40 states Available 24/7 by phone, as well as chat and social media	Bank of America details Overdraft fee: $35, maximum of 4 per day Overdraft protection transfer fee: $12 ATMs: 16,100 Branches: About 4,400 in nearly 40 states 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.

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:

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

Online alternatives

Bank	Savings APY	Bonus features
Ally Bank Read Review	1.80%	24/7 customer service
Barclays Learn more	1.90%	Excellent CD options
Discover Bank Learn more	1.85%	Good checking account

» 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 How to get it waived You must meet one of the following requirements: Keep a minimum daily balance of at least $1,500 Make $500 in direct deposits per month Make 10 debit card purchases per month Have a linked Wells Fargo Campus ATM™ or Campus Debit Card (for college students) The fee will be reduced to $5 if the primary account owner is 17 to 24 years old [Back to top]	$12 How to get it waived You must meet one of the following requirements: Keep a minimum daily balance of at least $1,500 Make $250 in direct deposits per month Note: The fee is waived for students under 24 [Back to top]
Minimum opening deposit	$25	$25
Interest	None	None
ATM network	13,000 ATMs	16,100 ATMs
Out-of-network ATM fee	$2.50	$2.50
» Explore other options with NerdWallet’s list of best checking accounts

Click here for more analysis

You won’t earn any interest on either checking account. You’ll have to find another bank if you want to see your money grow there.

The monthly fee is lower at Wells Fargo, but you need a higher direct deposit balance to avoid it. If you intend to use your debit card frequently, Wells Fargo offers a way to avoid their fee. Be aware that other banks charge no monthly fees with no strings attached.

Basic savings

	Wells Fargo Way2Save	Bank of America Rewards Savings
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 from a linked account [Back to top]	$8 How to get it waived You must meet one of the following requirements: Keep a minimum daily balance of $500 Link an interest checking account Be a Bank of America Preferred Rewards client [Back to top]
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

Click here for more analysis

Bank of America’s interest rate is higher by a smidge than Wells Fargo’s, but it’s still extremely low compared to other banks, which offer rates well over 1%.

Both banks offer savings programs. Wells Fargo has an optional Daily Change app that helps you set savings challenges and goals. 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.

Certificates of deposit

	Wells Fargo	Bank of America
Minimum deposit	$2,500	$1,000
Short-term rate	0.25% APY for 1 year	0.05% APY for 1 year
Long-term rate	2.45% APY (with $5,000 minimum) for 58 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

Click here for more analysis

Both banks have very low CD rates compared to national averages. Rates may also vary by ZIP code.

If you have $5,000, Wells Fargo has better rates. Otherwise, Bank of America’s minimum deposit amounts are lower.

Bank experience

	Wells Fargo	Bank of America
Branches	5,800 in nearly 40 states and Washington, D.C.	About 4,400 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; 4.4 for Android	4.7 out of 5 stars for iPhone; 4.5 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

Click here for more analysis

Both banks cover roughly the same number 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, the two banks are roughly on par with each other.

Last year, Wells Fargo’s CEO admitted the bank had engaged in “unethical” practices after employees of the bank opened roughly 1.5 million bank accounts and about 565,000 credit card accounts that may not have been authorized, according to the Consumer Financial Protection Bureau. The bank paid out a $185 million settlement.

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

Click here for more analysis

Neither bank charges an extended overdraft fee, which is what banks can charge for having a negative account balance for a certain amount of days.

Overdraft fees are high at both banks. Other banks charge less, or limit the number of times you can overdraft to once a day. The best banks may not charge a fee at all.

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: [email protected]. Twitter: @iamyams. Jeanne Lee contributed to this report.

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Snapshot comparison

Choose Wells Fargo if:

Choose Wells Fargo if:

Choose Bank of America if:

Choose Bank of America if:

Online alternatives

Wells Fargo vs. Bank of America: Basic checking

Basic savings

Certificates of deposit

Bank experience

Overdraft fees

Similar but not identical

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