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Chase vs. Wells Fargo: Which Is Best for You?

Banking, Banks & Credit Unions, CDs, Checking Accounts, Savings Accounts
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Wells Fargo and Chase are two megabanks that can let you keep all your accounts under the same roof. The interest rates they pay are low compared to other banks, but they have thousands of ATMs and 24/7 customer service.

Here’s a quick look at how they stack up against each other:

Snapshot comparison

Chase
Wells Fargo
Checking accounts
Chase Total Checking®

  • Monthly fee $12 (How to waive it)
  • Minimum opening deposit: $25
  • Wells Fargo Everyday Checking

  • Monthly fee: $10 (How to waive it)
  • Minimum opening deposit: $25
  • Savings accounts
    Chase Savings℠

  • Interest rate: 0.01% (effective 2/16/18; rates are variable and subject to change)
  • Monthly fee: $5 (How to waive it)

  • Wells Fargo Way2Save

  • Interest rate: 0.01%
  • Monthly fee: $5 (How to waive it)

  • Certificates of deposit
    Chase interest rates on CDs

  • 1 year: 0.01%
  • Minimum deposit: $1,000
  • Wells Fargo interest rates on CDs

  • 1 year: 0.10% for standard CDs; 0.15% APY bonus rate for customers with premium linked accounts
  • Minimum deposit: $2,500

  • Overdrafts, ATMs, customer service
    • Overdraft fee: $34, maximum of three per day
    • Overdraft protection transfer fee: $0 per transfer
    • Extended overdraft fee: $15 each time your account stays overdrawn for five or more consecutive business days
    • ATMs: 16,000
    • Branches: about 5,100
    • Customer service: available via email and social media, and 24/7 by phone
    • Overdraft fee: $35, maximum of three per day
    • Overdraft protection transfer fee: $12.50 per transfer
    • ATMs: 13,000
    • Branches: More than 6,000
    • Customer service: available via email and social media, and 24/7 by phone

    Choose Chase if:

    Choose Chase if:


    Chase

    at Chase,

    Member, FDIC

      • You want to qualify for a $200 checking sign-up bonus; and $150 for savings (expires 4/16/2018)
      • You want a larger ATM network
      • You prefer lower minimums for certificates of deposit

    Choose Wells Fargo if:

    Choose Wells Fargo if:


    Wells Fargo

    at Wells Fargo,

    Member, FDIC

      • You prefer lower monthly checking fees
      • You want access to more branches

    Ready for more detail? Read on for a breakdown of their offerings.

    » Want to see other options? Browse NerdWallet’s best banks and credit unions

    Basic checking accounts

     Chase Total Checking®Wells Fargo Everyday Checking
    Sign-up bonus$200 (expires 4/16/2018); our bonuses roundup explains how to qualify


    No nationwide offers


    Monthly fees$12 ($144/year)



    • Receive $500 or more in direct deposits each month

    • Keep a daily balance of at least $1,500

    • Have a daily balance of at least $5,000 spread across qualifying Chase accounts



    $10; or $5 if primary account owner is age 17 to 24



    • Make 10 or more debit card purchases each month

    • Receive $500 or more in direct deposits each month

    • Keep a daily balance of at least $1,500

    • Link a Wells Fargo Campus ATM or Debit Card (available for college students)


    Minimum opening deposit$25
    $25

    ATM network16,000 Chase ATMs13,000 Wells Fargo ATMs
    ATM fee$2.50 for using out-of-network ATMs in the U.S.; $5 for ATM withdrawals abroad$2.50 per withdrawal for out-of-network ATMs in the U.S.; $5 per withdrawal for international out-of-network ATMs
    » Want to see how other banks stack up? Read NerdWallet’s best checking accounts
    Chase tips the scale with its current bonus offer. However, the Chase Total Checking® and Wells Fargo Everyday Checking accounts are comparable, including fees and breadth of ATM access. Both banks also offer premium checking accounts that earn interest but have higher minimum deposits.

    Basic savings accounts

     Chase Savings℠Wells Fargo Ways2Save
    Sign-up bonus$150 (expires 4/16/2018); see how to qualify
    None nationwide
    Monthly fees$5



    • Have a daily balance of at least $300

    • Set up an automatic transfer of at least $25 a month from a Chase checking account

    • Be younger than 18

    • Link to a premium Chase checking account


    $5



    • Have a daily balance of at least $300

    • Set up a recurring automatic transfer from a Wells Fargo checking account

    • Be younger than 18 (19 in Alabama)


    Interest rate0.01% APY (effective 2/16/18; rates are variable and subject to change)0.01% APY
    Minimum opening deposit$25$25
    » For more great options, check out NerdWallet’s best savings accounts
    Chase gets the edge because it has a savings bonus. Not counting that perk, having a $10,000 balance would earn you just $1 in interest over a year with either account. Both accounts have monthly fees, but they are easy to avoid.

     

    Certificates of deposit

     ChaseWells Fargo
    Minimum opening deposit$1,000$2,500
    APY on 1-year CD 0.01%
    0.10% for standard CDs; 0.15% bonus rate for customers with premium linked accounts
    APY on 3-year CD 0.05% 39-month Special CD rates range from 0.80% to 0.85%, but require $5,000 minimum deposit and bank relationship
    APY on 5-year CD0.25% 58-month Special CD rates range from 1.01% to 1.06% but require $5,000 minimum balance and bank relationship
    CD rates may vary by state. Those displayed above are based on ZIP codes in the state where each bank has its headquarters.
    » To compare see our latest top CD rates
    Chase’s minimum opening deposit is less than half of Wells Fargo’s requirement for a standard CD. But neither bank’s standard one-year certificate beats the federal national average, which is currently 0.34% APY. Meanwhile, some online banks, such as Ally Bank, have savings rates north of 1% for one-year CDs.

    » You can read NerdWallet’s full Ally Bank review to learn more about its rates for checking accounts, savings and CDs.

     

    Bank experience

     ChaseWells Fargo
    Branches5,100

    More than 6,000
    WebsiteEasy to compare accounts side by side, detailed information on ATMs and branches, large online banking menuCan compare different accounts on the same page, easy to find information on ATMs and branches, large online banking menu
    Banking apps (current ratings from app store users)4.8 out of 5 stars for iOS; 4.6 out of 5 for Android3.6 out of 5 stars for iOS; 4.3 out of 5 for Android
    Customer serviceAvailable via email and social media, and 24/7 by phoneAvailable via email and social media, and 24/7 by phone
    Wells Fargo has nearly 1,000 more branches than Chase. But Wells Fargo suffers in customer experience because of the scandal in which employees opened more than 2 million unauthorized accounts. The bank has since taken steps to alter practices and reimburse customers.

    »Does Wells Fargo owe you money? Read our article on the bank’s $110 million payout and find out if you’re owed cash.

     

    Overdraft fees

     ChaseWells Fargo
    Overdraft fee$34, maximum of three per day$35, maximum of three per day
    Overdraft protection fee$0 per transfer$12.50 per transfer
    Extended overdraft fee$15 each time your account stays overdrawn for five or more consecutive business daysNone
    Neither bank is lenient on overdraft fees, but Chase also adds in extended overdraft fees if you don’t quickly get back to a positive balance. Wells Fargo doesn’t have this type of fee. Both offer overdraft protection for moving money from a linked account to cover you. Wells Fargo charges $12.50 per transfer from savings or a line of credit, while Chase’s service, which offers transfers only from a linked savings account, is free.

     

    Big banks, small rates

    If you’re seeking the broad reach and expansive product selection of a national bank, you’ll find those at Wells Fargo or Chase. For similar banks, see our roundup of best national banks. However, if the low interest rates or hefty fees at these institutions don’t work for you, consider browsing NerdWallet’s list of top high-yield online banks for other options.

    » Looking for better rates? See how Chase and Wells Fargo compare to CIT online bank



    Learn more
    at Chase Bank
    Wells Fargo

    Read full review
    on NerdWallet


    Learn more
    at CIT Bank

    Savings APY

    0.01%*





    Monthly savings fee

    $5





    Bonus Features

    Sign-up bonus for new customers (expires 7/16/2018)


    Savings APY

    0.01%





    Monthly savings fee

    $5





    Bonus Features

    Thousands of branches



    Savings APY

    1.55%





    Monthly savings fee

    $0





    Bonus Features

    Stellar CD rates



    Compare high-yield savings accounts
    *Effective 2/16/18; rates are variable and subject to change

    Updated April 3, 2018.