Which Is Better: Wells Fargo or U.S. Bank?
Written by
Preston Hartwick
Edited by
Melanie Grafil
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If you’re looking for a new bank, it’s easy to become overwhelmed by all of the available options. Aside from your local brick-and-mortar banks, there is a wide range of online banks offering features that cater to the needs of digital users.
However, if you’re looking for a comprehensive range of banking products and services, traditional banking institutions are difficult to beat for their capacity to serve all your financial needs. Two of the largest banks in the country are Wells Fargo and U.S. Bank. Which is better, Wells Fargo or U.S. Bank? Read on to see how they compare.
Wells Fargo vs U.S. Bank: Quick Take
| Â | Wells Fargo | U.S. Bank |
|---|---|---|
| Basic checking account | $10 monthly service fee | $6.95 monthly service fee |
| Basic savings account | APY | APY |
| 12-month CD | APY | APY |
| Out-of-network ATM fees | $2.50 | $2.50 |
Wells Fargo vs U.S. Bank: Access
Wells Fargo boasts over 68 million customers and holds assets worth more than $1.9 trillion. This makes it worth around 3.2 times more than U.S. Bank, which has a holding of approximately $587 billion in total assets
When it comes to their physical footprints, both banks are widely accessible and offer their services to millions of customers. Wells Fargo has more than 5,600 branches and 12,000 ATMs located across 36 states and Washington, D.C. U.S. Bank, on the other hand, has over 2,000 branches and 4,000 ATMs located in 26 states.
Summary: Wells Fargo has a larger presence than U.S. Bank, but both are among the largest banks in the country and offer a high degree of accessibility for most customers.
Wells Fargo vs U.S. Bank: APYs
One area where traditional banks like Wells Fargo and U.S. Bank lag behind online-only banks is interest rates on standard savings accounts. Both banks only offer a negligible 0.01% APY for their standard savings accounts. Even the Wells Fargo Platinum Savings Account features a meager APY for balances lower than $100,000. So, if you’re interested in growing your savings, you’ll need to look into the banks’ other offerings.
With Wells Fargo, your best options for savings are its short-term Special Fixed-Rate CDs. The bank is currently offering 4-month and 7-month CDs at APY and 11-month CDs at APY. For longer-term 12-month Standard Fixed Rate CDs, the interest rate drops to APY. Special Fixed-Rate CDs require a minimum deposit of $5,000, with the Standard Fixed Rate CD requiring $2,500.
U.S. Bank has lower Standard CD rates at 0.05% for terms ranging from 1 to 12 months. But you can lock in a rate competitive with Wells Fargo if you choose the CD Special offering, which ranges from APY and APY for terms between 7 to 15 months. U.S. Bank CDs can be opened with a minimum deposit of just $1,000.
U.S. Bank edges ahead of Wells Fargo in this category because it also offers an Elite Money Market Account, which allows you to earn up to APY. Unlike a CD where your funds are locked up for a period of time, the Elite Money Market Account operates like a checking account. However, the high interest rate only kicks in if you maintain a minimum balance of $25,000.
Summary: Neither bank offers an attractive savings rate for its standard account, but each has competitive interest rates for its short-term CDs. U.S. Bank also features a APY Money Market Account.
Wells Fargo vs U.S. Bank: Fees
Both Wells Fargo and U.S. Bank accounts have relatively high service fees, but they can easily be waived by satisfying multiple conditions.
For instance, you can avoid Wells Fargo’s Everyday Checking account $10 monthly service fee if you maintain a $500 minimum daily balance, deposit $500 or more each month, are between 17-24 years old, or meet other conditions.
Likewise, U.S. Bank’s $6.95 checking account monthly maintenance fee will be waived if you maintain an average account balance of $1,500, deposit $1,000 or more each month, or have an eligible credit card.
Both banks charge a $2.50 fee for using an out-of-network ATM.
Summary: Wells Fargo charges higher maintenance fees than U.S. Bank but offers a lower threshold for waiving the fees than U.S. Bank. Both banks provide multiple ways to avoid service fees.
Wells Fargo vs U.S. Bank: Products and Services
As two of the nation’s largest banks, Wells Fargo and U.S. Bank both offer a wide range of products and services, including:
- Checking accounts
- Savings accounts
- Certificates of deposit
- Credit cards
- Home loans
- Personal loans
- Auto loans
- Financial advisors
- Business accounts
- Commercial banking
- Highly rated mobile apps
Summary: Both banks offer a similar, competitive range of products and services that should meet the needs of most individual and corporate customers.
Who Is Wells Fargo For?
Wells Fargo banking is good for people who:
- Are looking for a large commercial bank that offers a range of products including loans and brokerage services
- Want easy ways to waive fees on their checking account
- Live near Wells Fargo branches and appreciate an in-person banking experience
- Are looking for CD rates of up to 5.00% APY
Who Is U.S. Bank For?
U.S. Bank is good for people who:
- Are looking for low minimums on their accounts
- Want access to a larger ATM network
- Live in a state where U.S. Bank accounts are available
- Can satisfy the $25,000 minimum balance to take advantage of a APY money market account
Key Takeaways
So who is better, Wells Fargo or U.S. Bank? There’s no clear winner — it simply depends on what kind of products and services you’re looking for. Both popular banks are backed by the FDIC, available throughout the U.S., and offer a similar range of products and services.
GOBankingRates scores Wells Fargo 4.5 out of 5 for its wide array of products and easy accessibility. U.S. Bank also has a high rating at 4.3 out of 55 for its variety of checking account options and 24/7 customer service.
Read comparisons of the Best National Banks for 2024 to gain further insight into which bank is best suited to your financial needs.
