Chase vs. Wells Fargo Comparison: Which Bank Is Better for You?

Chase vs Wells Fargo bank

Chase and Wells Fargo are two banking powerhouses. They both have branches nationwide and a variety of products for people and businesses. So, which of the two giants is better? It all depends on what you’re looking for. This Chase versus Wells Fargo comparison will help you decide which bank is best.

Who Is Chase Best For?

Customers who like online and mobile banking and prefer to have access to ATMs over branches should consider choosing Chase. A couple of benefits in which Chase wins over Wells Fargo are:

  • 16,000 ATMs versus Wells Fargo’s 13,000
  • Additional digital wallet offerings: Fitbit Pay, Garmin Pay and LG Pay
  • Best rewards credit cards: Chase Freedom Flex and Chase Freedom Unlimited

Who Is Wells Fargo Best For?

Customers who prefer traditional banking and access to an in-person representative should consider choosing Wells Fargo. Wells Fargo benefits include:

  • More physical branch locations: 5,300 versus 4,900
  • Better rates on savings accounts and certificates of deposit

Chase vs. Wells Fargo: Account Types

Here are the different account types the two banks have to offer personal banking customers.

Wells Fargo vs. Chase Accounts Comparison
Account Type Chase Wells Fargo
Checking • 4 standard accounts
• 2 youth/student accounts
• 4 standard accounts
• 1 teen account
Savings 2 savings accounts 2 savings accounts
CDs 17 term options between 1 month and 120 months • 3 term options from 3 months to 1 year
• 24-month Step Rate CD
Credit cards 29 card offers 7 card offers
Loans • Mortgages
• Home equity lines of credit
• Car loans
• Mortgages
• Home equity lines of credit
• Car loans
• Student loans
Other • IRAs
• Rollovers
• Education accounts
• Investing
• Wealth management
• IRAs
• Rollovers
• Education accounts
• Investing
• Wealth management

Chase vs. Wells Fargo: Fees

As you can see, both banks offer customers plenty of options to manage their money. But how much will it cost you? Here is how Wells Fargo versus Chase fees compare.

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Wells Fargo vs. Chase Fees Comparison
Type of Fee Chase Cost Wells Fargo Cost
Monthly Maintenance $0, $4.95, $5, $6, $12 or $25 $0, $5, $10, $12, $15 or $30
Overdraft/Non-Sufficient Funds $34 $35
ATM • Non-Chase domestic: $2.50
• Non-Chase international: $5
• Non-Wells Fargo domestic: $2.50
• Non-Wells Fargo international: $5
Replacement Debit Card No fee for standard shipping, or $5 for rush request No fee
Cashier’s Check $8 each $10 each
Wire Transfer • Domestic outgoing: $25-$35
• International outgoing: $5-$50
• Incoming domestic and international wires: $15, or free if coming from a Chase customer
• Domestic outgoing: $25-$30
• International outgoing: Fee disclosed at time of service
• Incoming domestic: $15
• Incoming international: $16

Chase vs. Wells Fargo: Rates

If you plan on depositing your savings with either bank, earning the highest interest possible should be one of the top reasons to choose one bank over the other.

Chase vs. Wells Fargo Rates Comparison
Account Chase Rate Wells Fargo Rate
Checking 0.01% APY 0.01% APY
Savings 0.01% APY 0.01%-0.02% APY
CD Rates 0.01%-0.05% APY 0.01%-0.04% APY

Is Chase Better Than Wells Fargo?

No two people are alike — and neither are the services of competing banks. Chase may be better than Wells Fargo when you’re on a tight budget. The bank slightly edges Wells Fargo out when it comes to fees, saving you some money on your everyday banking.

If you want to maximize your savings, however, Wells Fargo beats Chase on how much you can earn in interest without a higher balance.

Tips To Pick the Right Bank

When choosing the right bank, take a few tips from the insiders:

Choose a Bank With Low Fees

Look for accounts with no fees or those that waive monthly maintenance charges for certain activities, such as receiving direct deposits, using your debit card or by maintaining a minimum balance.

Watch Out for Overdraft Fees

Some banks charge as much as $35 for each overdraft, making it one of the most expensive fees a bank charges. Even worse, a bank may allow multiple overdraft fees per day, which could seriously put a dent in your balance. If you occasionally overdraw your account, look closely at how the bank handles overdrafts.

Also take into consideration any other fees, such as for closing your account, inactivity and even replacing a lost or stolen card.

Research Signup Bonuses

Many banks provide cash signup bonuses when you open a new account. You could earn hundreds of dollars simply for giving a new bank a try. GOBankingRates regularly updates you on the best bank promotions each month.

Ask Your Friends and Family

Word-of-mouth is one of the best ways to know how a bank may work for you. Ask your friends, family and work colleagues about which financial institution they bank with. Find out what they like about the bank and what they think could improve.

Their experience can provide you with good insight into how the bank could benefit you.

Consider Accessibility

Depending on your banking habits and how comfortable you are with online or mobile banking, you may want to choose a bank with physical branches where you can get in-person help with your banking.

Mobile Apps Offer Convenience

A user-friendly app with mobile check deposit and free ways to send money to friends and family can improve your banking experience by reducing your need for checks and the number of visits you need to make to the ATM.

If you’re comfortable with online banking, do some research on each bank you’re considering and how its mobile app works.

Consider Your Financial Goals

If you’re actively saving for retirement or growing your savings, choose a bank with robust retirement and investment features.

Depending on where in your financial journey you may be, you may want a bank that provides more than a checking account. In most cases, banks will give you special discounts or preferential rates on their loan, insurance and savings products if you already bank with the institution.

Rates are subject to change. Information on accounts is accurate as of Nov. 4, 2020.

Editorial Note: This content is not provided or commissioned by the bank advertiser. Opinions expressed here are author’s alone, not those of the bank advertiser, and have not been reviewed, approved or otherwise endorsed by the bank advertiser. This site may be compensated through the bank advertiser Affiliate Program.

Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about GOBankingRates’ processes and standards in our editorial policy.

About the Author

Cynthia Paez Bowman is a personal finance writer with degrees from American University in international business and journalism. Besides writing about personal finance, she writes about real estate, interior design and architecture. Her work has been featured in MSN, Brex, Freshome, MyMove, Emirates’ Open Skies magazine and more.

Chase vs. Wells Fargo Comparison: Which Bank Is Better for You?
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