Chase vs. Wells Fargo Comparison: Which Bank Is Better for You?
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.
| Account Type | Chase | Wells Fargo |
|---|---|---|
| Checking |
|
|
| Savings | 2 savings accounts | 2 savings accounts |
| CDs | 17 term options between 1 month and 120 months |
|
| Credit cards | 29 card offers | 7 card offers |
| Loans |
|
|
| Other |
|
|
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.
| 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 |
|
|
| Replacement Debit Card | No fee for standard shipping, or $5 for rush requests | No fee |
| Cashier’s Check | $8 each | $10 each |
| Wire Transfer |
|
|
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.
| 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%-0.02% 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.
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- Chase. "About Chase Bank."
- Chase. "How to Use Your Digital Wallet FAQs."
- Chase. "Additional Banking Services and Fees (PDF)."
- Wells Fargo. "Savings Accounts and CDs."
- Chase. "Open a Chase Certificate of Deposit."
- Chase. "Chase Credit Cards."
- Chase. "Consumer Deposit Rates."
- Wells Fargo. "Interest Rates on Wells Fargo Consumer Accounts."
