Chase vs. Wells Fargo: Which Bank Is Better for Your Money

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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.

Chase vs. Wells Fargo: Account Types

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

Chase vs. Wells Fargo: Checking

Both banks offers several checking accounts to choose from. The monthly maintenance fees are comparable and there are easy ways to waive them. Chase’s Overdraft Assist* on the Chase Total Checking Account makes it a stand out among the two banks.

Chase

Chase offers five checking accounts: Chase Total Checking, Chase Secure Banking, Chase Premier Plus Checking, Chase Sapphire Banking and Chase Private Client Checking

• $4.95, $12, $5 — waived under certain conditions
• Chase Total Checking offers Chase Overdraft Assist, which waives fees if you’re less than $50 overdrawn
• No fees on money orders or cashier’s checks
• Comes with Zelle
• Pay bills with no fees using Chase Online Bill Pay

Wells Fargo

Wells Fargo offers four checking accounts: Everyday Checking, Clear Access Banking, Prime Checking and Premier Checking.

• $5, $10, $25 monthly maintenance fee — waived under certain conditions
• $25 to open
• Portfolio account pays interest
• Mobile deposits
• Budgeting tools
• Debit card controls
• Can link with Zelle

Chase vs. Wells Fargo: Savings

Both banks only have two savings accounts and the interest rates are on the lower end. Wells Fargo’s Platinum Savings account has the highest interest rate. However, you’ll have to qualify for the relationship account and it’s still much lower than the national average of 0.41.

Chase

Chase has the Chase Savings and Chase Premier Savings account.

• –
• No minimum opening deposits
• $5-$25 monthly service fee – waived under certain conditions
• Autosave feature
• Online, mobile banking available

Wells Fargo

Wells Fargo has the Way2Save Savings and Platinum Savings Account.

Link your savings account to your Wells Fargo checking account to avoid high overdraft fees.

• –
• $25 minimum opening deposit
• $5, $12 monthly maintenance fee — waived under certain conditions
• Automatic savings options available
• Use for overdraft protection for linked checking account
• Online, mobile banking available

Chase vs. Wells Fargo: CDs

Chase

Chase offers CDs with relationship and non-relationship rates.

• Minimum deposits: $1,000
• Terms: 1 to 120 months
• Automatic renewals

Wells Fargo

Wells Fargo offers a standard fixed-rate CD.

• Minimum deposits: $2,500
• Terms: 3 months to 1 year — check with a branch about availability of other terms
• Automatic renewals

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: 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 Chase’s fees compare to Wells Fargo’s.

Is Chase Better Than Wells Fargo?

No two people are alike — and neither are the services of competing banks. Chase might be better than Wells Fargo when you’re on a tight budget and tend to incur overdraft fees.

Overdraft Fees

Wells Fargo’s overdraft fees are slightly higher than Chase’s, and the fee applies if your account is overdrawn over $5, whereas Chase has a more generous policy.

You have a chance to avoid an overdraft fee if your account is overdrawn no more than $50 or if the account had sufficient funds at the moment the bank authorized the purchase that overdrew the account. 

Savings Options

If you want to maximize your savings, however, Wells Fargo beats Chase on how much you can earn in interest on CDs, but you’ll need a relationship account to qualify.

If you’re interested in a wider variety of CD terms or premium checking accounts, Chase is the better option. 

Tips To Pick the Right Bank

When comparing banks, there are several factors you should consider so you can narrow down your options. The following tips can help you choose the best bank for you.

Choose a Bank With Low Fees

Look for accounts with no fees or those that waive monthly maintenance charges for certain activities. This includes setting up direct deposits, using your debit card or maintaining a minimum balance.

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

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 and the order they use to process credits and debits to your account.

Research Sign-Up Bonuses

Many banks provide cash sign-up bonuses when you open a new account. You could earn hundreds of dollars simply by giving a new bank a try.

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 banking app works.

What Are 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 you are in your financial journey, 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.

Allison Hache, Cynthia Measom and Daria Uhlig contributed to the reporting for this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Apr. 7, 2023.

*With Chase Overdraft Assist^SM, Chase won’t charge an insufficient funds fee if you’re overdrawn by $50 or less at the end of the business day, or if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 p.m. ET, or 8 p.m. PT, to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.

Chase Total Checking has a monthly fee of $12 or $0 with one of the following, each monthly statement period: Electronic deposits made into this account totaling $500 or more, such as payments from payroll providers or government benefit providers, by using (i) the ACH network, (ii) the Real Time Payment or FedNow^SM network, (iii) third party services that facilitate payments to your debit card using the Visa® or Mastercard® network, OR a balance at the beginning of each day of $1,500 or more in this account, OR an average beginning day balance of $5,000 or more in any combination of this account and linked qualifying Chase checking, savings, and other balances.

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