Wells Fargo vs. Bank of America: Which Is the Right Bank for You?
Written by
Daria Uhlig
Edited by
Emily Gadd
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Bank of America and Wells Fargo are two of the biggest banks in the United States based on their assets. Both banks operate branches across the country and have been ranked among the Best Banks by GOBankingRates.Â
It’s a tight foot race between these two financial institutions as both also offer branches in convenient locations, easy access to ATMs and mobile and online banking.
Despite the similarities, there are differences you should know about if you’re considering a switch. Learn more in this comparison between Wells Fargo and Bank of America.
| Feature | Wells Fargo | Bank of America |
|---|---|---|
| Branch Locations | Over 4,700 | Over 3,700 |
| ATM Locations | Over 12,000 | Over 15,000 |
| Types of Accounts Offered | Checking, Savings Loans and CDs | Checking, Savings Loans and CDs. |
Bank Account Comparisons
Both banks offer a wide array of FDIC-insured account types, including checking, savings, certificates of deposit and youth-friendly options. Checking and savings accounts come with monthly maintenance fees in most cases.
Here’s a quick look at the various account types each bank offers, so you can compare.
| Account Type | Wells Fargo | Bank of America |
|---|---|---|
| Checking | – Everyday Checking – Clear Access Banking – Prime Checking – Premier Checking |
– Bank of America Advantage SafeBalance Banking® – Bank of America Advantage Plus Banking® -Bank of America Advantage Relationship Banking® |
| Savings | – Way2Save Savings – Platinum Savings Account |
– Bank of America Advantage Savings |
| Loans | – Home Loans – Personal Loans – Auto Loans |
– Home Loans – Auto Loans |
Wells Fargo vs. Bank of America: Savings
Bank of America and Wells Fargo both have savings accounts with fees you can have waived by maintaining a certain balance or linking other accounts.
Wells Fargo: Way2Save, Platinum Savings
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
- Up to Annual Percentage Yield (APY)
Bank of America: Advantage Savings
Bank of America’s Advantage Savings account rewards higher balances with higher rates.
- – or higher with the relationship accounts
- $100 minimum opening deposit
- $8 monthly maintenance fee — waived under certain conditions
- Automatic savings options available
- No overdraft fees
- Online, mobile banking available
- Up to Annual Percentage Yield
Wells Fargo vs. Bank of America
Both banks’ checking accounts are very similar in terms of fees and perks.
Wells Fargo: Clear Access, Everyday and Portfolio
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
Bank of America: Advantage Banking
Bank of America offers three checking accounts: Advantage SafeBalance Banking®, Advantage Plus Banking® and Advantage Relationship Banking®
- $4.95, $12 or $25 monthly maintenance fee — waived under certain conditions
- $25 to open Advantage SafeBalance®, $100 to open Advantage Plus or Relationship
- Relationship account pays interest
- Paper checks available for Plus and Relationship accounts
- Mobile deposits
- Budgeting tools
- Debit card controls
- Can link with Zelle
Wells Fargo vs. Bank of America: CDs
As you’d expect, both banks offer CDs. However, Bank of America has a wider choice of terms and rates.
Wells Fargo: Fixed Rate CD
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
Bank of America: Standard Term, Featured Term
Bank of America has two CDs to choose from.
- Standard Term
- Minimum deposit: $1,000
- Terms: 28 days to 10 years
- Automatic renewals
- Featured Term
- Minimum deposit: $1,000
- Terms: 7 to 37 months
- Automatic renewals
Wells Fargo vs. Bank of America: Rates
| Account Type | Wells Fargo | Bank of America | Notes |
|---|---|---|---|
| Checking Accounts | Up to | Bank of America requires a balance of at least $50,000 to earn interest | |
| Savings Accounts | Up to | Up to | Both banks offer their highest rates on their relationship accounts with high minimum account balances. |
| CDs | – | – | The 7 month CD has the highest rate for both banks. |
| Loans | -Auto Loans: Rates aren’t published -Personal Loans: As low as -Home Loans: (30 year fixed) (15 year fixed) |
-Auto Loans: -Home Loans: Depends on purchase prices, down payment and location |
Rates depend on credit score and loan type |
Bank of America vs. Wells Fargo: Fees
Both banks charge fees for a wide array of services. However, the account maintenance fees and the overdraft fees are the ones that are most likely to affect you.
Regarding Overdraft Fees
Overdraft fees add up quickly. Both banks charge a fairly typical $35, but you can reduce or eliminate the high fee with overdraft protection.
Both banks charge a maintenance fee on both savings and checking accounts. However, customers can get that fee waived by activities like maintaining a minimum balance, linking accounts, enrolling in a preferred rewards program or completing a certain number of transactions per statement period. Fees might also be waived for minors or Students/those under 25.
Fee Breakdown
| Fee Type | Bank of America | Wells Fargo |
|---|---|---|
| Monthly Maintenance | $4.95 – $25 | $5 – $25 |
| Overdraft/Nonsufficient Funds | $35 | $35 |
| Overdraft Protection Transfers | $12 | $0 |
| ATM | Non-Bank of America domestic: $2.50 | Non-Wells Fargo domestic: $2.50 |
| Replacement Debit Card | $5 per card | $0 |
| Cashier’s Check | $15 | $10 |
Bank of America vs. Wells Fargo: Pros and Cons
| Bank | Pros | Cons |
|---|---|---|
| Bank of America | -Large variety of accounts and services-Highly rated mobile app | -High fees-Low rates on CD accounts |
| Wells Fargo | -User-friendly online banking-Rewards and bonus interest rates for high balance accounts-Numerous convenient locations | -Monthly service fees on checking and savings accounts |
Final Take: The Overall Choice
In general, you might gain a slight advantage by choosing Wells Fargo. However, that edge is small, and Bank of America, Member FDIC, could serve specific customers better. In the end, your best bet is to choose the bank that offers more convenience and is less likely to impose fees on the products and services you use most.
FAQ
- What are the key differences between Wells Fargo and Bank of America?
- Both offer similar products but some interest rates are better than others. For example, Wells Fargo has a higher CD rate than Bank of America.
- Which bank offers the best savings account options?
- Both have low interest rates for savings accounts and reserve the highest rate for accounts with high minimum balances.
- Are there any fees for using ATMs at Wells Fargo or Bank of America?
- No, but both charge fees for using out of network ATMs.
- Can I get a mortgage through either bank, and which one is better?
- Both banks offer mortgages. The rate you will be offered depends on many factors like your credit score and the down payment you have.
