Bank of America vs. Wells Fargo: Which Bank is the Right fit for You?

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  • Pros and Cons: Bank of America
  • Pros and Cons: Wells Fargo
  • Checking Account Comparisons
  • Savings Account Comparisons
  • CD Comparisons 
  • Which Bank is More Trustworthy?
  • FAQ
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    Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.

    The bottom line: Wells Fargo beats Bank of America when comparing checking accounts, but you may prefer Bank of America if you want to open a savings account or CD. Also, see how the two banks compare to the best banks.

    If you prefer a traditional banking experience, Wells Fargo and Bank of America are two well-known financial institutions with substantial locations throughout the US. 

    We're reviewing checking, savings, and CD accounts to see which institution's products stand out the most. We're also evaluating each bank's trustworthiness, so you can determine if one of these banks is ultimately the right fit for you.

    Pros and Cons: Bank of America

    ProsCons
    • Around 3,900 branches and 15,000 ATMs

    • Possible to waive monthly service fees

    • Savings features that let you round up purchases or get cash back

    • A- rating from the Better Business Bureau

    • Online banks offer higher interest rates on  savings and CDs

    • No money market account

    • Monthly service fees

    Pros and Cons: Wells Fargo

    ProsCons
    • Around 4,700 branches and 12,000 ATMs

    • Possible to waive monthly service fees

    • Automatic savings features (Save As You Go®)

    • $300 Everyday Checking account bonus.

    • Online banks offer higher interest rates on  savings and CDs
    • No money market account
    • Monthly service fees
    • F rating from the Better Business Bureau

    Bank of America vs. Wells Fargo Checking Account Comparisons

    We are comparing two standard checking accounts with lower bank fees.

     Bank of America Advantage Plus Checking AccountWells Fargo Everyday Checking Account

    Minimum opening deposit

    $100$25

    Monthly service fee

    $12 or $0 when waived$10 or $0 when waived

    How to waive the monthly service fee

    Meet one of the following requirements:

    • Receive direct deposits of $250 or more
    • Keep at least $1,500 in your account daily
    • Enroll in the Preferred Rewards Program
    • Be a student under age 25

    Meet one of the following requirements:

    • Receive direct deposits of $500 or more
    • Keep at least $500 in your account daily
    • Link your account to a Wells Fargo ATM Card or Campus Debit Card
    • Are between the ages of 17 and 24

    Bonus

    $200$300

    Next steps

    Start Banking

    Start Banking

    Choosing between these two checking accounts will likely to come down to whether you're able to waive monthly service fees at either bank.

    Wells Fargo has a significantly lower daily minimum balance requirement than Bank of America. It also makes it easy to waive monthly services fees if you're a college student or minor. If you qualify for Wells Fargo's bonus, you'll earn more than you would with Bank of America.

    See the best bank account bonuses right now>>

    Winner: Wells Fargo

    The Wells Fargo Everyday Checking Account has a lower opening deposit requirement and makes it easier to waive the monthly service fee. It also has an impressive sign-up bonus for qualifying customers.

    Wells Fargo Everyday Checking Account Start banking Wells Fargo, FDIC Insured Wells Fargo Wells Fargo Everyday Checking Account Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3.25/5 Icon of check mark inside a promo stamp It indicates a confirmed selection. Perks

    Earn a $300 bonus when you open a new account from the offer webpage with a $25 minimum opening deposit and receive a total of $1,000 or more in qualifying electronic deposits to your new checking account within 90 calendar days of account opening (offer ends April 1, 2024)

    Fees

    $10 monthly service fee

    Annual Percentage Yield (APY)

    None

    Minimum Deposit Amount

    $25

    Bonus Info icon Earn a $300 bonus when you open a new account from the offer webpage with a $25 minimum opening deposit and receive a total of $1,000 or more in qualifying electronic deposits to your new checking account within 90 calendar days of account opening (offer ends April 1, 2024)

    $300

    Pros
    • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Relatively easy to waive monthly fee
    • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Free overdraft protection available
    • Check mark icon A check mark. It indicates a confirmation of your intended interaction. $25 minimum opening deposit
    Cons
    • con icon Two crossed lines that form an 'X'. $10 monthly service fee
    • con icon Two crossed lines that form an 'X'. $35 overdraft fee
    • con icon Two crossed lines that form an 'X'. $2.50 out-of-network ATM fee
    Insider’s Take

    Wells Fargo is a solid choice if you're looking for a brick-and-mortar bank with a national presence. It also offers some of the best checking and savings account bonuses out there for opening new accounts. But to earn high savings rates, you'll want to look elsewhere.

    Wells Fargo Everyday Checking Account review External link Arrow An arrow icon, indicating this redirects the user." Product Details
    • Approximately 4,700 branches and 12,000 ATMs
    • Earn $300 bonus when you open a new account from the offer webpage with a $25 minimum opening deposit and receive a total of $1,000 or more in qualifying electronic deposits to your new checking account within 90 calendar days of account opening (offer ends April 1, 2024)
    • Waive $10 monthly fee when you have $500 in direct deposits per month, OR maintain minimum balance of $500, OR link account to a Wells Fargo Campus ATM or Campus Debit Card OR are 17-24 years old
    • FDIC insured
    Show Pros, Cons, and More chevron down icon An icon in the shape of an angle pointing down.

    Bank of America vs. Wells Fargo Savings Account Comparisons

    We've compared savings accounts with lower monthly service fees and minimum opening deposits.

     Bank of America Advantage Savings AccountWells Fargo Way2Save® Savings Account

    APY

    0.01% to 0.04%0.01%

    Minimum opening deposit

    $100$25

    Monthly service fee

    $8 monthly service fee$5 monthly service fee

    How to waive the monthly fee

    Monthly fee is waived for the first 6 months

    After that, meet one of the following criteria:

    • Keep at least $500 in your account daily
    • Link to a Bank of America Advantage Relationship Banking Account
    • Enrolled in the Bank of America Preferred Rewards program
    • Are under the age of 18
    • Are under the age of 25 and a student

    Meet one of the following criteria:

    • Keep at least $300 in your account daily
    • Use the Save as You Go feature if you have a checking account
    • Are under the age of 24

    Bonus

    None

    None

    Other perks

    Up to 10% cash back through BankAmeriDeals; Keep the Change® feature lets you round up debit card purchasesSave As You Go® transfers $1 into your Way2Save Savings Account from checking each time you swipe your debit card

    Next steps

    Start SavingStart Saving

    The biggest upside to the Bank of America Advantage Savings Account is that you won't have to worry about a monthly service fee during the first six months of opening your bank account. After the first six months, you also might find it easy to waive the monthly service fee if you're a college student or minor.

    It also may be worthwhile if you want to become involved in some of Bank of America's other offerings. For example, if you open a checking account, you may use the Keep the Change® feature to help you save.

    Wells Fargo has fewer options for waiving the monthly service fee. However, if you're only looking to open a saving account, you might prefer Wells Fargo, since you can the waive the fee with a lower account balance.

    Winner: Bank of America

    Bank of America lets you waive the monthly service fee for the first six months. This account also offers more ways to waive the monthly service fee.

    Bank of America Advantage Savings Account Start saving Bank of America, Member FDIC Bank of America Bank of America Advantage Savings Account Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3.25/5 Fees

    $8 monthly service fee

    Annual Percentage Yield (APY)

    0.01% to 0.04%

    Minimum Deposit Amount

    $100

    Bonus

    None

    Pros
    • Check mark icon A check mark. It indicates a confirmation of your intended interaction. New accounts have monthly fee waived for the first 6 months
    • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Multiple ways to waive monthly fee after the first 6 months
    • Check mark icon A check mark. It indicates a confirmation of your intended interaction. No excess withdrawal fee if your balance is at least $20,000, or if you're a Preferred Rewards customer
    Cons
    • con icon Two crossed lines that form an 'X'. Low APY
    • con icon Two crossed lines that form an 'X'. Compounds interest monthly, not daily
    • con icon Two crossed lines that form an 'X'. $100 opening deposit
    • con icon Two crossed lines that form an 'X'. $8 monthly service fee
    • con icon Two crossed lines that form an 'X'. $10 excess withdrawal fee
    Insider’s Take

    The Bank of America Advantage Savings Account rates are lower than the average savings account but similar to what other national banks pay. If you're searching for a high interest rate on a savings account, you'll earn more by opening one of the best high-yield savings accounts.

    Bank of America Advantage Savings review External link Arrow An arrow icon, indicating this redirects the user." Product Details
    • Access to over 3,900 branches and 15,000 ATMs
    • Earn slightly higher rates by becoming a Preferred Rewards customer and qualifying for the Gold, Platinum, or Platinum Honors tier
    • Earn cash back when you make a debit card or credit card purchase through the BankAmeriDeals® program; Cardholders will automatically be enrolled in the program when setting up online banking and a list of eligible offers and deals will be available through online banking
    • Waive $8 monthly service fee by maintaining $500 balance, OR linking to your Bank of America Advantage Relationship Banking® account, OR by becoming a Preferred Rewards customer
    • Waive monthly fee if you're a student under age 25
    • Waive monthly fee if an account holder is under age 18
    • Interest compounded monthly and paid monthly
    • FDIC insured
    Show Pros, Cons, and More chevron down icon An icon in the shape of an angle pointing down.

    Bank of America vs. Wells Fargo CD Comparisons 

     Bank of America Fixed Term CDWells Fargo Standard Fixed Rate CD

    Term lengths

    28 days to 10 years3 months to 1 year

    Minimum opening deposit

    $1,000$2,500

    APY

    0.03% to 4.00%1.50% to 4.51%

    Early withdrawal penalties

    7 to 365 days interest3 months interest for all CD terms

    Next steps

    Start SavingStart Saving

    Bank of America CD rates are higher than Wells Fargo rates on select shorter terms. Bank of America has more terms to choose from, and you can open a CD with less money than with Wells Fargo.

    Winner: Bank of America

    If you're looking for a variety of term options or a low minimum opening deposit, Bank of America easily tops Wells Fargo.

    Bank of America Fixed Term CD Start saving Bank of America, Member FDIC Bank of America Bank of America Fixed Term CD Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3.25/5 Annual Percentage Yield (APY)

    0.03% to 4.00%

    Minimum Deposit Amount

    $1,000

    Pros
    • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Terms from 28 days to 10 years
    • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Access to over 3,900 branches and 15,000 ATMs
    Cons
    • con icon Two crossed lines that form an 'X'. Low APY
    • con icon Two crossed lines that form an 'X'. Interested is compounded monthly, not daily
    • con icon Two crossed lines that form an 'X'. $1,000 opening deposit
    • con icon Two crossed lines that form an 'X'. High early withdrawal penalties
    Insider’s Take

    Bank of America CD rates are low overall, with the exception of select short-term options. You'll still find the best CD rates at online financial institutions, though, regardless of which term you'd like to get.

    Bank of America Fixed Term CD review External link Arrow An arrow icon, indicating this redirects the user." Product Details
    • Access to over 3,900 branches and 15,000 ATMs
    • Terms ranging from 28 days to 10 years
    • Early withdrawal penalties are as follows: the greater of all interest earned or 7 days interest on the amount withdrawn for terms under 90 days; 90 days interest for terms over 90 days and under 12 months; 180 days interest for terms of 12 months to under 60 months; 365 days interest on terms of 60 months or more
    • Interest compounded monthly and paid monthly
    • FDIC insured
    Show Pros, Cons, and More chevron down icon An icon in the shape of an angle pointing down.

    Bank of America vs. Wells Fargo Trustworthiness and BBB ratings

    The Better Business Bureau rates business based on responses to customer complaints, honesty in advertising, and transparency about business practices.

    Bank of America received an A- rating from the BBB. Meanwhile, Wells Fargo has an F rating because it hasn't responded to some complaints on the BBB website and the government has taken action against the business.

    In 2022, The Consumer Financial Protection Bureau required Wells Fargo to pay more than $3.7 billion in a settlement that accused the bank of wrongfully charging fees that led thousands of customers to lose vehicles and homes. The settlement also accuses the bank of wrongfully charging overdraft fees on checking and savings accounts.

    In 2021, Wells Fargo consented to a Cease and Desist order from the Office of the Comptroller of the Currency. The OCC stated that the bank's home lending loss mitigation program was unsuccessful, and it charged Wells Fargo a $250 million civil penalty.

    In 2023, Bank of America paid over $100 million to customers in a settlement when accused of repeatedly charging a $35 overdraft fee for the same transaction, withholding credit card rewards, and enrolling customers in credit card accounts without them knowing or authorizing it.

    In 2022, the Consumer Financial Protection Bureau fined Bank of America for freezing customers' accounts because its automatic fraud filter incorrectly detected fraud on accounts. The CFPB claimed that the bank made it difficult for customers to un-freeze their accounts.

    Bank of America and Wells Fargo: Frequently Asked Questions

    Is Bank of America better or Wells Fargo? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

    It depends on the accounts you'd like to open and what you're looking for. Wells Fargo makes it a bit easier to waive monthly service fees on its savings account and requires a lower initial deposit than Bank of America.

    For a money market account or high-yield savings account, you'll want to look at other banks because neither bank offers these types of accounts.

    Is Bank of America larger than Wells Fargo? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

    Bank of America has around 3,900 branches and 15,000 ATMs. Meanwhile, Wells Fargo has 4,700 locations and 12,000 ATMs.

    Banking Reporter Sophia Acevedo is a banking reporter at Business Insider. Sophia joined Business Insider in July 2021. She writes bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF).Sophia is an alumna of California State University Fullerton where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email sacevedo@businessinsider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >>Below are links to some of her most popular stories:Read more Read less Compliance Associate Evelyn He is a compliance associate at Business Insider who supports the Personal Finance Insider team. Personal Finance Insider is Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love.The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries.   Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber. Read more Read less Top Offers From Our Partners Betterment Cash Reserve Account New Customer Offer: Earn 5.50% APY when you open your first cash account with $10 deposit. Terms apply. A tooltip *Current promotional rate; annual percentage yield (variable) is 4.75% as of 7/31/23, plus a .75% boost available as a special offer with qualifying deposit. Terms apply; if the base APY increases or decreases, you'll get the .75% boost on the updated rate. Cash Reserve is only available to clients of Betterment LLC, which is not a bank, and cash transfers to program banks are conducted through clients’ brokerage accounts at Betterment Securities. **The national average savings account interest rate is reported by the FDIC (7/17/23) as the average annual percentage yield (APY) for savings accounts with deposits under $100,000. Start Saving

    Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.

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