If you’re in the market for a large national bank, Wells Fargo and Bank of America are two leading options that may be worth comparing. Both share many common features, though there are small differences that can sway your decision.
For both banks, we used the New York zip code 10011. Rates and fees are accurate as of February 5, 2024.
Wells Fargo vs. Bank of America: Overview
Wells Fargo and Bank of America are two of the largest financial institutions in the nation. Bank of America has nearly $2.50 trillion in consolidated assets, Wells Fargo holds $1.7 trillion. Only JPMorgan Chase is bigger.
Both have extensive branch and ATM access and offer a full range of personal and business banking products, such checking and savings accounts, loans, credit cards and investment services.
As a customer, it’s important to be aware of past issues when choosing a bank to avoid potential future problems. Both Bank of America and Wells Fargo have faced sizable penalties from government regulators in recent years.
- In July 2023, Bank of America agreed to pay $90 million in penalties to the Consumer Financial Protection Bureau and refund more than $80 million to its customers for allegedly engaging in deceptive practices regarding non-sufficient fund fees, credit card rewards and opening unauthorized accounts.
- In 2021, Wells Fargo was issued a cease and desist order and paid a $250 million fine for failures in its home lending loss mitigation program that occurred between 2011 and 2018.
Here’s how the two compare in terms of ATMs, branch access and customer experience.
Wells Fargo vs. Bank of America: Checking
Wells Fargo has four checking account options while Bank of America has three. Both banks offer checking sign-up bonuses for new customers, and your account comes with a debit card.
But neither institution has a no-fee checking account account option, so you’ll need to be on guard to avoid a monthly charge.
The Wells Fargo Everyday Checking slightly beats out the Bank of America Advantage Plus Banking® because it requires a lower minimum opening deposit and monthly service fee. It also boasts a higher bank bonus for new customers. However, Bank of America has slightly easier requirements to waive monthly fees.
Next steps: Explore Wells Fargo’s bank promotions
Wells Fargo vs. Bank of America: Savings
Wells Fargo has three savings account options and Bank of America has one option. In general, interest rates on savings accounts are quite low across the board at both banks.
Wells Fargo’s savings account interest rate is currently 0.01% APY on the standard Wells Fargo Way2Save® Savings account, while rates are the same or slightly higher (0.01% to 0.04% APY on balances of $10 million or greater) at Bank of America depending on your balance and relationship tier.
Both banks charge monthly service fees on regular savings accounts, though there are ways to waive them. Overall, neither stands out as a particularly good option for a high-yielding savings account. You’ll find significantly higher rates and lower fees at online banks.
Wells Fargo vs. Bank of America: CDs
CDs are fixed-rate savings products that typically offer higher interest than regular savings accounts. However, both the Wells Fargo Standard Fixed Rate CDs and the Bank of America Fixed Term certificates of deposit currently pay low base rates on standard terms. They’re tied in this regard.
Although you’ll likely find better CD rates elsewhere, both banks offer promotional CD rates with attractive yields.
Right now, the Wells Fargo Special Fixed Rate CDs pays from 4.75% to 5.01% APY, depending on the term and relationship, while the Bank of America Featured CDs pay anywhere from 0.05% to 4.75%.
The main advantage of the Bank of America’s featured CDs is a lower $1,000 minimum opening deposit compared to $5,000 at Wells Fargo. But Wells Fargo compounds interest daily versus monthly at Bank of America, earning you a slightly higher return.
*The higher yield is based on Wells Fargo’s relationship rate.
Wells Fargo vs. Bank of America: Overdraft fees and penalties
Both Wells Fargo and Bank of America charge expensive overdraft fees, but Wells Fargo’s fees are higher at $35 per overdraft, with a maximum of three fees per day. Bank of America charges a $10 fee with a maximum of two fees per day.
Wells Fargo doesn’t charge overdraft fees for purchases $5 or less or for purchases that overdraw your account by $5 or less. Bank of America has a similar policy, but the cut off is $1 or less.
In addition to overdraft fees, both banks charge $2.50 domestically and $5 internationally for using out-of-network ATMs. You’ll also find wire transfer fees at each bank, ranging from $15 to $45.
Wells Fargo vs. Bank of America: Customer service
Wells Fargo provides 24/7 customer service. Bank of America customers can call weekdays from 8 a.m. to 11 p.m. ET with more limited hours on weekends.
In addition, Wells Fargo and Bank of America customers can visit branches during business hours to speak with a representative in-person for any banking needs. If you’re stuck between each two, it may come down to which one has more branch locations in your area.
Who should choose Wells Fargo
You should choose Wells Fargo if you prioritize convenient access to customer service. Wells Fargo has customer support available 24/7 by phone, which can be very useful if you have an urgent banking issue come up after hours or on a weekend. You won’t have to wait until the next business day to get help.
Also, those with $5,000 or more to invest in a CD may appreciate Wells Fargo’s higher interest rates on its specialty CD offerings. Its daily compounding can earn customers more interest over the long run of a CD.
The bank has other noteworthy products that may be worth exploring, including a line up of Wells Fargo credit cards.
Who should choose Bank of America
Bank of America could be a better choice if you have a lower budget to open a CD account. It requires a minimum of just $1,000 to open a CD compared to $5,000 at Wells Fargo.
For savings accounts, the minimum opening deposit is $100 at Bank of America versus $100 at Wells Fargo, so slightly higher. But the monthly fees may be easier to waive. Those looking to build credit or earn rewards may appreciate Bank of America credit cards.
Bank of America also has slightly more branch locations than Wells Fargo (15,000 versus 11,000), so it may be more convenient for those wanting easy in-person access.
Frequently asked questions (FAQs)
Wells Fargo is FDIC insured for deposits up to $250,000 per depositor. But the bank has faced some major scandals in recent years that have damaged customers’ trust. So, although funds are insured, some customers may feel more comfortable banking elsewhere due to Wells Fargo’s past issues.
Bank of America’s website has a credit card application status checker. You can enter your last name, birthdate, zip code and the last four digits of your Social Security number to see the status of all credit card applications you’ve submitted in the past 90 days.
Wells Fargo has a 7 month Special Fixed Rate CDs that earns 4.75% to 5.01% APY, depending on the term and relationship. It requires a $5,000 minimum opening deposit. Standard Fixed Rate CDs range from 1.50% to 4.50% APY depending on the term and balance and have a $2,500 minimum opening deposit.
