Wells Fargo vs. Bank of America: Which bank is better for you?

How do you choose between two banking behemoths that offer a similar range of products and services? Start by drilling down into the details to uncover which one best fits your unique needs.

Broadly speaking, both Wells Fargo and Bank of America will cover your basic banking, but depending on the type of saver (or spender) you are, one could be a better match. Here's how they stack up.

Wells Fargo and Bank of America offer various personal checking accounts that range from standard to more premium options. Each account differs depending on whether you're looking to store your money somewhere that charges minimal fees, or an account that earns interest for little requirements.

The Bank of America SafeBalance Banking® account is the lowest tier of checking accounts offered by that bank, with a minimum deposit requirement of $25 and a $4.95 monthly maintenance fee, which you can waive by maintaining a minimum daily balance of $500. This account is ideal for everyday banking, as it comes with no overdraft fees and is suited for those who prefer using debit cards, Zelle or digital banking over checks.

On the other hand, the Wells Fargo Everyday Checking Account, which offers overdraft protection and mobile banking features, also has a minimum deposit requirement of $25, but comes with a $15 monthly maintenance fee unless you maintain one of the listed requirements. So if a $15 monthly maintenance isn't feasible for you, the Bank of America checking account is a great option.

And if you're looking to rebuild your banking history, the Wells Fargo Clear Access Banking℠ account is a good second-chance checking account that can help you get back on your feet.

When it comes to interest-bearing options, the Bank of America Advantage Relationship Banking® earns 0.01% APY for balances less than $50,000 and 0.02% for balances over $50,000. It also comes with a minimum deposit requirement of $100 and a $25 monthly maintenance fee unless you maintain a minimum daily balance of $20,000.

However, Wells Fargo offers two interest-bearing checking accounts, the Wells Fargo Prime Checking and Wells Fargo Premier Checking. Both earn 0.01% APY and have a $25 minimum deposit requirement. But because the Premier Checking account requires a $35 monthly service fee unless you have $250,000 or more in statement-ending qualifying balances, the Wells Fargo Prime Checking is more comparable to Bank of America's option. It has a $25 monthly maintenance fee unless you have $20,000 or more in statement-ending qualifying balances.

When it comes to savings accounts, each bank offers its unique options. However, while Wells Fargo offers two savings accounts, Bank of America offers only one. They're not high-yield savings accounts so you won't get as high of a rate as what they offer, but you'll still earn some extra cash in your savings. Of each account, Wells Fargo's Platinum Savings offers the highest APY of 0.05% when linked to the Premier Checking. Otherwise, you'd earn either 0.01% APY or 0.02% APY when linked to the Prime Checking.

Here's how each accounts compare:

Bank of America and Wells Fargo both offer a wide range of CDs but it all depends on how much interest you're looking to earn and how long you'd like to lock away your funds. While Wells Fargo requires a $2,500 minimum opening deposit, Bank of America only requires $1,000.

Wells Fargo

Wells Fargo offers both standard and special fixed-rate CDs with terms ranging from three to 11 months earning up to 3.49% APY. However, while you'd only earn 0.05% APY with a six-month standard fixed-rate CD, you can earn 3.24% APY with a seven-month special fixed-rate CD.

Bank of America

Bank of America, on the other hand, offers terms from seven to 10 years earning up to 4.80% APY. They also range from fixed-term CDs, featured CDs and flexible CDs.

• Featured CDs - Featured CDs offer the highest APY of 4.80% APY for a 7-month CD but an APY of 0.05% for its highest CD term of 37 months.
• Fixed-term CDs - These CDs have a broader range of CD terms from one month to ten years. The highest APY is 4.00% for terms between three and five months, while other terms earn a 0.03% APY.
• Flexible CDs – Unlike the others, this CD is limited to 12 months and lets you withdraw your principal balance and any interest before the maturity date as long as you do so at least seven days after opening your account or making a withdrawal. It offers 4.00% APY for all account balances under $10,000 and over $1,000,000.

Both Wells Fargo and Bank of America offer a broad ATM network nationwide. While Wells Fargo has approximately 11,000 ATMs, Bank of America has approximately 15,000 ATMs.

With Wells Fargo, you can access your accounts using a mobile device or a physical debit card. Their ATMs allow you to make deposits with checks or cash, transfer funds between your personal or business accounts, and make payments to your Wells Fargo credit card.

As a traditional brick-and-mortar bank, Bank of America offers additional features, such as drive-through banking at certain locations and access to audio ATMs. These ATMs deliver private spoken instructions in English or Spanish through a headset that plugs into an audio jack.

Bank of America and Wells Fargo both have a strong presence with their nationwide physical locations. However, as of August 2024, Wells Fargo leads with 4,227 locations, compared to Bank of America's 3,800.

Wells Fargo can be great for a standard checking account but it especially stands out for its second-chance checking account option, which Bank of America doesn't have. If you need to rebuild your banking history and would like the help of a second-chance checking account to get back on track this could be a good option. Plus, the $5 monthly fee is waived if you qualify for Wells Fargo's Worldwide Military Banking program.

Its savings accounts also offer fair APYs (slightly higher than Bank of America), with the option to increase with the Platinum Savings account but remember neither of these are high-yield savings accounts so you won't be getting that high of a yield. And if you don't mind locking away your money for a certain period you can opt for one of its CDs.

Bank of America could be a great fit if you're looking for a standard checking account and savings account that offers a debit card, Zelle, mobile and online banking, checks and overdraft protection. And if you'd also prefer to earn interest on your checking account with these same features, you can opt for the Advantage Relationship Banking account.

Bank of America also offers a wider range of CD options compared to Wells Fargo, whether you're looking to earn more interest, choose from a broader range of CD terms, or have the flexibility to withdraw your money slightly early without penalty.

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