Wells Fargo vs Bank of America: Which Is Better?

Being the 2nd largest bank in the nation, Bank of America offers a wide variety of account options for you to take advantage of. With over 5,000 branches nationwide, you are able to find a new checking or savings account that best fits your financial needs.

Comparatively, Wells Fargo Bank ranks as #1 in the country for availability. With over 6,000 branches available at your disposal, you can take advantage of their personal checking, business checking as well as savings options. However, to learn more about both banks, definitely continue reading below!

	Bank of America	Wells Fargo
Locations	Nearly 5,000 Branches (Bank Locator)	6,000+ Branches (Bank Locator)
ATMs	Approximately 15,900 ATMs around the country.	More than 13,000 ATMs across the country.
Savings	0.01% APY. Minimum opening deposit of $25. Monthly service fee of $5, unless you maintain a minimum daily balance of $300, or are under the age of 18.	0.01% APY. Minimum opening deposit of $25. Monthly service fee of $5, unless you maintain a minimum daily balance of $300, or are under the age of 18.
CD	Must maintain a minimum deposit of $5,000.	Standard Term CD: 0.05% – 0.15% APY. Terms of 3 months to 1 year. Minimum deposit of $2,500. Special CD: 0.30% APY. Terms of 5 months. Minimum deposit of $5,000. Bonus of up to 0.35% APY if you maintain a linked Wells Fargo Prime/Portfolio Checking account.
Checking	You can choose between Advantage Plus Banking,  Relationship Banking or an Advantage SafeBalance Banking, Business Fundamentals, Business Advantage.	You can choose between a Everyday Checking, Preferred Checking, Business Choice Checking, Platinum Business Checking or Analyzed Business Checking
Money Market	Must provide a $100 minimum to take advantage	0.05% APY. Minimum opening deposit of $25. $12 monthly service fee, unless you maintain a minimum daily balance of $3,500. Bonus APY of 0.10% requires account linked to Portfolio by Wells Fargo® relationship.
Customer Service	4/5	4/5
Mobile App	3.5/5	4.5/5
Pros	-Great customer service -Wide selection of accounts -Widespread availability	-National availability -Extended customer service hours -Full service bank
Cons	-Limited branches -Low savings APY	-No free checking option -Low interest rates -Many misc. banking fees
Bottom Line	Bank of America offers great account benefits and offers a great free checking account option.	Wells Fargo offers a wide variety of accounts while allowing you widespread accessibility

Bank of America Promotions

Bank of America offers a wide range of checking accounts for you to take advantage of, allowing you to take charge of your finances.

• Advantage SafeBalance: This setting has no overdraft fees – you can only spend what you have. There are no paper checks.
• Advantage Plus Banking: This account allows you to write checks as well as enrolling in overdraft protection. The minimum opening deposit for this setting is $100.
• Relationship Banking: You can open an interest-bearing checking account with just $100.

Furthermore, you can choose from their savings account options.

• Rewards Savings: You’ll have access to tiered interest rates with this account. Simply provide a $100 opening deposit.
• Child Savings: Children under the age of 18 can have access to the account without a monthly service fee. Perfect for allowing the child to be in charge of their money with this joint account.
• Custodial Savings Account: If you want to save for your child but not give him/her access until the age of 18, this account is a good choice. You stock away the savings, and your child receives access to it upon their 18th birthday.

Wells Fargo Promotions

The Wells Fargo checking accounts each come with a Platinum Debit card featuring chip technology. You’ll also get online bill pay, online transfers, and mobile deposit.

• Everyday Checking: Provide a small deposit to qualify. Monthly fee can be waived by making a certain number of debit/credit purchases.
• Preferred Checking: Earn interest if you meet the minimum balance. If you have a Wells Fargo mortgage, your monthly service fee waived for this checking account.
• Portfolio by Wells Fargo: Perfect for those who have a significant amount of money. You may earn higher interest rates with the Portfolio account.

The savings accounts from Wells Fargo are listed below

• Way2Save Savings: Perfect for those who find it hard to save money.
• Platinum Savings: If you keep a higher balance in your savings account, you may have access to higher interest rates with the Platinum Savings.
• Wells Fargo CDs: Perfect for those who can save money aside and earn a higher rate.

Conclusion

All in all, Wells Fargo and Bank of America both offer fantastic banking products, service and care for their customers. With a range of checking, savings as well as money market options, you will definitely find an account to personalize your banking experience.

For more variety of options, see our list of the best bank account bonuses & savings account offers.

Huntington Bank Bonuses & Promotions: $100, $400, $1,000 Checking Offers 2024

U.S. Bank Promotions 2024: $400, $450, $900 Personal Checking & Business Bonuses

Chase Coupon Codes 2024 ($100, $200, $300, $400, $500, $700, $2000 Checking Bonuses)

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