Choosing the right bank can feel overwhelming, especially when comparing two well-known names like Wells Fargo and Bank of America. Both offer a wide range of financial products, but deciding which is better for you depends on your unique financial needs and priorities.
This guide breaks down the key differences—covering checking accounts, savings accounts, certificates of deposit (CDs), ATM networks, and physical locations—to help you make an informed decision.
Personal Checking Accounts
Both Wells Fargo and Bank of America offer a variety of checking accounts to meet different needs, but their key features and fees vary.
Wells Fargo Everyday Checking Account
- Minimum Deposit: $25
- Monthly Maintenance Fee: $10 (waived if you maintain a $500 minimum daily balance or meet specific requirements)
- Overdraft Fee: $35 per item (up to three items per day)
- Notable Features:
- Includes overdraft protection
- Mobile banking with convenient features like bill pay
This account is ideal for individuals looking for basic checking services with the option to avoid monthly fees by meeting certain criteria.
Bank of America SafeBalance Banking®
- Minimum Deposit: $25
- Monthly Maintenance Fee: $4.95 (waived for students under 25 or by maintaining a $500 daily balance)
- Overdraft Fee: No overdraft fees!
- Notable Features:
- Great for those who primarily use debit cards, Zelle, or digital payment methods
- No paper checks
If you’re looking for a no-overdraft-fee account with simple features, this could be your go-to option.
Which Is Better?
Pick Wells Fargo Everyday Checking if you want overdraft protection and flexible waivers for monthly fees.
Pick Bank of America SafeBalance Banking if avoiding overdraft fees is your priority or if you’re a student aged 16–25.
Personal Savings Accounts
When it comes to saving, both banks offer solid options but differ slightly in APY (annual percentage yield) and account features.
Wells Fargo Way2Save® Savings Account
- APY: 0.01%
- Minimum Deposit: $25
- Monthly Fee: $5 (waived if you maintain a $300 minimum daily balance or set up recurring transfers)
- Additional Perks:
- Overdraft protection available when linked to a checking account
Bank of America Advantage Savings Account
- APY: 0.01% (can increase for Preferred Rewards members)
- Minimum Deposit: $100
- Monthly Fee: $8 (waived if you meet conditions like maintaining a $500 minimum balance)
- Additional Perks:
- Six free monthly transfers or withdrawals (fee applies after)
Which Is Better?
Choose Wells Fargo if you’re starting with a lower deposit amount and want a simple way to set up recurring transfers.
Choose Bank of America if you’re already part of their Preferred Rewards program or plan to qualify for it, as this could give you a slight APY boost.
Certificates of Deposit (CDs)
If you want to lock in your savings for a higher return, both banks have CD options to consider.
Wells Fargo CDs
- APY: 1.50%–4.75% depending on the term
- Terms: 3 months to 12 months
- Minimum Deposit: $2,500
Bank of America CDs
- APY:
- Fixed-Term CDs: Up to 4.00% for 3–5 months
- Featured CDs: Up to 4.80% for 7 months
- Terms: 7 months to 10 years
- Minimum Deposit: $1,000
Which Is Better?
Choose Wells Fargo for short-term CDs of less than 12 months and higher APYs on shorter durations.
Choose Bank of America for more flexibility, longer terms, or lower minimum deposits.
ATM Networks and Accessibility
When it comes to finding ATMs, both banks have substantial nationwide networks.
- Wells Fargo has over 13,000 ATMs and offers convenient features like cash and check deposits and mobile wallet-friendly withdrawals.
- Bank of America offers more options with 16,000 ATMs, including audio ATMs for visually impaired customers and drive-through ATMs at select locations.
If you’re looking for ease of access to your money, Bank of America takes the lead with a larger network and additional features.
Physical Branches
For customers who prefer in-person banking, both banks have widespread branch locations.
- Wells Fargo has approximately 4,200 physical branches, giving it a slight upper hand over Bank of America’s 3,800 branches.
Choose Wells Fargo if you value convenience with more physical locations.
Additional Considerations
Is Wells Fargo Right for You?
Wells Fargo is better suited for:
- Customers looking for a second-chance checking account to rebuild their banking history.
- Individuals who prefer slightly higher APYs and more in-branch services.
Is Bank of America Right for You?
Bank of America shines for:
- Those looking for flexible and varied CD options.
- Customers who want no overdraft fees or are part of the Preferred Rewards program for added perks.
The Bottom Line!
Deciding between Wells Fargo and Bank of America depends on what you value most in a bank. If you prioritize more flexible checking accounts or higher APYs on CDs, Wells Fargo may be the way to go. However, if you prefer no overdraft fees, a larger ATM network, and varied account options, Bank of America could be the better choice.
Both banks offer robust services, so think about your financial goals and banking habits to land on the best option for you!