When it comes to choosing a bank, the decision often boils down to the unique needs of the individual. Wells Fargo and Bank of America are two of the biggest names in U.S. banking, both offering a diverse range of products and services. But which one suits your financial needs best?
This guide will break down key features such as checking and savings accounts, certificates of deposit (CDs), ATM access, and more to help you make an informed decision.
Wells Fargo and Bank of America at a Glance
Both banks are well-established and cater to millions of customers, but they differ slightly in their offerings. Here’s a quick comparison before we get into the details:
| Features | Wells Fargo | Bank of America |
| Checking Accounts | Multiple options, including second-chance accounts | Variety of accounts with no overdraft fees |
| Savings Accounts | Offers higher APYs for linked accounts | Single savings account with an option to boost APY |
| Certificates of Deposit | Terms from 3 months to 1 year with up to 4.75% APY | Terms from 7 months to 10 years with up to 4.80% APY |
| ATM Network | 13,000 ATMs | 16,000+ ATMs |
| Physical Locations | 4,227 branches | 3,800+ branches |
Now, let’s cover each category in detail so you can understand which bank better aligns with your priorities.
Checking Accounts
Wells Fargo
Wells Fargo offers a variety of checking accounts tailored to different needs. Their Everyday Checking Account is great for typical banking tasks like paying bills and making purchases. It has a $10 monthly maintenance fee, which can be waived by maintaining a $500 daily balance or meeting other criteria. For those looking to rebuild their financial history, Wells Fargo also offers the Clear Access Banking℠ account, a second-chance account designed for individuals who need a fresh start.
Bank of America
Bank of America’s SafeBalance Banking® account is a simpler choice for everyday use. It has a lower monthly maintenance fee of $4.95 (waived for eligible students under 25) and minimal account requirements. It’s a good fit for those who rely on digital banking and debit card transactions since it eliminates overdraft fees.
If you’re looking for an interest-bearing option, the Advantage Relationship Banking® account earns up to 0.02% APY, but you’ll need to maintain a high $20,000 balance to avoid the $25 monthly fee. Winner: Bank of America edges ahead for everyday checking due to its lower fees and no overdraft feature. However, Wells Fargo is a better option for second-chance banking.
Savings Accounts
Wells Fargo
Wells Fargo offers two savings account options. The Way2Save® Savings account has a $5 monthly fee (waived with certain requirements) and earns 0.01% APY. For those ready to save more, the Platinum Savings account earns up to 0.26% APY when linked to premium checking accounts, making it a more attractive savings option.
Bank of America
Bank of America offers a single Advantage Savings account, which has a $100 minimum deposit requirement and a base 0.01% APY. Customers who are members of the Preferred Rewards program can boost their APY slightly. The $8 monthly fee is waived for the first six months or if you meet eligibility requirements. Winner: Wells Fargo takes the lead here, thanks to higher APY ranges and more flexible options for serious savers.
Certificates of Deposit (CDs)
Wells Fargo
Wells Fargo’s CDs require a $2,500 minimum deposit and offer terms ranging from 3 to 12 months. APYs go up to 4.75% for special fixed-rate CDs, making them ideal for short-term savers.
Bank of America
Bank of America has more flexible CD offerings with terms ranging from 7 months to 10 years. Their APYs reach up to 4.80% for featured CDs, but generally vary based on the term. For added flexibility, their 12-month flexible CD allows early withdrawals without penalties. Winner: Bank of America wins for its broader range of terms, higher maximum APY, and withdrawal flexibility.
ATM Networks
When it comes to ATMs, Bank of America leads with a network of over 16,000 ATMs nationwide, compared to Wells Fargo’s 13,000 ATMs. Both banks offer deposit and withdrawal features, but Bank of America’s ATMs also include additional accessibility options, like audio instructions for the visually impaired. Winner: Bank of America offers a wider network and better accessibility.
Physical Locations
If having access to a local branch matters to you, Wells Fargo has the edge with 4,227 locations, outnumbering Bank of America’s approximately 3,800 branches. Both banks have a strong presence in most parts of the United States. Winner: Wells Fargo offers slightly more physical branches, making it a good choice if in-person banking is a priority for you.
Who Should Choose Wells Fargo?
Wells Fargo is ideal if you:
- Need a second-chance checking account to rebuild your financial health.
- Prefer higher APY savings options.
- Want more branch locations for in-person banking.
Who Should Choose Bank of America?
Bank of America might be a better fit if you:
- Want lower barriers to waiving fees for everyday accounts, like SafeBalance Banking®.
- Value broader access to ATMs (16,000+).
- Need more flexible CD terms and competitive APYs.
Your Next Step!
Your choice between Wells Fargo and Bank of America ultimately depends on your financial habits and priorities. Consider your banking style, whether you need digital tools, low fees, or specialized accounts. Looking for more insights into optimizing your financial decisions? Subscribe to our newsletter and receive updates, tips, and comparisons right to your inbox!