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The bottom line: Wells Fargo beats Bank of America when comparing checking and savings accounts, but you may prefer Bank of America if you want to open a CD. Also, see how the two banks compare to the best banks.
If you prefer a traditional banking experience, Wells Fargo and Bank of America are two well-known financial institutions with substantial locations throughout the US.
We’re reviewing checking, savings, and CD accounts to see which institution’s products stand out the most. We’re also evaluating each bank’s trustworthiness, so you can determine if one of these banks is ultimately the right fit for you.
Pros and Cons: Bank of America
ProsCons
Around 3,900 branches and 15,000 ATMs
Possible to waive monthly service fees
Savings features that let you round up purchases or get cash back
A- rating from the Better Business Bureau
$100 checking account bonus (valid until 8/31/2023)
Online banks offer higher interest rates on savings and CDs
No money market account
Monthly service fees
Pros and Cons: Wells Fargo
ProsCons
Around 4,700 branches and 12,000 ATMs
Possible to waive monthly service fees
Automatic savings features (Save As You Go®)
$300 checking account bonus (valid until 9/26/2023)
Online banks offer higher interest rates on savings and CDsNo money market accountMonthly service feesF rating from the Better Business Bureau
Bank of America vs. Wells Fargo Checking Account Comparisons
We are comparing two standard checking accounts with lower bank fees.
Bank of America Advantage Plus Checking AccountWells Fargo Everyday Checking Account
Minimum opening deposit
Bank of America Advantage Plus Checking AccountWells Fargo Everyday Checking Account
Monthly service fee
$12 or $0 when waived$10 or $0 when waived
How to waive the monthly service fee
Meet one of the following requirements:
Receive direct deposits of $250 or moreKeep at least $1,500 in your account dailyEnroll in the Preferred Rewards ProgramBe a student under age 25
Meet one of the following requirements:
Receive direct deposits of $500 or moreKeep at least $500 in your account dailyLink your account to a Wells Fargo ATM Card or Campus Debit CardAre between the ages of 17 and 24
Bonus
Bank of America Advantage Plus Checking Account – Ongoing BonusWells Fargo Everyday Checking Account – Ongoing Bonus
Next steps
Bank of America Advantage Plus Checking Account – CTA Text
Wells Fargo Everyday Checking Account – CTA Text
Choosing between these two checking accounts will likely to come down to whether you’re able to waive monthly service fees at either bank.
Wells Fargo has a significantly lower daily minimum balance requirement than Bank of America. It also makes it easy to waive monthly services fees if you’re a college student or minor. If you qualify for Wells Fargo’s bonus, you’ll earn more than you would with Bank of America.
See the best bank account bonuses right now>>
Winner: Wells Fargo
The Wells Fargo Everyday Checking Account has a lower opening deposit requirement and makes it easier to waive the monthly service fee. It also has an impressive sign-up bonus for qualifying customers.
Bank of America vs. Wells Fargo Savings Account Comparisons
We’ve compared savings accounts with lower monthly service fees and minimum opening deposits.
Bank of America Advantage Savings AccountWells Fargo Way2Save® Savings Account
APY
Bank of America Advantage Savings AccountWells Fargo Way2Save® Savings Account
Minimum opening deposit
Bank of America Advantage Savings AccountWells Fargo Way2Save® Savings Account
Monthly service fee
Bank of America Advantage Savings Account – Fees DisplayWells Fargo Way2Save® Savings Account – Fees Display
How to waive the monthly fee
Monthly fee is waived for the first 6 months
After that, meet one of the following criteria:
Keep at least $500 in your account dailyLink to a Bank of America Advantage Relationship Banking AccountEnrolled in the Bank of America Preferred Rewards programAre under the age of 18Are under the age of 25 and a student
Meet one of the following criteria:
Keep at least $300 in your account dailyUse the Save as You Go feature if you have a checking accountAre under the age of 24
Bonus
Bank of America Advantage Savings Account – Ongoing Bonus
Wells Fargo Way2Save® Savings Account – Intro Bonus
Other perks
Up to 10% cash back through BankAmeriDeals; Keep the Change® feature lets you round up debit card purchasesSave As You Go® transfers $1 into your Way2Save Savings Account from checking each time you swipe your debit card
Next steps
Bank of America Advantage Savings Account – CTA TextWells Fargo Way2Save® Savings Account – CTA Text
The biggest upside to the Bank of America Advantage Savings Account is that you won’t have to worry about a monthly service fee during the first six months of opening your bank account. After the first six months, you also might find it easy to waive the monthly service fee if you’re a college student or minor.
It also may be worthwhile if you want to become involved in some of Bank of America’s other offerings. For example, if you open a checking account, you may use the Keep the Change® feature to help you save.
Wells Fargo has fewer options for waiving the monthly service fee. However, if you’re only looking to open a saving account, you might prefer Wells Fargo, since you can the waive the fee with a lower account balance.
Winner: Wells Fargo
If you’re eligible for the Wells Fargo savings bonus, this bank is the clear winner. Otherwise, it could depend on which account makes it easier for you to avoid the monthly fee.
Bank of America vs. Wells Fargo CD Comparisons
Bank of America Standard Term Certificate of DepositWells Fargo Fixed Rate Certificate of Deposit
Term lengths
28 days to 10 years3 months to 1 year
Minimum opening deposit
Bank of America Standard Term Certificate of DepositWells Fargo Fixed Rate Certificate of Deposit
APY
Bank of America Standard Term Certificate of DepositWells Fargo Fixed Rate Certificate of Deposit
Early withdrawal penalties
7 to 365 days interest3 months interest for all CD terms
Next steps
Bank of America Fixed Term CD – CTA TextWells Fargo Standard Fixed Rate CD – CTA Text
Bank of America CD rates are higher than Wells Fargo rates on select shorter terms. Bank of America has more terms to choose from, and you can open a CD with less money than with Wells Fargo.
Winner: Bank of America
If looking for a variety of term options or a low minimum opening deposit, Bank of America Standard Term Certificate of Deposit easily tops Wells Fargo.
Bank of America vs. Wells Fargo Trustworthiness and BBB ratings
The Better Business Bureau rates business based on responses to customer complaints, honesty in advertising, and transparency about business practices.
Bank of America received an A- rating from the BBB. Meanwhile, Wells Fargo has an F rating because it hasn’t responded to some complaints on the BBB website and has government action taken against the bank.
A good BBB rating isn’t necessarily the be-all and end-all, though. You’ll want to talk to current customers or read online customer reviews to see if a bank might be a good fit.
Both Wells Fargo and Bank of America have recent public scandals.
Wells Fargo has been involved in the following situations:
In 2022, The Consumer Financial Protection Bureau required Wells Fargo to pay more than $3.7 billion in a settlement that accused the bank of wrongfully charging fees that led thousands of customers to lose vehicles and homes. The settlement also accuses the bank of wrongfully charging overdraft fees on checking and savings accounts.In 2021, Wells Fargo consented to a Cease and Desist order from the Office of the Comptroller of the Currency. The OCC stated that the bank’s home lending loss mitigation program was unsuccessful, and it charged Wells Fargo a $250 million civil penalty.The Maryland Attorney General entered into a settlement with Wells Fargo when it claimed that the bank didn’t accurately disclose information to investors about residual mortgage-backed securities. The Attorney General announced the $20 million settlement in 2020, but the issues with Wells Fargo’s RMBSs were from 2005 to 2009.
Bank of America has been in the following cases:
In 2023, Bank of America paid over $100 million to customers in a settlement when accused of repeatedly charging a $35 overdraft fee for the same transaction, withholding credit card rewards, and enrolling customers in credit card accounts without them knowing or authorizing it.In 2022, the Consumer Financial Protection Bureau fined Bank of America for freezing customers’ accounts because its automatic fraud filter incorrectly detected fraud on accounts. The CFPB claimed that the bank made it difficult for customers to un-freeze their accounts (2022).In 2020, the Department of Justice charged Bank of America when it accused the bank of unfairly denying home loans to adults with disabilities, even though they qualified for loans. Bank of America paid around $300,000 total to people who were refused loans.
Bank of America and Wells Fargo: Frequently Asked Questions
Is Bank of America better or Wells Fargo?
It depends on the accounts you’d like to open and what you’re looking for. Wells Fargo makes it a bit easier to waive monthly service fees on its savings account and requires a lower initial deposit than Bank of America.
For a money market account or high-yield savings account, you’ll want to look at other banks because neither bank offers these types of accounts.
Is Bank of America larger than Wells Fargo?
Bank of America has around 3,900 branches and 15,000 ATMs. Meanwhile, Wells Fargo has 4,700 locations and 12,000 ATMs.