Which bank, Wells Fargo or Bank of America, is the better option for you?

Which of the two banking giants, Wells Fargo and Bank of America, is the best fit for your unique needs? To determine this, you should examine the details of their products and services to see which one aligns with your specific requirements. While both banks offer a similar range of offerings, they may differ in terms of their approach to savings and spending.

Personal checking accounts

Both Wells Fargo and Bank of America provide a range of personal checking accounts, from basic to premium options. The accounts vary based on whether you want to save money with low fees or earn interest with minimal requirements.

The SafeBalance Banking® account is the most affordable checking option from Bank of America, requiring a minimum deposit of $25 and a $4.95 monthly fee that can be waived by maintaining a minimum daily balance of $500. This account is perfect for everyday banking, as it does not charge overdraft fees and is designed for those who prefer using debit cards, Zelle, or digital banking over checks.

If a $10 monthly maintenance fee isn't feasible for you, the Bank of America checking account is a great option.

If you're seeking a second-chance checking account to rebuild your banking history, the Wells Fargo Clear Access Banking account is a suitable option.

The Bank of America Advantage Relationship Banking® offers interest rates of 0.01% APY for balances under $50,000 and 0.02% for balances over $50,000. Additionally, it requires a minimum deposit of $100 and a $25 monthly maintenance fee unless a minimum daily balance of $20,000 is maintained.

Both Wells Fargo's Prime Checking and Premier Checking accounts offer 0.01% APY and require a $25 minimum deposit. However, the Premier Checking account has a $35 monthly service fee unless you have $250,000 or more in statement-ending qualifying balances, while the Prime Checking account has a $25 monthly maintenance fee unless you have $20,000 or more in statement-ending qualifying balances. Therefore, the Prime Checking account is more comparable to Bank of America's option.

Personal savings accounts

While both Wells Fargo and Bank of America offer savings accounts, Wells Fargo provides two options, while Bank of America offers only one. These accounts are not high-yield savings accounts, but they still allow you to earn some extra cash in your savings. Wells Fargo's Platinum Savings account offers the highest APY of 0.05%, with the option to link it to one of Wells Fargo's checking accounts.

Here's how each accounts compare:

Certificates of deposit

Both Bank of America and Wells Fargo provide a variety of CD options, but the choice depends on the level of interest you're seeking and the length of time you're willing to commit to your funds. While Wells Fargo requires a minimum opening deposit of $2,500, Bank of America only requires $1,000.

Wells Fargo

Wells Fargo provides both standard and special fixed-rate CDs with terms ranging from three to 11 months, with the potential to earn up to 4.75% APY. While a three-month standard fixed-rate CD would only yield 2.50% APY, a four-month special fixed-rate CD can offer a higher rate of 4.75% APY.

Bank of America

In contrast, Bank of America provides terms ranging from seven to ten years with earnings up to 4.80% APY. They offer a variety of CD options, including fixed-term, featured, and flexible CDs.

• The highest APY for a 7-month CD is 4.80%, while the APY for the longest CD term of 37 months is only 0.05%.
• CDs with a range of terms from one month to ten years are available. The highest APY is 4.00% for terms between three and five months, while other terms earn a 0.03% APY.
• This CD is different from others as it has a 12-month limit and allows you to withdraw your principal balance and interest before maturity, provided you do so at least seven days after opening or making a withdrawal. The CD offers 4.00% APY for balances under $10,000 and over $1,000,000.

ATM networks

Both Wells Fargo and Bank of America have a vast ATM network across the country. While Wells Fargo has around 11,000 ATMs, Bank of America has approximately 15,000 ATMs.

You can access your Wells Fargo accounts using a mobile device or a physical debit card, and their ATMs enable you to make deposits with checks or cash, transfer funds between personal or business accounts, and pay your Wells Fargo credit card.

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

Physical locations

While both Bank of America and Wells Fargo have a significant presence through their nationwide branches, as of August 2024, Wells Fargo has a larger presence with 4,227 locations, compared to Bank of America's 3,800.

Is Wells Fargo right for you?

Wells Fargo is an excellent choice for a standard checking account, but its second-chance checking account option sets it apart from Bank of America. If you need to rebuild your banking history and require assistance from a second-chance checking account, this could be a suitable option. Additionally, the $5 monthly fee is waived if you qualify for Wells Fargo's Worldwide Military Banking program.

Its savings accounts offer slightly higher APYs than Bank of America, with the option to increase with the Platinum Savings account. However, neither of these are high-yield savings accounts, so the yield won't be very high. If you're willing to lock your money away for a set period, you can choose one of its CDs.

Is Bank of America right for you?

If you're seeking a standard checking and savings account with a debit card, Zelle, mobile and online banking, checks, and overdraft protection, Bank of America could be an excellent choice. Additionally, if you want to earn interest on your checking account with these same features, you can choose the Advantage Relationship Banking account.

Bank of America provides a broader selection of CD options compared to Wells Fargo, allowing you to earn more interest, select from a wider range of CD terms, or withdraw your money early with less penalty.

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