Compare Wells Fargo vs Bank Of America: Which is better? Who has better checking & saving accounts, rates, mortgage, business account, and banking experience? Get to know more about Wells Fargo vs Bank of America and which one will best suit your financial needs in 2023.
Wells Fargo and Bank of America are two of the most prominent financial institutions with branches throughout the US. For someone inclined toward traditional banking, these two are your best bet. Despite having a lot of similarities, in some cases, we must also consider the differences between Wells Fargo vs Bank of America, compare everything and then make our best financial decision making in choosing a bank.
Compare Wells Fargo Vs Bank Of America: Which Is Better?
Bank of America and Wells Fargo are the second and the third most prominent banks in the United States when measured by the assets. Additionally, both the banks have branches in convenient locations and easy access to online and mobile banking besides ATMs.
When judging Wells Fargo and Bank of America, you must know that both require account maintenance fees and similar rates. For checking accounts, Wells Fargo charges a monthly cost of $10, whereas Bank of America charges $12.
Still, Bank of America’s Certificate of Deposits has better rates and a selection of credit card options. On the flipside, Wells Fargo has limited credit card options, but you can get personal loan excess of around $100,000.
For your convenience, we have compiled Wells Fargo’s business account vs bank of America in a table so that you can easily decide which one aligns with your banking requirements.
| Basis of Comparison | Wells Fargo | Bank of America |
|---|---|---|
| Checking Accounts Fees | Monthly fee: $10 | Monthly fee: $12 |
| Checking Accounts Opening Deposit | Minimum opening deposit: $25 | Minimum opening deposit: $100 |
| Savings accounts APY | 0.01%. | 0.01%. |
| Savings Account Monthly Fees | $5 | $8 |
| CD interest rates | 1 Year: 0.01%. 5 Year: No Standard rate | 1 Year: 0.03%. 5 Year: 0.03%. |
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Why Choose Wells Fargo?
Wells Fargo opened its branch in San Francisco in 1852 during the California gold rush. Over time, it has become into a global bank like Bank of America. Wells Fargo operates in 7200 locations with more than 13,000 ATMs. Let us checkout pros and cons of Wells Fargo in 2023:
Pros of Wells Fargo
- A huge possibility of waiving monthly service fees
- Automatic savings feature
- On your checking account, you can get a $200 bonus
Cons of Wells Fargo
- The low-interest rate on savings and CDs
- Monthly service fees
- No money market account
- No rating from the Better Business Bureau
- Bank account history includes racial and disability discrimination
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Why Choose Bank of America?
Bank of America started its operation as Nantucket Pacific bank back in 1804. The bank has operations in at least 35 countries. It serves 67,000,000 people and small business customers in the US at 4200 retail financial centers. Let us checkout pros and cons of Bank of America in 2023:
Pros of Bank of America
- High chances of waiving the monthly service fees
- $100 bonus on checking account
- Saving features allow customers to round up purchases or get some cash back.
- A plus rating featured on Better Business Bureau
- Minimum interest rates on saving
- No option for money market accounts
- Monthly service fees included
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Compare Wells Fargo Vs Bank of America: Checking Accounts
Before you get going, you must check the Bank of America vs. Wells Fargo checking accounts specification to clear understanding of which bank you must choose. Both Bank of America and Wells Fargo offer similar checking accounts. But Wells Fargo has a limited monthly maintenance fee, and the waiver criteria are better.
For Bank Of America, the minimum opening deposit is $100, and for Wells Fargo, it is $25. Regarding checking fees, Bank Of America charges $12 and Wells Fargo $10. In addition, both accounts have overdraft options in terms of features. Still, Bank of America offers intelligent money management tools, including cashback deals, custom alerts, and personalized rewards and saving goals that improve the account’s functionality.
Compare Wells Fargo Vs Bank of America: Savings Accounts
In this criteria, the Bank of America and Wells Fargo are likely to be quite similar. Compared to the national average, both accounts have a low-interest rate. Still, you can access a bit higher rates with Bank of America if you become a preferred rewards member.
Although account maintenance fees for both banks are low, Wells Fargo is a little lower. In the case of the savings account, Bank of America charges $8 and Wells Fargo $5. But the waiver requirement is similar as you need to maintain the minimum balance or have a transfer from a linked account. For both banks, the APY for the savings accounts is 0.01%.
Both allow automatic transfers to make saving a little easier. You can access the account online through the bank’s app. Furthermore, Bank of America has personalized alerts and mobile check deposits. At the same time, Wells Fargo allows you to upgrade to platinum savings to access better features and rates.
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Compare Wells Fargo Vs Bank of America: Certificates of Deposit
Between Wells Fargo Vs Bank of America, Bank of America wins if you get to compare the certificate of deposit. The minimum deposit for a certificate of deposit for Bank of America is only $1000, while Wells Fargo has a minimum deposit of $2500. There is no real difference in rates as both banks offer low rates compared to other banks.
In the case of a one-year, the CD interest rate of Bank Of America is 0.03% and for a 5-years plan, the rate is 0.03%. For the one-year plan, Wells Fargo offers the same rate of 0.01%, whereas, for 5 Years, there is no standard rate.
Compare Wells Fargo Vs Bank of America: Banking experience
Your banking experience mainly depends on customer service. The Bank of America has customer service lines available from 8:00 AM to 9:00 PM on weekdays and 8:00 AM to 8:00 PM on the weekends. Through the website, you can also connect to the customer service team online. On the flipside, Wells Fargo has a general banking helpline available 24/7, and you can quickly get answers to frequent questions on the website support page.
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Compare Wells Fargo Vs Bank of America: Which One To Choose (2023)?
Both Wells Fargo and Bank of America are reputed financial institutions. To summarize which one you should choose between Bank of America Vs Wells Fargo, we recommend you go through the pros and cons. Bank of America and Wells Fargo appear pretty similar, mainly because both the banks have identical rates of maintenance fees. However, Bank of America’s CDs have better rates and a vast selection of credit card options. On the other hand, although Wells Fargo has limited credit card options, you can access loans of around $100,000.
From the table below, you can compare Wells Fargo vs Bank of America and decide which one to choose in 2023:
| Summary | |
|---|---|
| Wells Fargo | Bank of America |
| Checking accounts | |
| Wells Fargo Everyday Checking Monthly fee: $10 (See checking section below for ways to waive it). Minimum opening deposit: $25. | Bank of America Advantage Plus Banking® Monthly fee: $12 (See checking section below for ways to waive it). Minimum opening deposit: $100. |
| Savings accounts | |
| Wells Fargo Way2Save APY: 0.01%. Monthly fee: $5 (See savings section below for ways to waive it). | Bank of America Advantage Savings APY: 0.01%. Monthly fee: $8 (See savings section below for ways to waive it). |
| Certificates of deposit | |
| Wells Fargo CD interest rates 1 year: 0.01%. 5 year: No standard rates available online beyond one-year terms. Call or visit a branch for rates. Minimum deposit: $2,500. | Bank of America CD interest rates 1 year: 0.03%. 5 year: 0.03%. Minimum deposit: $1,000. |
| Overdrafts, ATMs, customer service | |
| Wells Fargo details Overdraft fee: $35, maximum of 3 per day. Overdraft protection transfer fee: $0. ATMs: More than 12,000. Branches: About 4,900 in more than 35 states. Customer service: Available by social media and 24/7 by phone. | Bank of America details Overdraft fee: $10, maximum of two per day. Overdraft protection transfer fee: $12. ATMs: 16,000. Branches: About 4,100 in more than 35 states. Customer service: Available by live chat, email and social media, and by phone Monday - Friday, 8 a.m. - 11 p.m. ET; Saturday - Sunday, 8 a.m. - 8 p.m. ET. |
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Frequently Asked Questions
Is Bank of America better or Wells Fargo?
Wells Fargo and Bank of America have similar offerings, but the bank you choose depends on the accounts you want to open and what you are looking at. Wells Fargo makes it easy for you to waive monthly service fees on its savings accounts and requires a minimum deposit compared to the Bank of America. Bank of America is a better option if you’re interested in opening a savings account or a CD.
Wells Fargo vs Bank Of America: Which is a larger bank?
Bank of America has around 4200 branches, while Wells Fargo has about 7200 branches. In terms of ATMs, Bank of America has 16,000 ATMs, and Wells Fargo has 13,000 ATMs.
