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Chase vs. Wells Fargo: Which Is Best for You?
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NerdWallet's content is fact-checked for accuracy, timeliness and relevance. It undergoes a thorough review process involving writers and editors to ensure the information is as clear and complete as possible.
Margarette Burnette is a NerdWallet authority on savings, who has been writing about bank accounts since before the Great Recession. Her work has been featured in The Associated Press, USA Today and other major newspapers. Before joining NerdWallet, Margarette was a freelance journalist with bylines in magazines such as Good Housekeeping, Black Enterprise and Parenting. She is based near Atlanta, Georgia.
Yuliya Goldshteyn is a former banking editor at NerdWallet. She previously worked as an editor, a writer and a research analyst in industries ranging from health care to market research. She earned a bachelor's degree in history from the University of California, Berkeley and a master's degree in social sciences from the University of Chicago, with a focus on Soviet cultural history. She is based in Portland, Oregon.
Wells Fargo and Chase are two of the largest U.S. banks, and they make it convenient to bank in person, with many ATMs and branches. Keep in mind that the interest rates both banks pay are low compared with other banks.
Here’s how they stack up against each other.
Snapshot comparison
Chase
Wells Fargo
Checking accounts
Chase Total Checking®
Monthly fee: $12. (See below for several ways to waive it.)
Minimum opening deposit: $0.
Wells Fargo Everyday Checking
Monthly fee: $10. (See below for multiple ways to waive it.)
Minimum opening deposit: $25.
Savings accounts
Chase Savings℠
APY: 0.01% effective as of 02/10/2023. Interest rates are variable and subject to change.
Monthly fee: $5. (See below for five ways to waive it.)
Wells Fargo Way2Save
APY: 0.01%.
Monthly fee: $5. (See below for five ways to waive it.)
Certificates of deposit
Chase interest rates on CDs
1 year: 0.01% APY.
5-year: 0.01% APY.
Minimum deposit: $1,000.
Wells Fargo interest rates on CDs
1 year: 2.00% APY for standard CDs.
5-year: No standard rates available online beyond one-year terms. Call or visit a branch for rates.
Minimum deposit: $2,500.
Overdrafts and ATMs
Chase details
Overdraft fee: $34, maximum of three per day. No charge if account is overdrawn by $50 or less at end of day. Customers can also avoid an overdraft fee if the account balance is overdrawn more than $50 but is brought down to being overdrawn by $50 or less by the end of the next business day.
Overdraft protection transfer fee: $0 per transfer.
ATMs: More than 15,000.
Branches: More than 4,700.
Wells Fargo details
Overdraft fee: $35, maximum of three per day.
Overdraft protection transfer fee: $0 per transfer.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
4.25%Annual Percentage Yield (APY) is accurate as of 01/09/2025. APY may change at any time before or after the account is opened. Available only online.
5.00%Start earning 2.50% APY (Annual Percentage Yield), then qualify to earn 5.00% APY. Earn 5.00% APY on your balance up to $5,000.00 for next month by meeting these two requirements this month: (1) Receive direct deposit(s) totaling $1,000 or more; and (2) End the month with a positive balance in both your Varo Bank Account and Savings Account. You’ll continue to earn 2.50% APY on any additional balance above $5,000.00. No fees, no minimum balance required.
Min. balance for APY
$0
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
4.50%*Current promotional rate; annual percentage yield (variable) is 4.00% as of 12/27/24, plus a .50% boost available as a special offer with qualifying deposit. Terms apply; if the base APY increases or decreases, you’ll get the .50% boost on the updated rate. Cash Reserve is only available to clients of Betterment LLC, which is not a bank; cash transfers to program banks (www.betterment.com/cash-portfolio) conducted through clients’ brokerage accounts at Betterment Securities. FDIC insurance is subject to certain conditions.
Min. balance for APY
$0
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
4.50%All Bread Savings APYs are accurate as of 01/30/2025. APYs are subject to change at any time without notice. Offers apply to personal accounts only. Fees may reduce earnings. To open a CD, a minimum of $1,500 is required and must be deposited in a single transaction. A penalty will be imposed for early withdrawals on CDs. At maturity, your CD will automatically renew and earn the base interest rate in effect at that time. Rates are compared against competitor rates published by NerdWallet.com and the institutions themselves as of 01/30/2025. NerdWallet.com obtains the data from the various banks that it tracks and its accuracy cannot be guaranteed.
Unlike these brick-and-mortars, online banks don’t have thousands of branches. But they do have excellent annual percentage yields, or APYs, that make your savings grow faster. And fees tend to be low or nonexistent.
The Chase Total Checking® and Wells Fargo Everyday Checking accounts are comparable, with large ATM networks and many branches. Both banks also offer premium checking accounts that earn interest — but not much.
Chase Total Checking®
Wells Fargo Everyday Checking
Monthly fee
$12.
How to waive it
Receive $500 or more in direct deposits each month.
Keep a daily balance of at least $1,500.
Have a daily balance of at least $5,000 spread across qualifying Chase accounts.
$10.
How to waive it
Keep a daily balance of at least $500.
Receive $500 or more in qualifying direct deposits each month.
Have a primary account owner who is 17-24 years old.
Link a Wells Fargo Campus ATM or Debit Card.
Minimum deposit to open
$0.
$25.
APY
None.
None.
ATM fees and network
More than 15,000 Chase ATMs.
$3 fee for using non-Chase ATMs in the U.S. and U.S. territories, plus any fees from ATM owner.
About 11,000 Wells Fargo ATMs.
$2.50 per withdrawal for out-of-network ATMs in the U.S., plus any fees from ATM owner.
+ Click here for analysis of Chase and Wells Fargo's checking accounts
The Chase Total Checking® and Wells Fargo Everyday Checking accounts are comparable, with large ATM networks and many branches. Both banks also offer premium checking accounts that earn interest — but not much.
Both accounts have monthly fees, but they are easy to avoid. However, Wells Fargo’s account has a more generous age limit for waiving the fee. Wells Fargo requires $25 to open an account, but Chase’s $0 opening deposit requirement is helpful if you’re starting out with just a few dollars.
Chase requires less than half the amount Wells Fargo does to open a standard CD, but neither bank offers high APYs. You can find one-year rates at online banks higher than 5% APY.
If you’re seeking the broad reach and expansive product selection of a national bank, you’ll find those at Wells Fargo or Chase. For similar banks, see our roundup of best national banks. If the low interest rates or hefty fees at these institutions don’t work for you, however, check out other top bank options such as credit unions or online banks.
