Wells Fargo vs. Bank of America: Which Is Best for You?
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Bank of America and Wells Fargo, the second- and third-largest U.S. banks, respectively, offer similar flavors of traditional-style banking, packed with ATMs and branches. But there are some slight differences that you should know about if you’re deciding between the two.
Here’s a quick look at how Wells Fargo and Bank of America compare.
Snapshot comparison
Wells Fargo | Bank of America |
---|---|
Checking accounts | |
Wells Fargo Everyday Checking
| Bank of America Advantage Plus Banking®
|
Savings accounts | |
Wells Fargo Way2Save
| Bank of America Advantage Savings
|
Certificates of deposit | |
Wells Fargo CD interest rates
| Bank of America CD interest rates
|
Overdrafts, ATMs, customer service | |
Wells Fargo details | Bank of America details |
Choose Wells Fargo if:
You tend to have less than $500 in your savings account.
You prioritize 24/7 access to customer service.
Choose Bank of America if:
Your direct deposits total at least $250 in a month.
You want a larger ATM network.
Or go with an alternative
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.
» Want to know more? Check out NerdWallet’s best high-yield online savings accounts
Wells Fargo vs. Bank of America: Basic checking accounts
Wells Fargo Everyday Checking | Bank of America Advantage Plus Banking® |
Monthly fee | |
$10. How to get it waived | $12. How to get it waived |
Minimum deposit to open | |
$25. | $100. |
APY | |
None. | None. |
ATM fees and network | |
|
|
Bonus offer | |
$300 (expires 09/25/2024); our bank bonuses roundup explains how to qualify. | $200 (expires 09/30/2024); our bank bonuses roundup explains how to qualify. |
» Explore other options with NerdWallet’s list of best checking accounts
Wells Fargo vs. Bank of America: Basic savings accounts
Wells Fargo Way2Save | Bank of America Advantage Savings |
---|---|
APY | |
0.01% APY. | 0.01% APY. |
Monthly fee | |
$5. How to get it waived | $8. How to get it waived |
Minimum deposit to open | |
$25. | $100. |
» Want better interest rates for your savings? See our list of best savings accounts
Wells Fargo vs. Bank of America: Certificates of deposit
Wells Fargo | Bank of America |
---|---|
1-year APY | |
1.50% APY. | 0.03% APY. |
3-year APY | |
No standard rates available online beyond one-year terms. Call or visit a branch for rates. | 0.03% APY. |
5-year APY | |
No standard rates available online beyond one-year terms. Call or visit a branch for rates. | 0.03% APY. |
Minimum deposit | |
$2,500. | $1,000. |
For more details: | |
See our post on Wells Fargo CD rates. | See our post on Bank of America CD rates. |
Rates may vary by location. |
» Want to see how much more you can earn? Compare latest top CD rates
Wells Fargo vs. Bank of America: Banking experience
Wells Fargo | Bank of America |
---|---|
Branches | |
About 4,700 in more than 35 states and Washington, D.C. | About 4,100 in more than 35 states and Washington, D.C. |
Banking apps (ratings from app store users) | |
|
|
Customer service | |
|
|
Wells Fargo vs. Bank of America: Overdraft fees
Wells Fargo | Bank of America |
---|---|
Overdraft fee | |
$35, maximum of three per day. | $10, maximum of two per day. |
Overdraft protection fee | |
$0 per transfer. | $12 per transfer. |
Extended overdraft fee | |
None. | None. |
Should you choose Wells Fargo or Bank of America?
Wells Fargo and Bank of America have similar offerings but slight differences in how to avoid fees that might tip either bank in your favor. If you’re looking for competitive interest rates on savings accounts and CDs, however, you’ll have to check elsewhere. You can find options at NerdWallet's best banks and credit unions.