Chase vs. Wells Fargo: Which Is Best for You?
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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®
| Wells Fargo Everyday Checking
|
Savings accounts | |
Chase Savings℠
| Wells Fargo Way2Save
|
Certificates of deposit | |
Chase interest rates on CDs
| Wells Fargo interest rates on CDs
|
Overdrafts and ATMs | |
Chase details | Wells Fargo details |
Choose Chase if:
You want a larger ATM network.
You prefer lower minimums for certificates of deposit.
Choose Wells Fargo if:
You prefer lower monthly checking fees that are slightly easier to waive.
Member FDIC
SoFi Checking and Savings
4.00%
$0
Deposits are FDIC Insured
BMO Alto Online Savings Account
4.30%
$0
Barclays Tiered Savings Account
4.35%
$0
U.S. Bank Smartly® Savings
N/A
$0
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 and top online checking accounts
Chase vs. Wells Fargo: Basic 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.
Chase Total Checking® | Wells Fargo Everyday Checking |
---|---|
Monthly fee | |
$12. How to waive it | $10. How to waive it |
Minimum deposit to open | |
$0. | $25. |
APY | |
None. | None. |
ATM fees and network | |
|
|
Sign-up bonus | |
$300 (expires 01/22/2025); our bank bonuses roundup explains how to qualify. | $300 (expires 01/08/2025); our bank bonuses roundup explains how to qualify. |
» See more options on our list of best checking accounts or check out Chase checking account bonuses
Chase vs. Wells Fargo: Basic savings accounts
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.
Neither account pays much interest. For savings options with higher yields, read NerdWallet’s list of best savings rates.
Chase Savings℠ | Wells Fargo Ways2Save |
---|---|
APY | |
0.01% effective as of 02/10/2023. Interest rates are variable and subject to change. | 0.01%. |
Monthly fee | |
$5. 5 ways to waive it | $5. 5 ways to waive it |
Minimum deposit to open | |
$0. | $25. |
» Looking for higher rates? Explore NerdWallet's list of top online savings accounts
Chase vs. Wells Fargo: Certificates of deposit
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.
Chase | Wells Fargo |
---|---|
1-Year APY | |
0.01% standard rate. | 2.75% standard rate. |
3-Year APY | |
0.01%. | None online. Call or visit branches for rates. |
5-Year APY | |
0.01%. | None online. Call or visit branches for rates. |
Minimum deposit to open | |
$1,000. | $2,500. |
For more details: | |
See our coverage of Chase CD rates. | See our coverage of Wells Fargo CD rates. |
Rates may vary by location. |
» Learn more about the latest top CD rates
Big banks, small rates
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.