Bank of America vs. Wells Fargo: Which Bank is the Right fit for You?

• Pros and Cons: Bank of America
• Pros and Cons: Wells Fargo
• Checking Account Comparisons
• Savings Account Comparisons
• CD Comparisons 
• Which Bank is More Trustworthy?
• FAQ

Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.

The bottom line: Wells Fargo beats Bank of America when comparing checking accounts, but you may prefer Bank of America if you want to open a savings account or CD. Also, see how the two banks compare to the best banks.

If you prefer a traditional banking experience, Wells Fargo and Bank of America are two well-known financial institutions with substantial locations throughout the US. 

We're reviewing checking, savings, and CD accounts to see which institution's products stand out the most. We're also evaluating each bank's trustworthiness, so you can determine if one of these banks is ultimately the right fit for you.

Pros and Cons: Bank of America

Pros and Cons: Wells Fargo

Bank of America vs. Wells Fargo Checking Account Comparisons

We are comparing two standard checking accounts with lower bank fees.

Choosing between these two checking accounts will likely to come down to whether you're able to waive monthly service fees at either bank.

Wells Fargo has a significantly lower daily minimum balance requirement than Bank of America. It also makes it easy to waive monthly services fees if you're a college student or minor. If you qualify for Wells Fargo's bonus, you'll earn more than you would with Bank of America.

See the best bank account bonuses right now>>

Winner: Wells Fargo

The Wells Fargo Everyday Checking Account has a lower opening deposit requirement and makes it easier to waive the monthly service fee. It also has an impressive sign-up bonus for qualifying customers.

Earn a $300 bonus when you open a new account from the offer webpage with a $25 minimum opening deposit and receive a total of $1,000 or more in qualifying electronic deposits to your new checking account within 90 calendar days of account opening (offer ends April 1, 2024)

$10 monthly service fee

None

$25

$300

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Relatively easy to waive monthly fee
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Free overdraft protection available
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. $25 minimum opening deposit

• con icon Two crossed lines that form an 'X'. $10 monthly service fee
• con icon Two crossed lines that form an 'X'. $35 overdraft fee
• con icon Two crossed lines that form an 'X'. $2.50 out-of-network ATM fee

Wells Fargo is a solid choice if you're looking for a brick-and-mortar bank with a national presence. It also offers some of the best checking and savings account bonuses out there for opening new accounts. But to earn high savings rates, you'll want to look elsewhere.

• Approximately 4,700 branches and 12,000 ATMs
• Earn $300 bonus when you open a new account from the offer webpage with a $25 minimum opening deposit and receive a total of $1,000 or more in qualifying electronic deposits to your new checking account within 90 calendar days of account opening (offer ends April 1, 2024)
• Waive $10 monthly fee when you have $500 in direct deposits per month, OR maintain minimum balance of $500, OR link account to a Wells Fargo Campus ATM or Campus Debit Card OR are 17-24 years old
• FDIC insured

Bank of America vs. Wells Fargo Savings Account Comparisons

We've compared savings accounts with lower monthly service fees and minimum opening deposits.

The biggest upside to the Bank of America Advantage Savings Account is that you won't have to worry about a monthly service fee during the first six months of opening your bank account. After the first six months, you also might find it easy to waive the monthly service fee if you're a college student or minor.

It also may be worthwhile if you want to become involved in some of Bank of America's other offerings. For example, if you open a checking account, you may use the Keep the Change® feature to help you save.

Wells Fargo has fewer options for waiving the monthly service fee. However, if you're only looking to open a saving account, you might prefer Wells Fargo, since you can the waive the fee with a lower account balance.

Winner: Bank of America

Bank of America lets you waive the monthly service fee for the first six months. This account also offers more ways to waive the monthly service fee.

$8 monthly service fee

0.01% to 0.04%

$100

None

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. New accounts have monthly fee waived for the first 6 months
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Multiple ways to waive monthly fee after the first 6 months
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No excess withdrawal fee if your balance is at least $20,000, or if you're a Preferred Rewards customer

• con icon Two crossed lines that form an 'X'. Low APY
• con icon Two crossed lines that form an 'X'. Compounds interest monthly, not daily
• con icon Two crossed lines that form an 'X'. $100 opening deposit
• con icon Two crossed lines that form an 'X'. $8 monthly service fee
• con icon Two crossed lines that form an 'X'. $10 excess withdrawal fee

The Bank of America Advantage Savings Account rates are lower than the average savings account but similar to what other national banks pay. If you're searching for a high interest rate on a savings account, you'll earn more by opening one of the best high-yield savings accounts.

• Access to over 3,900 branches and 15,000 ATMs
• Earn slightly higher rates by becoming a Preferred Rewards customer and qualifying for the Gold, Platinum, or Platinum Honors tier
• Earn cash back when you make a debit card or credit card purchase through the BankAmeriDeals® program; Cardholders will automatically be enrolled in the program when setting up online banking and a list of eligible offers and deals will be available through online banking
• Waive $8 monthly service fee by maintaining $500 balance, OR linking to your Bank of America Advantage Relationship Banking® account, OR by becoming a Preferred Rewards customer
• Waive monthly fee if you're a student under age 25
• Waive monthly fee if an account holder is under age 18
• Interest compounded monthly and paid monthly
• FDIC insured

Bank of America vs. Wells Fargo CD Comparisons 

Bank of America CD rates are higher than Wells Fargo rates on select shorter terms. Bank of America has more terms to choose from, and you can open a CD with less money than with Wells Fargo.

Winner: Bank of America

If you're looking for a variety of term options or a low minimum opening deposit, Bank of America easily tops Wells Fargo.

0.03% to 4.00%

$1,000

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Terms from 28 days to 10 years
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Access to over 3,900 branches and 15,000 ATMs

• con icon Two crossed lines that form an 'X'. Low APY
• con icon Two crossed lines that form an 'X'. Interested is compounded monthly, not daily
• con icon Two crossed lines that form an 'X'. $1,000 opening deposit
• con icon Two crossed lines that form an 'X'. High early withdrawal penalties

Bank of America CD rates are low overall, with the exception of select short-term options. You'll still find the best CD rates at online financial institutions, though, regardless of which term you'd like to get.

• Access to over 3,900 branches and 15,000 ATMs
• Terms ranging from 28 days to 10 years
• Early withdrawal penalties are as follows: the greater of all interest earned or 7 days interest on the amount withdrawn for terms under 90 days; 90 days interest for terms over 90 days and under 12 months; 180 days interest for terms of 12 months to under 60 months; 365 days interest on terms of 60 months or more
• Interest compounded monthly and paid monthly
• FDIC insured

Bank of America vs. Wells Fargo Trustworthiness and BBB ratings

The Better Business Bureau rates business based on responses to customer complaints, honesty in advertising, and transparency about business practices.

Bank of America received an A- rating from the BBB. Meanwhile, Wells Fargo has an F rating because it hasn't responded to some complaints on the BBB website and the government has taken action against the business.

In 2022, The Consumer Financial Protection Bureau required Wells Fargo to pay more than $3.7 billion in a settlement that accused the bank of wrongfully charging fees that led thousands of customers to lose vehicles and homes. The settlement also accuses the bank of wrongfully charging overdraft fees on checking and savings accounts.

In 2021, Wells Fargo consented to a Cease and Desist order from the Office of the Comptroller of the Currency. The OCC stated that the bank's home lending loss mitigation program was unsuccessful, and it charged Wells Fargo a $250 million civil penalty.

In 2023, Bank of America paid over $100 million to customers in a settlement when accused of repeatedly charging a $35 overdraft fee for the same transaction, withholding credit card rewards, and enrolling customers in credit card accounts without them knowing or authorizing it.

In 2022, the Consumer Financial Protection Bureau fined Bank of America for freezing customers' accounts because its automatic fraud filter incorrectly detected fraud on accounts. The CFPB claimed that the bank made it difficult for customers to un-freeze their accounts.

Bank of America and Wells Fargo: Frequently Asked Questions

It depends on the accounts you'd like to open and what you're looking for. Wells Fargo makes it a bit easier to waive monthly service fees on its savings account and requires a lower initial deposit than Bank of America.

For a money market account or high-yield savings account, you'll want to look at other banks because neither bank offers these types of accounts.

Bank of America has around 3,900 branches and 15,000 ATMs. Meanwhile, Wells Fargo has 4,700 locations and 12,000 ATMs.

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Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.

Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.

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