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Bank of America vs Wells Fargo

Bank of America is a national bank with widespread accessibility and wide range of services. How does it compare to Wells Fargo? Read our comparison chart below.

Bank of America is one of the largest banks in the U.S. with over 5,000 locations and 16,000 ATMs. It is known for good customer service with extended hours. It offers checking, savings, CDs, IRA, and investment accounts through Merrill Edge.

While Wells Fargo is one of America's largest banks with over 5,400 locations and 13,000 ATMs. Offers many checking options, including Teen Checking and Opportunity Checking for those who had financial troubles. 24/7 customer service. Special CDs offers high rates with $5,000 minimum opening deposit.

Compare Bank of America with Wells Fargo, side-by-side. Read on for an in-depth look, including ratings and reviews.

 

Bank of America

Wells Fargo

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Benefits and Features

Savings0.03% APY (up to 0.06% if enrolled in Preferred Rewards). $8 monthly maintenance fee, unless you have 1) daily balance of $500, 2) are a Bank of America Preferred Rewards Client, or 3) link your Rewards Savings Account to your Interest Checking Account. Minimum deposit of $100.0.01% APY. Minimum opening deposit of $25. Monthly service fee of $5, unless you maintain a minimum daily balance of $300, or are under the age of 18.
CDStandard Term CD: 0.03% - 0.75% APY. Terms of 28 days to 10 years. Minimum deposit of $1,000. Featured CD: 1.00% - 1.45% APY. Terms of 7,13, 25, and 37 months. Minimum deposit of $10,000.Standard Term CD: 0.05% - 0.20% APY. Terms of 3 months to 1 year. Minimum deposit of $2,500. Special CD: 1.05% - 1.35% APY. Terms of 9, 29, and 39 months. Minimum deposit of $5,000. Bonus of up to 1.40% APY if you maintain a linked Wells Fargo Prime/Portfolio Checking account.
Money Market Also known as the Platinum Savings Account. 0.05% APY. Minimum opening deposit of $25. $12 monthly service fee, unless you maintain a minimum daily balance of $3,500. Bonus APY of 0.10% requires account linked to Portfolio by Wells Fargo┬« relationship.
Customer ServiceMon-Fri: 8am - 9pm(ET)
Sat: 8am - 8pm (ET)
Sun: 8am-5pm (ET)
Available 24 hours a day, 7 days a week.
ATMsApproximately 15,900 ATMs around the country.More than 13,000 ATMs across the country.
IRA CDStandard Term CD: 0.03% - 0.75% APY. Terms of 28 days to 10 years. Minimum deposit of $1,000. Featured CD: 0.07% - 1.45% APY. Terms of 12, 13, 25, and 37 months. Minimum deposit of $2,000.Standard Term CD: 0.01% - 0.35% APY. Terms of 1 month to 114 months. Minimum deposit of $1,000. Special CD: 1.05% - 1.35% APY. Terms of 9, 29, and 39 months. Minimum deposit of $2,500. Bonus of up to 1.40% APY if you maintain a linked Wells Fargo Prime/Portfolio Checking account.
IRA Money Market 0.03% - 0.05% APY. $100 minimum opening deposit.
Locations4600 retail financial centres around the country and brances in more than 40 other countries.Approximately 5,400 retail banking branches coast to coast.
 

CreditDonkey® Reviews

Savings
CD
Checking
Customer Service
Mobile App
Pros & ConsPros:
  • National availability
  • Extended customer service hours
  • Full service bank
Cons:
  • No free checking option
  • Low interest rates
  • Many misc. banking fees
Bottom LineNational bank with widespread accessibility and wide range of services... Read full review Read full review

Consumer Checking Account - $400 Bonus

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Bank of America: Pricing information from published website as of 2/29/2020 based on 91107 zip code.

Wells Fargo: Pricing information from published website as of 02/29/2020 based on 91107 zip code.

Which is Better: Bank of America or Wells Fargo?

Still need help deciding which bank is better? Read the in-depth reviews below. You may also be interested in comparing Bank of America or Chase.


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