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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 approximately 4,300 locations and 17,000 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 4,500 locations and 12,000 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, reviews, pros and cons.

 Bank of America
Member FDIC
 Visit SiteLearn More
 

Bank of America

Wells Fargo

SPECIAL OFFER
Bank of America Business Advantage Checking Account - $200 Bonus Offer - Learn More

Read Bank of America Review

SPECIAL OFFER
IRA Certificate of Deposit - Up to 4.50% APY - Learn More

Read Wells Fargo Review

 

Benefits and Features

Savings
Check
0.15% APY. Minimum opening deposit of $25. Monthly service fee of $5, unless you maintain a minimum daily balance of $300, make 1 automatic transfer each fee period of $25 or more from a linked Wells Fargo checking account, make 1 automatic transfer each business day within the fee period of $1 or more from a linked Wells Fargo checking account, make 1 or more Save As You Go® transfers from a linked Wells Fargo checking account, or primary account owner is 24 years old or under.
CD
Check
Standard Fixed Term CD available online: 1.50% to 4.50% APY. Terms of 3 months to 1 year. Minimum deposit of $2,500. Bonus of up to 4.51% APY if you maintain a linked Portfolio by Wells Fargo relationship. More CD terms are available in branch.
Checking
Check
Clear Access Banking, Everyday Checking, Portfolio by Wells Fargo
Money Market Also known as the Platinum Savings Account. 0.25% - 2.50% APY. Minimum opening deposit of $25. $12 monthly service fee, unless you maintain a minimum daily balance of $3,500. Bonus APY of 2.51% requires account linked to Portfolio by Wells Fargo relationship.
Customer Service
  • Mon-Fri: 8am - 9pm (ET)
  • Sat: 8am - 8pm (ET)
  • Sun: 8am - 5pm (ET)
Available 24 hours a day, 7 days a week.
ATMs
Approximately 16,000+ ATMs
More than 12,000 ATMs across the country.
IRA CD
Check
Standard Term CD: 0.01% to 4.50% APY. Terms of 1 month to 144 months. Minimum deposit of $1,000. Bonus of up to 4.51% APY if you maintain a linked Wells Fargo Prime/Portfolio Checking account.
IRA Money Market Also known as Retirement High Yield Savings. 0.25% - 2.50% APY. $100 minimum opening deposit.
LocationsApproximately 3,900 retail financial centersApproximately 4,500+ retail banking branches coast to coast.
 

CreditDonkey® Reviews

 Bank of America
SavingsStarStarEmpty StarEmpty StarEmpty StarStarStarEmpty StarEmpty StarEmpty Star
CDStarStarStarHalf StarEmpty StarStarStarStarHalf StarEmpty Star
CheckingStarStarStarStarEmpty StarStarStarStarStarHalf Star
Customer ServiceStarStarStarStarEmpty StarStarStarStarStarHalf Star
Mobile AppStarStarStarStarHalf StarStarStarStarStarStar
Pros & ConsPros:
  • Large branch network
  • Extended service hours
  • Full service banking
Cons:
  • Monthly fees
  • Low interest rates
  • Many misc. banking fees
Pros:
  • Low requirements for Everyday Checking
  • Full service bank
  • 24/7 customer service
Cons:
  • Low savings rates
  • Not in all states
Bottom LineNational bank with widespread accessibility and wide range of services... Read full reviewA "big 4" bank with a good range of checking accounts and full services... Read full review
 Visit SiteLearn More

Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details.

Bank of America: Pricing information from published website as of 12/05/2023 based on 91107 zip code.

Wells Fargo: Pricing information from the published website as of 12/05/2023 is based on the 91107 zip code.

Bank of America
Member FDIC

Bank of America Business Advantage Checking Account - $200 Bonus Offer

Expires 6/30/2024
Earn a cash bonus in three steps:
  1. Open a new eligible business checking account by June 30, 2024
  2. Make Qualifying Deposits* of $5,000 or more in new money within 30 days of opening the new eligible business checking account
  3. Maintain an average balance of $5,000 for the next 60 days (day 31-90) during the maintenance period**
*Qualifying Deposits are deposits of new money, which is money not currently or previously held in any account at Bank of America or Merrill
**The maintenance period begins thirty-one (31) days after account opening and ends ninety (90) calendar days after account opening.
Member FDIC
Bank of America
Member FDIC

Business Advantage Fundamentals™ Banking

  • No fee for first 200 transactions per statement cycle
  • No fee for first $7,500 in cash deposited per statement cycle
  • Waive the $16 monthly fee in a variety of ways
Bank of America
Member FDIC

Business Advantage Relationship Banking

  • No fee for first 500 transactions per statement cycle
  • No fee for first $20,000 in cash deposited per statement cycle
  • Waive the $29.95 monthly fee by maintaining a $15,000 combined average monthly balance

Which is Better: Bank of America or Wells Fargo?

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


Articles on Bank of America

Bank of America Review

Bank of America is a national bank with many account options and user-friendly online banking. But does this convenience come at a cost? Read on.

Bank of America CD Rates

Bank of America is one the biggest banks in the U.S. But are their CD rates worth it? Read on to find out.

How to Close a Bank of America Account

Want to close your Bank of America account? Learn how and what you need to do before you close your account.

Bank of America Hours

Bank of America is open 5-6 days a week, depending on the location. Take a look at their business hours below.

Bank of America Routing Number

Find your Bank of America routing number and learn about money transfers in our guide.

Articles on Wells Fargo

Wells Fargo Bank Review

Wells Fargo offers nationwide access with thousands of ATMs and branch locations. But are their checkings and savings accounts right for you? Read on to see the best options.

Wells Fargo Bank Hours

Wells Fargo is one of the biggest banks in the country. Here's when you can visit a branch near you.

Wells Fargo Routing Number

Not all routing numbers are the same for Wells Fargo. Here's how to find the routing number for your bank account.

Which Do You Think is Best?





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