Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our partners, however, our opinions are our own. Terms apply to offers listed on this page.
Wells Fargo and Chase are two of the biggest national banks in the US. To help you determine which bank accounts and services may be the best for you, we’ve compared checking, savings, and CDs. We’re also comparing financial institutions in trustworthiness so you can know more about each institution’s history.
Compare Chase and Wells Fargo
Easy to waive monthly service fees on savings account
Easy to waive monthly service fees on checking account
Pros and cons of Chase
Pros and cons of Wells Fargo
Checking account comparisons
Wells Fargo and Chase each have an ample number of checking accounts.
Below, we’ve compared two checking accounts that the average person would open if they were looking for a checking account with minimal bank fees.
Wells Fargo Everyday Checking Account
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$25
Wells Fargo Everyday Checking Account
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$25
Details
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$25
Pros & Cons
Highlights
Additional Reading
Savings account comparisons
Chase and Wells Fargo offer traditional and premium savings accounts. We compared two savings accounts with monthly services fees of $5 (or under if you qualify to waive the fee).
Annual Percentage Yield (APY)
0.01% effective as of 10/10/2022. Interest rates are variable and subject to change
Minimum Deposit Amount
$0
Annual Percentage Yield (APY)
0.01% effective as of 10/10/2022. Interest rates are variable and subject to change
Minimum Deposit Amount
$0
Details
Annual Percentage Yield (APY)
0.01% effective as of 10/10/2022. Interest rates are variable and subject to change
Minimum Deposit Amount
$0
Pros & Cons
Highlights
Additional Reading
CD comparisons
Chase Certificate of Deposit (CD)
Annual Percentage Yield (APY)
0.01% to 3.00% (vary by location)
Minimum Deposit Amount
$1,000
Chase Certificate of Deposit (CD)
Annual Percentage Yield (APY)
0.01% to 3.00% (vary by location)
Minimum Deposit Amount
$1,000
Details
Annual Percentage Yield (APY)
0.01% to 3.00% (vary by location)
Minimum Deposit Amount
$1,000
Pros & Cons
Highlights
Additional Reading
Which bank is more trustworthy?
We use ratings from the Better Business Bureau to evaluate how a bank deals with customer issues.
The Better Business Bureau gave JP Morgan Chase & Co. (Chase’s parent company) a A rating due to government action taken against the business. Wells Fargo received an F rating because it is responding to previously closed complaints and has received government action against the bank.
A good BBB rating won’t necessarily ensure your relationship with a bank will be perfect. Consider talking to current customers or reading online customer reviews.
Chase and Wells Fargo have also both gone through a few public controversies in the last few years.
Here are recent cases with JP Morgan Chase & Co.:
Meanwhile, Wells Fargo has been involved in the following issues:
- In December 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, the Office of the Comptroller of Currency issued a cease and desist order against Wells Fargo because the OCC said the bank’s compliance risk management program had unsafe business practices.
- In 2020, the Department of Justice required Wells Fargo to pay $3 billion in a settlement that accused company employees of opening unauthorized bank accounts to meet unrealistic sales goals.
- In 2019, Wells Fargo paid the city of Philadelphia $10 million in a settlement. The city claimed Wells Fargo engaged in predatory mortgage lending to racial minorities.
- In 2019, the bank also paid $10 million in a settlement with the California Department of Insurance (CDI). The CDI stated that Wells Fargo signed up and charged 1,500 consumers on insurance products without their knowledge.
Frequently asked questions
It’ll depend on which bank accounts you’d like to open. Wells Fargo’s checking account makes it easier to waive the monthly service fee, but Chase has stronger options with savings accounts and CDs.
Keep in mind neither Wells Fargo nor Chase offers a money market account. Look over our money market account guide for our top picks.
Chase has more than 4,800 branches and more than 16,000 free ATMs. Meanwhile, Wells Fargo has 4,700 branches and 12,000 ATMs.
Top Offers From Our Partners
Related Post
Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our partners, however, our opinions are our own. Terms apply to offers listed on this page.
Wells Fargo and Chase are two of the biggest national banks in the US. To help you determine which bank accounts and services may be the best for you, we’ve compared checking, savings, and CDs. We’re also comparing financial institutions in trustworthiness so you can know more about each institution’s history.
Compare Chase and Wells Fargo
Easy to waive monthly service fees on savings account
Easy to waive monthly service fees on checking account
Pros and cons of Chase
Pros and cons of Wells Fargo
Checking account comparisons
Wells Fargo and Chase each have an ample number of checking accounts.
Below, we’ve compared two checking accounts that the average person would open if they were looking for a checking account with minimal bank fees.
Wells Fargo Everyday Checking Account
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$25
Wells Fargo Everyday Checking Account
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$25
Details
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$25
Pros & Cons
Highlights
Additional Reading
Savings account comparisons
Chase and Wells Fargo offer traditional and premium savings accounts. We compared two savings accounts with monthly services fees of $5 (or under if you qualify to waive the fee).
Annual Percentage Yield (APY)
0.01% effective as of 10/10/2022. Interest rates are variable and subject to change
Minimum Deposit Amount
$0
Annual Percentage Yield (APY)
0.01% effective as of 10/10/2022. Interest rates are variable and subject to change
Minimum Deposit Amount
$0
Details
Annual Percentage Yield (APY)
0.01% effective as of 10/10/2022. Interest rates are variable and subject to change
Minimum Deposit Amount
$0
Pros & Cons
Highlights
Additional Reading
CD comparisons
Chase Certificate of Deposit (CD)
Annual Percentage Yield (APY)
0.01% to 3.00% (vary by location)
Minimum Deposit Amount
$1,000
Chase Certificate of Deposit (CD)
Annual Percentage Yield (APY)
0.01% to 3.00% (vary by location)
Minimum Deposit Amount
$1,000
Details
Annual Percentage Yield (APY)
0.01% to 3.00% (vary by location)
Minimum Deposit Amount
$1,000
Pros & Cons
Highlights
Additional Reading
Which bank is more trustworthy?
We use ratings from the Better Business Bureau to evaluate how a bank deals with customer issues.
The Better Business Bureau gave JP Morgan Chase & Co. (Chase’s parent company) a A rating due to government action taken against the business. Wells Fargo received an F rating because it is responding to previously closed complaints and has received government action against the bank.
A good BBB rating won’t necessarily ensure your relationship with a bank will be perfect. Consider talking to current customers or reading online customer reviews.
Chase and Wells Fargo have also both gone through a few public controversies in the last few years.
Here are recent cases with JP Morgan Chase & Co.:
Meanwhile, Wells Fargo has been involved in the following issues:
- In December 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, the Office of the Comptroller of Currency issued a cease and desist order against Wells Fargo because the OCC said the bank’s compliance risk management program had unsafe business practices.
- In 2020, the Department of Justice required Wells Fargo to pay $3 billion in a settlement that accused company employees of opening unauthorized bank accounts to meet unrealistic sales goals.
- In 2019, Wells Fargo paid the city of Philadelphia $10 million in a settlement. The city claimed Wells Fargo engaged in predatory mortgage lending to racial minorities.
- In 2019, the bank also paid $10 million in a settlement with the California Department of Insurance (CDI). The CDI stated that Wells Fargo signed up and charged 1,500 consumers on insurance products without their knowledge.
Frequently asked questions
It’ll depend on which bank accounts you’d like to open. Wells Fargo’s checking account makes it easier to waive the monthly service fee, but Chase has stronger options with savings accounts and CDs.
Keep in mind neither Wells Fargo nor Chase offers a money market account. Look over our money market account guide for our top picks.
Chase has more than 4,800 branches and more than 16,000 free ATMs. Meanwhile, Wells Fargo has 4,700 branches and 12,000 ATMs.
Top Offers From Our Partners
