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.
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.
Compare Bank of America and Wells Fargo
-
Bank of America
-
Wells Fargo
Editor’s Rating
Easy to waive monthly service fees on checking account
Editor’s Rating
Easy to waive monthly service fees on savings account
Pros and cons Bank of America
Pros and cons Wells Fargo
Bank of America vs. Wells Fargo checking account comparisons
Wells Fargo and Bank of America have an ample number of checking accounts. We decided to compare 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.
Both banks are offering account bonuses if you’re a new customer. The requirements for earning the cash bonus are the same — receive direct deposits of at least $1,000 within 90 days of opening the account. However, Wells Fargo will deposit $200 into your account around 60 days after finishing the requirements, while Bank of America will reward you with $100.
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
Bank of America vs. Wells Fargo savings account comparisons
We’ve compared savings accounts with lower monthly service fees and minimum opening deposits.
For savings accounts, it may be a bit trickier to decide between Bank of America and Wells Fargo.
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 6 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.
Bank of America Advantage Savings Account
Annual Percentage Yield (APY)
0.01% to 0.04%
Minimum Deposit Amount
$100
Bank of America Advantage Savings Account
Annual Percentage Yield (APY)
0.01% to 0.04%
Minimum Deposit Amount
$100
On Bank of America’s website
Details
Annual Percentage Yield (APY)
0.01% to 0.04%
Minimum Deposit Amount
$100
Pros & Cons
Highlights
Additional Reading
Bank of America vs. Wells Fargo CD comparisons
If you’re looking to earn a high interest rate on a CD, Wells Fargo offers a higher rate on standard CDs than Bank of America. However, keep in mind that online banks offer better rates than Bank of America or Wells Fargo. Out best CD rates includes CD terms from 1 year to 5 years that might be worth considering.
That said, if you’re looking for term lengths that aren’t usually offered at financial institutions, Bank of America may stand out to you.
Bank of America Standard Term Certificate of Deposit
Annual Percentage Yield (APY)
0.03%
Minimum Deposit Amount
$1,000
Bank of America Standard Term Certificate of Deposit
Annual Percentage Yield (APY)
0.03%
Minimum Deposit Amount
$1,000
On Bank of America’s website
Details
Annual Percentage Yield (APY)
0.03%
Minimum Deposit Amount
$1,000
Pros & Cons
Highlights
Wells Fargo Fixed Rate Certificate of Deposit
Annual Percentage Yield (APY)
0.50% to 2.01%
Minimum Deposit Amount
$2,500
Wells Fargo Fixed Rate Certificate of Deposit
Annual Percentage Yield (APY)
0.50% to 2.01%
Minimum Deposit Amount
$2,500
Details
Annual Percentage Yield (APY)
0.50% to 2.01%
Minimum Deposit Amount
$2,500
Pros & Cons
Highlights
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 is responding to previously closed complaints.
A good BBB rating isn’t necessarily the be-all and end-all, though. You’ll want to talk to current customers or read online customer reviews to see if a bank might be a good fit.
Both Wells Fargo and Bank of America have recent public scandals.
Wells Fargo has been involved in the following situations:
- 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 that accused the bank of having an inefficient compliance risk management program.
- In 2020, Wells Fargo paid billions in settlements for its employees creating authorized bank accounts to meet unreachable sales goals.
- In 2019, the city of Philadelphia required Wells Fargo to pay $10 million in a settlement that claimed the bank engaged in predatory mortgage lending to racial minorities.
- In 2019, the California Department of Insurance also required the bank to pay $10 million in a settlement that said the bank signed up and charged 1,500 consumers on insurance products without their knowledge.
Bank of America has been in the following cases:
- In 2020, the Department of Justice charged Bank of America for denying home loans to adults with disabilities based on their disability. Bank of America paid around $300,000 to people who were refused loans and needed to implement a new non-discriminatory policy.
- In 2019, Bank of America paid $4.2 million in a settlement with the US Department of Labor to people who claimed the bank discriminated against women, Black, and Hispanic applicants in the hiring process.
FAQ (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 4,200 branches and 16,000 ATMs. Meanwhile, Wells Fargo has 4,700 locations and 12,000 ATMs.
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.
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.
Compare Bank of America and Wells Fargo
-
Bank of America
-
Wells Fargo
Editor’s Rating
Easy to waive monthly service fees on checking account
Editor’s Rating
Easy to waive monthly service fees on savings account
Pros and cons Bank of America
Pros and cons Wells Fargo
Bank of America vs. Wells Fargo checking account comparisons
Wells Fargo and Bank of America have an ample number of checking accounts. We decided to compare 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.
Both banks are offering account bonuses if you’re a new customer. The requirements for earning the cash bonus are the same — receive direct deposits of at least $1,000 within 90 days of opening the account. However, Wells Fargo will deposit $200 into your account around 60 days after finishing the requirements, while Bank of America will reward you with $100.
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
Bank of America vs. Wells Fargo savings account comparisons
We’ve compared savings accounts with lower monthly service fees and minimum opening deposits.
For savings accounts, it may be a bit trickier to decide between Bank of America and Wells Fargo.
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 6 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.
Bank of America Advantage Savings Account
Annual Percentage Yield (APY)
0.01% to 0.04%
Minimum Deposit Amount
$100
Bank of America Advantage Savings Account
Annual Percentage Yield (APY)
0.01% to 0.04%
Minimum Deposit Amount
$100
On Bank of America’s website
Details
Annual Percentage Yield (APY)
0.01% to 0.04%
Minimum Deposit Amount
$100
Pros & Cons
Highlights
Additional Reading
Bank of America vs. Wells Fargo CD comparisons
If you’re looking to earn a high interest rate on a CD, Wells Fargo offers a higher rate on standard CDs than Bank of America. However, keep in mind that online banks offer better rates than Bank of America or Wells Fargo. Out best CD rates includes CD terms from 1 year to 5 years that might be worth considering.
That said, if you’re looking for term lengths that aren’t usually offered at financial institutions, Bank of America may stand out to you.
Bank of America Standard Term Certificate of Deposit
Annual Percentage Yield (APY)
0.03%
Minimum Deposit Amount
$1,000
Bank of America Standard Term Certificate of Deposit
Annual Percentage Yield (APY)
0.03%
Minimum Deposit Amount
$1,000
On Bank of America’s website
Details
Annual Percentage Yield (APY)
0.03%
Minimum Deposit Amount
$1,000
Pros & Cons
Highlights
Wells Fargo Fixed Rate Certificate of Deposit
Annual Percentage Yield (APY)
0.50% to 2.01%
Minimum Deposit Amount
$2,500
Wells Fargo Fixed Rate Certificate of Deposit
Annual Percentage Yield (APY)
0.50% to 2.01%
Minimum Deposit Amount
$2,500
Details
Annual Percentage Yield (APY)
0.50% to 2.01%
Minimum Deposit Amount
$2,500
Pros & Cons
Highlights
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 is responding to previously closed complaints.
A good BBB rating isn’t necessarily the be-all and end-all, though. You’ll want to talk to current customers or read online customer reviews to see if a bank might be a good fit.
Both Wells Fargo and Bank of America have recent public scandals.
Wells Fargo has been involved in the following situations:
- 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 that accused the bank of having an inefficient compliance risk management program.
- In 2020, Wells Fargo paid billions in settlements for its employees creating authorized bank accounts to meet unreachable sales goals.
- In 2019, the city of Philadelphia required Wells Fargo to pay $10 million in a settlement that claimed the bank engaged in predatory mortgage lending to racial minorities.
- In 2019, the California Department of Insurance also required the bank to pay $10 million in a settlement that said the bank signed up and charged 1,500 consumers on insurance products without their knowledge.
Bank of America has been in the following cases:
- In 2020, the Department of Justice charged Bank of America for denying home loans to adults with disabilities based on their disability. Bank of America paid around $300,000 to people who were refused loans and needed to implement a new non-discriminatory policy.
- In 2019, Bank of America paid $4.2 million in a settlement with the US Department of Labor to people who claimed the bank discriminated against women, Black, and Hispanic applicants in the hiring process.
FAQ (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 4,200 branches and 16,000 ATMs. Meanwhile, Wells Fargo has 4,700 locations and 12,000 ATMs.
