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Bank of America and Wells Fargo, the second- and third-largest U.S. banks, respectively, offer similar flavors of traditional-style banking, packed with ATMs and branches. But there are some slight differences that you should know about if you’re deciding between the two.
Here’s a quick look at how Wells Fargo and Bank of America compare.
Snapshot comparison
Wells Fargo | Bank of America |
---|---|
Checking accounts | |
Wells Fargo Everyday Checking
| Bank of America Advantage Plus Banking®
|
Savings accounts | |
Wells Fargo Way2Save
| Bank of America Advantage Savings
|
Certificates of deposit | |
Wells Fargo CD interest rates
| Bank of America CD interest rates
|
Overdrafts, ATMs, customer service | |
Wells Fargo details
| Bank of America details
|
NerdWallet rating Read review | NerdWallet rating Read review |
Choose Wells Fargo if:
You tend to have less than $500 in your savings account.
You prioritize 24/7 access to customer service.
Choose Bank of America if:
Your direct deposits total at least $250 in a month.
You want a larger ATM network.
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Or go with an alternative
Unlike these brick-and-mortars, online banks don’t have thousands of branches. But they do have excellent annual percentage yields, or APYs, that make your savings grow faster. And fees tend to be low or nonexistent.
» Want to know more? Check out NerdWallet’s best high-yield online savings accounts
Wells Fargo vs. Bank of America: Basic checking accounts
Wells Fargo Everyday Checking | Bank of America Advantage Plus Banking® |
Monthly fee | |
$10. How to get it waived You must meet one of the following requirements:
| $12. How to get it waived You must meet one of the following requirements:
|
Minimum deposit to open | |
$25. | $100. |
APY | |
None. | None. |
ATM fees and network | |
|
|
Bonus offer | |
$300 (expires 04/01/2024); our bank bonuses roundup explains how to qualify. | $200 (expires 05/31/2024); our bank bonuses roundup explains how to qualify. |
+ Click here for analysis of Wells Fargo and Bank of America's checking accounts
Neither checking account earns interest, but Wells Fargo's monthly fee is lower. If you plan to use direct deposit to avoid a monthly fee, note that the minimum deposit requirement at Wells Fargo is double that of Bank of America's. Be aware that other banks charge no monthly fees with no strings attached.
» Explore other options with NerdWallet’s list of best checking accounts
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Wells Fargo vs. Bank of America: Basic savings accounts
Wells Fargo Way2Save | Bank of America Advantage Savings |
---|---|
APY | |
0.01% APY. | 0.01% APY. |
Monthly fee | |
$5. How to get it waived You must meet one of the following requirements:
| $8. How to get it waived You must meet one of the following requirements:
|
Minimum deposit to open | |
$25. | $100. |
+ Click here for analysis of Wells Fargo and Bank of America's savings accounts
Both banks offer dismal savings rates that are lower than the national average. Bank of America’s interest rate can increase if you’re enrolled in Preferred Rewards, but that requires an average daily balance of $20,000 or more in qualifying accounts. And even if you do this, the rate is still extremely low compared with some other banks, especially online banks.
Both banks offer automated programs to boost your savings. Bank of America’s Keep the Change program rounds up your Bank of America debit card purchases to the nearest dollar, and deposits the difference automatically into your savings account. Wells Fargo’s Save As You Go program transfers $1 from your checking account to your savings account every time you make a non-recurring debit card purchase or pay a bill using the bank’s online bill pay.
» Want better interest rates for your savings? See our list of best savings accounts
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Wells Fargo vs. Bank of America: Certificates of deposit
Wells Fargo | Bank of America |
---|---|
1-year APY | |
1.50% APY. | 0.03% APY. |
3-year APY | |
No standard rates available online beyond one-year terms. Call or visit a branch for rates. | 0.03% APY. |
5-year APY | |
No standard rates available online beyond one-year terms. Call or visit a branch for rates. | 0.03% APY. |
Minimum deposit | |
$2,500. | $1,000. |
For more details: | |
See our post on Wells Fargo CD rates. | See our post on Bank of America CD rates. |
Rates may vary by location. |
+ Click here for analysis of Wells Fargo and Bank of America's CDs
Bank of America’s minimum deposit amount is lower than Wells Fargo's, but both banks have very low CD rates compared with national averages. Rates may also vary by ZIP code.
» Want to see how much more you can earn? Compare latest top CD rates
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Wells Fargo vs. Bank of America: Banking experience
Wells Fargo | Bank of America |
---|---|
Branches | |
About 4,700 in more than 35 states and Washington, D.C. | About 4,100 in more than 35 states and Washington, D.C. |
Banking apps (ratings from app store users) | |
|
|
Customer service | |
|
|
+ Click here for analysis of Wells Fargo and Bank of America's banking experience
Both banks cover a majority of states, though Wells Fargo has the edge over Bank of America when it comes to branch count.
Both have multiple ways to contact customer service. Unless you need 24/7 access to customer service like Wells Fargo offers, the two banks are roughly on par with each other.
Note: Wells Fargo paid several penalties to government regulators in the past few years due to a series of abusive practices. This included bank employees opening roughly 1.5 million bank accounts without customers’ consent.
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Wells Fargo vs. Bank of America: Overdraft fees
Wells Fargo | Bank of America |
---|---|
Overdraft fee | |
$35, maximum of three per day. | $10, maximum of two per day. |
Overdraft protection fee | |
$0 per transfer. | $12 per transfer. |
Extended overdraft fee | |
None. | None. |
+ Click here for analysis of Wells Fargo and Bank of America's overdraft fees
Overdraft fees are high at both banks. Other banks charge less, or have lower limits on the number of times you can overdraft per day. An increasing number of banks don't charge an overdraft fee at all.
Both banks offer overdraft protection but Wells Fargo doesn’t charge for these transfers. (Read more about Wells Fargo overdraft policies.) Bank of America charges $12 per instance.
Neither bank charges an extended overdraft fee, which is what banks can charge for having a negative account balance for a certain number of days.
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Should you choose Wells Fargo or Bank of America?
Wells Fargo and Bank of America have similar offerings but slight differences in how to avoid fees that might tip either bank in your favor. If you’re looking for competitive interest rates on savings accounts and CDs, however, you’ll have to check elsewhere. You can find options at NerdWallet's best banks and credit unions.