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Comparing U.S. Bank vs. Wells Fargo


Written by Jill A. Chafin | Edited by Rebecca Stropoli | Published on 11/21/2024


If you’re looking for a well-established bank with a strong nationwide presence, you’re bound to find something that fits your needs with either U.S. Bank or Wells Fargo. You can enjoy lower account fees, higher savings rates and better overdraft protections with U.S. Bank. Meanwhile, Wells Fargo offers higher CD rates, more branches and an automated savings account with a debit card.

Here are the key features of U.S. Bank versus Wells Fargo, plus tips on picking the best option to fit your financial goals.

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U.S. Bank and Wells Fargo quick comparison

Key details on these large banks
U.S. Bank Wells Fargo
Checking accounts Bank Smartly Checking:
  • $6.95 monthly fee (multiple ways to waive fee)
  • Earns up to 0.01% interest with a minimum balance of $25,000
Safe Debit Account:
  • $4.95 monthly fee (can’t be waived)
  • No minimum balance required
Everyday Checking:
  • $10 monthly fee (multiple ways to waive fee)
  • Great for college students
Prime Checking:
  • $25 monthly fee (only one way to waive fee)
  • Earns 0.01% APY
Premier Checking:
  • $35 monthly fee (only one way to waive fee)
  • Earn 0.01% APY
Savings accounts Bank Smartly Savings Account:
  • Earn up to 4.10% APY
  • $5 monthly fee (multiple ways to waive fee)
  • $25 minimum opening deposit
Elite Money Market Account:
  • Earn up to 3.75% APY
  • $10 monthly fee (multiple ways to waive fee)
  • $100 minimum opening deposit
Way2Save:
  • Earn 0.01% APY
  • $5 monthly fee (multiple ways to waive fee)
  • $25 minimum opening deposit
Platinum Savings:
  • Earn 0.05% APY
  • $12 monthly fee (only one way to waive fee)
  • $25 minimum opening deposit
Certificates of deposit (CDs) Minimum deposit: $500
Standard CD rates:
  • 1 to 24 months: 0.05% APY
  • 36 months: 0.10% APY
  • 48 months: 0.15% APY
  • 60 months: 0.25% APY
Minimum deposit: $2,500
Standard CD rates:
  • 3 and 6 months: 2.00% APY
  • 12 months: 2.75% APY
  • Higher rates are available for special CD deals
Customer service details
  • 24/7 general customer service: 800-USBANKS (872-2657)
  • 24/7 International Collect: 503-401-9991
  • Chat with live agent (if available)
  • Contact via online banking
  • Contact via U.S. Bank Mobile App
  • Make an appointment: 800-685-5035
  • 24/7 general customer service: 1-800-869-3557
  • 24/7 Premier Client Service: 1-800-742-4932
  • Free international calling
  • Schedule an online appointment
  • 24/7 social media support: Twitter/X and Facebook
Online banking and mobile app ratings Google Play: 4.7 stars
App Store: 4.8 stars
  • Manage your accounts
  • Deposit checks
  • Send and receive money
  • Pay bills
  • Lock and unlock card
  • Customize notifications
  • Monitor credit score
  • Create budget, track spending and set goals
Google Play: 4.8 stars
App Store: 4.9 stars
  • Manage your accounts
  • Deposit checks
  • Send and receive money
  • Pay bills
  • Access to Fargo, a free virtual assistant
  • Lock and unlock cards
  • Sync account with Quicken
  • Customize notifications
Rates as of 11/21/2024

When to choose U.S. Bank

  • You want lower monthly fees.
  • You want higher interest rates for savings accounts.
  • You have an eligible U.S. Bank credit card, which can waive your Bank Smartly Checking account fees.
  • You want no overdraft fees.
  • You want more CD options, such as Special, Step Up CDs and Trade Up CDs.
  • You’re 65 and older — fees are waived for the Bank Smartly Checking account.

U.S. Bank has over 2,000 branches in 26 states and offers a range of personal banking solutions and business products. In addition to fee-free transactions at any U.S. Bank ATM, you can access thousands of nationwide ATMs via the MoneyPass ATM Network and Cardtronics (fees will vary).

If you have children and a U.S. Bank checking account, you can receive a Greenlight account for free (otherwise plans start at $5.99 a month). Greenlight can help your kids manage chores and the allowance they earn from their work, develop healthy financial habits and earn 2% on their savings — all with flexible parental controls.

When to choose Wells Fargo

  • You want higher CD rates.
  • You want access to more bank branches.
  • You prefer contacting customer service via social media.
  • You want a free virtual assistant to help answer your questions 24/7.
  • You want an automated savings account.
  • You want a premier-level checking account with exclusive perks and discounts.

With close to 7,000 branches in 38 states and territories, Wells Fargo can be a great choice if you want high-earning CDs, access to in-person services, and a range of personal and business products and services. And if you’re serious about banking, Wells Fargo offers a premier checking account with VIP-level customer support, discounts, and unlimited access to nationwide and international ATMs.

There’s something for everyone at Wells Fargo, including younger customers. The checkless Clear Access Banking account waives fees for ages 13 to 24, and the Everyday Checking account waives fees for ages 17 to 24.

U.S. Bank vs. Wells Fargo: Checking accounts

Wells Fargo has three main options for personal checking accounts, while U.S. Bank has only two. That said, you can meet most of your needs with the U.S. Bank Smartly Checking account or the Wells Fargo Everyday Checking account, unless you want premier features — which come with a heftier fee.

If you’re looking for an interest-bearing checking account, U.S. Bank Smartly Checking could be for you. You can earn up to 0.01% APY with a low $6.95 monthly fee, which can be waived in multiple ways. This is a low APY, but in comparison, the Everyday Checking from Wells Fargo doesn’t offer interest at all. You would have to upgrade to the Wells Fargo Prime or Premier accounts, which charge three to five times more than U.S. Bank’s monthly fees but require balances of $20,000 to $250,000 to waive the fees.

Wells Fargo’s checking accounts provide several customer service options. In addition to getting answers from the app’s virtual assistant, there are more branch locations, the option to connect over social media and the elevated support found with the Wells Fargo Premier Checking account.

When deciding between U.S. Bank or Wells Fargo, it’s worth considering overdraft fees. The U.S. Bank Smartly Checking account can help protect against unexpected fees with its Overdraft Fee Forgiven program. In contrast, Wells Fargo charges $35 per overdrawn item. You can get an account with no overdraft fees if you choose Clear Access Banking.

You can also enroll in Smart Rewards with U.S. Bank to earn cash back deals as your balance grows. And if you have an eligible U.S. Bank credit card, you can enjoy either of the U.S. Bank checking accounts with no monthly fees.

U.S. Bank vs. Wells Fargo: Savings accounts

Each bank offers two options for savings accounts, with the U.S. Bank Smartly Savings account taking the lead with APYs up to 3.80%. However, you must have at least $25,000 in your Bank Smartly Savings account, plus a linked eligible checking account in good standing, to access this higher rate. Otherwise, APYs start as low as 0.05%. In comparison, the Wells Fargo Platinum Savings account’s APY goes up to 0.06% when linked to a Prime Checking account, or 2.51% when linked to a Premier Checking account (but only with an extremely high qualifying balance.)

If you prefer automated savings, the Wells Fargo Way2Save Savings account may help you reach your goals faster. You must link it to your Wells Fargo checking account to automatically transfer $1 every time you use your debit card or pay a bill online. Although Way2Save’s 0.01% APY is low, this set-it-and-forget-it method could be just the trick you need to stay on track with your savings goals.

Both the U.S. Bank Smartly Savings and Wells Fargo Way2Save accounts have a minimum opening deposit of $25 and charge a $5 monthly fee. You have multiple ways to waive the monthly fees with both banks.

Overall, if you anticipate saving a significant amount and can link your savings and checking accounts, you’ll have more earning potential with the U.S. Bank Smartly Savings account. That said, it’s worth giving the Wells Fargo Way2Save Savings account a chance if you need a push to establish your saving habits. If you want to save even more, check out our list of high-yield savings accounts to explore other options.

U.S. Bank vs. Wells Fargo: CDs

Wells Fargo offers CDs with a three-, six- or 12-month term, requiring a minimum deposit of $2,500. Currently, the highest APY is 2.00% for a three- or six-month term. However, check the website for Special Rates, which are offered for a limited time. For example, Wells Fargo is currently offering a four-month CD with a 4.25% APY, or a 4.51% APY if linked to a Prime or Premier Checking account (a $5,000 minimum opening deposit applies).

The CD rates for U.S. Bank are significantly lower, with the best deal at 0.25% APY for a 60-month term. However, the minimum opening deposit is only $500, making this a more accessible option. In addition, you can explore other CD options with U.S. Bank. For example, you can enjoy interest rate increases every seven months with a Step Up CD. And with a Trade Up CD, you can increase to a higher rate once per the initial term.

Like Wells Fargo, U.S. Bank also offers CD specials. However, its current best offering is 4.00% APY for a five-month CD, with a $1,000 minimum deposit.

Overall, Wells Fargo is the winner when it comes to the highest CD rates, but only if you can meet the higher minimum deposit requirements. If you want to open a CD but have limited funds, U.S. Bank could be the better choice.

U.S. Bank vs. Wells Fargo: Customer service

In the J.D. Power 2023 U.S. National Banking Satisfaction Study, U.S. Bank was awarded 652 points on a 1,000-point scale, with Wells Fargo four places behind with 625 points. However, customer reviews on TrustPilot rank them in reverse order: Wells Fargo has a 1.5 star rating versus U.S. Bank’s 1.3 star rating.

Both banks offer 24/7 customer support over the phone, including free collect calling from international destinations. If you prefer social media communication, Wells Fargo says it interacts over Twitter/X and Facebook. Plus, you can ask questions any time of day with the app’s free virtual assistant — Fargo. However, U.S. Bank also has several ways to get the help you need, such as through your online banking account or the U.S. Bank app.

Being near a physical branch could open up more services, such as access to safety deposit boxes. Take a look at which bank has a branch closest to you — it could help sway your decision.

In the end, customer service experiences can be quite subjective. Since Wells Fargo and U.S. Bank have similar customer ratings, it’s likely that either option will offer the support and attention you need.

U.S. Bank vs. Wells Fargo: Online and mobile banking

Similar to other leading banks, U.S. Bank and Wells Fargo offer easy-to-use apps to ensure you can access your accounts on the go. You can download either app from the bank’s website, Google Play or the App Store. Although Wells Fargo has slightly higher rankings from Google Play and the App Store, both apps can meet your essential banking needs. You can send and receive funds, lock and unlock cards, set up Bill Pay, customize notifications and more.

U.S. Bank’s app offers free credit score monitoring, budgeting tools and ways to set financial goals. Wells Fargo allows you to sync your account with Quicken, a personal management software used to track and improve your financial habits.

If you need extra support navigating your bank’s online experience, Wells Fargo could be the better option because it has a free virtual assistant — Fargo. This could come in handy when you need immediate help but wait times on the phone are too long.



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