Wells Fargo vs. Bank of America: How They Compare, Rates, and Pros and Cons

When you compare Wells Fargo Bank versus Bank of America, you’ll find that these financial institutions have many similarities, offering a wide range of products, extensive branch and ATM networks, and often, similar rates on deposit account earnings. Choosing between Wells Fargo Bank and Bank of America might come down to whether you can qualify for relationship rates or if you meet fee waivers for a checking or savings bank account at either institution.

Compare Bank of America versus Wells Fargo Bank to see the details of each bank's offerings, including checking account types, minimum opening deposit requirements, fees and waiver conditions, and your potential earnings on savings and CD accounts.

Is Wells Fargo Bank or Bank of America better?

Wells Fargo Bank and Bank of America are both large, FDIC-insured financial institutions with similar offerings for deposit accounts.

Wells Fargo Bank can be a good fit if you want straightforward checking account options with low opening deposits — or if you’d like to open a teen account. If you can meet the requirements to waive fees or can secure higher CD rates with large deposits, you can benefit from choosing Wells Fargo Bank.

Bank of America offers a range of bank account options with flexible fee waivers and the ability to earn interest on your checking account deposits. You’ll get the most out of Bank of America if you’re a member of the Preferred Rewards program, which offers better rates and no-fee banking services.

Wells Fargo Bank vs. Bank of America: Quick comparison

Rates as of Aug. 30, 2024.

Wells Fargo Bank vs. Bank of America: Checking accounts

Wells Fargo Bank’s most popular — and accessible — checking accounts are Clear Access Banking and Everyday Checking. These accounts require a $25 minimum opening deposit and charge $5 to $10 monthly service fees can be waived by meeting requirements such as age, direct deposits, minimum daily balance or military direct deposits.

Clear Access Banking and Everyday Checking are available to young account holders. Teens ages 13 and up can open a Clear Access Banking account, and teens ages 17 and up can open an Everyday Checking account.

With no ability to write checks and no overdraft services (or fees), Clear Access Banking is a checking account with training wheels. Everyday Checking offers check-writing capabilities and overdraft services for a $35 fee per transaction.

Wells Fargo Bank customers interested in banking service discounts, interest rate discounts and relationship banking benefits can consider Wells Fargo Prime Checking or Wells Fargo Premier Checking, which have monthly service fees of $25 and $35, respectively.

Advantage SafeBalance Banking is Bank of America’s simplest checking account. There’s a $25 minimum opening deposit and a $4.95 monthly maintenance fee, which can be waived with a $500 minimum daily balance, membership in the Preferred Rewards program or for account owners under age 25. Teens as young as 13 can open an account. This account declines all overdraft transactions and doesn’t charge overdraft fees.

Bank of America’s AdvantagePlus Banking has a $100 minimum opening deposit. The $12 monthly maintenance fee can be waived with a $1,500 minimum daily balance, at least one qualifying direct deposit of at least $250 or membership in the Preferred Rewards program. You can use the checking account’s Balance Connect feature for overdraft protection from backup accounts.

With Bank of America Advantage Relationship Banking, you can earn 0.01% on balances $50,000 or lower and 0.02% on balances $50,000 or higher. There’s a $25 monthly maintenance fee, which is waived if you have a minimum daily balance of $20,000 or membership in the Preferred Rewards program.

Wells Fargo Bank vs. Bank of America: Savings accounts

Wells Fargo Bank’s most popular savings account is Wells Fargo Way2Save Savings, which has a $25 minimum opening deposit and an annual percentage yield (APY) of 0.01%. There’s a $5 monthly service fee, which is waived if you’re 24 years old or younger or if you have a $300 minimum balance or qualifying transfers. You can connect a Wells Fargo Way2Save Savings account to your checking account for overdraft protection.

With a Platinum Savings account, you can write checks and use it to get overdraft protection for your checking account. There’s a $12 monthly service fee, which is waived with a $3,500 minimum daily balance. You can earn 0.01% in standard interest rates or up to 2.51% with relationship rates and a qualifying balance.

Wells Fargo Bank CDs are available for terms of 3 months to 1 year or more with no monthly service fee and a $2,500 minimum opening deposit. You’ll earn the most on promotional-rate CDs, which offer standard APYs as high as 4.26% for a four-month CD with a minimum $5,000 opening deposit. That rate requires Relationship status; otherwise, you’ll earn 4.00%.

Bank of America Advantage Savings offers a standard 0.01% APY, but you can earn up to 0.04% APY depending on your Preferred Rewards tier. There’s a required minimum opening deposit of $100 and an $8 monthly maintenance fee. The fee is waived if you have a minimum daily balance of $500 or more, link this savings account to your checking account, are enrolled in the Preferred Rewards program, or are under age 25.

You can get a Bank of America CD for terms of 28 days to 10 years with a minimum $1,000 opening deposit. CDs earn up to 4.00% APY, though you’ll have to choose certain featured terms to earn that high rate.

Pros and cons of Wells Fargo Bank

Pros and cons of Bank of America

When to choose Wells Fargo Bank

Choose Wells Fargo Bank if:

• You can meet the requirements to avoid monthly service fees.
• You want to open a teen account.
• You have at least $2,500 for a CD, or preferably $5,000 to get the best rates.

When to choose Bank of America

Choose Bank of America if:

• You’re a member of the Preferred Rewards program.
• You can qualify for fee waivers.
• You want to earn up to 4.00% APY on featured CDs.