Table Of Content
When Bank of America Wins?
Bank of America has an impressive choice of banking products. You’ll find checking and saving accounts, auto loans, home loans, various credit cards and investment options.
Bank of America can be a better choice than Wells Fargo if:
You want better CD rates
You want access to a massive selection of credit card options
You want credit towards your mortgage fees
When Wells Fargo Bank Wins?
The Wells Fargo product line is even more extensive. This bank has a choice of checking accounts, several saving accounts, mortgages, loans, and investment options including IRAs, 401ks and wealth management services. This makes it even easier to switch from another bank, as you’ll be able to access all the familiar banking products.
Wells Fargo can be a better choice than Bank of America if:
You’re interested in low deposit mortgages
You want access to multiple loan options
You want access to 24/7 customer service.
Bank of America | Wells Fargo | |
|---|---|---|
Savings Accounts | ||
Checking Accounts | ||
CDs | ||
Money Market Account | ||
Debit Card | ||
Credit Cards | ||
Personal Loans | ||
Mortgage | ||
Government Mortgage | ||
Business Loans | ||
Investing Capabilities |
Bank of America vs. Wells Fargo: Savings Account
The Bank of America and Wells Fargo appear quite similar. Both accounts have a lower interest rate compared to national average, but you can access a bit higher rates with Bank of America if you become a Preferred Rewards member.
Both accounts have a maintenance fee, but Wells Fargo’s is a little lower. However, the waiver requirements are similar; you need to maintain a minimum balance or have transfers from a linked account.
The feature set of both accounts also have some similarities. Both accounts allow automatic transfers to make saving a little easier and you can access your account online or via the bank’s app. However, Bank of America has custom alerts and mobile check deposits, while Wells Fargo has the option to upgrade to Platinum savings to get better rates and more features.
Bank of America | Wells Fargo | |
|---|---|---|
APY | 0.01% – 0.04% | 0.26% – 2.51% |
Fees | $8 per month
Can be waived by maintaining a balance of $500+, becoming a Preferred Rewards member or linking to your B of A Advantage Banking account. Fees are also waived for enrolled students aged under 24
| $5
can be waived by maintaining a $300 minimum daily balance, one qualified automatic transfer, one or more Save as You Go transfers from your Wells Fargo checking account. Primary account owners age 24 or younger are exempt from the fees
|
Minimum Deposit | $100 | $25 |
Checking Needed? | No | No |
Main Benefits |
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Bank of America vs. Wells Fargo: Checking Account
The Bank of America and Wells Fargo checking accounts are also quite similar. Neither account is interest bearing and both require a minimum deposit of $25 or more. However, Wells Fargo has a slightly lower monthly maintenance fee, and the fee waiver criteria is a little more relaxed.
In terms of features, both accounts have overdraft options, but Bank of America has Smart Money Management tools, which include custom alerts, cash back deals, customized rewards and savings goals that enhance this account’s functionality.
Bank of America | Wells Fargo | |
|---|---|---|
APY | 0.01% – 0.02% | 0.05% – 0.10% |
Fees | $12
can be waived by maintaining an account balance of $1,500, qualifying deposit of $250+ per month or enrol in Preferred Rewards
| $10
Related to Wells Fargo Everyday Checking. The fee can be waived if you maintain a minimum daily balance of $500 or receive at least $500 in qualifying direct deposits per month. The fee is also waived if you’re 17 to 24 and have a linked Wells Fargo Campus Debit Card or Campus ATM card linked to the checking account
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Minimum Deposit | $25 – $100 | $25 |
Main Benefits |
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Bank of America vs. Wells Fargo: CDs
This is one area where Bank of America has an edge. While Wells Fargo has a minimum deposit of $2,500, Bank of America’s is just $1,000.
In terms of rates, there is no real difference and both banks offer lower rates compared to other banks.
Bank of America | Wells Fargo | |
|---|---|---|
Minimum Deposit | $1,000 | $2,500 |
APY Range | 0.05% – 5.00% | 4.75%- 5.01% |
Wells Fargo vs. Bank of America: Credit Cards
Bank of America has a choice of credit cards. There are reward cards with and without spending categories. If you like the idea of tiered rewards, there is the Customized Rewards card, but if you prefer simplicity, Unlimited Rewards has no spending categories. There is also a Travel Card offering miles, student cards, and a secured card that offers rewards as you build your credit.
Bank of America also has some interesting card options. The bank is partnered with a number of brands including Amtrak, Free Spirit, Alaska Airlines, and more. There is also the BankAmericard that is great for balance transfers, as it has a 0% rate for the first 18 months.
Wells Fargo has three main credit cards. Active Cash has 2% cash back with 0% for the first 18 months. There is also a Hotels.com card that pays stamps for eligible stays or purchases. Every 10 stamps can be redeemed for one reward night. There is no annual fee for this card. Both these cards have an introductory bonus if you spend $1,000 in the first three months of opening your account.
Finally, there is the Wells Fargo Reflect that has the bank’s lowest and longest introductory rate. The rate is set at 0% for the first 18 months for purchases and balance transfers. However, you may qualify for a three month extension if you make your minimum payments on time.
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Wells Fargo vs. Bank of America: Mortgage Options
Bank of America has various home loan products including fixed rate and ARM mortgages and FHA and VA loans. You can also access home equity lines of credit. Bank of America also offers Preferred Rewards members up to $600 towards their mortgage origination fees.
Wells Fargo has a similar selection of mortgage products, but where it stands apart is that there is a potential for a low down payment. Fixed rate loans can be secured with 3% or more, while FHA loans need 3.5% or more.
Wells Fargo also offers home equity finance deals that allow you to borrow up to 80% of your home’s value less any mortgage, secured loan or liens on the property. The home equity finance packages are available for up to $500k.
Loans
Bank of America does not offer conventional personal loans, but you can access auto loans that have no origination fees. This bank allows you to lock in your rate, with an approval decision in just one minute, to make comparison shopping easier.
Wells Fargo has a far superior selection of loans including personal loans for up to $100k over up to 84 months. The bank has fixed interest rates with no closing fees, origination fees or prepayment penalties. Additionally, there are relationship discounts available for qualified customers. In addition, Wells Fargo offers student loan.
Wells Fargo vs. Bank of America: Customer Service
Bank of America has customer service lines that are available 8 am to 9 pm on weekdays and 8 am to 8 pm on the weekend. You can also contact the customer service team on social media and via the website.
Wells Fargo has a general banking helpline that is available 24/7 and you can also get answers to frequent questions on the website support page.
However, this is not reflected in the consumer review ratings. Bank of America has an impressive 3.5 out of 5 on Trustpilot, while Wells Fargo has a fairly low 2.3 out of 5.
Online/Digital Experience
Both Bank of America and Wells Fargo have an app for iOS and Android devices. Bank of America’s app is rated 4.8/5 on the Apple Store and 4.6/5 on Google Play, while Wells Fargo’s app is rated 4.8/5 on both platforms.
Both sites have a clean design and are easy to use offering a great user experience. You can fully explore and compare the products and access support materials.
Which Bank is The Winner?
Both Bank of America and Wells Fargo are large reputable financial institutions, so to summarize which bank is better, we’ll need to recap both the positives and potential negatives.
With a cursory glance, Bank of America and Wells Fargo appear quite similar. Both banks have account maintenance fees and similar rates, but Bank of America’s CDs have better rates and a larger selection of credit card options. On the other hand, Wells Fargo has fewer credit card options, but you can access personal loans of up to $100k
| |  | |
|---|---|---|---|
APY Savings
The annual percentage yield (APY) is a percentage that represents the amount of money or interest earned on your savings account over the course of a year. The APY factored in compound interest. A savings calculator can help you quickly determine how much you'll earn with a given APY.
| 0.01% – 0.04% | 0.26% – 2.51%
| Up to 5.02%
|
Checking Fee
The monthly fee on checking account
| $12
can be waived by maintaining an account balance of $1,500, qualifying deposit of $250+ per month or enrol in Preferred Rewards
| $10
Related to Wells Fargo Everyday Checking. The fee can be waived if you maintain a minimum daily balance of $500 or receive at least $500 in qualifying direct deposits per month. The fee is also waived if you’re 17 to 24 and have a linked Wells Fargo Campus Debit Card or Campus ATM card linked to the checking account
| Compare Banking |
Mobile App Rating | 4.8/5 on iOS 4.6/5 on Android | 4.8/5 on iOS 4.6/5 on Android | Various Banks
|
on Bank of America website |
on Wells Fargo website |
on our website |
FAQs
Can I get a promotion with Wells Fargo?
Wells Fargo offers new customers up to $300 for opening a new personal checking account, as of April 2024. Learn more about the Wells Fargo new account bonus promotions.
Can I get a promotion with Bank of America?
Bank of America offers new customers up to $200 bonus for opening a new personal checking account, as of April 2024. Learn more about the Bank of America new account bonus promotions.
What does Bank of America offer for Millenials?
Millennials tend to look for convenience and Bank of America can deliver. Since it has a massive branch network and a highly rated app, you can choose how you want to do business. You have the flexibility to open accounts online and manage your account online or via the app. For example, this means that you don’t need to wait on a helpline if you lose your debit card or it is stolen, you can simply block the card on your account dashboard.
Does Bank of America offer Joint accounts?
All Bank of America savings and checking accounts are eligible for co-ownership, so you can make any of these accounts into a joint account. Both applicants need to provide their personal details and a form of identification to open the account.
What is required to open a Wells Fargo account?
Like most financial institutions, you will need to provide proof of your identity and your address. You will need to provide some personal details including your current mailing address, contact details, such as your phone number and email address and your Social Security number.
The acceptable forms of ID are fairly standard and include state issued photo IDs, U.S passport, driver’s license or a military photo ID.
What Does Wells Fargo offer if I'm a student?
Wells Fargo has a decent line of products designed for students. Teens aged 13+ can open a Clear Access checking account that is a checkless account that offers a debit card and digital payments with no overdraft fees. Those aged 17+ can also open the adult checking accounts, but this may need to be done in the branch.
Wells Fargo also offers some great savings accounts and student loans, with relationship discounts for qualifying products.
Compare BofA With Alternative Banks
Since its inception as a credit card provider, Discover has come a long way.Of course, credit cards are available, but you can also get home loans, personal loans, and a variety of checking and savings products such as retirement accounts, CDs, and money market accounts.
Bank of America offers a far more comprehensive range of banking services. There are numerous credit card options, as well as various savings and checking accounts.
Bank of America also provides mortgages, auto loans, and investments. This makes switching from a traditional bank much easier because you won't have to compromise on your banking products.
Read Full Comparison: Discover vs Bank of America: Compare Bank
Bank of America is a nationwide network that offers deposit, loan, and credit card services. There are also increased daily limits on ATM and debit purchases, which is an excellent incentive to improve your financial situation. Aspiration's company was presented in a very different manner than their bank competitors.
One feature that sets them apart from their competitors is that they let their customers decide how much they want to pay for their services. The fee that the customer believes is fair or appropriate for the level of service they receive is set by the customer.
Read Full Comparison: Aspiration vs Bank of America: Which Bank Account Is Better?
Bank of America has an impressive line of banking products, as one would expect from a large banking institution. Aside from various checking and savings accounts, there are auto loans, home loans, a variety of credit cards, and investment options. This makes switching from your current bank easier because you'll find many familiar products.
Chase also has a good selection of banking products. There are checking and savings accounts, auto loans, home loans, and home equity options, as well as a fantastic selection of credit cards.
Read Full Comparison: Bank of America vs Chase: Where to Save Your Money?
US Bank offers an even more impressive range of banking services. Savings and checking account options, investments, personal loans, mortgage products, and wealth management are all available.
Bank of America offers a wide range of banking services. There are numerous credit cards available, as well as various checking and savings accounts, home loans, investments, and auto loans.
Read Full Comparison: Bank of America vs US Bank: Which is Best For You?
Bank of America is a large banking institution, and its impressive banking product line reflects this. Aside from savings and checking accounts, there are home loans, auto loans, investment options, and a variety of credit cards. Citi also has a diverse product offering. Credit cards, CDs, personal loans, mortgages, IRAs, investment options, wealth management plans, and checking and savings accounts are all available.
As a result, if you want to switch from your current bank, either bank is a viable option because you won't have to make any compromises in terms of banking products.
Read Full Comparison: Bank of America vs Citi: Which Bank Suits You Best?
Spend and Save is a SoFi savings and checking account hybrid. For the purposes of this comparison, we'll look at the savings features, of which there are a few. The most visible are the savings vaults. These enable you to set up separate funds to work toward different savings goals without the need for multiple accounts. This helps you organize your money, and you can even designate a vault for your round-up funds.
Bank of America offers a more traditional savings account, but it pays far less interest, ranging from 0.01 percent to 0.04 percent depending on your Preferred Rewards status, compared to SoFi's 0.25 percent. In addition, there is a $8 monthly maintenance fee that can be waived by keeping a balance of $500 or more in the account or linking your checking account. By linking your accounts, you can avoid going overdrawn with Balance Connect.
Read Full Comparison: SoFi Money vs Bank of America: Which Is Better For Your Needs?
Both banks have a decent selection of banking products, but there are some gaps in each line up. If you’re looking for the best returns, Capital One does have the edge in terms of CD and savings rates.
There is no clear winner as to whether Truist Bank or Bank of America is a better choice, but we prefer the latter. Here's why.
Truist Bank vs. Bank Of America: Which Bank Account Is Better?
Bank of America and PNC Bank offer various banking products, but which is a better fit for you? Let's compare and see our winner: PNC Bank vs. Bank Of America
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BMO is the winner when it comes to savings products, while Bank Of America offers many more credit card options. Here's our winner: Bank of America vs. BMO Bank
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We'll explore Bank of America and M&T Bank savings accounts, checking accounts, CDs, credit cards, and lending products. Here's our winner: Bank of America vs. M&T Bank
We believe Bank Of America is the preferred option in this battle. But, there are significant differences to know. Here's our comparison: Bank of America vs. KeyBank
While Regions Bank offers better checking accounts, Bank of America wins in credit cards and CDs. Here's our side by side comparison: Regions Bank vs. Bank of America
If you feel comfortable with online-only banking and depending on your needs – Ally may be a better option than Bank Of America. Here's why.
Ally Bank vs. Bank of America: Which Bank Account Is Better?
For most consumers, Bank of America may be a better option. American Express is a solid option for customers with higher wealth. Here's why.
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The Smart Investor Banking Comparison Methodology
In our detailed comparison, The Smart Investor team thoroughly looked in five main areas:
Checking Accounts (30%): We checked things like direct deposit, debit card availability, monthly fees, ATM and branch access, check deposit, bill pay options, and account alerts. We also considered any special offers for customers.
Savings Accounts including CDs (20%): We focused on important stuff like how much interest you can earn (APY), the smallest amount you need to open an account, how flexible the accounts are, and if they're insured by FDIC. We also looked at special savings offers, different types of CDs, and any fees for taking money out early.
Credit Cards (15%): We looked at what rewards you get, how much the card costs each year, any bonuses you get for signing up, perks for traveling, how much interest you pay on balances, and if you can transfer balances from other cards.
Lending Options (15%): We checked out the different kinds of loans they offer, like personal loans, student loans, mortgages, and loans where you use your home as collateral.
Customer Experience And Bank Reputation (20%): We looked into how easy it is to use their online and mobile banking, how helpful their customer support is, what people say about them online, any awards they've won, and how stable they are financially. This gave us a good idea of what it's like to be a customer and how much people trust them.
Compare Wells Fargo With Other Banks
Capital One began as a credit card company, but has expanded its line of banking products to rival a traditional bank. Aside from checking and savings accounts, you can also get loan refinancing, auto finance, and children's accounts.
Wells Fargo offers an even broader range of products. There are several checking accounts available, as well as two savings accounts and investment options such as IRAs and 401ks. You can also get loans and mortgages, as well as wealth management services. Wells Fargo is thus a highly comparable alternative to the traditional high street bank.
Read Full Comparison: Capital One vs Wells Fargo: Which Bank Wins?
Wells Fargo offers a diverse range of products, including checking accounts, savings accounts, loans, mortgages, and investments such as 401ks, IRAs, and wealth management options.
US Bank offers an even more impressive range of banking services. Savings and checking account options, investments, personal loans, mortgage products, and wealth management are all available.
Read Full Comparison: Wells Fargo vs US Bank: Which Bank Account Is Better?
Both Ally and Wells Fargo have a fairly impressive banking product lineup that would make switching from a traditional high street bank simple.
Ally offers CDs, auto loans, mortgages, investments, and retirement products in addition to checking and savings. The only glaring omission in the lineup is the absence of a credit card.
Wells Fargo's product lineup is even more impressive. Checking and savings accounts, mortgages, loans, and a variety of investment options such as IRAs, 401ks, and wealth management services are all available.
Read Full Comparison: Ally vs Wells Fargo: Which Bank Account Is Better For You?
Both banks offer a good selection of banking products, making it easier to switch from your current bank.
Citi offers CDs, personal loans, mortgages, IRAs, investment options, wealth management plans, and a variety of credit card options in addition to checking and savings accounts.
Wells Fargo provides savings and checking accounts, but it also provides mortgages, loans, and investment options such as IRAs, 401ks, and wealth management products.
Read Full Comparison: Citi vs Wells Fargo: Which Bank Account Is Better?
The Wells Fargo service is even more extensive. Checking accounts, various savings accounts, mortgages, loans, and investment options such as IRAs, 401ks, and wealth management solutions are all available.
PNC offers checking and savings accounts, home loans, mortgages, investments, student loan refinancing, and a variety of credit cards.
Read full comparison: Wells Fargo vs PNC: Which Bank Account Wins?
Chase and Wells Fargo appear to offer very similar products at first glance, so we need to dig a little deeper. There is little to distinguish the savings accounts, and both banks provide a variety of checking accounts.
While Chase's account maintenance fee is slightly higher, it does have some more interesting features. Chase also has an advantage in terms of CDs, but Wells Fargo is a better option for loans and mortgages.
Read Full Comparison: Chase vs Wells Fargo: Where to Save Your Money?
Wells Fargo offers a diverse range of banking services. Checking accounts, savings accounts, loans, mortgages, wealth management solutions, and investment options such as 401ks and IRAs are all available. Flagstar also offers a diverse product portfolio that includes a variety of checking and savings accounts, investments, home loans, and loans and investments.
It is important to note, however, that Flagstar does not operate in all states. This bank only operates in Michigan, California, Ohio, Indiana, and Wisconsin, where it has 150 branches. As a result, if you live outside of these areas, you may be unable to use Flagstar's banking services.
Read Full Comparison: Wells Fargo vs Flagstar: Which Bank Is Better For You?
There is no clear winner when comparing Wells Fargo and TD bank, but if we have to pick, TD comes out ahead. Here's why.
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BMO has great options for checking accounts, and outshines Wells Fargo with higher savings rates. But is it our winner? See our comparison: Wells Fargo vs. BMO Bank
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