Banking » Compare Banks » Capital One vs Wells Fargo: Which Bank Wins?
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Capital One vs Wells Fargo: Which Bank Wins?

While Wells Fargo does offer more banking products, if you’re after the basics of savings account, CD and checking account, Capital One has the edge with better terms and rates. Capital One also has more credit card options, while Wells Fargo just has three.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Interest Rates Last Update: September 20, 2023
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Interest Rates Last Update: November 1, 2023

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Table Of Content

When Capital One Bank Wins?

Capital One began as a credit card company, but has developed its line of banking products to create a product line to rival a traditional bank.

In addition to checking and saving accounts, you can access loan refinancing, auto finance, and kids’ accounts.

Capital One can be a better choice than Wells Fargo if:

  • You want to deposit large sum of money on savings

  • You want a larger choice of credit card options
  • You're ready for an online bank

When Wells Fargo Bank Wins?

Wells Fargo has an even more comprehensive product line. There is a choice of checking accounts, two savings accounts, and investment options including IRAs and 401ks. You can also access a variety of loans and mortgages, along with wealth management services. This makes Wells Fargo a highly comparable alternative to the traditional high street bank.

Wells Fargo can be a better choice than Capital one if:

Wells_Fargo-Logo
Capital One
Wells Fargo
Savings Accounts
Checking Accounts
CDs
Money Market Account
Debit Card
Credit Cards
Personal Loans
Mortgage
Government Mortgage
Business Loans
Investing Capabilities

Savings Account

Capital One has an impressive savings account offering 4.30%, which far outweighs the 0.15% – 2.51% offered by Wells Fargo. 

Another area where Capital One has the edge is that it is fee free, while Wells Fargo has a $5 (or $12 in the case of Platinum savings) fee. While it is possible to have this fee waived in a number of ways, with Capital One you don’t have to worry about any such conditions.

However, the Capital One account is classified as high yield savings. This means that there are a few account restrictions including a maximum of six withdrawals per month. If you exceed this withdrawal number, there could be a fee.

Capital One
Wells Fargo
APY
4.30%
0.15% – 2.51%
Fees
$0
$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
$0
$25
Checking Needed?
No
No
Main Benefits
  • Up to 6 transfers or withdrawals per month
  • Digital Savings Tools including mobile check deposit, auto saving plans and savings goals
  • Option to upgrade to Platinum Savings
  • Automatic transfer options

Checking Account

There are even more differences between the Capital One and Wells Fargo checking accounts. Firstly, Capital One pays interest on your checking account balance, while the Wells Fargo checking accounts, (with the exception of Portfolio) are not interest bearing.

Wells Fargo appears to market their account as a standard checking account. If you open an  account with Wells Fargo, You can access overdraft facilities or set up overdraft protection with your savings account. Capital One’s checking account appears to have more features and functionality. You can choose your overdraft options and there is early access to your paycheck by up to two days.

Another key area where Capital One has the edge is the account fees. Capital One checking is fee free, while all the Wells Fargo checking accounts carry a fee. Although it is possible to have the fees waived, you do need to meet one of several conditions, which is something you don’t need to consider with Capital One.

Capital One
Wells Fargo
APY
0.10%
0.05% – 0.10%
Fees
$0
$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
Minimum Deposit
$50
$25
Main Benefits
  • Early Paycheck allows you to access your money up to 2 days sooner.
  • Next Day Grace in case of overdraft
  • Mobile banking with the app that allows you to freeze your card, deposit funds, and receive instant alerts on your transactions.
  • 12,000 Wells Fargo ATMs and 4,900 Wells Fargo branches
  • Check writing
  • Choose your overdraft options
  • Upgrade or downgrade with Clear Access or Portfolio checking

CDs

Where Capital One really has the edge is with its CDs. While Wells Fargo has a $2,500 minimum deposit, Capital One doesn’t have any minimums.

As of November 2023, Capital One’s rates are also superior – 4.10% – 5.30%  APY on CD, while Wells Fargo only offers lower rates. Lastly, Wells Fargo doesn't offer so many terms as Capital One, and there is a differentiation in rates based on your deposit.

Capital One
Wells Fargo
Minimum Deposit
$0
$2,500
APY Range
4.10% – 5.30%
1.49% – 5.26%
APY 6 months
4.30%
(7 months)
APY 12 months
5.00%
(13 months)
APY 24 months
4.40%
/
APY 36 months
4.30%
/
No Penalty CD
/
/

Mortgage Options

There is no comparison here, as Capital One does not currently offer mortgages or home loans.

Wells Fargo offers a variety of mortgage products. This includes conventional fixed rate loans, FHA loans and VA loans. However, what makes this bank stand apart is the low down payments. You can secure a conventional fixed rate loan with just 3%, while the FHA loans are available with a downpayment of 3.5% or more.

There are also home equity financing options that allow you to borrow up to 80% of your home’s value less any outstanding mortgages, secured loans or liens on the property. This is available from $25,000 up to $500,000.

You can manage your mortgage account online and there are several payment methods including auto pay from your Wells Fargo checking or savings account.

Loan Options

Capital One has limited loan options. There is no conventional personal loan option, but you can refinance loans or obtain an auto loan through Capital One. There are also business lending products.

Wells Fargo has a far more impressive choice of loan products. In addition to auto loans and student loans, you can apply for a personal loan of $3,000 to $100,000 with a term of up to 84 months. 

The attractive thing about the Wells Fargo personal loan is that there are fixed interest rates with relationship discounts for qualified customers. Additionally, you don’t need to worry about unexpected fees. There are no closing fees, origination fees, or prepayment penalties.

Wells Fargo
APR
5.74% – 19.99%
Loan Amount
$3,000 – $100,000
Terms
12 – 84 months

Credit Cards

Capital One has an extensive choice of credit card options. You can browse the cards on its website according to category, rate, and credit rating. If you have excellent credit, the VentureOne Rewards offers an unlimited 1.25 miles per dollar on any purchase with no annual fee. However, if you prefer cash back, the Quicksilver Rewards offers an unlimited 1.5% cash back on all your purchases.

If you don’t mind paying annual fees, the Spark Cash Plus provides 2% unlimited cash back with no spending limits with an annual fee of $150.

Even if you have fair credit, you can still earn 1.5% cash back unlimited with the QuicksilverOne Rewards. There are also student card options, such as the SavorOne Rewards with a tiered reward structure offering up to 3% or if you need to rebuild your credit, the Platinum Secured card provides a $200 initial credit line with a deposit of $49+, and consideration for a higher credit limit within the first 6 months.

Wells Fargo has three main credit card options. The Active Cash card offers 2% cash reward on unlimited purchases. However, there is also a $200 welcome bonus if you spend $1,000 in your first three months and 0% APR for the first 15 months with no annual fee.

The Reflect card offers Wells Fargo’s lowest and longest introductory APR. There is 0% for the first 18 months on purchases and balance transfers, but you can get a 3 month rate extension if you make the minimum payments on time during this intro period. This card also has no annual fee.

Finally, there is the Wells Fargo Hotels.com card. This is a rewards card that pays stamps when you make purchases or stay at eligible properties. When you reach 10 stamps, you can claim one reward night. Additionally, as an introductory bonus, you can receive two reward nights if you spend $1,000 on purchases within the first three months. Again, there is no annual fee.

Customer Service

Capital One’s support is a little complex. There are dedicated phone lines according to your specific issue. If you have a credit card query, there is a different line to those who have a savings account issue. The support page on the Capital One website directs you to click on the appropriate link and access the phone number and availability details. There is also a mailing address or you can tweet @AskCapitalOne.

Wells Fargo also has a comprehensive support page on its website. However, if you want to speak to an agent, you can access a 24/7 general banking helpline.

Unfortunately, this is not reflected in the bank’s ratings. Capital One has a paltry 1.3 out of 5 rating on Trustpilot, Wells Fargo fairs a little better with a more average 2.3 out of 5.

Online/Digital Experience

Both Capital One and Wells Fargo have apps to enhance the customer’s digital experience. The Capital One mobile app is rated 4.8/5 on Apple and 4.9/5  on Google, while Wells Fargo’s app is rated 4.8/5 on both platforms.

Both apps allow you more control over your account, with 24/7 access for transaction management, making transfers, locking your debit card and receiving notifications.

As we touched on above, both banks also have an impressive website that allows you to not only compare account and card options but also access resources to help you improve your finances and discover the best products for your particular needs and circumstances.

Which Bank is The Winner?

With both banks offering similar products, we need to look a little more closely at which bank is better.

While Wells Fargo does offer more banking products, if you’re after the basics of savings account, CD and checking account, Capital One has the edge with better terms and rates. Capital One also has more credit card options, while Wells Fargo just has three.

Additionally, Wells Fargo does have account maintenance fees. Although it is possible to have these fees waived, this is simply not an issue with Capital One. Additionally, Wells Fargo does have barriers to entry with minimum deposits.

Wells_Fargo-Logo
Capital One
The Smart Investor Logo
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.
0.15% – 2.51%
4.30%
Up to 5.02%
Checking Fee The monthly fee on checking account
$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
$0
Compare Banking
Mobile App Rating
4.8/5 on iOS
4.6/5 on Android
4.8/5 on iOS
4.7/5 on Android
Various Banks
Learn More
Learn More
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FAQs

If you open a new bank account, Wells Fargo offers up to $325, as of November 2023. Learn more about the Wells Fargo new account bonus promotions.

Capital One banking promotions are quite limited since they are more focused on credit cards. However, from time to time there are checking accounts bonuses for new accounts.

While there are several Wells Fargo checking account options, all of them attract a monthly service fee. However, it is possible to have the service fee waived by meeting the criteria. This includes activities such as maintaining a minimum daily balance of $500, having $500+ in qualifying direct deposits, linking a Wells Fargo Campus Debit Card, or being aged under 24.

Capital One has experienced difficulty throughout prior recessions. The stock price dropped by about 70% during the 2001 recession, and the bank saw a similar share issue during the 2007 crisis.

Capital One does, however, appear to be taking the possibility of a new recession seriously. The bank has a variety of resources to assist its clients, especially small businesses, in preparing for a recession. After all, the bank should fare well if its clients can maintain their financial stability throughout a downturn.

Yes, in fact, the Capital One 360 checking account is an online account, which requires online access. Capital One states that you can open most of its accounts online and generally, the process takes less than five minutes. If you already have a Capital One account login, the process will be even quicker.

Yes, Capital One has loans for purchasing or refinancing a vehicle. The rate is determined by your creditworthiness, the loan amount and term. You can borrow the sum for up to six years, with a fixed rate. Capital One also has Auto Navigator, which allows you to prequalify for your financing and know the estimated terms before you go to a participating dealer. 

You can open a Wells Fargo bank account by phone, in person, or online. The Wells Fargo Online platform allows you to open a checking account in only a few minutes. You can also use the portal to check on the status of your account application or finish your application if you could not finish it in one session.

Banking Reviews

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Capital One is a premium online banking service that offers convenient, dependable service and physical locations to anyone looking for them. Capitol One 360, in addition to providing a trustworthy and dependable service, has no hidden fees or minimums, allowing you to continue earning interest on your daily money. There are over 38,000 fee-free ATMs and over 2,000 Capital One ATMs to meet your money access needs.

American Express is one of the world's most well-known credit card brand names. Customers can get a personal banking solution from American Express National Bank, which offers online savings and CD options. Personal savings accounts have a high potential yield. American Express National Bank is a respectable, secure banking option that does not offer any extra features but does offer the most important one.

Read Full Comparison: American Express vs Capital One: Which Bank Is Better For You?

Ally has a decent banking product lineup that would make switching from a traditional high street bank relatively simple. Checking, savings, CDs, auto loans, personal loans, mortgages, investments, and retirement products are among the products available. The only obvious omission from the Ally line is the absence of a credit card.

Capital One began as a credit card company, but it has since expanded into a variety of other banking services. You can access auto finance, loan refinancing, and children's accounts in addition to savings and checking accounts.

Read Full Comparison: Ally vs Capital One: Compare Banking Options

CIT Bank offers a variety of savings accounts. Savings Connect has two tiers, with the first offering a higher rate if you make qualifying deposits and link your checking account. Savings Builder, on the other hand, offers 3.99 percent if you keep a balance of $25,000 or make monthly deposits of at least $100. There are no account maintenance fees, but you can only make six transactions per statement cycle.

Capital One offers a high yield savings account with a slightly lower rate than CIT Bank's top rate. However, you are not required to jump through any hoops. The account allows six withdrawals per calendar month, but there is no minimum deposit or balance requirement to keep your account open.

Read Full Comparison: CIT Bank vs Capital One: Which Bank Account Is Better?

Chase and Capital One both have banking product lines that compete with traditional high street banks.

Capital One also has a competitive advantage in terms of checking accounts. The Capital One checking account is not only fee-free, but you can also earn interest on your account balance. Chase's checking account does not pay interest, and you must meet certain requirements to have the $12 monthly fee waived.

However, when you open a qualifying account, Chase will give you a welcome bonus, and its checking account has some nice features such as paperless statements for up to seven years and checking account upgrade options.

Read Full Comparison: Chase vs Capital One: Compare Banking Options

Capital One began as a credit card company, but it has recently expanded its banking product line. Capital One offers checking and savings accounts, children's accounts, auto finance and refinancing, in addition to an impressive selection of credit cards.

Citi offers a diverse range of banking products, including checking and savings accounts, CDs, credit card options, mortgages, personal loans, wealth management plans, IRAs, and investment options.

Read Full Comparison: Citi vs Capital One: Which Bank is Best For You?

Discover Bank is a full-service online bank as well as a provider of payment services. Discover can be used for banking and retirement planning by individuals. Discover is best known for its credit cards with rewards, but it also provides personal, student, and home equity loans.

Capital One began as a credit card company, but it has grown to offer a diverse range of traditional banking services over the years. In addition to credit cards, it offers checking and savings accounts, loan refinancing, auto finance, and children's accounts. As a result, Capital One is more appealing to those seeking a traditional banking experience.

Read Full Comparison: Discover vs Capital One: Which Bank Account Wins?

Chase and Capital One both have banking product lines that compete with traditional high street banks.

Capital One also has a competitive advantage in terms of checking accounts. The Capital One checking account is not only fee-free, but you can also earn interest on your account balance. Chase's checking account does not pay interest, and you must meet certain requirements to have the $12 monthly fee waived.

However, when you open a qualifying account, Chase will give you a welcome bonus, and its checking account has some nice features such as paperless statements for up to seven years and checking account upgrade options.

Read Full Comparison: Chase vs Capital One: Compare Banking Options

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?

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's product offering is even more extensive. This bank offers checking accounts, a variety of savings accounts, mortgages, loans, and investment options such as IRAs, 401ks, and wealth management services. This makes switching from another bank even easier because you'll have access to all of your favorite banking products.

Bank of America offers a diverse range of banking services. Checking and savings accounts, auto loans, home loans, credit cards, and investment options are all available.

Read Full Comparison: Bank of America vs Wells Fargo: Which Bank Is Better?

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?

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?

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?

Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann's areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
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