Table Of Content
When Chase Bank Wins?
Both Chase and Wells Fargo offer a fairly comprehensive product line that rivals a conventional high street bank.
In addition to savings and checking, Chase allows access to home loans, home equity options, and auto loans, along with an impressive variety of credit card options.
Chase can be a better choice than Wells Fargo if:
You want better CD rates
You are not planning on making more than 6 savings withdrawals in a month
You want the best savings rates
You want access to a massive selection of credit card options
When Wells Fargo Bank Wins?
Wells Fargo’s banking product line is even more impressive. There is a choice of savings accounts, different checking accounts, and investment options including 401ks, IRAs and wealth management services.
The bank also offers a variety of mortgages and loans. This ensures that making the switch to Wells Fargo is easy, as you can access all the banking products you expect from your current bank.
Wells Fargo can be a better choice than Chase if:
You’re interested in low deposit mortgages
You want access to multiple loan options
You want access to 24/7 customer service
Chase Bank | 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
The Chase and Wells Fargo basic savings accounts are practically identical. They both offer a low interest compared to national average and have a service fee that can be waived by maintaining account balance among other things.
However, when you start to delve into the accounts, some differences do become clear. While both banks offer an auto save feature to assist you in your savings plans, and both banks allow you to manage your account via an app, Chase allows quick check deposits.
However, the crucial difference is that the Chase account does have some withdrawal restrictions. You’ll be charged a $5 withdrawal fee if you go over the six permitted withdrawals in any one month. Additionally, Wells Fargo does have a savings account upgrade, which offers further benefits including the potential to earn a bit higher rate.
Chase Bank | Wells Fargo | |
|---|---|---|
APY | 0.01% | 0.15% – 2.51% |
Fees | $5 per month
Can be waived if you carry $300 account balance at the start of the month, $25+ autosave or linking a Chase checking account
| $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 | $25 | $25 |
Checking Needed? | No | No |
Main Benefits |
|
|
Checking Account
Both the Chase and Wells Fargo checking accounts offer no interest, but while Chase’s account has no minimum deposit, Wells Fargo requires $25 to open an account. Both accounts carry a maintenance fee which can be waived with different requirements. For example, Wells Fargo requires a $500 minimum balance or $500+ in qualifying direct deposits, while Chase requires $500+ in electronic deposits or $1,500 account balance.
There are also some interesting differences in the account features. For example, Wells Fargo has several checking account options and an overdraft service is available. Chase also has several checking account options, but it offers a welcome bonus to new customers.
Chase Bank | Wells Fargo | |
|---|---|---|
APY | None | 0.05% – 0.10% |
Fees | $12
Can be waived if you maintain a $1,000 minimum daily balance, making direct deposits or Associated SnapDeposits of $500 or more per statement cycle, or holding $2,500 in combined deposit accounts with the same statement cycle date or having a Health Savings Account or investment 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
|
Minimum Deposit | $0 | $25 |
Main Benefits |
|
|
CDs
Both banks offer quite low CD rates compared to pther banks. In terms of minimum deposit needed – Chase threshold is lower.
Chase Bank | Wells Fargo | |
|---|---|---|
Minimum Deposit | $1000 | $2,500 |
APY Range | 0.02% – 4.00% | 0.50% – 4.26% |
Mortgage Options
Chase offers a variety of mortgage options. In addition to fixed rate and ARM loans, Chase also offers FHA and Jumbo loans. You can also get prequalified for your mortgage to speed up the home buying process. Chase allows customers to purchase discount points on their mortgage deal for both home purchases and refinance packages.
Wells Fargo offers an impressive choice of mortgage products including conventional fixed rate loans, VA loans, and FHA loans. However, what gives Wells Fargo the edge is the potential for paying a low down payment. You can secure a fixed rate loan from 3%, while the FHA loans require 3.5% or more.
You can also access home equity finance deals, where you can borrow up to 80% of the value of your home less any outstanding secured loans, mortgages or liens. These packages are available from $25,000 to $500,000.
Loan Options
This comparison is a little more one sided. Wells Fargo has an impressive selection of loan products including auto loans, student loans, and personal loans. You can apply for personal loans up to $100,000 over a term of up to 84 months.
However, Wells Fargo also offers fixed interest rates and discounts for relationships with qualified customers, with no closing fees, prepayment penalties, or origination fees.
On the other hand, Chase does not offer personal loans. The only loans available are auto loans that allow you to finance a new or used vehicle.
Credit Cards
Chase has a superb selection of credit card options with more than 20 travel cards, 7 business cards and 7 hotel cards. The bank has partnered with Avios, Southwest, United, Hyatt, Disney, Amazon and Starbucks. This allows you to tailor your credit card to your preferred brand for the best rewards.
Most Chase cards have no annual fee, but there are exceptions like the Sapphire Reserve. This card has a $550 annual fee, but allows you to earn 5x points on flights and an impressive 10x points on car rentals and hotels.
There are also some unique cards such as the Slate Edge. This card allows you to lower your rate by as much as 2% each year. You’ll also get an automatic credit limit review after you spend $500 in the first six months and continue to pay on time. Even students can enjoy cash back with the no annual fee Freedom Student card.
On the other hand, Wells Fargo has just three main credit card options. Active Cash offers 2% cash back on unlimited purchases, with 0% APR for the first 15 months. You can also receive a $200 welcome bonus providing you spend $1,000 in the first three months.
Wells Fargo Reflect offers the bank’s longest and lowest intro APR terms. You’ll get a 0% rate for the first 18 months on both balance transfers and purchases. However, if you make the minimum payments on time, you can qualify for a three month extension to this introductory rate.
Finally, the Wells Fargo Hotels.com card is ideal for travelers. This reward card pays stamps for purchases or eligible stays. Every 10 stamps offers one reward night. There is no annual fee and as an introductory bonus, you’ll get two reward nights when you spend $1,000 on card purchases within three months of account opening.
Customer Service
Chase’s customer service system is fairly comprehensive. In addition to its in depth help website page, there are multiple customer service lines, Twitter and Facebook support 7 am to 11pm ET Monday to Friday and 10 am to 7 pm ET on the weekends. You can also schedule a meeting with an agent in your local branch. Chase even has dedicated lines for military personnel and veterans whether they are here or overseas.
Wells Fargo also has a detailed support ‘page on its site, but there is also a 24/7 general banking helpline to speak to an agent.
Unfortunately, this level of service is not confirmed by consumer ratings. Chase has a poor rating of 1.3 out of 5 on Trustpilot, while Wells Fargo is only a little better with 2.3 out of 5.
Online/Digital Experience
Both Chase and Wells Fargo have an app for iOS and Android devices. Chase’s app has similar ratings with 4.8/5 on the Apple Store and 4.4 out of 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 that offers a great user experience. You can fully explore and compare the products and access support materials.
Which Bank is The Winner?
Both Chase and Wells Fargo are large reputable financial institutions, so to summarize which bank is better, we’ll need to recap the both the positives and potential negatives.
At first glance, Chase and Wells Fargo appear to offer very similar products, so we need to look a little closer. There is little to separate the savings accounts and both banks offer a choice of checking accounts. However, while Chase’s account maintenance fee is a little higher, its account does have some more interesting features. Chase also has the edge in terms of CDs, but Wells Fargo is a better option if you’re looking for loans and mortgages.
| |  | |
|---|---|---|---|
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% | 0.15% – 2.51%
| Up to 5.02%
|
Checking Fee
The monthly fee on checking account
| $12
Can be waived if you maintain a $1,000 minimum daily balance, making direct deposits or Associated SnapDeposits of $500 or more per statement cycle, or holding $2,500 in combined deposit accounts with the same statement cycle date or having a Health Savings Account or investment 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
| Compare Banking |
Mobile App Rating | 4.8/5 on iOS 4.3/5 on Android | 4.8/5 on iOS 4.6/5 on Android | Various Banks
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on Chase website |
on Wells Fargo website |
on our website |
FAQs
Do Chase Offers Car Loans?
Chase offers vehicle financing for those with fair to excellent credit. The rates are fixed, so your monthly repayments will not change throughout the duration of the loan. The bank also allows its customers to get prequalified, so they can then start to shop for a vehicle.
Does Chase work for Joint accounts?
Chase allows co-ownership of many of its accounts. You can either open up a joint account together or add a second person to your existing account.
Of course, Chase needs to verify the identity of both parties. So, if you’re new to Chase, you will both need to present your details. However, if you are an existing Chase customer, you should be able to open up your side of the account and then your partner can go through the verification process.
Can you invest in gold via Wells Fargo ?
Wells Fargo allows customers to open a Wells Fargo Trade account, which is an online trading platform where you can invest in EFTs and stocks including gold stock. There is an annual fee for this service, but it is possible to have the fee waived if you meet one of a list of waiver criteria.
Is my money safe on Wells Fargo ?
As one of the largest banks in the USA, you should feel reassured that your money is safe with Wells Fargo. Wells Fargo did receive a $25 billion federal bailout in 2008, but it paid off the loan at the end of 2009.
Today, Wells Fargo has over $1.7 trillion in assets, so it has sufficient funds to cover any defaults should the economic climate deteriorate. Additionally, the accounts are FDIC insured, so your deposits up to $250,000 are federally protected.
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Both Ally and Wells Fargo have a fairly impressive banking product lineup that would make switching from a traditional high street bank simple.
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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.
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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.
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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.
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Although Chase Bank has a modern, trendy image, it is one of the oldest banks in the United States. JP Morgan Chase's consumer division, Chase Bank, is one of the largest banks in the United States. Even though its interest rates aren't particularly competitive when compared to online banks and credit unions, loyal Chase customers who keep a significant amount of money with the bank can earn slightly better rates.
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The Discover checking account is more traditional. While the account does not pay interest, you can earn 1% cash back on debit card purchases. There are also no fees if you require a replacement debit card, have a deposit item returned, or have insufficient funds in your account.
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