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The bottom line: You might prefer TD Bank over Wells Fargo if your goal is to avoid monthly service fees on a checking account. For savings accounts, it could be a draw between the two banks since both pay low interest rates and have similar minimum balance requirements. That said, TD Bank is Insider’s pick for the best national bank in the Northeast.
TD Bank and Wells Fargo are brick-and-mortar financial institutions with big branch and ATM networks.
To help you determine which banks suit you best, we’re comparing the institutions’ bank accounts. We’re also assessing each bank’s trustworthiness so you can learn more about their previous settlement history.
Pros and Cons of TD Bank
ProsCons
More than 1,100 branches
Over 2,600 free ATMs
Possible to waive monthly services fees
A+ Better Business Bureau rating
TD Bank Convenience Checking Account – Ongoing Bonus bonus for TD Bank Convenience Checking Account – Product Name Only; TD Bank Beyond Checking Account – Ongoing Bonus for TD Bank Beyond Checking Account – Product Name Only
Only available on the East CoastMonthly service feesHigh CD early withdrawal penalties
Pros and Cons of Wells Fargo
ProsCons
Around 4,900 branches around the US
Over 12,000 free ATMs
Possible to waive monthly service fees
Save As You Go® feature transfers $1 into your Way2Save Savings Account from checking each time you swipe your debit card
Checking account offers a Wells Fargo Everyday Checking Account – Intro Bonus
Monthly service feesF rating from the Better Business Bureau
TD Bank vs. Wells Fargo Checking Account Comparisons
Below, we’ve compared the TD Bank Convenience Checking Account and Wells Fargo Everyday Checking Account. These accounts have similar fees and require an opening deposit of $25 or less.
TD Bank Convenience Checking AccountWells Fargo Everyday Checking AccountMinimum opening depositTD Bank Convenience Checking AccountWells Fargo Everyday Checking AccountMonthly service feeTD Bank Convenience Checking Account – Fees DisplayWells Fargo Everyday Checking Account – Fees DisplayHow to waive the monthly service fee
Meet one of the following requirements each month:
Have $100 or more in your account dailyAre between the ages of 17 and 23
Meet one of the following requirements each month:
Receive direct deposits of at least $500Have $500 or more in your account dailyLink your account to a Wells Fargo ATM Card or Campus Debit CardAre between the ages of 17 and 24BonusTD Bank Convenience Checking Account – Ongoing BonusWells Fargo Everyday Checking Account – Ongoing BonusNext stepsTD Bank Convenience Checking Account – CTA TextWells Fargo Everyday Checking Account – CTA Text
Your best option between these two banks may ultimately depend on whether it’s easier to waive monthly service fees at a particular bank and if you’re eligible for a sign-up cash bonus at either bank.
The TD Bank Convenience Checking Account and Wells Fargo Everyday Checking Account both waive monthly service fees for people between the ages of 17 and 23.
If you are over the age of 24, it may be easier to waive monthly service fees at TD Bank. The TD Bank Convenience Checking Account also has a much lower minimum balance requirement than Wells Fargo.
TD Bank offers a cash bonus if you’re a new customer and opening a checking account. To be eligible for the TD Bank Convenience Checking Account – Ongoing Bonus bonus at TD Bank, you’ll need to receive $500 or more in direct deposits during the first 60 days.
Meanwhile, Wells Fargo has a Wells Fargo Everyday Checking Account – Ongoing Bonus bonus for new customers. To earn the bonus, you must receive a new account from the offer webpage with a Wells Fargo Everyday Checking Account – Minimum Deposit minimum opening deposit and receive a total of $1,000 or more in qualifying electronic deposits to your new checking account within 90 calendar days of account opening.
Keep in mind, another TD Bank checking account (TD Bank Beyond Checking Account – Editorial Name Only) also offers a TD Bank Beyond Checking Account – Ongoing Bonus bonus. It’s just a little harder to qualify — you’ll need to receive $2,500 in direct deposits in 60 days.
Learn more about the best bank account bonuses>>
Winner: TD Bank
The TD Bank Convenience Checking Account narrowly edges out the Wells Fargo Everyday Checking Account. TD Bank makes it easier to waive the account’s monthly service fee. It could be a toss-up between the two banks depending on which account bonus you’re eligible for, though.
TD Bank vs. Wells Fargo Savings Account Comparisons
The TD Simple Savings Account and Wells Fargo Way2Save® Savings Account are each bank’s standard low-fee savings account. See how the two savings accounts stack up.
TD Simple Savings AccountWells Fargo Way2Save® Savings AccountAPYTD Simple Savings AccountWells Fargo Way2Save® Savings AccountMinimum opening depositTD Simple Savings AccountWells Fargo Way2Save® Savings AccountMonthly service feeTD Simple Savings Account – Fees DisplayWells Fargo Way2Save® Savings Account – Fees DisplayHow to waive the monthly fee
No monthly service fees during the first year if you do the following:
Receive a monthly direct deposit of $25 or more from a TD Bank checking account
If you don’t set up direct deposit or skip a month, you must meet one of the following requirements to waive the fee:
Maintain $300 in your checking account dailyAre under the age of 24 Are over the age of 62
Fulfill one of the following criteria monthly:
Have $300 in your account dailyUse the Save as You Go feature if you have a checking accountAre under the age of 24Transfer $25 or more from a linked Wells Fargo checking account Bonus
None
Wells Fargo Way2Save® Savings Account – Intro Bonus
Next stepsTD Simple Savings Account – CTA TextWells Fargo Way2Save® Savings Account – CTA Text
TD Bank and Wells Fargo savings account share similar features. Both accounts have low minimum opening deposits and pay low interest rates.
The requirements for waiving the $5 monthly service fee are also comparable. The only significant distinction is that the TD Simple Savings Account automatically waives the monthly service fee if you’re over the age of 62.
If you’d like to open a high-yield savings account or a bank account with strong budgeting features, consider looking over our best high-yield savings accounts guide.
Winner: Wells Fargo
Wells Fargo narrowly beats out TD Bank because it pays a slightly higher interest rate. However, if you’re looking to avoid monthly service fees, be aware that its a close toss-up between the two banks because the ways to waive fees are pretty similar.
TD Bank vs. Wells Fargo CD Comparisons
TD Bank Choice Promotional Certificate of DepositWells Fargo Fixed Rate Certificate of DepositTerm lengths3 months to 5 years3 months to 1 yearMinimum opening depositTD Bank Choice Promotional Certificate of DepositWells Fargo Fixed Rate Certificate of DepositAPYTD Bank Choice Promotional Certificate of DepositWells Fargo Fixed Rate Certificate of DepositEarly withdrawal penalties3 months to 2 years interest3 months interest for all CD termsTypes of CDsStandard CDs, No-Penalty CDs, Step-Up CDsStandard CDsNext stepsTD Bank Choice Promotional CD – CTA TextWells Fargo Standard Fixed Rate CD – CTA Text
Wells Fargo has fewer CD terms than most brick-and-mortar banks. Usually, you’ll be able to choose from terms 6 months and 5 years. However, you can only open a 3-month, 6-month, or 1-year term at Wells Fargo. (It does have a 5-month specialty term that pays a competitive rate right now, though.)
At TD Bank, you may choose from a variety of standard CD terms. You’ll also be able to choose from special types of CDs like a no-penalty CD or a step-up CD. A no-penalty CD permits withdrawals from a CD without facing a penalty. A step-up CD increases its rate at a set date.
Winner: TD Bank
TD Bank Choice Promotional Certificate of Deposit might catch your eye if you’re searching for CD variety or special types of CDs. TD Bank CD rates may also be competitive if you qualify for a relationship bump rate by having an eligible TD checking account.
TD Bank vs. Wells Fargo Trustworthiness and BBB Rating
We include ratings from the Better Business Bureau to evaluate how a bank deals with customer issues.
Good BBB ratings do not guarantee a perfect relationship with a bank. You may want to talk to current customers or read online customer reviews to get a well-rounded perspective of a bank.
Wells Fargo received an F rating from the BBB because it hasn’t responded to a high volume of customer complaints and government action has been taken against the business. TD Bank has an A+ rating.
Both banks have been involved in recent public controversies.
The US Bureau of Consumer Financial Protection required TD Bank to pay $122 million in a settlement in 2020 that accused the bank of charging customers a Debit Card Advance service without their permission.
Wells Fargo has been involved in the following cases:
In December 2022, The Consumer Financial Protection Bureau required Wells Fargo to pay more than $3.7 billion in a settlement that accused the bank of wrongfully charging fees that led thousands of customers to lose vehicles and homes. The settlement also accuses the bank of wrongfully charging overdraft fees on checking and savings accounts.In 2021, Wells Fargo consented to a Cease and Desist order from the Office of the Comptroller of the Currency. The OCC stated that the bank’s home lending loss mitigation program was unsuccessful, and it charged Wells Fargo a $250 million civil penalty.The Maryland Attorney General entered into a settlement with Wells Fargo when it claimed that the bank didn’t accurately disclose information to investors about residual mortgage-backed securities. The Attorney General announced the $20 million settlement in 2020, but the issues with Wells Fargo’s RMBSs were from 2005 to 2009.
Winner: TD Bank
Wells Fargo and TD Bank have been involved in recent public settlements, but Wells Fargo has been involved in more. TD Bank also has a much better BBB rating.
Wells Fargo vs. TD Bank: Frequently Asked Questions
Is Wells Fargo better, or TD Bank?
You might lean more toward TD Bank if you are searching for a checking account or CD. It could be a toss-up between Wells Fargo and TD savings account because their accounts are similar, but Wells Fargo offers a savings account bonus right now for eligible customers.
Which has more branches, Wells Fargo or TD Bank?
Wells Fargo has more branches. TD Bank has 1,100 branches, while Wells Fargo has 4,900 locations.
