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The bottom line: If your goal is to avoid paying monthly service fees, Wells Fargo makes it the easiest to waive fees on checking accounts, while Bank of America has the most compelling savings option.
Bank of America and Chase are both on Insider’s list of the best national banks right now.
It might not be a surprise that the three biggest financial institutions in the US are Bank of America, Chase, and Wells Fargo. If you’re searching for a brick-and-mortar bank experience, these three are easily some of the first that come to mind for their national presence.
But could one bank be better suited to you over the other two? Maybe.
We’ve compared checking, savings, and CDs to see which bank offers the most compelling products. We’re also comparing financial institutions in trustworthiness so you can see if it plays a factor in your selection.
Pros and Cons of Bank of America
ProsCons
Around 3,900 branches and 15,000 ATMs
Possible to waive monthly service fees
AmeriDeals feature helps you earn cash back on purchases
A- rating from the Better Business Bureau
Low interest rates on savings accountsDoesn’t offer a money market accountMonthly services fees on savings and checking accounts
Pros and Cons of Chase
ProsCons
More than 4,800 branches and more than 16,000 ATMs
Possible to waive monthly service fees
Chase Total Checking® – Ongoing Bonus bonus on Chase Total Checking® until 01/24/2024
A+ rating from the Better Business Bureau
Low interest rates on savings accountDoesn’t offer a money market accountMonthly service fees on savings and checking accounts
Pros and Cons of Wells Fargo
ProsCons
Around 4,700 branches and 12,000 ATMs
Possible to waive monthly service fees
Automatic savings features (Save As You Go®)
Wells Fargo Everyday Checking Account – Ongoing Bonus bonus on the Wells Fargo Everyday Checking Account – Product Name Only
Low interest rates on savings accountsDoesn’t offer a money market accountMonthly service fees on savings and checking accountsF rating from the Better Business Bureau
Bank of America vs. Chase vs. Wells Fargo Checking Account Comparisons
We’ve compared three basic checking accounts offered by each bank. You may not need to pay monthly service fees on these accounts if you qualify to waive them.
Bank of America Advantage Plus Checking AccountChase Total Checking®Wells Fargo Everyday Checking Account
Minimum opening deposit
Bank of America Advantage Plus Checking AccountChase Total Checking®Wells Fargo Everyday Checking Account
Monthly service fee
Bank of America Advantage Plus Checking Account – Fees DisplayChase Total Checking® – Fees DisplayWells Fargo Everyday Checking Account – Fees Display
How to waive the monthly service fee
Must do one of the following:
Receive $250 or more in direct depositsKeep a minimum balance of $1,500 dailyEnroll in the Preferred Rewards ProgramBe a student under age 25
Must do one of the following:
Receive $500 or more in direct depositsKeep a minimum balance of $1,500 dailyMaintain an average daily balance of $5,000 or more in all Chase bank and investment accounts
Must do one of the following:
Receive $500 or more in direct depositsKeep a minimum balance of $500 dailyLink your account to a Wells Fargo ATM Card or Campus Debit CardBe between the ages of 17 and 24
Bonus
Bank of America Advantage Plus Checking AccountChase Total Checking®Wells Fargo Everyday Checking Account – Ongoing Bonus
Next steps
Bank of America Advantage Plus Checking Account – CTA TextChase Total Checking® – CTA TextWells Fargo Everyday Checking Account – CTA Text
Winner: Wells Fargo
Wells Fargo makes it easier to waive monthly service fees than Chase or Bank of America. It also offers the largest bonus to those who qualify. Read our guide to the best bank account bonuses to learn more.
Bank of America vs. Chase vs. Wells Fargo Savings Account Comparisons
Most brick-and-mortar banks pay a low interest rates on savings accounts. If you’d like to earn a rate that’s higher than the national average, consider looking over our best savings accounts guide.
Bank of America Advantage Savings AccountChase Savings℠Wells Fargo Way2Save® Savings Account – Product Name Only
APY
Bank of America Advantage Savings AccountChase Savings℠Wells Fargo Way2Save® Savings Account
Minimum opening deposit
Bank of America Advantage Savings AccountChase Savings℠Wells Fargo Way2Save® Savings Account
Monthly service fee
Bank of America Advantage Savings Account – Fees DisplayChase Savings℠ – Fees DisplayWells Fargo Kids Way2Save Savings Account – Fees Display
How to waive the monthly fee
There’s no monthly service fee for the first 6 months
After that, you must do one of the following:
Keep a minimum daily balance of $500Link to a Bank of America Advantage Relationship Banking AccountEnroll in the Bank of America Preferred Rewards programBe under the age of 18Be under the age of 25 and a student
Must do one of the following:
Keep a minimum daily balance of $300Have an automatic transfer of $25 or more from Chase CheckingLink Chase College Checking℠Link to qualifying Chase checking accountBe under the age of 18
Must do one of the following:
Keep a minimum daily balance of $300 Set up automatic savings if you have a checking accountBe under the age of 18 (19 in Alabama)
Bonus
None
None
Wells Fargo Way2Save® Savings Account – Intro Bonus
Other perks
Up to 10% cash back through BankAmeriDeals; Keep the Change® feature lets you round up debit card purchasesNoneSave As You Go® transfers $1 into your Way2Save Savings Account from checking when you swipe your debit card
Next steps
Bank of America Advantage Savings Account – CTA TextChase Savings℠ – CTA TextWells Fargo Way2Save® Savings Account – CTA Text
Winner: Bank of America
The Bank of America Advantage Savings Account stands out from the other savings accounts because you won’t have to worry about monthly service fees during the first six months. After that, there are still many ways to waive the fee with Bank of America. But if you don’t qualify to waive monthly service fees at any bank, Chase and Wells Fargo have lower fees.
Bank of America vs. Chase vs. Wells Fargo CD Comparisons
Bank of America Standard Term Certificate of DepositChase Certificate of Deposit (CD)Wells Fargo Fixed Rate Certificate of Deposit
Term lengths
28 days to 10 years1 month to 10 years3 months to 1 year
Minimum opening deposit
Bank of America Standard Term Certificate of DepositChase Certificate of Deposit (CD)Wells Fargo Fixed Rate Certificate of Deposit
APY
Bank of America Standard Term Certificate of DepositChase Certificate of Deposit (CD)Wells Fargo Fixed Rate Certificate of Deposit
Early withdrawal penalties
7 to 365 days interest90 to 365 days interest3 months interest for all CD terms
Next steps
Bank of America Fixed Term CD – CTA TextChase CD – CTA TextWells Fargo Standard Fixed Rate CD – CTA Text
Winner: Bank of America
When it comes to CDs, it might be a bit of a toss-up between Chase and Bank of America — Wells Fargo doesn’t have a lot of options and requires a high minimum opening deposit. Both Bank of America and Chase pay low rates overall, but Bank of America has more types of CDs to choose from and lower early withdrawal penalties for some terms.
Which Bank is the Most Trustworthy?
The Better Business Bureau rates businesses according to how they respond to customer issues.
The BBB gave Chase an A+ rating, Bank of America an A- rating, and Wells Fargo an F rating. Wells Fargo currently has an F rating because of a high number of customer complaints and government action taken against the business.
A good BBB rating doesn’t necessarily mean your relationship with a bank will be smooth. Talk to current customers or read online customer reviews to get a well-rounded perspective of a bank.
All three banks have also been involved in public scandals over the last few years.
Here are cases Bank of America has recently been involved in:
In 2022, the Consumer Financial Protection Bureau fined Bank of America for freezing customers’ accounts because its automatic fraud filter incorrectly detected fraud on accounts. The CFPB claimed that the bank made it difficult for customers to un-freeze their accounts (2022).In 2020, the Department of Justice charged Bank of America when it accused the bank of unfairly denying home loans to adults with disabilities, even though they qualified for loans. Bank of America paid around $300,000 total to people who were refused loans.In 2023, Bank of America paid over $100 million to customers in a settlement when accused of repeatedly charging a $35 overdraft fee for the same transaction, withholding credit card rewards, and enrolling customers in credit card accounts without them knowing or authorizing it.
Chase has been in the following cases:
In 2023, JP Morgan Chase was required to pay $75 million in a settlement with the U.S. Virgin Islands that accused the financial institution of failing to report suspicious activity regarding Jeffrey Epstein’s sex trafficking operation. In 2020, JP Morgan Chase & Co. paid the Department of Justice $920 million in a settlement that said the bank was involved in wrongful trading. In the same year, the US Department of Labor also required Chase to pay $800,000 in back wages in a settlement that accused the bank of underpaying women.
Wells Fargo has been 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.
Frequently Asked Questions
Which bank is best in the USA?
The best bank for you will depend on what you’re looking for in a financial institution. Decide which types of bank accounts you want and review what’s needed to waive bank fees for each account. Between the three biggest financial institutions in the US, Wells Fargo makes it the easiest to waive monthly service fees on savings accounts, while Bank of America offers the most ways to waive monthly services fees on checking accounts.
Which bank is the safest?
Your money will be safe in a bank account if a financial institution is federally insured by the FDIC or NCUA. Bank of America, Chase, and Wells Fargo are all FDIC insured. This means that even if a bank were to shut down, you wouldn’t lose money that’s deposited at that institution. If you’re not sure about whether a bank is trustworthy, review our section on trustworthiness to learn more about each bank’s history.
