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The bottom line: Chase is likely a better choice for CDs, but Wells Fargo has easily manageable checking options. When it comes to savings accounts, it could be a tight race between the two banks. Chase is on Insider’s list of the best national banks.
Wells Fargo and Chase are two of the biggest national banks in the US. Both financial institutions are also currently offering some of the best bank account bonuses for new customers.
To help you determine which bank accounts and services may be the best for you, we’ve compared checking, savings, and CDs. We’re also comparing financial institutions in trustworthiness so you can know more about each institution’s history.
Pros and Cons of Chase
ProsCons
National bank with 4,800 branches and more than 16,000 free ATMs
Possible to waive monthly service fees
Chase Total Checking® Total Checking account bonus
A+ rating from the BBB
Online banks may offer higher interest rates on savings accounts and CDsNo money market accountMonthly service fees if you don’t qualify to waive themPublic settlements involved wrongful trading and gender discrimination
Pros and Cons of Wells Fargo
ProsCons
National bank with 4,900 branches and 12,000 ATMs
Possible to waive monthly service fees
Wells Fargo Everyday Checking Account – Ongoing Bonus Everyday Checking account bonus
Online banks may offer higher interest rates on savings accounts and CDsNo money market accountMonthly service fees if you don’t qualify to waive themLimited CD termsF rating from the Better Business BureauPublic settlements unsafe business practices and unnecessary bank account charges
Chase vs. Wells Fargo Checking Account Comparisons
Wells Fargo and Chase each have an ample number of checking accounts.
Below, we’ve compared two checking accounts that the average person would open if they were looking for a checking account with minimal bank fees.
Chase Total Checking®Wells Fargo Everyday Checking AccountMinimum opening depositChase Total Checking®Wells Fargo Everyday Checking AccountMonthly service feeChase Total Checking® – Fees DisplayWells Fargo Everyday Checking Account – Fees DisplayHow to waive the monthly service fee
Meet one of the following requirements:
Receive $500 or more in direct depositsMaintain a minimum balance of $1,500 dailyMaintain an average daily balance of $5,000 or more in all Chase accounts and investment accounts
Meet one of the following requirements:
Receive $500 or more in direct depositsMaintain a minimum balance of $500 dailyLink your account to a Wells Fargo Campus ATM Card or Campus Debit CardAre between 17 and 24 years of ageSign-up bonusChase Total Checking® – Intro BonusWells Fargo Everyday Checking Account – Intro BonusNext stepsChase Total Checking® – CTA TextWells Fargo Everyday Checking Account – CTA Text
Winner: Wells Fargo
Wells Fargo makes it easier to waive the monthly service fee than Chase. Wells Fargo also offers a higher cash bonus for its checking account. However, you may still want to explore Chase if you’re interested in a bank account bonus that’s easier to qualify for.
Chase vs. Wells Fargo Savings Account Comparisons
Chase and Wells Fargo offer traditional and premium savings accounts. We compared two savings accounts with monthly services fees of $5 (or under if you qualify to waive the fee).
Chase Savings℠Wells Fargo Way2Save® Savings AccountAPYChase Savings℠Wells Fargo Way2Save® Savings AccountMinimum opening depositChase Savings℠Wells Fargo Way2Save® Savings AccountMonthly service feeChase Savings℠ – Fees DisplayWells Fargo Way2Save® Savings Account – Fees DisplayHow to waive the monthly fee
Meet one of the following requirements:
Maintain a daily balance of $300 or moreHave an automatic transfer of $25 or more from Chase checkingLink Chase College Checking℠ for overdraft protectionAre under the age of 18Link to a qualifying Chase checking account
Meet one of the following requirements:
Maintain a daily balance of $300 or moreMake an automatic transfer of $25 or more each fee period from a linked Wells Fargo checking accountMake an automatic transfer of $1 or more each business day within a fee period from a linked Wells Fargo checking accountUse the Save as You Go feature if you have a checking accountAre under the age of 24Other perksNoneSave As You Go® transfers $1 into your Way2Save Savings Account from checking each time you swipe your debit cardNext stepsChase Savings℠ – CTA TextWells Fargo Way2Save® Savings Account – CTA Text
Winner: Tie
It’s a pretty tight race between the two banks. The savings accounts have similar requirements for waiving monthly service fees. The one exception might be if you’re between the ages of 18 and 24 — Wells Fargo may be a better option. You might lean more toward Chase Savings℠ if you want an account that doesn’t require a minimum opening deposit However, the Wells Fargo Way2Save® Savings Account might be worth considering if you find the account’s Save As You Go® feature appealing.
Chase vs. Wells Fargo CD Comparisons
Chase Certificate of Deposit (CD)Wells Fargo Fixed Rate Certificate of DepositTerm lengths1 month to 10 years3 months to 1 yearMinimum opening depositChase Certificate of Deposit (CD)Wells Fargo Fixed Rate Certificate of DepositAPYChase Certificate of Deposit (CD)Wells Fargo Fixed Rate Certificate of DepositEarly withdrawal penalties90 to 365 days interest3 months interest for 3-month, 6-month, and 1-year CDsNext stepsChase CD – CTA TextWells Fargo Standard Fixed Rate CD – CTA Text
Winner: Chase
Chase is our top pick in this category because it has more CD terms to choose from and a lower minimum opening deposit. But if you’re searching for which bank offers the highest CD rate, it could be a bit of a toss-up. Chase offers a good interest rate on a 3-, 6-, and 12-month terms if you qualify for relationship rates by having a Chase checking account. If you don’t qualify for a relationship rate, Wells Fargo CDs might be a better choice.
Which Bank is More Trustworthy?
We use ratings from the Better Business Bureau to evaluate how a bank deals with customer issues.
The Better Business Bureau gave JP Morgan Chase & Co. (Chase’s parent company) an A+ rating. Wells Fargo received an F rating because it is responding to previously closed complaints and has received government action against the bank.
A good BBB rating won’t necessarily ensure your relationship with a bank will be perfect. Consider talking to current customers or reading online customer reviews.
Chase and Wells Fargo have also both gone through a few public controversies in the last few years.
Here are recent cases with JP Morgan Chase & Co.:
In September 2020, JP Morgan Chase & Co. paid the Department of Justice $920 million when charged with wrongful trading. In 2020, JP Morgan Chase & Co. paid $800,000 in back wages in a settlement when the US Department of Labor accused the company of underpaying women. The US Department of Labor also required the bank to provide a total of $9 million for compensation adjustments over five years.
Meanwhile, Wells Fargo has been involved in the following issues:
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 accused the bank of wrongfully charging overdraft fees on checking and savings accounts. In 2021, the Office of the Comptroller of Currency issued a cease and desist order against Wells Fargo because the OCC said the bank’s compliance risk management program had unsafe business practices.
Wells Fargo vs. Chase FAQs
Is Wells Fargo or Chase better?
It’ll depend on which bank accounts you’d like to open. Wells Fargo’s checking account makes it easier to waive the monthly service fee, but Chase has more CD terms. For savings accounts, it could be a toss-up between the two banks.
Is Wells Fargo or Chase bigger?
Chase has more than 4,800 branches and more than 16,000 free ATMs. Wells Fargo has 4,900 branches and 12,000 ATMs.
