Bank of America and Wells Fargo are both one of the largest banks in America, so it might be a tough decision choosing which one to bank with. Bank of America has over 5,000 locations and 16,000 ATMs and is known for their great customer service and long hours.
On the other hand, Wells Fargo has one of the largest banking presences in the U.S., with over 5,400 branches and 13,000 ATMs in 40 states. Although both these banks are very popular, which one is better? Be sure to keep reading to find out which bank is better for you, whether you want to open a checking or savings account.
 |
 |
 |
 |
|
| Bank of America | Wells Fargo | |
| Locations | Nearly 5,000 Branches (Bank Locator) | 6,000+ Branches (Bank Locator) |
| ATMs | Approximately 15,900 ATMs around the country. | More than 13,000 ATMs across the country. |
| Savings |
|
|
| CD | Must maintain a minimum deposit of $5,000. | Standard Term CD: 0.05% – 0.15% APY. Terms of 3 months to 1 year. Minimum deposit of $2,500. Special CD: 0.30% APY. Terms of 5 months. Minimum deposit of $5,000. Bonus of up to 0.35% APY if you maintain a linked Wells Fargo Prime/Portfolio Checking account. |
| Checking |
|
|
| Money Market | Must provide a $100 minimum to take advantage | 0.05% APY. Minimum opening deposit of $25. $12 monthly service fee, unless you maintain a minimum daily balance of $3,500. Bonus APY of 0.10% requires account linked to Portfolio by Wells Fargo® relationship. |
| Customer Service | 4/5 | 4/5 |
| Mobile App | 3.5/5 | 4.5/5 |
Pros and Cons – Bank of America
Pros
- More ATMs. Bank of America has over 16,000 ATMs that customers have access to.
- Opening deposit is lower for CDs. The opening deposit for a Standard Term CD at Bank of America is $1,000.
- Rewards programs. Bank of America customers can also earn rewards on personal banking products through its BankAmeriDeals and Preferred rewards programs.
Cons
- Lower rates. Bank of America‘s accounts have lower interest rates, especially on CDs.
- Less accessible customer service. Bank of America doesn’t offer 24/7 customer service, whereas Wells Fargo does.
- Many miscellaneous fees. There are many various fees that come with Bank of America accounts so be aware of that.
Pros and Cons – Wells Fargo
Pros
- More branches. Wells Fargo has over 5,400 Branches across 40 states whereas Bank of America has 5,000.
- Higher rates. Interest rates are higher with Wells Fargo‘s accounts, especially on the Special CDs and also Platinum Savings.
- More available customer service. Wells Fargo offers 24/7 access to customer service.
Cons
- Higher CD minimum deposits. The minimum deposit is $2,500 to open a Standard CD and $5,000 for a Special CD.
- Fewer ATMs. Wells Fargo only has 13,000 ATMs whereas Bank of America has 16,000.
- Rewards only on credit cards. Unlike Bank of America, Wells Fargo doesn’t offer any rewards programs on its deposit accounts.
Bank of America Promotions
CHECKING ACCOUNTSSAVINGS ACCOUNTS
- Advantage SafeBalance: With this setting, there are no overdraft fees – you can only spend what you have. Additionally, there are no paper checks.
- Advantage Plus Banking: With this account, you can write checks and also enroll in overdraft protection. Furthermore, the minimum opening deposit for this setting is $100.
- Relationship Banking: With just $100, you can open an interest-bearing checking account.
- Rewards Savings: This account gives you access to tiered interest rates. All you have to do is provide a $100 opening deposit.
- Child Savings: Children under the age of 18 can have access to the account without a monthly service fee. Additionally, this joint account is great to allow your child to be in charge of their money.
- Custodial Savings Account: This account is a great option if you want to save for your child but not give him/her access until the age of 18. Once your child turns 18, they will receive access to their funds in the account.
Wells Fargo Promotions
CHECKING ACCOUNTSSAVINGS ACCOUNTS
- Everyday Checking: Provide a small deposit to qualify. Additionally, monthly fee can be waived by making a certain number of debit/credit purchases.
- Preferred Checking: Earn interest if you meet the minimum balance. Furthermore, if you have a Wells Fargo mortgage, your monthly service fee waived for this checking account.
- Portfolio by Wells Fargo: This account is great for those who have a significant amount of money. Also, you may earn higher interest rates with the Portfolio account.
- Way2Save Savings: Good for those who find it hard to save money.
- Platinum Savings: If you keep a higher balance in your savings account, you may have access to higher interest rates with the Platinum Savings.
- Wells Fargo CDs: Perfect for those who can save money aside and earn a higher rate.
Author’s Verdict
When it comes down to it, both Wells Fargo and Bank of America are great to bank with. Whether you’re looking for a checking or savings account, both offer great promotions and features, so you can be sure to be satisfied with your banking experience.
In addition, we have a list of bank promotions to get some extra cash in your pockets today. You may also want to check out savings accounts if you want to get started on saving up money.
