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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
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Pros and Cons of Chase
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Pros and Cons of Wells Fargo
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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.
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How to waive the monthly service fee | Must do one of the following:
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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.
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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:
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Bonus | None | None | |
Other perks | Up to 10% cash back through BankAmeriDeals; Keep the Change® feature lets you round up debit card purchases | None | Save As You Go® transfers $1 into your Way2Save Savings Account from checking when you swipe your debit card |
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Bank of America vs. Chase vs. Wells Fargo CD Comparisons
Term lengths | 28 days to 10 years | 1 month to 10 years | 3 months to 1 year |
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Early withdrawal penalties | 7 to 365 days interest | 90 to 365 days interest | 3 months interest for all CD terms |
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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 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.
If you frequently visit branches, you'll also want to check which institution has nearby locations.
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.