Bank of America vs. Wells Fargo: Which Bank is the Right fit for You?

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If you prefer a traditional banking experience, Wells Fargo and Bank of America are two well-known financial institutions with substantial locations throughout the US. 

We're reviewing checking, savings, and CD accounts to see which institution's products stand out the most. We're also evaluating each bank's trustworthiness, so you can determine if one of these banks is ultimately the right fit for you.

Pros and Cons: Bank of America

Pros and Cons: Wells Fargo

Bank of America vs. Wells Fargo Checking Account Comparisons

We are comparing two standard checking accounts with lower bank fees.

Choosing between these two checking accounts will likely to come down to whether you're able to waive monthly service fees at either bank.

Wells Fargo has a significantly lower daily minimum balance requirement than Bank of America. It also makes it easy to waive monthly services fees if you're a college student or minor. If you qualify for Wells Fargo's bonus, you'll earn more than you would with Bank of America.

See the best bank account bonuses right now>>

Bank of America vs. Wells Fargo Savings Account Comparisons

We've compared savings accounts with lower monthly service fees and minimum opening deposits.

The biggest upside to the Bank of America Advantage Savings Account is that you won't have to worry about a monthly service fee during the first six months of opening your bank account. After the first six months, you also might find it easy to waive the monthly service fee if you're a college student or minor.

It also may be worthwhile if you want to become involved in some of Bank of America's other offerings. For example, if you open a checking account, you may use the Keep the Change^® feature to help you save.

Wells Fargo has fewer options for waiving the monthly service fee. However, if you're only looking to open a saving account, you might prefer Wells Fargo, since you can the waive the fee with a lower account balance.

Bank of America vs. Wells Fargo CD Comparisons 

Bank of America CD rates are higher than Wells Fargo rates on select shorter terms. Bank of America has more terms to choose from, and you can open a CD with less money than with Wells Fargo.

Bank of America vs. Wells Fargo Trustworthiness and BBB ratings

The Better Business Bureau rates business based on responses to customer complaints, honesty in advertising, and transparency about business practices.

Bank of America received an A- rating from the BBB. Meanwhile, Wells Fargo has an F rating because it hasn't responded to some complaints on the BBB website and has government action taken against the bank.

A good BBB rating isn't necessarily the be-all and end-all, though. You'll want to talk to current customers or read online customer reviews to see if a bank might be a good fit.

Both Wells Fargo and Bank of America have recent public scandals. 

Wells Fargo has been involved in the following situations:

• In 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.

Bank of America has been in the following cases: 

• 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.
• 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.

Bank of America and Wells Fargo: Frequently Asked Questions

Is Bank of America better or Wells Fargo?

It depends on the accounts you'd like to open and what you're looking for. Wells Fargo makes it a bit easier to waive monthly service fees on its savings account and requires a lower initial deposit than Bank of America.

For a money market account or high-yield savings account, you'll want to look at other banks because neither bank offers these types of accounts.

Is Bank of America larger than Wells Fargo?

Bank of America has around 3,900 branches and 15,000 ATMs. Meanwhile, Wells Fargo has 4,700 locations and 12,000 ATMs.