TD Bank vs. Wells Fargo: Which Bank is Best for you?

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TD Bank and Wells Fargo are brick-and-mortar financial institutions with big branch and ATM networks.

To help you determine which banks suit you best, we're comparing the institutions' bank accounts. We're also assessing each bank's trustworthiness so you can learn more about their previous settlement history.

Pros and Cons of TD Bank

Pros and Cons of Wells Fargo

TD Bank vs. Wells Fargo Checking Account Comparisons

Below, we've compared the TD Bank Convenience Checking Account and Wells Fargo Everyday Checking Account. These accounts have similar fees and require an opening deposit of $25 or less. 

Your best option between these two banks may ultimately depend on whether it's easier to waive monthly service fees at a particular bank and if you're eligible for a sign-up cash bonus at either bank. 

The TD Bank Convenience Checking Account and Wells Fargo Everyday Checking Account both waive monthly service fees for people between the ages of 17 and 23.

If you are over the age of 24, it may be easier to waive monthly service fees at TD Bank. The TD Bank Convenience Checking Account also has a much lower minimum balance requirement than Wells Fargo. 

TD Bank offers a cash bonus if you're a new customer and opening a checking account. To be eligible for the TD Bank Convenience Checking Account - Ongoing Bonus bonus at TD Bank, you'll need to receive $500 or more in direct deposits during the first 60 days. 

Meanwhile, Wells Fargo has a Wells Fargo Everyday Checking Account - Ongoing Bonus bonus for new customers. To earn the bonus, you must receive a new account from the offer webpage with a Wells Fargo Everyday Checking Account - Minimum Deposit minimum opening deposit and receive a total of $1,000 or more in qualifying electronic deposits to your new checking account within 90 calendar days of account opening.

Keep in mind, another TD Bank checking account (TD Bank Beyond Checking Account - Editorial Name Only) also offers a TD Bank Beyond Checking Account - Ongoing Bonus bonus. It's just a little harder to qualify — you'll need to receive $2,500 in direct deposits in 60 days.

Learn more about the best bank account bonuses>>

TD Bank vs. Wells Fargo Savings Account Comparisons

The TD Simple Savings Account and Wells Fargo Way2Save® Savings Account are each bank's standard low-fee savings account. See how the two savings accounts stack up.

TD Bank and Wells Fargo savings accounts share similar features. Both accounts have low minimum opening deposits and the requirements for waiving the $5 monthly service fee are also comparable. The only significant distinction is that the TD Simple Savings Account automatically waives the monthly service fee if you're over the age of 62. 

If you're a new savings account customer, TD Bank may stand out more than Wells Fargo because it offers one of the best savings account bonuses. You may be eligible for a cash bonus of TD Simple Savings Account - Intro Bonus. 

Wells Fargo savings rates pay more than TD Bank's simple savings rates. However, you'll still find more competitive rates at other banks. If you'd like to open a high-yield savings account or a bank account with strong budgeting features, consider looking over our best high-yield savings accounts guide. 

TD Bank vs. Wells Fargo CD Comparisons 

Wells Fargo has fewer CD terms than most brick-and-mortar banks. Usually, you'll be able to choose from terms 6 months and 5 years. However, you can only open a 3-month, 6-month, or 1-year term at Wells Fargo. (It does have a 5-month specialty term that pays a competitive rate right now, though.)

At TD Bank, you may choose from a variety of standard CD terms. You'll also be able to choose from special types of CDs like a no-penalty CD or a step-up CD. A no-penalty CD permits withdrawals from a CD without facing a penalty. A step-up CD increases its rate at a set date.

TD Bank vs. Wells Fargo Trustworthiness and BBB Rating

We include ratings from the Better Business Bureau to evaluate how a bank deals with customer issues.

Good BBB ratings do not guarantee a perfect relationship with a bank. You may want to talk to current customers or read online customer reviews to get a well-rounded perspective of a bank.

Wells Fargo received an F rating from the BBB because it hasn't responded to a high volume of customer complaints and government action has been taken against the business. TD Bank has an A+ rating.

Both banks have been involved in recent public controversies. 

The US Bureau of Consumer Financial Protection required TD Bank to pay $122 million in a settlement in 2020 that accused the bank of charging customers a Debit Card Advance service without their permission.

Wells Fargo has been involved 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.

Wells Fargo vs. TD Bank FAQs

Is Wells Fargo better, or TD Bank?

You might lean more toward TD Bank if you are searching for a checking account or CD. It could be a toss-up between Wells Fargo and TD savings account because their accounts are similar.

Which has more branches, Wells Fargo or TD Bank?

Wells Fargo has more branches. TD Bank has 1,100 branches, while Wells Fargo has 4,900 locations.