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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
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Pros and Cons of Wells Fargo
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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.
| Minimum opening deposit | ||
| Monthly service fee | ||
| How to waive the monthly service fee | Meet one of the following requirements:
| Meet one of the following requirements:
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| Sign-up bonus | ||
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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).
| APY | ||
| Minimum opening deposit | ||
| Monthly service fee | ||
| How to waive the monthly fee | Meet one of the following requirements:
| Meet one of the following requirements:
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| Other perks | None |
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Chase vs. Wells Fargo CD Comparisons
| Term lengths | 1 month to 10 years | 3 months to 1 year |
| Minimum opening deposit | ||
| APY | ||
| Early withdrawal penalties | 90 to 365 days interest | 3 months interest for 3-month, 6-month, and 1-year CDs |
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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.