Chase vs Wells Fargo: which is the best bank to use? Wells Fargo wins for higher savings rates on CDs and lower monthly checking account fees. Chase wins on lower minimum balance requirements and sign-up bonuses.
Chase and Wells Fargo have over 11,000 branch offices combined, provide checking and savings accounts, certificates of deposit, extensive ATM networks, and intuitive websites coupled with easy-to-use banking apps. So how do you choose between Chase vs Wells Fargo?
Regardless of whether checking or savings accounts, fees, # of ATMs, or # of branches are important to you, a clear winner exists in almost every category.
Whichever bank you choose, you will find nationwide coverage and around-the-clock customer support. So which bank is best: Chase or Wells Fargo?
For years, Wells Fargo had a stellar brand name. It was known to be a conservative bank that assessed risk carefully and navigated the 2008-9 stock market crash better than many of its rivals.
It has long been a favorite of Warren Buffett’s Berkshire Hathaway because of its strong balance sheet and conservative lending approach.
But Wells Fargo has seen its fair share of turmoil in recent years. For example, it was hit with lawsuits following its admission of dubious practices to goose financial reports.
On the other hand, Chase has grown from strength to strength and earns high marks for products like the Chase Sapphire Reserve℠ credit card, which is among the very best credit cards offered by any bank.
If you look only at recent history, Chase seems like the better choice but when we compare Wells Fargo vs Chase side-by-side, it’s no slam dunk.
In fact, Wells Fargo may be a better choice for many customers.
Here’s why…
Compared to Chase, Wells Fargo has many more nationwide branches. Over 6,000 feature in its network compared to 5,100 at Chase.
But unless you are a frequent traveler, other factors are probably more important to you.
From checking accounts to certificates of deposit, here are the categories where Wells Fargo comes out on top when compared to Chase.
| Wells Fargo | Chase | ||
| Checking Account | Monthly Fees | $10 ($5 if aged 17 → 24) |
$12 |
| Certificates of Deposit | APY 1-Year CD | 0.05% | 0.01% |
| APY 3-Year CD | 0.80% → 0.85% (39 month CD) |
0.05% | |
| APY 5-Year CD | 1.01% → 1.06% (58 month CD) |
0.25% | |
| # Branches | Nationwide Branches | 6,000 | 5,100 |
| Overdraft Fee | Extended Overdraft Fee | $0 | $12.50 |
For fee sensitive customers, Wells Fargo has a slight edge over Chase in bank checking accounts.
It may only be an extra few bucks a month, but over time that can add up to some decent savings in your pocket versus the bank’s!
If savings rates are a priority for you, Wells Fargo has the edge with its certificates of deposit.
The APY on 1-year, 3-year, and 5-year CDs are all more favorable than the equivalent rates offered by Chase.
You will need to tie up your money longer at Wells Fargo but you are more than compensated for so doing.
For example, on a “3-year” Wells Fargo CD, you will actually need to lock up your money for 3 years and 3 months but the reward for so doing is a much higher annual percentage yield (APY) compared to Chase.
When it comes to extended overdraft fees, Wells Fargo won’t hit you with any penalty whereas Chase charges $12.50 per transfer.
As you've no doubt seen on the news, our economy is facing uncertain times ahead. Inflation continues to skyrocket, the Fed has been failing us left and right, and the government is in shambles. As it stands, your money is not safe. But there is hope, the Inflation Survival Plan will tell you everything on how to not only survive, but actually thrive through this harsh economic change.
So don't wait until it's too late, act now and secure your future TODAY!
Where Chase shines when compared to Wells Fargo is it provides customers lower fees on overdrafts, lower minimum deposit thresholds on Certificates of Deposit, and sign up bonuses for checking and savings accounts.
| Wells Fargo | Chase | ||
| Checking Account | Sign Up Bonus | – | ✅ |
| Savings Account | Sign Up Bonus | – | ✅ |
| Certificates of Deposit | Minimum Deposit | $2,500 | $1,000 |
| Overdraft Fees | Overdraft Fee | $35 | $34 |
| Overdraft Protection Fee | $12.50 | $0 | |
| ATM Network | #ATMs | 13,000 | 16,000 |
| Banking App | iOS or Android | ✅ | ✅✅ |
Chase also has a slightly larger network of ATMs nationwide and a superior banking app.
➤ Free Guide: 5 Ways To Automate Your Retirement
Wells Fargo and Chase are virtually identical when it comes to minimum checking account deposit levels, out-of-network and international ATM fees, savings account interest rates, and customer support access.
| Wells Fargo | Chase | ||
| Checking Account | Minimum Deposit | $25 | $25 |
| ATM Fee | Out of Network | $2.50 | $2.50 |
| International Fee | $5 | $5 | |
| Savings Account | Monthly Fees | $5 | $5 |
| APY Rate | 0.01% | 0.01% | |
| Minimum Deposit | $25 | $25 | |
| Customer Support | Time/Day | All day everyday | All day everyday |
Although both Chase and Wells Fargo impose checking account fees, it is possible to waive them.
At Chase, the best ways to waive fees are to keep your checking account balance above $1,500 or to keep your overall balance above $5,000 in multiple accounts.
If you receive $500 or more monthly in direct deposits, that also qualifies you for free checking account privileges.
| Daily Balance | $1,500+ |
| Daily Balance Across Multiple Qualifying Accounts |
$5,000+ |
| Monthly Direct Deposits | $500+ |
At Wells Fargo, the best ways to waive fees are to keep a daily balance of $1,500 or more, receive monthly direct deposits of $500 or more, or use your debit card monthly at least ten times.
| Daily Balance | $1,500+ |
| Monthly Debit Card Purchases | 10 or more |
| Monthly Direct Deposits | $500+ |
College kids may also waive fees by linking to an ATM or debit card.
We could be facing one of the harshest economic challenges ever experienced thanks to an incompetent government and severe global unrest. If you aren't proactive, you could see yourself and your family become another financial casualty. But, the Inflation Survival Plan has you covered. Learn insider tips and tricks, IRS loopholes and more that will help your finances soar.
Take 15 Seconds to get the FREE Inflation Survival Plan and ensure your family's financial security.
Similarly, you can waive Savings Account fees at both Chase and Wells Fargo.
As long as you have a daily balance above $300, you can waive savings account fees.
Other ways to enjoy a free Chase savings account is to link to a premium Chase checking account, transfer at least $25 monthly, or be under the age of 18.
| Daily Balance | $300+ |
| Link to: | Premium Chase Checking Account |
| Monthly Automatic Transfer | $25 |
| Age | Under 18 |
Similarly, Wells Fargo waives savings account fees when daily balances of $300 are held.
Fees are also waived for individuals under the age of 18 and for account holders who make monthly automatic transfers.
| Daily Balance | $300+ |
| Monthly Automatic Transfer | > $0 |
| Age | Under 18 |
Chase and Wells Fargo both have nationwide branch offices, extensive ATM networks, and around-the-clock customer support.
When it comes to minimum deposits on checking and savings accounts, and out-of-network and international ATM fees, you can’t separate them either.
Where they diverge is on the interest you can earn on certificates of deposit where Wells Fargo offers significantly more attractive yield.
It also charges lower monthly checking account fees and won’t penalize you with extended overdraft fees.
However, checking and savings account fees can easily be waived at both banks by meeting some reasonable daily balance or transfer requirements.
Where Chase has the edge over Wells Fargo is in three areas. It has one of the best credit cards on the market for individuals with excellent credit (Chase Sapphire Reserve), lower minimum account balance requirements on CDs, and offers attractive sign-up bonuses for new customers.
Plus, Chase won’t hit you with an overdraft protection fee as Wells Fargo does.
Have you compared Chase Vs Wells Fargo and found other differences? Tell us more, we would love to hear from you.
>> Check Out Chime: 100% Online Bank
>> How Much Interest Can You Earn On CDs?
>> Need To Send Money Abroad Fast? Try Remitly
As you've no doubt seen on the news, our economy is facing uncertain times ahead. Inflation continues to skyrocket, the Fed has been failing us left and right, and the government is in shambles. As it stands, your money is not safe. But there is hope, the Inflation Survival Plan will tell you everything on how to not only survive, but actually thrive through this harsh economic change.
So don't wait until it's too late, act now and secure your future TODAY!
SoFi Personal Loans Review: Borrowers with excellent credit histories can get fixed or variable rate…
Personal Capital pairs clients who enroll in its robo-advisory service with dedicated financial advisors. This…
A Historic Night at Super Bowl LIX On the grand stage of Super Bowl LIX,…
YieldStreet Review: YieldStreet was ranked among the most rapidly expanding financial services firm in the…
Brad Pitt has evolved from a handsome leading man of Hollywood blockbusters into a multifaceted…
2 Chainz Net Worth: 2 Chainz net worth is estimated at around $9 million.Read more…
This website uses cookies.