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Bank of America, Chase, and Wells Fargo have the most bank locations in the US.
Wells Fargo makes it the easiest to waive monthly service fees on a checking account.
Bank of America beats Wells Fargo and Chase when comparing savings accounts and CDs.
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
ProsCons
Around 4,200 branches and 16,000 ATMs
Possible to waive monthly service fees
$100 opening bonus on new checking accounts
AmeriDeals feature helps you earn cash back on purchases
A+ rating from the Better Business Bureau
$100 bonus on Bank of America Advantage Banking until June 30, 2022
Low interest rates on savings accountsDoesn’t offer a money market accountMonthly services fees on savings and checking accounts Bank account history includes settlements involving racial discrimination and unauthorized bank creation
Pros and cons of Chase
ProsCons
Around 4,700 branches and 16,000 ATMs
Possible to waive monthly service fees
Checking account bonus of $200 if you set up direct deposits
$200 bonus on Chase Total Checking until October 19, 2022
Low interest rates on savings accountDoesn’t offer a money market accountMonthly service fees on savings and checking accountsB+ rating from the Better Business Bureau due to government action taken against the businessBank account history includes settlements involving wrongful trading and gender discrimination
Pros and cons of Wells Fargo
ProsCons
Around 7,200 branches and 13,000 ATMs
Possible to waive monthly service fees
Automatic savings features (Save As You Go®)
Low interest rates on savings accountsDoesn’t offer a money market accountMonthly service fees on savings and checking accountsNR (No Rating) from the Better Business BureauBank account history includes settlements involving racial and disability discrimination
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.
Bank of America Advantage Plus Checking AccountChase Total Checking®Wells Fargo Everyday Checking Account
Minimum opening deposit
$100$0$25
Monthly service fee
$12 or $0$12 or $0$10 or $0
How to waive the monthly service fee
Must do one of the following:
Receive $250 or more in direct depositsKeep a minimum balance of $1,500 dailyEnroll in the Preferred Rewards Program
Must do one of the following:
Receive $500 or more in direct depositsKeep a minimum balance of $1,500 dailyMaintain an average daily balance of $5,000 or more in all Chase bank and investment accounts
Must do one of the following:
Receive $500 or more in direct depositsKeep a minimum balance of $500 dailyLink your account to a Wells Fargo ATM Card or Campus Debit CardBe between the ages of 17 and 24
Sign-up bonus
$100$200None
Next steps
Bank of America Advantage Plus Checking AccountChase Total Checking®Wells Fargo Everyday Checking Account
Winner: Wells Fargo
Wells Fargo makes it easier to waive monthly service fees than Chase or Bank of America. You might still want to consider Chase or Bank of America if you’d like to earn a bonus for opening a new account, though.
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.
Bank of America Advantage Savings AccountChase Savings℠Wells Fargo Kids Way2Save Savings Account
APY
Bank of America Advantage Savings AccountChase Savings℠Wells Fargo Way2Save® Savings Account
Minimum opening deposit
$100$0$25
Monthly service fee
$8 or $0$5 or $0$5 or $0
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:
Keep a minimum daily balance of $500Link to a Bank of America Advantage Relationship Banking AccountEnroll in the Bank of America Preferred Rewards programBe under the age of 18Be under the age of 25 and a student
Must do one of the following:
Keep a minimum daily balance of $300Have an automatic transfer of $25 or more from Chase CheckingLink Chase College Checking℠Link to qualifying Chase checking accountBe under the age of 18
Must do one of the following:
Keep a minimum daily balance of $300 Set up automatic savings if you have a checking accountBe under the age of 18 (19 in Alabama)
Other perks
Up to 10% cash back through BankAmeriDeals; Keep the Change® feature lets you round up debit card purchasesNoneSave As You Go® transfers $1 into your Way2Save Savings Account from checking when you swipe your debit card
Winner: Bank of America
The Bank of America Advantage Savings Account stands out from the other savings accounts because you won’t have to worry about monthly service fees during the first six months. After that, there are still many ways to waive the fee with Bank of America. But if you don’t qualify to waive monthly service fees at any bank, Chase and Wells Fargo have lower fees.
Bank of America vs. Chase vs. Wells Fargo CD comparisons
Bank of America Standard Term Certificate of DepositChase Certificate of Deposit (CD)Wells Fargo Fixed Rate Certificate of Deposit
Term lengths
28 days to 10 years1 month to 10 years3 months to 1 year
Minimum opening deposit
$1,000$1,000$2,500
APY
Bank of America Standard Term Certificate of DepositChase Certificate of Deposit (CD)Wells Fargo Fixed Rate Certificate of Deposit
Early withdrawal penalties
7 to 365 days interest90 to 365 days interest3 months interest for all CD terms
Winner: Bank of America
When it comes to CDs, it might be a bit of a toss-up between Chase and Bank of America — Wells Fargo doesn’t have a lot of options and requires a high minimum opening deposit. Bank of America narrowly wins over Chase for two reasons: It offers more CD terms and has lower early withdrawal penalties for CDs under five years.
Which bank is the most trustworthy?
The Better Business Bureau rates businesses according to how they respond to customer issues.
The BBB gave Bank of America an A+ rating, Wells Fargo has an NR (“No Rating”), and Chase a B- rating. Wells Fargo currently has an NR rating because it is responding to previously closed complaints, and Chase has a B- rating due to 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 2020, the Department of Justice said Bank of America broke the law by denying home loans to adults with disabilities based on their disability. Bank of America paid around $300,000 in the settlement to people who were denied loans, and the bank was also required to implement a new non-discriminatory policy.In 2019, the US Department of Labor’s Office of Federal Contract Compliance Program said Bank of America discriminated against women, Black, and Hispanic applications in the hiring process. The bank had to pay $4.2 million in back wages in the settlement.
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 2020, the US Department of Labor said JP Morgan Chase & Co. broke the law by underpaying women. The bank was required to pay $800,000 in back wages in the settlement and provide a total of $9 million for compensation adjustments over the next five years.
Wells Fargo has been in the following cases:
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.In 2020, Wells Fargo paid billions in settlements when accused of having employees create unauthorized bank accounts to meet unreachable sales goals.In 2019, Wells Fargo paid $10 million in a settlement with the city of Philadelphia that accused the bank of engaging in predatory mortgage lending among racial minorities.In 2019, Wells Fargo paid $10 million in a settlement with the California Department of Insurance that said the bank signed and charged 1,500 customers on insurance products without their authorization.
Winner: Tie
All three banks have been involved in public controversies. Think about banking with a mission-driven bank if you’d prefer to bank with a financial institution that hasn’t been a part of recent settlements.
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. Chase currently has the best opening bonus for a bank account, though.
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.