Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.
The bottom line: Wells Fargo beats Bank of America when comparing checking accounts, but you may prefer Bank of America if you want to open a saving account or choose from a variety of CDs.
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
ProsCons
Around 4,200 branches and 16,000 ATMs
Possible to waive monthly service fees
$100 bonus on checking account
Savings features that let you round up purchases or get cash back
A+ rating from the Better Business Bureau
Low interest rates on savings and CDs
No money market account
Monthly service fees
Bank account history includes settlements involving racial discrimination and unauthorized account creation
Pros and cons Wells Fargo
ProsCons
Around 7,200 branches and 13,000 ATMs
Possible to waive monthly service fees
Automatic savings features (Save As You Go®)
$200 bonus on checking account
Low interest rates on savings and CDsNo money market accountMonthly service feesNR (No Rating) from the Better Business BureauBank account history includes settlements involving racial and disability discrimination
Bank of America vs. Wells Fargo checking account comparisons
Wells Fargo and Bank of America have an ample number of checking accounts. We decided to compare two standard checking accounts with lower bank fees.
Bank of America Advantage Plus Checking AccountWells Fargo Everyday Checking Account
Minimum opening deposit
$100$25
Monthly service fee
$12 or $0$10 or $0
How to waive the monthly service fee
Meet one of the following requirements:
Receive direct deposits of $250 or moreKeep at least $1,500 in your account dailyEnroll in the Preferred Rewards Program
Meet one of the following requirements:
Receive direct deposits of $500 or moreKeep at least $500 in your account dailyLink your account to a Wells Fargo ATM Card or Campus Debit CardAre between the ages of 17 and 24
Sign-up bonus
$100$200
Next steps
Bank of America Advantage Plus Checking Account
Wells Fargo Everyday Checking Account
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.
Both banks are offering account bonuses if you’re a new customer. The requirements for earning the cash bonus are the same — receive direct deposits of at least $1,000 within 90 days of opening the account. However, Wells Fargo will deposit $200 into your account around 60 days after finishing the requirements, while Bank of America will reward you with $100.
Winner: Wells Fargo
The Wells Fargo Everyday Checking Account has a lower opening deposit requirement. It also makes it easier to waive the monthly service fee.
Bank of America vs. Wells Fargo savings account comparisons
We’ve compared savings accounts with lower monthly service fees and minimum opening deposits.
Bank of America Advantage Savings AccountWells Fargo Way2Save® Savings Account
APY
Bank of America Advantage Savings AccountWells Fargo Way2Save® Savings Account
Minimum opening deposit
$100$25
Monthly service fee
$8 or $0$5 or $0
How to waive the monthly fee
Monthly fee is waived for the first 6 months
After that, meet one of the following criteria:
Keep at least $500 in your account dailyLink to a Bank of America Advantage Relationship Banking AccountEnrolled in the Bank of America Preferred Rewards programAre under the age of 18Are under the age of 25 and a student
Meet one of the following criteria:
Keep at least $300 in your account dailyUse the Save as You Go feature if you have a checking accountAre 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 purchasesSave As You Go® transfers $1 into your Way2Save Savings Account from checking each time you swipe your debit card
Next steps
Bank of America Advantage Savings AccountWells Fargo Savings Account
For savings accounts, it may be a bit trickier to decide between Bank of America and Wells Fargo.
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 6 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.
Winner: Bank of America
The Bank of America Advantage Savings Account requires a higher initial deposit, but the account is more appealing if you’re looking for savings features or ways to waive a monthly service fee. If you don’t qualify to waive monthly service fees at Bank of America, you might consider Wells Fargo.
Bank of America vs. Wells Fargo CD comparisons
Bank of America Standard Term Certificate of DepositWells Fargo Fixed Rate Certificate of Deposit
Term lengths
28 days to 10 years3 months to 1 year
Minimum opening deposit
$1,000$2,500
APY
Bank of America Standard Term Certificate of DepositWells Fargo Fixed Rate Certificate of Deposit
Early withdrawal penalties
7 to 365 days interest3 months interest for all CD terms
If you’re looking to earn a high interest rate on a CD, online banks offer better rates than Bank of America or Wells Fargo. Out best CD rates includes CD terms from 1 year to 5 years that might be worth considering.
That said, if you’re looking for term lengths that aren’t usually offered at financial institutions, Bank of America may stand out to you.
Winner: Bank of America
Neither institution has competitive rates on CDs. But if you’re looking for a variety of term options, Bank of America Standard Term Certificate of Deposit easily tops Wells Fargo. You’ll also only need $1,000 to open a CD at Bank of America, which is pretty standard across brick-and-mortar banks.
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 NR (“No Rating”) because it is responding to previously closed complaints.
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 2021, the Office of the Comptroller of Currency issued a cease and desist order against Wells Fargo that accused the bank of having an inefficient compliance risk management program.In 2020, Wells Fargo paid billions in settlements for its employees creating authorized bank accounts to meet unreachable sales goals.In 2019, the city of Philadelphia required Wells Fargo to pay $10 million in a settlement that claimed the bank engaged in predatory mortgage lending to racial minorities.In 2019, the California Department of Insurance also required the bank to pay $10 million in a settlement that said the bank signed up and charged 1,500 consumers on insurance products without their knowledge.
Bank of America has been in the following cases:
In 2020, the Department of Justice charged Bank of America for denying home loans to adults with disabilities based on their disability. Bank of America paid around $300,000 to people who were refused loans and needed to implement a new non-discriminatory policy.In 2019, Bank of America paid $4.2 million in a settlement with the US Department of Labor to people who claimed the bank discriminated against women, Black, and Hispanic applicants in the hiring process.
Winner: Tie
Both Bank of America and Wells Fargo have been involved in recent public scandals. You might prefer banking with a mission-driven bank if you want to be part of a financial institution that closely aligns with your values and hasn’t been involved in recent controversies.
FAQ (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.
However, if you’re interested in opening up a savings account or CD, Bank of America offers a greater variety of options.
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 4,200 branches and 16,000 ATMs. Meanwhile, Wells Fargo has 7,200 locations and 13,000 ATMs.