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The bottom line: You might prefer TD Bank over Wells Fargo if your goal is to avoid monthly service fees on a checking account. For savings accounts, it could be a draw between the two banks since both pay low interest rates and have similar minimum balance requirements.
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
ProsCons
More than 1,100 branches
Over 2,600 free ATMs
Possible to waive monthly services fees
$200 checking account bonus
Only available on the East CoastLow interest rates on savings and CDsMonthly service feesHigh CD early withdrawal penaltiesA- rating from the Better Business Bureau because the government took action against the business
Pros and cons of Wells Fargo
ProsCons
More than 7,200 branches around the US
Over 13,000 free ATMs
Possible to waive monthly service fees
Save As You Go® feature transfers $1 into your Way2Save Savings Account from checking each time you swipe your debit card
$200 checking account bonus
Low interest rates on savings and CDsMonthly service feesF rating from the Better Business Bureau and public settlements involving racial and disability discrimination
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.
TD Bank Convenience Checking AccountWells Fargo Everyday Checking AccountMinimum opening deposit$0$25Monthly service fee$15 or $0$10 or $0How to waive the monthly service fee
Meet one of the following requirements each month:
Have $100 or more in your account dailyAre between the ages of 17 and 23
Meet one of the following requirements each month:
Receive direct deposits of at least $500Have $500 or more in your account dailyLink your account to a Wells Fargo ATM Card or Campus Debit CardAre between the ages of 17 and 24Sign-up bonus$200$200Next stepsTD Bank Convenience Checking AccountWells Fargo Everyday Checking Account
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.
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.
Both bank accounts offer a cash bonus if you’re a new customer and opening a checking account. Wells Fargo has a $200 bonus if you make at least $1,000 in direct deposits within 90 days of opening an account. To be eligible for the $200 bonus at TD Bank, you’ll need to receive $500 or more in direct deposits during the first 60 days.
Winner: TD Bank
The TD Bank Convenience Checking Account narrowly edges out the Wells Fargo Everyday Checking Account. TD Bank makes it easier to waive the account’s monthly service fee and earn a cash bonus. If you’re between the ages of 17 and 23, it could be a toss-up between the two checking accounts.
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 Simple Savings AccountWells Fargo Way2Save® Savings AccountAPYTD Simple Savings AccountWells Fargo Way2Save® Savings AccountMinimum opening deposit$0$25Monthly service fee$5 or $0$5 or $0How to waive the monthly fee
No monthly service fees during the first year if you do the following:
Receive a monthly direct deposit of $25 or more from a TD Bank checking account
If you don’t set up direct deposit or skip a month, you must meet one of the following requirements to waive the fee:
Maintain $300 in your checking account dailyAre under the age of 24 Are over the age of 62
Fulfill one of the following criteria monthly:
Have $300 in your account dailyUse the Save as You Go feature if you have a checking accountAre under the age of 24Transfer $25 or more from a linked Wells Fargo checking account TD Simple Savings AccountWells Fargo Way2Save® Savings Account
TD Bank and Wells Fargo savings account share similar features. Both accounts have low minimum opening deposits and pay low interest rates.
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’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 account guide.
Winner: Tie
There isn’t a clear winner between TD Bank and Wells Fargo savings accounts. The TD Simple Savings Account might be a better choice if you’re over the age of 62 because you’ll automatically be eligible to waive monthly service fees on the account. However, other than that slight distinction, the requirements for waiving the monthly service fee are similar.
TD Bank vs. Wells Fargo CD comparisons
TD Bank Choice Promotional Certificate of DepositWells Fargo Fixed Rate Certificate of DepositTerm lengths3 months to 5 years3 months to 1 yearMinimum opening deposit$250$2,500APYTD Bank Choice Promotional Certificate of DepositWells Fargo Fixed Rate Certificate of DepositEarly withdrawal penalties3 months to 2 years interest3 months interest for all CD termsTypes of CDsStandard CDs, No-Penalty CDs, Step-Up CDsStandard CDs
Neither financial institution pays competitive CD rates.
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.
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.
Winner: TD Bank
TD Bank Choice Promotional Certificate of Deposit might catch your eye if you’re searching for CD variety or special types of CDs. However, bear in mind that online banks pay higher CD rates than Wells Fargo and TD Bank.
TD Bank vs. Wells Fargo money market account comparisons
Wells Fargo doesn’t offer a money market account, while TD Bank does. The TD Bank Growth Money Market Account might be worthwhile if you don’t have a lot of money for an initial deposit. You may open the account with $0 upfront.
The money market account works best if you keep at least $2,000 in your account daily. By meeting this requirement, you won’t have to pay a $12 monthly service fee.
Winner: TD Bank
TD Bank nabs the win in this category because Wells Fargo doesn’t have a money market account. The TD Bank Growth Money Market Account could be a decent option if you don’t meet the minimum opening requirements for money market accounts at other banks. It pays a low interest rate, though.
TD Bank vs. Wells Fargo trustworthiness and BBB ratings
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 because government action was taken against TD Bank.
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 2021, the Office of the Comptroller of Currency issued a cease and desist order against Wells Fargo that stated the bank had an inefficient compliance risk management program.In 2020, Wells Fargo paid billions in settlements for its employees creating authorized bank accounts to meet unrealistic sales goals.In 2019, the city of Philadelphia required Wells Fargo to pay $10 million in a settlement that accused the bank of engaging in predatory mortgage lending to racial minorities.In 2019, the California Department of Insurance also required Wells Fargo to pay $10 million in a settlement that said the bank signed up and charged 1,500 consumers for insurance products without their knowledge.
Winner: Tie
Wells Fargo and TD Bank have been involved in recent public settlements. You might want to learn about mission-driven financial institutions if you want to bank a financial institution that closely aligns with your values.
Frequently asked questions
Is Wells Fargo better, or TD Bank?
You might lean more toward TD Bank if you are searching for a checking account or CD.
You’ll be able to waive the $15 monthly service fee on the TD Bank Convenience Checking Account if you keep $100 or more in your account daily. Meanwhile, the Wells Fargo Everyday Checking Account requires you to keep a minimum of $300 in your account to waive its $10 monthly service fee.
TD Bank CDs have a lower minimum opening deposit than Wells Fargo CDs. You’ll also have a great variety of options.
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 7,200 locations.