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Wells Fargo and Chase are two of the most well-known banks in the US.
Wells Fargo; Chase Bank; Rachel Mendelson/Insider
The bottom line: Chase is a better choice for savings and CDs, but Wells Fargo has easily manageable checking options. When it comes to trustworthiness, both banks have been involved in recent public controversies.
Wells Fargo and Chase are two of the biggest national banks in the US. 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
ProsConsNational bank with 4,700 branches and more than 16,000 free ATMsPossible to waive monthly service feesChecking account bonus of $200 if you set up direct depositsLow rates on savings and CDsNo money market accountMonthly service fees if you don’t qualify to waive themA- rating from the Better Business Bureau due to government action taken against the business
Pros and cons of Wells Fargo
ProsConsNational bank with 7,200 branches and 13,000 ATMsDebit card attached to your savings accountPossible to waive monthly service feesLow rates on savings and CDsNo money market accountMonthly service fees if you don’t qualify to waive themLimited CD termsF rating from the Better Business Burea due to government action taken against the business and customer complaints filed on the BBB website
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.
Chase Total Checking®Wells Fargo Everyday Checking AccountMinimum opening depositChase Total Checking®Wells Fargo Everyday Checking AccountMonthly service fee$12 (with options to waive)$10 (with options to waive)How to waive the monthly service fee
Meet one of the following requirements:
Receive $500 or more in direct depositsMaintain a minimum balance of $1,500 dailyMaintain an average daily balance of $5,000 or more in all Chase accounts and investment accounts
Meet one of the following requirements:
Receive $500 or more in direct depositsMaintain a minimum balance of $500 dailyLink your account to a Wells Fargo Campus ATM Card or Campus Debit CardAre between 17 and 24 years of ageSign-up bonusChase Total Checking®Wells Fargo Everyday Checking AccountNext stepsChase Total Checking®Wells Fargo Everyday Checking Account
Winner: Wells Fargo
Wells Fargo Everyday Checking Account makes it easier to waive the monthly service fee than Chase.
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).
Chase Savings℠Wells Fargo Way2Save® Savings AccountAPYChase Savings℠Wells Fargo Way2Save® Savings AccountMinimum opening depositChase Savings℠Wells Fargo Way2Save® Savings AccountMonthly service fee$5 (with options to waive)$5 (with options to waive)How to waive the monthly fee
Meet one of the following requirements:
Maintain a daily balance of $300 or moreHave an automatic transfer of $25 or more from Chase checkingLink Chase College Checking℠ for overdraft protectionAre under the age of 18Link to a qualifying Chase checking account
Meet one of the following requirements:
Maintain a daily balance of $300 or moreSet up automatic savings if you have a checking accountAre under the age of 18 (19 in Alabama)Other perksNoneSave As You Go® transfers $1 into your Way2Save Savings Account from checking each time you swipe your debit card
Winner: Chase
Chase Savings℠ doesn’t require a minimum opening deposit and makes it easier to waive the $5 monthly service fee. However, the Wells Fargo Way2Save® Savings Account might be appealing if you frequently use a debit card, because it has a tool for saving money each time you swipe the card.
CD comparisons
Chase Certificate of Deposit (CD)Wells Fargo Fixed Rate Certificate of DepositTerm lengths1 month to 10 years3 months to 1 yearMinimum opening depositChase Certificate of Deposit (CD)Wells Fargo Fixed Rate Certificate of DepositAPYChase Certificate of Deposit (CD)Wells Fargo Fixed Rate Certificate of DepositEarly withdrawal penalties90 to 365 days interest3 months interest for 3-month, 6-month, and 1-year CDsNext stepsChase Certificate of Deposit (CD)Wells Fargo Fixed Rate Certificate of Deposit
Winner: Chase
Chase Certificate of Deposit (CD) is the clear standout between the two banks. It offers more CD terms to choose from and has a lower minimum opening deposit.
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) a A- rating due to government action taken against the business. 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 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 with the US Department of Labor that 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 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, the Department of Justice required Wells Fargo to pay $3 billion in a settlement that accused company employees of opening unauthorized bank accounts to meet unrealistic sales goals. In 2019, Wells Fargo paid the city of Philadelphia $10 million in a settlement. The city claimed Wells Fargo engaged in predatory mortgage lending to racial minorities.In 2019, the bank also paid $10 million in a settlement with the California Department of Insurance (CDI). The CDI stated that Wells Fargo signed up and charged 1,500 consumers on insurance products without their knowledge.
Winner: Tie
Chase has been involved in public scandals about wrongful trading and gender discrimination, while Wells Fargo has been a part of settlements regarding discrimination and unauthorized accounts. You may prefer another financial institution if you are concerned about a bank’s history.
FAQ (frequently asked questions)
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 stronger options with savings accounts and CDs.
Keep in mind neither Wells Fargo nor Chase offers a money market account. Look over our money market account guide for our top picks.
Is Wells Fargo or Chase bigger?
Chase has more than 4,700 branches and more than 16,000 free ATMs. Meanwhile, Wells Fargo has 7,200 branches and 13,000 ATMs.