Bank of America vs. Wells Fargo: Which bank is the right fit for you?
Bank of America; Wells Fargo; Rachel Mendelson/Insider
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- Bank of America and Wells Fargo are traditional banks with a national banking presence.
- Wells Fargo beats Bank of America when comparing checking accounts but loses with savings options.
- You might prefer banking with a mission-driven bank if you don't like either bank's case history.
- Read about the best banks of 2022 on Insider.
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
| Pros | Cons |
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Pros and cons Wells Fargo
| Pros | Cons |
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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.
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:
| Meet one of the following requirements:
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Sign-up bonus | $100 | None |
Next steps |
Savings account comparisons
We've compared savings accounts with lower monthly service fees and minimum opening deposits.
APY | ||
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:
| Meet one of the following criteria:
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Other perks | Up to 10% cash back through BankAmeriDeals; Keep the Change® feature lets you round up debit card purchases | Save As You Go® transfers $1 into your Way2Save Savings Account from checking each time you swipe your debit card |
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CD comparisons
Term lengths | 28 days to 10 years | 3 months to 1 year |
Minimum opening deposit | $1,000 | $2,500 |
APY | ||
Early withdrawal penalties | 7 to 365 days interest | 3 months interest for all CD terms |
Which bank is more trustworthy?
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.
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.