Bank of America vs Chase vs Wells Fargo: Which is the best bank?
Bank of America; Chase; Wells Fargo; Alyssa Powell/Insider
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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 savings account.
- Bank of America beats Wells Fargo and Chase when comparing checking accounts and CDs.
- Read about the best banks of 2022 on Insider.
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
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Pros and cons of Chase
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Pros and cons of Wells Fargo
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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.
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:
| Must do one of the following:
| Must do one of the following:
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Sign-up bonus | $100 | $225 | None |
Next steps |
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.
APY | |||
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:
| Must do one of the following:
| Must do one of the following:
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Other perks | Up to 10% cash back through BankAmeriDeals; Keep the Change® feature lets you round up debit card purchases | None | Save As You Go® transfers $1 into your Way2Save Savings Account from checking when you swipe your debit card |
CD comparisons
Term lengths | 28 days to 10 years | 1 month to 10 years | 3 months to 1 year |
Minimum opening deposit | $1,000 | $1,000 | $2,500 |
APY | |||
Early withdrawal penalties | 7 to 365 days interest | 90 to 365 days interest | 3 months interest for all CD terms |
Which bank is more 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.