Chase and Wells Fargo are two of the “Big Four” banks in the United States. Each offers dozens of products and services, and together, they serve over 150 million customers worldwide.
However, neither bank’s savings products have very competitive rates, and both are known for monthly maintenance fees on their bank accounts. After comparing both banks’ accounts, savings rates, investing services and lending options, Chase holds a slight edge over Wells Fargo thanks to its better reputation.
 Chase |  Wells Fargo | |
| Bonus |
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| Savings | Up to 0.02% APY with relationship rates | 0.01% to 2.01% APY, depending on balance, account, zip code and if you qualify for relationship rates |
| Checking |
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| CDs | Terms from 1 to 120 months, relationship rates up to 4% APY |
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| ATMs |
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| Branches | Around 5,000 branches in 48 states | Around 7,000 branches in the states |
Chase and Wells Fargo are two of the biggest banks in the US, with Chase being number one in terms of asset size. And, of course, the banks are FDIC members, so deposit accounts are protected under deposit insurance up to $250,000.
Both banks offer a variety of deposit account options, including checking, savings, CDs and investment accounts. However, as Wells Fargo and Chase are so large, customer reviews aren’t usually the best, and neither bank has very competitive APYs on savings.
Like variety? You’re in the right place. Chase and Wells Fargo are both longstanding banks with multiple checking and savings accounts. Both offer traditional checking, kids banking, savings and certificates of deposit (CDs).
Chase offers:
Wells Fargo offers:
Chase and Wells Fargo have various lending options.
Chase offers auto loans, top-tier credit cards, business financing and home financing options. But Chase doesn’t offer personal loans.
Wells Fargo offers personal loans, as well as auto financing through a dealership match-making network. It also has credit cards, home financing and business financing.
On the whole, we’d say that Chase’s credit cards are the ones to check out. There are many options without annual fees, high cashback rates and great travel perks. Additionally, Chase simply has more credit card options than Wells Fargo.
With either bank, you’ll find investing opportunities.
Wells Fargo provides a range of retirement planning and wealth management services. Along with offering IRAs, it features WellsTrade Brokerage accounts, full-service brokerage client support, retirement calculators and personalized consultations.
Chase is well-known for its investment banking and wealth management services. It offers Self-Directed Investing, IRAs, Personal Advisor services, commission-free online trades and the JPMorgan Wealth Plan.
Chase’s mobile app is full of features and highly rated by users. View your accounts and credit cards, manage rewards, send money with Zelle, chat with customer support and check out Chase shopping and travel deals. You can also track your wealth plan, access credit monitoring, review spending trends and apply for or open new accounts right in the app.
Wells Fargo’s app has much of the same functionality as Chase’s. However, its website can be tricky to navigate. Customer reviews often call the website outdated, but the app gets high marks. Use the app to transfer money, send cash to people with Zelle, pay bills and deposit checks. Wells Fargo also provides 24/7 customer support by phone and through its in-app virtual assistant, Fargo.
Chase and Wells Fargo aren’t known for having fee-free bank accounts. They charge monthly fees on most of its deposit accounts, aside from their checking and savings options for children. However, both banks offer ways to waive monthly fees on the majority of their accounts.
The range of monthly fees on checking accounts is nearly identical: $4.95 to $35 for Chase and $5 to $35 for Wells Fargo. Both banks also charge $3 for out-of-network ATM withdrawals, and their ATM network sizes are similar, with Chase having around 15,000 ATMs and Wells Fargo having around 12,000.
If you’re after CDs, Chase has a much lower opening deposit requirement of $1,000 compared to Wells Fargo’s $2,500 requirement.
Overall, you’ll find that both Chase and Wells Fargo don’t receive a lot of positive feedback, which is expected, as most people tend to leave bank reviews after a negative experience. But side by side, Chase does slightly better considering Wells Fargo’s recent scandals that impacted millions of its customers.
Chase holds an A+ rating on the Better Business Bureau (BBB), while Wells Fargo has an F rating. Wells Fargo has received a large volume of complaints due to recent scandals and regulation issues. The bank was required to pay $3.7 billion in penalties and damages for mishandling loans and bank accounts. Issues included wrongful overdraft fees, account freezes and improper vehicle repossessions, affecting millions of customers. And to no one’s surprise, the multiple scandals and issues resulted in a flood of negative opinions on Trustpilot and Reddit.
On the other hand, Chase does surprisingly well on Reddit. Users often mention that Chase is a decent bank as long as you can waive the account fees. Otherwise, you’ll get nickeled and dimed just for having the accounts open. And another common positive note is that Chase’s credit cards are great. On Trustpilot, customers often complain of fees, challenges contacting support, issues with account applications and sudden account closures, but these are typical complaints for large banks.
Chase is the slightly better option. It has a variety of rewards credit card options, more checking accounts, a lower opening deposit requirement on its CDs, renowned investing services and a better reputation.
Wells Fargo has slightly higher APYs on its CDs and savings accounts and offers personal loans, unlike Chase. But you’ll need a large deposit of at least $2,500 to open a CD. And while it offers a higher rate than Chase, the Wells Fargo Platinum Savings account costs $12 per month and rates are tiered based on your balance, relationship status and zip code.
But if you’re looking for high-yield savings accounts, we wouldn’t say that Chase or Wells Fargo are the banks to check out.
Chase’s checking accounts have fee waivers, there are options for kids and teens, its app is highly rated and there’s no shortage of great credit cards. But its savings APYs just aren’t competitive.
Wells Fargo is a large national bank with a variety of services, but you’ll need to pay monthly fees and meet deposit requirements, and its customer reviews aren’t great.
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