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Wells Fargo vs. Bank of America

Compare the differences between two of the Big Four banks.

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Peter Carleton

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Wells Fargo and Bank of America are two of the biggest banks in the country, both with a wide range of account offerings and a long list of branch locations. Compare the two to find out which one is better for your banking needs.

Pros and cons of Bank of America vs. Wells Fargo

Wells Fargo

Pros
  • More branches. Wells Fargo has over 5,000 Branches across 40 states compared to Bank of America’s 4,000.
  • Higher rates. You’ll earn more interest with Wells Fargo’s accounts, especially on the Special CDs and Platinum Savings.
  • Better customer service. Get help whenever you need it with 24/7 access to customer service.
Cons
  • Higher CD minimum deposits. You’ll need to deposit at least $2,500 to open a Standard CD
  • Fewer ATMs. Wells Fargo only has 13,000 ATMs compared to Bank of America’s 16,000.
  • Rewards only on credit cards. Unlike Bank of America, Wells Fargo doesn’t offer any rewards programs on its deposit accounts.

Bank of America

Pros
  • More ATMs. Customers will have access to over 16,000 ATMs.
  • Lower opening deposits on CDs. You can open a Standard Term CD at Bank of America with $1,000.
  • Rewards programs. Bank of America customers can earn rewards on personal banking products through its BankAmeriDeals and Preferred rewards programs.
Cons
  • Lower rates. You’ll earn less interest with Bank of America’s accounts, especially on CDs.
  • Less accessible customer service. Unlike Wells Fargo, Bank of America doesn’t offer 24/7 customer service.
  • Branches only in 38 states. Bank of America only has branches in 38 states compared to Wells Fargo’s 40.

Wells Fargo vs. Bank of America savings accounts

Wells Fargo has two savings accounts that earn between 0.01%-0.10% APY, whereas Bank of America only has one that pays a maximum of 0.06%. Wells Fargo wins this category because you can earn up to 2.15% APY if you have at least $25,000 in the Platinum Savings account.

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Winner: Wells Fargo

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1 - 3 of 3
Name Product USFSA Account type Annual Percentage Yield (APY) FDIC or NCUA insured amount Minimum balance to earn interest Minimum deposit to open Offer Estimated total balance
Wells Fargo Platinum Savings Account
Finder Score: 3.1 / 5: ★★★★★
Wells Fargo Platinum Savings Account
Up to

0.25%

$0
$25
To receive the Bonus APY the account must remain linked to a Portfolio by Wells Fargo® relationship. If the Portfolio by Wells Fargo relationship is terminated, the bonus interest rate on all eligible savings accounts will discontinue and revert to the Bank's then-current applicable interest rate or fee.
$1,002.50
View details
Bank of America Advantage Savings
Finder Score: 3 / 5: ★★★★★
Bank of America Advantage Savings
Savings

0.01%

$0
$100
$1,000.10
View details
Wells Fargo Way2Save Savings
Finder Score: 3.3 / 5: ★★★★★
Wells Fargo Way2Save Savings

0.01%

Up to $250,000
$0
$25
$1,000.10
View details
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Bank of America vs. Wells Fargo checking accounts

Both banks offer three checking accounts but Bank of America charges slightly higher fees and only has one interest-bearing option compared to the two at Wells Fargo.

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Winner: Wells Fargo

1 - 4 of 6
Name Product USFSA-CHK Fee Minimum deposit to open Annual Percentage Yield (APY) Offer
Wells Fargo Prime Checking
Finder Score: 2.5 / 5: ★★★★★
Wells Fargo Prime Checking
$15 per month
(can be waived)
$25
0.05% on balances of $0+
View details
Bank of America Advantage SafeBalance Banking®
Finder Score: 3.7 / 5: ★★★★★
Bank of America Advantage SafeBalance Banking®
$4.95 per month
(can be waived)
$25
N/A
$200 Bank of America Advantage Banking offer: See offer page for more details. Bank of America, N.A. Member FDIC.
View details
Wells Fargo Everyday Checking
Finder Score: 3.5 / 5: ★★★★★
Wells Fargo Everyday Checking
$10 per month
(can be waived)
$25
N/A
$300 bonus by opening Everyday Checking account with deposit and activity requirements
View details
Bank of America Advantage Relationship Banking®
Finder Score: 2.8 / 5: ★★★★★
Bank of America Advantage Relationship Banking®
$25 per month
(can be waived)
$100
0.02% on balances of $50,000+
0.01% on balances of to $49,999
$200 Bank of America Advantage Banking offer: See offer page for more details. Bank of America, N.A. Member FDIC.
View details
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Wells Fargo vs. Bank of America CDs

Both banks offer multiple certificates of deposit, but Bank of America has more term options and lower minimum deposits, so it’s the winner in this category.

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Winner: Bank of America

1 - 3 of 3
Name Product USFSA-CDS 6-month APY 1-year APY 5-year APY Minimum deposit to open
Wells Fargo Step Rate CD
Wells Fargo Step Rate CD
0.20%
0.30%
N/A
$2,500
View details
Bank of America Standard Term CD
Finder Rating: 1.4 / 5: ★★★★★
Bank of America Standard Term CD
0.03%
0.03%
0.03%
$1,000
View details
Wells Fargo Standard CDs
Finder Rating: 1.3 / 5: ★★★★★
Wells Fargo Standard CDs
2.50%
1.50%
N/A
$2,500
View details
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Bank of America vs. Wells Fargo other products

Both banks have similar lineups of other products, but Wells Fargo has slightly more options.

    Wells Fargo

  • Personal, car and student loans
  • Home loans and refinancing
  • Credit and reloadable cards
  • IRAs and 401(k) plans
  • Small business and commercial banking
  • Brokerage accounts
  • Student and military banking
  • 529 plans and college savings
  • Foreign exchange
  • Financial advising

    Bank of America

  • Car loans
  • Home loans and refinancing
  • Credit and reloadable cards
  • IRAs and 401(k) plans
  • Small business banking
  • Brokerage accounts
  • Student and military banking
  • 529 plans
  • Foreign exchange
  • Financial advising

Wells Fargo vs. Bank of America branches and ATMs

Both of these institutions have customer service available seven days a week, but only Wells Fargo’s is available 24/7.

Wells FargoBank of America
Branches5,000 in 40 states4,400 in 38 states
ATMs13,00016,000
Customer service
  • Phone 24/7
  • Social media
  • No live chat
  • Email support
  • Phone Mon– Fri 8 a.m.–9 p.m. ET, Sat 8 a.m.–8 p.m.,
    Sun 8 a.m.–5 p.m.
  • Social media
  • No live chat

Wells Fargo vs. Bank of America special features

While these institutions are similar in size and account offerings, they each have special features that make them stand out:

Wells Fargo
  • Financial education center
  • Special rates on CDs and savings
Bank of America
  • Rewards on deposit accounts
  • Leading mobile banking platform

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Winner: Tie

Bottom line

Bank of America and Wells Fargo offer similar account options, rates and fees but there are some situations where one might be better than the other. Pick Wells Fargo if you value 24/7 customer service and higher CD rates, or pick Bank of America if you want to earn rewards on your deposits or primarily bank from your phone.

Frequently asked questions

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Writer

Peter Carleton is a freelance writer that covers banking and investing, breaking down what you need to know about where you put your money. When Peter's not thinking about cutting-edge banking apps and robo-advisors, he runs a creative agency and spends his spare time cooking or reading. See full bio

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