Chase vs. Wells Fargo

Compare the pros and cons of two of the country’s biggest banks to find out which one is best for you.

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Chase Vs Wells Fargo

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Chase and Wells Fargo are two of the Big Four US banks and are among some of the most popular banks in the industry. They both offer a wide array of banking products but there are a few differences that could make or break your decision on who to bank with.

Pros and cons of Chase vs. Wells Fargo

Chase

Pros
  • More ATMs. Chase has a network of over 16,000 ATMs, the largest of the Big Four banks.
  • Signup bonuses. Chase offers signup bonuses of up to $600 on its checking and savings accounts.
  • Lower opening deposits on CDs. You’ll only need $1,000 to open a CD at Chase compared to $2,500 at Wells Fargo
Cons
  • Slightly lower rates. While both banks have very low interest rates, Chase‘s are slightly lower than Wells Fargo‘s.
  • Branches only in 26 states. Chase has about 5,000 branches but only has locations in 26 states.
  • Higher monthly fees. Monthly fees on Chase‘s checking and savings accounts are higher than Wells Fargo‘s.

Wells Fargo

Pros
  • More branches. Wells Fargo has over 6,000 branches in over 40 states, a much larger network than Chase.
  • Higher rates. Wells Fargo‘s Special CD rates are far higher than Chase‘s and it offers up to 2.15% on its Platinum Savings account.
  • Lower monthly fees. Wells Fargo‘s checking and savings accounts generally have lower monthly fees than Chase‘s.
Cons
  • Fewer ATMs. Wells Fargo only has 13,000 ATMs compared to Chase‘s 16,000.
  • Higher CD opening deposits. You’ll need to deposit at least $2,500 to open a Standard CD or $5,000 for a Special CD.
  • Fewer opening bonuses. You won’t find as many signup bonuses as you would with Chase.

Chase vs. Wells Fargo savings accounts

Chase‘s two savings accounts only pay 0.01% APY, or up to 0.11% with a balance of at least $250,000. Wells Fargo on the other hand, has three accounts that pay 0.01% to 0.05%, but up to 2.15% APY on the Platinum Savings account with a balance of $25,000 or more.

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Winner: Wells Fargo

Name Product Interest rate (APY) Fee Minimum deposit to open
Wells Fargo Platinum Savings Account
0.05%
$12 per month
(can be waived)
$25
A good choice for customers who want premium interest rates on their savings accounts.
Chase Savings
0.01%
$5 per month
(can be waived)
$0
Get a $150 bonus when you open a new Chase Savings account, deposit a total of $10,000 or more in new money within 10 business days and maintain a $10,000 balance for 90 days. Or get $350 when you open both a Chase Savings and Chase Total Checking account.
Wells Fargo Way2Save Savings
0.01%
$5 per month
(can be waived)
$25
A good choice for customers who want a variety of options to save automatically.
Chase Premier Savings
0.04%
$25 per month
(can be waived)
$25
Earn $150 when you open this account and deposit $10,000 of new money within 20 business days and maintain that balance for 90 days.

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Chase vs. Wells Fargo checking accounts

Both banks offer three checking accounts but Wells Fargo comes out ahead due to its options for teens and customers who don’t qualify for standard accounts.

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Winner: Wells Fargo

Name Product APY ATMs Fee
Wells Fargo Preferred Checking
0.01% on balances of $500+
$15/month
(can be waived)
Everyday Checking, banking made easy. Open with $25.
Chase Sapphire Checking
0.01%
Free to use anywhere worldwide
$25/month
(can be waived)
Get a $1000 welcome bonus when you join Sapphire Banking by January 17, 2020. Within 45 days of joining, transfer a total of $75,000 or more in qualifying new money or securities to a combination of eligible checking, savings and/or investment accounts (excludes any J.P. Morgan retirement accounts and CDs), and maintain the balance for at least 90 days.
Wells Fargo Everyday Checking
More than 13,000 Wells Fargo ATMs nationwide
$10/month
(can be waived)
Everyday Checking is banking made easy. Open with $25.
Chase Premier Plus Checking
0.01%
Access to 16,000 ATMs and nearly 5,000 branches nationwide
$25/month
(can be waived)
Get a $300 signup bonus as a new Chase checking customer when you open a Chase Premier Plus Checking account and set up direct deposit.

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Chase vs. Wells Fargo CDs

Both banks offer multiple certificates of deposit, but Wells Fargo‘s standard rates are far higher than Chase‘s, and the Special Rate CDs offer as much as 2.45% APY.

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Winner: Wells Fargo

Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
Wells Fargo Step Rate CD
1.16%
Chase CD Relationship
0.05% on CDs of $100,000+

0.02% on CDs of $10,000 to $99,999

0.02% on CDs of $1,000 to $9,999
0.3% on CDs of $100,000+

0.25% on CDs of $10,000 to $99,999

0.15% on CDs of $1,000 to $9,999
0.75%
1.01% on CDs of $100,000+

1.01% on CDs of $10,000 to $99,999

0.75% on CDs of $1,000 to $9,999
0.75%
Wells Fargo Standard CDs
0.15%
Chase CD
0.01%
0.05%
0.3%
0.3%

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Chase vs. Wells Fargo other products

Both banks offer similar banking products but Wells Fargo has a broader range of account options. Here’s what you can expect to find at each institution:

    Chase

  • Personal, car and student loans
  • Home loans and refinancing
  • Credit cards and reloadable cards
  • IRAs
  • Small business and commercial banking
  • Brokerage accounts
  • Student and military banking
  • You Invest
  • Chase Private Client

    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 and college savings
  • Foreign exchange
  • Financial advising

Chase vs. Wells Fargo branches and ATMs

Both banks have customer service that’s available seven days a week, but Wells Fargo‘s is available 24/7.

Chase Wells Fargo
Branches 5,000 6,400
ATMs 16,000 13,000
Customer service
  • Phone 24/7
  • Social media
  • Live chat
  • Phone 24/7
  • Social media
  • No live chat
  • Email support

Chase vs. Wells Fargo special features

Despite these banks’ similar size and account offerings, each option has a few features that make them stand out:

Chase
  • Online and mobile banking
  • Multiple opening bonuses
Wells Fargo
  • Financial education center
  • Special rate CDs

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Winner: Tie

Bottom line

Chase and Wells Fargo are two of the biggest names in the banking industry, both with decades of history and millions of customers. While products are similar from both institutions, Wells Fargo‘s rates are better on most products, while Chase has more opening account bonuses. Compare your options from both banks.

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