US Bank vs Wells Fargo: which one wins? | finder.com

Compare U.S. Bank vs. Wells Fargo

Compare two huge brick and mortar banks to find out which is best for you

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U.S. Bank and Wells Fargo are both in the top ten of the biggest banks in the US. They both have a large physical presence and offer similar banking products, but there are a few differences to look out for. Find out which is better for your needs, then compare accounts to find the best one.

Pros and cons of U.S. Bank vs. Wells Fargo

U.S. Bank

Pros
  • Lower fees. U.S. Bank‘s monthly fees and some service fees are lower than Wells Fargo‘s.
  • Smaller CD deposits. U.S. Bank requires $500 to open a CD, while initial deposits compared to Wells Fargo‘s $2,500 minimum.
  • Established bank. U.S. Bank is on the Fortune 500’s list for more than 20 years, earning it financial security to back your deposits.
Cons
  • Limited branches. U.S. Bank is only located in 28 states, limiting your face-to-face banking.
  • Low rates. APYs for savings and money market account ranges from a low 0.01% to just 0.10% for a $5,000 balance.
  • Hard to avoid fees. While U.S. Bank‘s fees are lower, it’s harder to waive them.

Wells Fargo

Pros
  • Huge ATM network. Wells Fargo has more than 13,000 ATMs in over 40 states, a much larger network than U.S. Bank.
  • Higher APY. Wells Fargo‘s standard CD rates go as high as 0.50% for a $5,000 minimum deposit, and 1.9% APY on its Platinum Savings account.
  • Easy to avoid fees. Wells Fargo accounts charge monthly fees, but you get many ways to waive them.
Cons
  • Larger CDs deposit requirements. You’ll need between $2,500 and $5,000 to open a Wells Fargo CD.
  • Higher fees. Make sure you read the fine print. You could find fees for monthly maintenance, transfers and overdraft charges.

U.S. Bank vs. Wells Fargo savings accounts

U.S. Bank only has one savings account that pays 0.01% and three money market accounts, only paying up to 0.07%. Wells Fargo, on the other hand offers three accounts that pay 0.01% to 0.05% and up to 1.9% 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
1.90%
$12 per month
(can be waived)
$25
A good choice for customers who want premium interest rates on their savings accounts.
0.01%
$4 per month
(can be waived)
$25
This standard personal savings account allows low balances — but don’t expect a high APY.
0.01%
$5 per month
(can be waived)
$25
A good choice for customers who want a variety of options to save automatically.

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U.S. Bank vs. Wells Fargo checking accounts

U.S. Bank offers five accounts ranging from your basic account, to accounts tailored for students, to those with multiple accounts. On the other hand, Wells Fargo offers four checking accounts, one catering to those struggling to be approved for a bank account. Wells Fargo wins here for its larger network of ATMs and with easier requirements to waive the fees.

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Winner: Wells Fargo

Name Product APY ATMs Fee
0.01% on balances of $500+
$15/month
(can be waived)
Everyday Checking, banking made easy. Open with $25.
More than 13,000 Wells Fargo ATMs nationwide
$10/month
(can be waived)
Everyday Checking is banking made easy. Open with $25.
over 13,000 ATMs
$10/month
(can be waived)
A great way to get back into checking. Open with a $25 initial deposit.

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U.S. Bank vs. Wells Fargo certificates of deposit

Both banks have a selection of CD options, but Wells Fargo‘s rates are generally much higher at 1.78%. However, U.S. Bank has lower minimum deposit requirements at only $1,000 deposit compared to Wells Fargo’s $5,000.

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Winner: U.S. Bank

Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
0.1%
0.15%
0.2%
0.35%
0.75%
1.25%
0.8%
0.15%

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U.S. Bank vs. Wells Fargo other products

Other banking products that these big banks offer include:

    U.S. Bank

  • Personal and student loans
  • Auto, boat and RV loans
  • Home loans and refinancing
  • Credit and reloadable cards
  • IRAs and 401(k) plans
  • Small business and commercial banking
  • Brokerage accounts
  • Financial advising
  • Military banking
  • Student and senior banking
  • Foreign exchange
  • Financial advising

    Wells Fargo

  • Personal and student loans
  • Car 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

U.S. Bank vs. Wells Fargo branches and ATMs

Both banks have 24/7 customer service, but Wells Fargo has a much larger network of branches and ATMs.

U.S. Bank Wells Fargo
Branches 3,000 6,000
ATMs 4,700 13,000
Customer service
  • Phone 24/7
  • Social media
  • Email support
  • Phone 24/7
  • Social media
  • Email support

U.S. Bank vs. Wells Fargo special features

Despite these banks’ similarities, they each have features that make them stand out from their competition:

U.S. Bank
  • Student and senior banking
  • 24/7 customer service
Wells Fargo
  • Financial education center
  • One of the largest branch networks

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Winner: Tie

Bottom line

U.S. Bank and Wells Fargo have been in business for decades, both with a wide range of banking options. U.S. Bank has more options for CDs, whereas Wells Fargo offers a much larger branch and ATM network and more ways to avoid fees. Compare accounts from both or explore other banks to find an account that’s right for you.

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