{"menuItems":[{"label":"Pros and cons of U.S. Bank vs. Wells Fargo","anchorName":"#pros-and-cons-of-u-s-bank-vs-wells-fargo"},{"label":"U.S. Bank vs. Wells Fargo savings accounts","anchorName":"#3"},{"label":"U.S. Bank vs. Wells Fargo checking accounts","anchorName":"#4"},{"label":"U.S. Bank vs. Wells Fargo certificates of deposit","anchorName":"#5"},{"label":"U.S. Bank vs. Wells Fargo other products","anchorName":"#6"},{"label":"U.S. Bank vs. Wells Fargo branches and ATMs","anchorName":"#7"},{"label":"U.S. Bank vs. Wells Fargo special features","anchorName":"#8"},{"label":"Bottom line","anchorName":"#bottom-line"},{"label":"Frequently asked questions","anchorName":"#frequently-asked-questions"}]}
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.
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 0.25% 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 $2,500 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 0.25% to 0.05% and up to 0.25% APY on the Platinum Savings account with a balance of $25,000 or more.
Winner: Wells Fargo
1 - 3 of 3
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.
Winner: Wells Fargo
1 - 3 of 3
U.S. Bank vs. Wells Fargo certificates of deposit
Both banks have a selection of CD options. However, U.S. Bank has lower minimum deposit requirements at only $1,000 deposit compared to Wells Fargo’s $2,500.
Winner: U.S. Bank
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
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
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.
Frequently asked questions
Wells Fargo does not have branches in Arizona, Hawaii, Indiana, Kentucky, Louisiana, Maine, Massachusetts, Missouri, Oklahoma, Rhode Island or West Virginia.
U.S. Bank doesn’t have branches in Alabama, Alaska, Connecticut, Delaware, Hawaii, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, New Hampshire, New Jersey, New York, North Carolina, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, West Virginia.
While Wells Fargo doesn’t have a rewards program for its deposit accounts, it does have one for credit cards that allows you to redeem points for travel and gift cards.
Peter Carleton is a 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.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser Disclosure
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
