Wells Fargo vs. Bank of America

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.

What’s in this guide?

• Pros and cons of Wells Fargo
• Pros and cons of Bank of America
• Savings accounts
• Checking accounts

• Certificates of deposit
• Other products
• Branches and ATMs
• Special features

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 and $5,000 for a Special 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.

Winner: Wells Fargo

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.

Winner: Wells Fargo

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. With that said, you’ll get much better interest rates with Wells Fargo, so it’s the clear winner in this category.

Winner: Wells Fargo

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 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 Fargo	Bank of America
Branches	5,000 in 40 states	4,400 in 38 states
ATMs	13,000	16,000
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

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

• What states do not have Wells Fargo branches?

  Wells Fargo does not have branches in Arizona, Hawaii, Indiana, Kentucky, Louisiana, Maine, Massachusetts, Missouri, Oklahoma, Rhode Island or West Virginia.

• What states do not have Bank of America branches?

  Bank of America doesn’t have branches in Alabama, Alaska, Hawaii, Louisiana, Mississippi, Montana, Nebraska, North Dakota, South Dakota, West Virginia, Wisconsin or Wyoming.

• Does Wells Fargo have a rewards program?

  Not on its deposit accounts. However, it does have the Go Far Rewards program for credit cards, which allows you to redeem points for travel, gift cards and more.

• Does Wells Fargo offer opening bonuses?

  Yes. Wells Fargo is currently offering up to $400 when you open an eligible checking account and perform qualifying activities.

• Does Bank of America offer opening bonuses?

  Yes. Bank of America is currently offering up to $100 when you open an Advantage checking account and perform qualifying activities.