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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.
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 0.25%-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
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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.
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, so it’s the winner in this category.
Winner: Bank of America
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 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
Wells Fargo does not have branches in Arizona, Hawaii, Indiana, Kentucky, Louisiana, Maine, Massachusetts, Missouri, Oklahoma, Rhode Island or West Virginia.
Bank of America doesn’t have branches in Alabama, Alaska, Hawaii, Louisiana, Mississippi, Montana, Nebraska, North Dakota, South Dakota, West Virginia, Wisconsin or Wyoming.
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.
Yes. Wells Fargo is currently offering up to $400 when you open an eligible checking account and perform qualifying activities.
Yes. Bank of America is currently offering up to $100 when you open an Advantage checking account and perform qualifying activities.
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.
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