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Wells Fargo vs. Bank of America

Compare the differences between two of the Big Four banks.

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Bank of America Vs Wells Fargo
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.

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.

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Winner: Wells Fargo

$
$
months
Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned More info
Wells Fargo Platinum Savings Account
0.03%
$12 per month
(can be waived)
$25
Read review
View details
A good choice for customers who want premium interest rates on their savings accounts.
Bank of America Advantage Savings
0.01%
$8 per month
(can be waived)
$100
Read review
View details
A savings account that lets you earn cashback at participating retailers and rewards depending on your balance.
Wells Fargo Way2Save Savings
0.01%
$5 per month
(can be waived)
$25
Read review
View details
A good choice for customers who want a variety of options to save automatically.
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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.

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Winner: Wells Fargo

Name Product Minimum deposit to open ATMs Out-of-network ATM fee
Wells Fargo Preferred Checking
$25
$2.50
Everyday Checking, banking made easy. Open with $25.
Bank of America Advantage SafeBalance Banking
$25
16,000 fee-free ATMs nationwide
$2.50
Customize your account to fit your needs and experience our full scope of services
Wells Fargo Everyday Checking
$25
More than 13,000 Wells Fargo ATMs nationwide
$2.50
Everyday Checking is banking made easy. Open with $25.
Bank of America Advantage Relationship Banking
$100
16,000 fee-free ATMs nationwide
$5
Customize your account to fit your needs and experience a wide array of services from a Big Four bank.
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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.

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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 IRA CD
0.01%
0.01%
0.01%
0.01%
Bank of America Featured CD
Wells Fargo Step Rate CD
0.03%
Bank of America Standard Term CD
0.03%
0.03%
0.03%
0.03%
0.03%
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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 FargoBank of America
Branches5,000 in 40 states4,400 in 38 states
ATMs13,00016,000
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

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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.

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