Chase vs Wells Fargo

It can be hard to start a search for a new bank. Nowadays, there are so many banks to choose from, especially with online banks adding their names to the ranks of big banks. However, online banking is not for everyone. If you prefer the personal touch of brick-and-mortar banking, here’s a look at two of the biggest names in the financial industry: Chase vs. Wells Fargo.

A financial advisor can help you compare banking options based on your financial habits, goals and service preferences.

Who Should Bank With Chase?

You should consider banking with Chase if you want the convenience of over 4,700 branches and 15,000 ATMs in 48 U.S. states. Chase also offers a website that is easy to navigate and a convenient mobile app so you can access your money at any time.

If you bank with Chase, you have several types of accounts to choose from. The bank has two savings account options, eight checking accounts (including accounts for kids and students) and CD terms ranging from one month to 10 years.

Each Chase account requires a minimum deposit to open and, with the exception of a CD, also charges a monthly fee ranging from $5 to $35. However, there are a number of ways you can have each fee waived, such as maintaining a certain account balance or completing certain transactions.Like most other top banks, Chase falls short when it comes to offering high-yield savings accounts–its basic savings account earns at a mere 0.01% APY. However, you can earn higher rates with a Chase Premier Savings account by linking a checking account or increasing your balance.

Who Should Bank With Wells Fargo?

If you are looking for more branches across the U.S., Wells Fargo could be the bank for you. The bank has over 56,000 physical branches and 11,000 ATMs in 36 states and Washington, D.C. You also have access to thorough online and mobile offerings so you can easily access your money.

Wells Fargo allows you to take your pick of the bank accounts that work best for you. It offers five checking accounts, three savings accounts, three CD accounts (each available in various term lengths) and three types of IRAs. Among its offerings is a teen checking account, so you can keep your family’s bank accounts at the same institution.

Each Wells Fargo account has a required minimum deposit to open the account, typically around $25. Most accounts also charge a monthly maintenance fee, ranging from $5 to $30, but you can have these fees waived in a number of ways, like maintaining a minimum balance or setting up direct deposit.Despite its perks, Wells Fargo will not be the bank for you if you are looking for the best interest rates a bank can offer. Its highest rates come with special CDs, although overall, the bank offers low to mediocre interest rates. You can often boost your rates by linking accounts or having high account balances.

Chase vs. Wells Fargo: Bank Accounts

Both banks offer FDIC-insured savings accounts and checking accounts that allow you to save and manage your money at the same institution.

However, Wells Fargo outperforms Chase with a wider variety of bank accounts available to its customers. Not only does Wells Fargo offer IRA accounts, which Chase lacks, but Wells Fargo also offers more choices of both CDs and checking accounts.

Wells Fargo offers its IRAs as CDs with a simple Way2Save Retirement Savings Account and a Retirement High Yield Savings Account. These options allow you to open the account (or accounts) that work best for you and your retirement goals.

Wells Fargo’s Special CDs earn at much higher rates than the bank’s Standard CDs. Additionally, you can earn Relationship Rates with each CD account by linking a checking account. In comparison, Chase’s CD offerings only earn at better rates with larger balances or when linked to a Chase checking account.When it comes to checking accounts, both banks offer accounts for kids. Chase offers its High School Checking and Student Checking accounts, while Wells Fargo has its Teen Checking account. Wells Fargo does offer one more checking account type as well, the Clear Access Banking account, to help young account holders with no banking history.

Chase vs. Wells Fargo: Fees

While both banks charge monthly maintenance fees for their accounts, Wells Fargo fees tend to be lower.

The bank also offers better opportunities to have the fees waived. For example, its Platinum Savings account charges a $12 monthly fee, which you can have waived by maintaining at least $3,500 in the account. On the other hand, the Chase Premier Savings account charges a $25 monthly fee, waivable with either a minimum daily balance of at least $15,000 or a linked Chase Premier Plus Checking or Sapphire Banking account.

Wells Fargo makes it easier to waive the fee, but even if you cannot meet the requirement, the fee will not take out as big of a chunk of your savings as Chase will.

Neither Chase nor Wells Fargo charges a fee to own a CD account. However, always be aware of the penalties you could face for early withdrawal. This is often a certain number of days of simple interest, lessening your withdrawal significantly.

Chase vs. Wells Fargo Fees

	Chase	Wells Fargo
Basic Checking Account	$12 per month, (three ways to have fee waivesd)	$10 per month, (four ways to have fee waived)
Basic Savings Account	$5 per month, (four ways to have fee waived)	$5 per month, (three ways to have fee waived)
Non-bank ATM in the U.S.	$5 per transaction	$5 per transaction
Overdraft	$34	$35

Chase vs. Wells Fargo: Interest Rates

Chase and Wells Fargo offer relatively low interest rates when compared to many of their competitors. This is largely due to the costs of being a big bank with thousands of branches and employees.

The highest rates are reserved for each bank’s CDs. Both banks’ simple savings accounts earn at a 0.01% APY, the lowest you can go.

A step up from there is Chase Premier Savings and Wells Fargo Platinum Savings. The Chase Premier Savings account earns at a 0.02% APY, unless you link the account with a Chase Premier Plus Checking or Sapphire Banking account to unlock balance tiers with higher rates.

Each bank has only one interest-earning checking account. The Chase Premier Plus Checking earns at a 0.01% APY. The Wells Fargo Prime Checking Account and Premier Checking Account earn the same.

Bottom Line

When it comes to deciding between Chase vs. Wells Fargo for your banking needs, your decision will ultimately come down to your specific preferences. If you’re looking for better rates and lower fees, Wells Fargo will likely be your best bet. Wells Fargo also has a wider variety of bank accounts to choose from. However, whether you choose Chase or Wells Fargo, you can rest easy knowing you’ll always have quick and easy access to your accounts. Both banks have thousands of ATMs and branches throughout the U.S., plus their excellent mobile and online features.

Next Steps

If you’re unsure which bank to go with, it helps to evaluate your financial situation. Do you need a free checking account? Or do you need to save more with a high-interest savings account? Answering these kinds of questions can help narrow down your search.
Sometimes a bank isn’t the right option for you. In that case, you can check out your local credit unions. These offer more of a community feel to your banking experience. You can also likely secure much higher rates than you’ll receive with Chase or Wells Fargo.
Remember you’ll need more than just a quality bank to grow your money and get ready for retirement. A financial advisor is also a crucial piece of the equation. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.