Chase and Wells Fargo are two of the largest banks in the United States, offering extensive branch and ATM networks nationwide, as well as online banking. If you’re considering opening an account with one of these major banks, how do you decide which is right for you? We’ll take a look at checking, savings, and other offerings from each bank, as well as branch and ATM access, for you to decide which bank will be the better fit for your needs.
All the information in this article is up to date as of October 8, 2024, and is subject to change.
Chase
- Checking
3 account types: Up to 0.01% APY - Savings
3 account types: Up to 0.01% APY - CDs
Up to 3.25% APY - Overdraft fees
$34 per item; maximum 3 per day - ATM network
15,000 - Customer service
Phone support, branch support, social media support, and secure messaging
at MoneyLion
vs
Wells Fargo
- Checking
3 account types: Up to 0.01% APY - Savings
2 account types: Up to 0.15% APY - CDs
Up to 4.26% APY - Overdraft fees
$35 per item; maximum 3 per day - ATM network
11,000 - Customer service
Phone support, branch support, social media support, and secure messaging
at MoneyLion
Chase vs. Wells Fargo: Basic checking accounts
Both Chase and Wells Fargo offer three standard checking accounts. While neither bank provides truly free checking accounts, you can waive the monthly fees by meeting certain requirements. Chase offers a more attractive welcome bonus, with the opportunity to earn up to $300 when opening a Total Checking account. Wells Fargo’s bonus offers vary but are typically lower.
Chase
- Minimum deposit to open
$0 - Monthly fee
$12 - How to waive monthly fee
$500+ direct deposit, $1,500 minimum daily balance, or $5,000 across linked Chase accounts - Overdraft fees
$34 per item; maximum 3 per day - Earns interest?
No - Bonus available?
$300 bonus offer available
vs
Wells Fargo
- Minimum deposit to open
$25 - Monthly fee
$10 - How to waive monthly fee
$500+ direct deposits, $1,500 minimum daily balance, or linked to Campus ATM/Debit Card - Overdraft fees
$35 per item; maximum 3 per day - Earns interest?
No - Bonus available?
Varies
See details on Wells Fargo Checking
Wells Fargo Everyday Checking
The Wells Fargo Everyday Checking is a basic account suitable for most customers. It offers standard features, such as mobile banking, bill pay, and Zelle transfers.
Minimum deposit to open | $25 |
---|---|
Monthly fee | $10 |
How to waive monthly fee | Maintain a minimum daily balance of $500 or more Receive $500 or more in qualifying direct deposits Be age 17-24 Link to a Wells Fargo Campus ATM or Campus Debit Card |
Overdraft fees | $35 per item; maximum three per day |
Earns interest? | No |
Bonus available? | Varies; check current promotions |
Minimum deposit to open | |
---|---|
$25 | |
Monthly fee | |
$10 | |
How to waive monthly fee | |
Maintain a minimum daily balance of $500 or more Receive $500 or more in qualifying direct deposits Be age 17-24 Link to a Wells Fargo Campus ATM or Campus Debit Card | |
Overdraft fees | |
$35 per item; maximum three per day | |
Earns interest? | |
No | |
Bonus available? | |
Varies; check current promotions |
Wells Fargo Clear Access Banking
This account is designed for younger customers or those who want to avoid overdraft fees entirely. It doesn’t allow paper checks but provides most other standard checking features.
Minimum deposit to open | $25 |
---|---|
Monthly fee | $5 |
How to waive monthly fee | Be age 13-24 Link a Campus ATM or Campus Debit card |
Overdraft fees | None |
Earns interest? | No |
Bonus available? | Varies; check current promotions |
Minimum deposit to open | |
---|---|
$25 | |
Monthly fee | |
$5 | |
How to waive monthly fee | |
Be age 13-24 Link a Campus ATM or Campus Debit card | |
Overdraft fees | |
None | |
Earns interest? | |
No | |
Bonus available? | |
Varies; check current promotions |
Wells Fargo Prime Checking
For customers who maintain higher balances or have multiple Wells Fargo accounts, the Prime Checking account offers more benefits and the potential to earn interest.
Minimum deposit to open | $25 |
---|---|
Monthly fee | $25 |
How to waive monthly fee | Maintain $20,000 or more in qualifying linked bank deposits or investments |
Overdraft fees | $35 per item; maximum 3 per day |
Earns interest? | Yes, up to 0.01% APY |
Bonus available? | Varies; check current promotions |
Minimum deposit to open | |
---|---|
$25 | |
Monthly fee | |
$25 | |
How to waive monthly fee | |
Maintain $20,000 or more in qualifying linked bank deposits or investments | |
Overdraft fees | |
$35 per item; maximum 3 per day | |
Earns interest? | |
Yes, up to 0.01% APY | |
Bonus available? | |
Varies; check current promotions |
See details on Chase Checking
Chase Total Checking
The Chase Total Checking account is the bank’s most popular option, offering a good balance of features and manageable fees.
Minimum deposit to open | $0 |
---|---|
Monthly fee | $12 |
How to waive monthly fee | Receive $500 or more in electronic deposits each month Maintain a minimum daily balance of $1,500 or more Maintain an average beginning day balance of $5,000 or more in any combination of this account and linked qualifying Chase checking, savings, and other balances |
Overdraft fees | $34 per item; maximum 3 per day |
Earns interest? | No |
Bonus available? | Earn $300 when you open a new account and meet direct deposit requirements |
Minimum deposit to open | |
---|---|
$0 | |
Monthly fee | |
$12 | |
How to waive monthly fee | |
Receive $500 or more in electronic deposits each month Maintain a minimum daily balance of $1,500 or more Maintain an average beginning day balance of $5,000 or more in any combination of this account and linked qualifying Chase checking, savings, and other balances | |
Overdraft fees | |
$34 per item; maximum 3 per day | |
Earns interest? | |
No | |
Bonus available? | |
Earn $300 when you open a new account and meet direct deposit requirements |
Chase Secure Banking
This account is designed for those who want to avoid overdraft fees and prefer a simplified banking experience.
Minimum deposit to open | $0 |
---|---|
Monthly fee | $4.95 |
How to waive monthly fee | Receive qualifying direct deposits of $250 or more per pay period |
Overdraft fees | None |
Earns interest? | No |
Bonus available? | Earn $100 when you open a new account and complete 10 qualifying transactions within 60 days |
Minimum deposit to open | |
---|---|
$0 | |
Monthly fee | |
$4.95 | |
How to waive monthly fee | |
Receive qualifying direct deposits of $250 or more per pay period | |
Overdraft fees | |
None | |
Earns interest? | |
No | |
Bonus available? | |
Earn $100 when you open a new account and complete 10 qualifying transactions within 60 days |
Chase Premier Plus Checking
For customers who maintain higher balances or have multiple Chase products, the Premier Plus Checking account offers more benefits and earns interest.
Minimum deposit to open | $0 |
---|---|
Monthly fee | $25 |
How to waive monthly fee | Maintain an average beginning day balance of $15,000 or more in any combination of this account and linked qualifying Chase checking, savings, and other balances Have a linked qualifying Chase first mortgage enrolled in automatic payments from your Chase account |
Overdraft fees | $34 per item; maximum 3 per day |
Earns interest? | 0.01% APY |
Bonus available? | No |
Minimum deposit to open | |
---|---|
$0 | |
Monthly fee | |
$25 | |
How to waive monthly fee | |
Maintain an average beginning day balance of $15,000 or more in any combination of this account and linked qualifying Chase checking, savings, and other balances Have a linked qualifying Chase first mortgage enrolled in automatic payments from your Chase account | |
Overdraft fees | |
$34 per item; maximum 3 per day | |
Earns interest? | |
0.01% APY | |
Bonus available? | |
No |
Chase vs. Wells Fargo: Basic savings accounts
Chase offers three savings account options compared to Wells Fargo’s two. Neither bank stands out for high-yield savings, with both offering relatively low APYs compared to online banks. Wells Fargo has a slight edge with its Way2Save account offering up to 0.15% APY, while Chase’s highest savings APY is 0.02%.
Chase Savings
- Minimum deposit to open
$0 - Monthly fee
$5 - How to waive fee
$300 minimum daily balance or $25 monthly automatic transfer from Chase checking - APY
0.01% - Other features
Autosave
Mobile check deposit
vs
Wells Fargo Way2Save
- Minimum deposit to open
$25 - Monthly fee
$5 - How to waive fee
$300 minimum daily balance or $25 monthly automatic transfer from Wells Fargo checking - APY
0.01% - Other features
Save As You Go transfers
Mobile check deposit
Chase vs. Wells Fargo: Certificates of Deposit (CDs)
Both Chase and Wells Fargo offer CDs but their rates and terms differ:
Chase CDs
- Minimum deposit
$1,000 - Term range
1 month to 10 years - Highest APY offered
3.25%
vs
Wells Fargo CDs
- Minimum deposit
$2,500 - Term range
3 months to 5 years - Highest APY offered
4.26%
Wells Fargo CDs
Wells Fargo offers competitive yields on select short-term CDs. The minimum opening deposit for a Standard Fixed Rate CD is $2,500. Wells Fargo’s CD rates can go up to 4.26% APY on its seven-month CD special.
Chase CDs
Chase requires less than half the amount Wells Fargo does to open a standard CD. However, Chase's CD rates are generally lower, with APYs only up to 3.25% on its one-year CD.
Chase vs. Wells Fargo: Investment Services
Both banks offer a range of investment services catering to different investor needs, from self-directed trading to comprehensive wealth management. Chase emphasizes its commission-free trades and market insights, while Wells Fargo has a broad range of wealth management services, including trust and private foundation management.
J.P. Morgan Investment Services
- Self-Directed investing: Commission-free online trading platform
- Automated investing: Robo-advisor service
- Full-service investing: Access to financial advisors
- Retirement planning: Individual retirement accounts (IRAs) and 401(k) rollovers
- Wealth management: For high-net-worth individuals
- Market insights: Provides market outlook reports and analysis
- Investment options: Stocks, exchange-traded funds (ETFs), mutual funds, options, and bonds
- Educational resources: Investment guides and tools
Wells Fargo Investment Services
- Self-directed investing: Online trading platform
- Automated investing: Robo-advisor service
- Full-service investing: Access to financial advisors
- Retirement planning: IRAs and 401(k) rollovers
- Wealth management: Comprehensive services for high-net-worth clients
- Trust services: Trust administration and management
- Wealth transfer planning: Estate planning services
Banking Experience and Customer Service
Both banks offer phone support, thousands of branch locations, and secure messaging and social media support.
Chase has a larger ATM network with more than 15,000 locations, providing more convenience for customers. It’s known for its consistently highly rated mobile app, which enhances the digital banking experience. Wells Fargo has an extensive branch network with over 3,700 locations, which may be beneficial for customers who prefer in-person banking. However, Wells Fargo has faced recent scandals and regulatory issues, which may impact customer trust.
What states have physical Chase branches?
Chase Bank has branch locations in all 48 continental U.S. states, with the bulk of its branches in California, New York, Texas, and Florida.
Which states have physical Wells Fargo branches?
Wells Fargo has more than 4,400 branches in 37 states.
Other Services Offered by Wells Fargo and Chase
Both Chase and Wells Fargo offer a wide range of financial services beyond basic checking and savings accounts. They are full-service banks that cater to personal, business, and investment needs. The main differences lie in the specifics of their offerings, such as credit card rewards programs, mortgage rates, and the extent of their physical branch locations.
Chase
- Credit cards
✓ - Mortgages
✓ - Auto loans
✓ - Personal loans
✓ - Business banking
✓ - Investment services
✓ - Wealth management
✓ - Mobile banking app
✓ - Online bill pay
✓ - Zelle transfers
✓ - ATM network
15,000 - Branch locations
4,700+ - Foreign exchange services
✓ - Safe deposit boxes
✓ - Notary services
✓
vs
Wells Fargo
- Credit cards
✓ - Mortgages
✓ - Auto loans
✓ - Personal loans
✓ - Business banking
✓ - Investment services
✓ - Wealth management
✓ - Mobile banking app
✓ - Online bill pay
✓ - Zelle transfers
✓ - ATM network
11,000 - Branch locations
4,400+ - Foreign exchange services
✓ - Safe deposit boxes
✓ - Notary services
✓
Both banks provide comprehensive online and mobile banking services, including features, such as mobile check deposit, account alerts, and digital wallet compatibility, but Chase has a slightly larger ATM network and more branch locations.
Pros and cons of Wells Fargo
Pros
- Higher APY on its special CD
- Lower monthly fees on basic checking accounts
- Multiple options to waive monthly fees
Cons
- Low interest rates on savings accounts
- Higher overdraft fees than some competitors
- Recent history of scandals and regulatory issues
Pros and cons of Chase Bank
Pros
- Large ATM network with 15,000 locations
- Consistently highly rated mobile app
- Generous welcome bonuses for new accounts
Cons
- Higher monthly fees on some accounts
- Low interest rates on savings products
- Lower APYs on CDs
So, should you choose Chase or Wells Fargo?
Ultimately, which bank you choose comes down to your personal financial needs. If you value a larger ATM and branch network and consistently high-rated mobile app, Chase is a solid choice. However, if you prefer potentially higher CD rates, then Wells Fargo might be the better option for your banking needs.
- Choose Chase if: You want a larger ATM and branch network, prefer lower minimum opening deposits for CDs, and are interested in more generous welcome bonuses for new accounts.
- Choose Wells Fargo if: You value potentially higher CD rates and prefer lower monthly fees on basic checking accounts.
- Go with an alternative if: You're looking for higher interest rates on checking, savings, and CD accounts, such as those found at the best online banks.
Read more
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