Consumers can count on two things when shopping for products at national banks: a lot of options and below-average interest rates. Wells Fargo and Chase have both and many other similarities besides.
But we looked closely at the fine print and found that Chase has a narrow edge in a few areas.
Who wins
| Wells Fargo | Chase | |
|---|---|---|
| Checking accounts |
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| Savings & money market accounts |
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| Certificates of deposit (CDs) |
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| Customer experience |
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| Other fees |
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| Overall |
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If you want to keep all of your accounts under the same roof and have access to thousands of ATMs and stellar online tools, you might find yourself deciding between these two juggernauts. Wells Fargo and Chase earned the same NerdWallet star rating — 3.5 out of five stars — when the overall scores were rounded, and both provide a very good customer experience. But Chase did a little better in three product categories, partly thanks to its strong checking and savings sign-up bonus offers. Those were enough to declare it the winner.
Here’s a closer look at how Wells Fargo and Chase compare.
Basic checking accounts
| Wells Fargo Everyday Checking | Chase Total Checking | |
|---|---|---|
| Monthly fees | $10; waived with a minimum balance of $1,500, $500 in direct deposits, or 10 debit card purchases per month | $12; waived with a minimum balance of $1,500, $500 in direct deposits, or an average balance of $5,000 in qualifying accounts |
| Minimum opening deposit | $50 | $25 |
| Interest | None |
None |
| ATM network | 13,000 ATMs | 15,500 ATMs |
| Out-of-network ATM fee | $2.50 | $2.50 |
The two are similar, but tipping the scales in favor of Chase is the bank’s current bonus offer, available through July 18. To earn a $150 bonus, you must open a new Chase Total Checking account and set up direct deposit.
Wells Fargo’s debit card option for avoiding the monthly service fee on basic checking isn’t available at most banks. Wells Fargo also offers two interest-bearing accounts, though the rates are minimal. Holders of a Wells Fargo home loan can get the $15 monthly fee waived for the Preferred Checking account; it’s also waived with $1,000 in direct deposits or $10,000 in combined minimum balances.
The other premium checking option isn’t a stand-alone account; it’s part of the PMA Package, to which you can link other accounts to earn more benefits. There are some valuable ones, like discounts and fee waivers on certain Wells Fargo loans. Its $30 monthly fee can be avoided if you maintain a balance of $25,000 in qualifying linked checking, savings and other accounts, or $50,000 in a combination of linked bank accounts, Wells Fargo Advisors brokerage accounts and credit balances.
Chase, meanwhile, has two advanced checking options. Your best bet will probably be the Premier Plus checking account, which comes with a solid mix of perks, including four free cash withdrawals each month from non-Chase ATMs and free checks. It has a $25 monthly fee that’s scratched for customers who keep a balance of at least $15,000 or who sign up for automatic payments on their linked Chase mortgage.
» MORE: NerdWallet’s Bank of America review
Basic savings accounts
| Wells Fargo Way2Save | Chase Savings | |
|---|---|---|
| Monthly fees | $5; waived with a $300 minimum balance or one recurring auto-transfer per month from a linked account | $5; waived with a $300 minimum balance or an auto-transfer of $25 per month from a qualifying linked account |
| Interest rate | 0.01% | 0.01% (effective 3/15/16) |
| Minimum opening deposit | $25 | $25 |
| Automatic transfer from linked checking | Yes | Yes |
Again, the two banks’ basic savings accounts are nearly identical, but Chase is offering a $100 sign-up bonus through July 18. To qualify, open a new Chase Savings account and deposit $10,000 of new money within 10 business days, then maintain at least a $10,000 balance for 90 days.
Wells Fargo’s Way2Save account makes it easy to boost your savings by moving $1 from checking to savings every time you make a debit card purchase or use online bill pay.
The banks’ advanced savings accounts are slightly different. Customers will have to deposit $50 to open a Wells Fargo Platinum Savings account and can avoid a $12 monthly fee by keeping a minimum balance of $3,500. With a meager annual percentage yield of 0.01% (effective March 15, 2016), this product’s biggest draw is that it comes with checks, an unusual feature for a savings account.
Meanwhile, Chase’s Plus Savings account has a $100 initial deposit requirement and a $20 monthly fee that can be dodged by maintaining a balance of at least $15,000, or having a linked Chase Premier Plus or Premier Platinum checking account. Balances between $0 and $49,999 earn an APY of 0.03%.
» MORE: NerdWallet’s best savings accounts
CDs
| Wells Fargo | Chase | |
|---|---|---|
| Minimum deposit | $2,500 (Certain CDs require higher minimums.) | $1,000 |
| Short-term rate | 0.20% for 26 months (This special rate has a $5,000 minimum and applies for only one term.) | 0.15% for 2 years (The rate steps up with higher balances.) |
| Long-term rate | 0.50% for 58 months (This special rate has a $5,000 minimum and applies for only one term.) |
0.35% for 5 years (The rate steps up with higher balances.) |
Big bank CDs offer a safe option for parking some cash, but many of them pay very little yield. The national average for a five-year CD is 0.79%, according to the Federal Deposit Insurance Corp., but both Wells Fargo and Chase pay far less on comparable CDs. Meanwhile, some online banks — like Ally Bank — pay rates that are north of 1%.
Wells Fargo also requires a high minimum deposit of $2,500 to open a basic CD, with higher minimums for other CDs. By contrast, Chase’s minimum is a more consumer-friendly $1,000.
» MORE: See NerdWallet’s best CD rates
Customer experience
| Wells Fargo | Chase | |
|---|---|---|
| Branches | 6,250 | 5,300 |
| Website | Attractive and organized site covers all products | Sleek, top-tier site that is easy to navigate |
| Banking apps (ratings from app store users) | 3.5 out of 5 stars for iPhone; 4.3 for Android |
4.5 out of 5 stars for iPhone; 4.6 stars for Android |
| Customer service | 24/7 by phone, email and social media | 24/7 by phone, email and social media |
Wells Fargo offers an impressive suite of online tools and services that are more multifaceted than those offered by Chase. Customers can use the My Savings Plan tool to set individualized savings goals before tracking their progress on the easy-to-use platform. However, app store users gave higher props to Chase’s mobile banking app, with both iPhone and Android versions rated very highly. Both banks’ websites offer comprehensive overviews of their products and tools and make it easy to compare their checking and savings options. Their mobile apps include essential services like mobile deposits, bill pay and peer-to-peer payment services. Wells Fargo lets you make mobile check deposits of up to $2,500 per day, while Chase’s limit is $2,000.
Chase outperformed Wells Fargo in independent customer satisfaction ratings. Chase achieved the top rating for customer satisfaction in four out of 11 regions around the country and rated “about average” in the others, in a survey by J.D. Power. Meanwhile, Wells Fargo got the second-to-highest rating — “among the best” — in three regions and “about average” in the others.
Other fees
| Wells Fargo | Chase | |
|---|---|---|
| Overdraft fee | $35, maximum of 4 per day | $34, maximum of 3 per day |
| Overdraft protection transfer fee | $12.50, but free with a linked home equity line of credit or savings account. | $10 per day |
| Extended overdraft fee | None | $15 even if your account is overdrawn by less than $5 |
| International debit card fee | 3% of transaction amount | 3% of transaction amount (minimum $5) |
When you look closely, there are some significant differences in the overdraft policies of Chase and Wells Fargo.
Both charge a fairly standard overdraft fee, but among the top five U.S. banks, Wells Fargo is one of the few that does not charge an extended overdraft fee. That means there is no additional fee added if your account stays in the red for several days. Chase does charge a $15 extended overdraft fee if your account is overdrawn for five business days. However, Chase is making some consumer-friendly changes to its policies. Starting Aug. 20, it plans to eliminate its $10 fee for overdraft protection transfers.
Customers seeking the broad reach and expansive product selection of a national bank will be well served by either Wells Fargo or Chase. However, if the low interest rates at both institutions don’t serve your needs, consider browsing NerdWallet’s list of top high-yield online banks for some other options.
Jeanne Lee is a staff writer at NerdWallet, a personal finance website. Email: jlee@nerdwallet.com. Twitter: @jlee_jeanne.
This article was updated on June 21, 2016. It was originally published Nov. 6, 2015.
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