Chase vs. Wells Fargo: Which bank is better for you? (2024)

Chase and Wells Fargo are both large financial institutions available practically nationwide. With so many products and services alongside a huge geographic footprint, you may wonder which is the best option. This side-by-side review helps you compare different accounts and services to choose the right one.

Account details and annual percentage yields (APYs) are accurate as of July 31, 2024.

Chase vs. Wells Fargo overview

Chase Bank and Wells Fargo are two of the largest banks in the U.S. by asset size. Chase’s domestic assets total $2.7 billion, while Wells Fargo’s amount to $1.7 billion. Their geographic footprints are similar: Chase has around 4,800 branches across 48 continental states, while Wells Fargo has about 5,600 branches across 36 states.

Despite these similarities, there is a clear winner regarding the customer experience. Chase ranked second for overall customer satisfaction among national banks in a 2023 J.D. Power survey. Wells Fargo, on the other hand, scored below average, earning only 645 on a 1,000-point scale.

Chase vs. Wells Fargo: Basic checking

Here’s how Chase and Wells Fargo compare when it comes to basic checking accounts.

Chase offers three different everyday checking account options, plus another three for kids and students. The most popular personal account is Chase Total Checking®, which has no minimum deposit requirement and free access to 15,000 ATMs. There’s a $12 monthly fee which can be waived by having at least $500 in monthly direct deposits made into the account, a minimum balance of $1,500 in the account at the beginning of each day or an average beginning day balance of at least $5,000 in qualifying Chase accounts.

Student checking accounts from Chase include options for ages six through 24.

Wells Fargo has a few basic checking accounts, some of which include fee waivers for younger account holders. Each requires a $25 minimum deposit. Wells Fargo Clear Access Banking℠ is available to account holders as young as 13. Wells Fargo Everyday Checking is the most flexible option. It comes with a $10 monthly fee which can be waived by maintaining a $500 minimum daily balance, having at least $500 in total qualifying electronic deposits, linking a Wells Fargo Campus ATM Card or Campus Debit Card to the account, receiving a qualifying monthly non-civilian military direct deposit with the Wells Fargo Worldwide Military Banking program or if the primary account owner is 17 to 24 years old.

All Wells Fargo checking accounts come with free access to about 11,000 ATMs.

Chase vs. Wells Fargo: Basic savings

The basic Chase Savings℠ account earns just 0.01% APY and comes with a $5 monthly fee which can be waived with a minimum balance at the beginning of each day of $300 in the account, at least $25 in total Autosave or other repeating automatic transfers from a personal Chase checking account, a Chase College Checking℠ account linked to this account for overdraft protection, an account owner who is younger than 18 years old or with a linked Chase Premier Plus Checking℠, Chase Sapphire℠ Checking or Chase Private Client Checking℠ account.

The Chase Premier Savings℠ account has a higher fee and only earns 0.01% to 0.02% APY, depending on the relationship.

For higher savings rates, see our picks for the best high-yield accounts

A comparable option is the Wells Fargo Way2Save® Savings, which has a $25 minimum opening deposit. However, the yield is just 0.01%. It comes with a $5 monthly fee (which can be waived with a $300 minimum daily balance, one automatic transfer each fee period of $25 or more from a linked Wells Fargo checking account, one automatic transfer each business day within the fee period of $1 or more from a linked Wells Fargo checking account, one or more Save As You Go® transfers from a linked Wells Fargo checking account or if the primary account owner is 24 years old or under).

For a slightly better rate, the Wells Fargo Platinum Savings account offers a yield of 0.05%. There’s a monthly service fee of $12 which can be waived with a $3,500 minimum daily balance each fee period.

Chase vs. Wells Fargo: CDs

Chase certificates of deposit earn the best rates when you have existing accounts with the bank and larger balances to deposit. Chase CDs require a minimum deposit of $1,000 and terms range from one to 120 months. Yields on the standard CDs are only 0.01% while rates on the Chase relationship certificates of deposit range from 0.02% to 4.25% APY, depending on the term and balance.

If you need to cash out before the maturity date, early withdrawal penalties will apply. CDs with a term less than six months have a penalty of 90 days interest. If the CD is between six months and two years, the penalty is 180 days of interest. For CDs longer than two years, the penalty is 365 days of interest, but not more than has been accrued on the account at the time of withdrawal.

Wells Fargo Standard Fixed Rate CDs have a $2,500 minimum opening deposit and APYs range from 1.50% to 4.25% APY depending on the term and account balance. However, you can open only select terms online; additional terms are available at your local branch. Also offered are Wells Fargo Special Fixed Rate CDs — which have yields between 3.75% to 5.01% APY, depending on the term and relationship — but require a $5,000 minimum opening deposit.

Early withdrawal penalties can apply. If the CD term is less than 90 days, one month of interest is charged. For terms between 90 days and one year, three months of interest is due. If the CD is between one and two years, then six months of interest is charged. Finally, if the CD is over two years, then one year of interest is charged.

Chase vs. Wells Fargo: Business account options

Finding the best business checking and best business savings accounts can help you better manage your company financials. Chase offers three business bank accounts to choose from, each with its own monthly service fee that can be waived with a certain daily balance, deposits or purchases.

The two higher-tier accounts offer in-store payment services and higher limits on fee-free cash deposits. You’ll also find business savings accounts with fees waived when you link to Chase Business Complete Checking®.

Wells Fargo also offers three business checking account options. The most basic version, Wells Fargo Initiate Business Checking® Account, comes with a $10 monthly service fee which can be waived with either a $500 minimum daily balance or a $1,000 average ledger balance. Like Chase, you can add a savings account as well, but you’ll need to either maintain a minimum daily balance (amount varies based on account) or automate monthly transfers in order to waive the monthly service fee.

Chase vs. Wells Fargo: Fees and charges

You’ll find monthly service fees for most Chase and Wells Fargo accounts that can only be waived when specific requirements are met.

In addition to those, Chase has a $34 overdraft fee and non-Chase ATM fee ranging between $3 and $5. Money orders cost $5 and wire transfers cost up to $50.

At Wells Fargo, overdraft fees are slightly higher at $35 per item. When using a non-Wells Fargo ATM, you’ll be charged $2.50 per cash withdrawal, balance inquiry and funds transfer. Like Chase, Wells Fargo charges $5 for money orders and wire transfers are between $0 and $40.

Chase vs. Wells Fargo: Customer service

Chase beats out Wells Fargo when it comes to J.D. Power customer satisfaction studies (674 vs. 645, respectively).

Both banks have similar customer service models. Chase offers customer support via phone, mail, social media or by scheduling a meeting with a banker. Automated service is available 24/7, but hours for human support are not listed.

Wells Fargo customers can reach customer service by phone, mail, social media or by making an appointment with a banker. The number for general banking concerns is listed as available 24/7.

Both banks also accept military calls and relay calls.

Is there a winner?

Both institutions are large, full-service banks; which is right for you may come down to the specific details of the accounts and branch locations. Look at the specific banking products you need and choose the one that has the features you want.

For checking and savings accounts, review the eligibility requirements for getting monthly service fees waived. They’re a little different for each bank and one may be easier to achieve than another.

Also consider your future banking needs. Will you need a mortgage in a couple years or are you thinking about opening a business? Make sure the bank you choose will be able to serve you for years to come.

Frequently asked questions (FAQs)