When it comes to picking the right bank, there are a lot of factors to consider. For example, do you want a large national or a smaller community-based bank? Wells Fargo and Bank of America are two of the country’s largest banks, but which one is right for you? In this article, we will compare and contrast these two banks so that you can make an informed decision about which one is best for your needs.
Wells Fargo overview:
Wells Fargo is one of the oldest and largest banks in the United States. They offer a full range of banking products and services, including savings accounts, checking accounts, credit cards, mortgages, etc. Wells Fargo has over 13,000 branches nationwide and serves customers in all 50 states.
Bank of America overview:
Bank of America is one of the largest banks in the world. They offer a full range of banking products and services, including savings accounts, checking accounts, credit cards, mortgages, etc. Bank of America has over 16,000 branches nationwide and serves customers in all 50 states.
The benefits of each bank
Bank of America is one of the oldest and most well-known banks in the United States. The bank offers a full range of services, including checking and savings accounts, investments, credit cards, and home loans.
Wells Fargo is one of the largest banks in the United States, with more than 7000 branches. The bank offers a full range of banking services, including checking and savings accounts, investments, credit cards, and home loans. Wells Fargo also has an extensive ATM network with more than 13000 ATMs nationwide.
Both Bank of America and Wells Fargo offer a variety of benefits for their clients. However, there are some critical differences between the two banks that borrowers should know before choosing a bank.
Bank of America offers a broader range of products and services than Wells Fargo. However, Wells Fargo has a more extensive branch and ATM network than Bank of America.
Bank Accounts
Both banks offer a standard suite of bank accounts complete with savings, checking, and CD accounts. You can also start saving for retirement with a Wells Fargo or Bank of America IRA. Unfortunately, neither bank has a money market account option.
Wells Fargo does offer a Teen Checking Account geared toward teens ages 13 to 17. This account has no monthly service fee and provides a debit card with parental controls. Bank of America does not have a specific teen checking account, but they do offer a student checking account for students aged 18 and up. This account has no monthly maintenance fees for up to five years while you’re in school.
The clear winner here is Bank of America, especially if you have children looking to open their first bank account. Wells Fargo’s Teen Checking Account is a good option, but the lack of a money market account could be a turnoff for some borrowers.
Savings Accounts
Bank of America and Wells Fargo both have ways for kids to save. Advantage Savings Bank of America’s Advantage Savings account isn’t a youth account, per se, but account owners under age 18 — 25, if a student — won’t pay a monthly maintenance fee. Kids under 16 must apply with a co-applicant age 18 or older.
Tiered interest rates $100 minimum opening deposit, automatic savings options available, no overdraft fees, no monthly maintenance fees for students.
Way to Save Wells Fargo’s Way to Save account is a youth savings account, which comes with certain perks and protections. For example, there’s no monthly service fee on the bill as long as the child maintains a $300 minimum daily balance or if the account is linked to a Wells Fargo Campus ATM or Campus Debit Card.
Interest is tiered, meaning the higher the balance in the account, the higher the interest rate. $25 minimum opening deposit, ability to track savings goals online or with a mobile app, no monthly maintenance fees for students.
Bank of America offers an account with no monthly maintenance fees for students. In contrast, Wells Fargo offers an account with no monthly maintenance fees for students as long as the child maintains a $300 minimum daily balance or if the account is linked to a Wells Fargo Campus ATM or Campus Debit Card.
Monthly Fees
Wells Fargo Bank offers a few ways to avoid the $15 monthly service fee. For example, you can maintain a balance of $500 in your checking account, have direct deposits totaling at least $500 each month, or keep a $100 daily balance in your Wells Fargo savings account. If you don’t meet these requirements, you can still avoid the monthly service fee by signing up for paperless statements.
Bank of America’s checking accounts includes a $12 monthly maintenance fee. However, this fee can be waived if you maintain a minimum daily balance of $1500 in your account, have at least one qualifying direct deposit of $250 per month, or are a student under the age of 24. Unlike Wells Fargo, Bank of America doesn’t offer paperless statements as a way to waive the monthly maintenance fee.
When it comes to monthly fees, Wells Fargo is the better option if you don’t have a lot of money to keep in your account. However, if you can maintain a higher balance, Bank of America may be better.
Minimum Balance Requirements
Wells Fargo is the way to go if you’re looking for a checking account with no minimum balance requirement. You can open an account for as little as $25. There is no minimum balance required and no monthly service fee. However, you will need to maintain a $300 daily balance to avoid a $15 monthly fee.
Bank of America, on the other hand, requires a minimum deposit of $100 to open a checking account. Additionally, you’ll need to keep at least a $1500 daily balance in your account to avoid the monthly maintenance fee. If you don’t meet this requirement, you’ll be charged a $12 monthly fee.
Wells Fargo is the better option if you don’t have much money to keep in your account. However, if you can maintain a higher balance, Bank of America may be better.
Interest Rates
There is very little difference between Wells Fargo and Bank of America when it comes to interest rates. Both banks offer similar rates on their savings accounts, money market accounts, and CDs. However, Wells Fargo does have a slightly higher APY on its savings account than Bank of America.
Wells Fargo offers a 0.03% APY on its savings account, while Bank of America provides a 0.02% APY. This may not seem like much, but it can add up over time if you have a lot of money. For example, if you had $1000 in your savings account, you would earn $0.30 in interest with Wells Fargo compared to $0.20 with Bank of America.
Wells Fargo is the better choice if you’re looking for the best interest rates. However, Bank of America may be the better choice if you’re looking for a checking account with no minimum balance requirement.
Online Banking
Both Wells Fargo and Bank of America offer online banking services. You can check your account balance, transfer money between accounts, pay bills, and more with online banking.
Wells Fargo’s online banking platform is called “Wells Fargo Online.” It’s a fairly basic platform that offers all the essential features you would expect from an online banking service.
Bank of America’s online banking platform is called “Bank of America Online Banking.” It offers all the same features as Wells Fargo Online, but it also includes some additional features such as paperless statements and the ability to set up custom alerts.
Wells Fargo is the better choice if you want an essential online banking experience. However, Bank of America is the better choice if you want a more robust online banking experience with additional features.
Mobile Banking
Both Wells Fargo and Bank of America offer mobile banking apps. With mobile banking, you can check your account balance, transfer money between accounts, pay bills, etc.
Wells Fargo’s mobile app is called “Wells Fargo Mobile.” It’s available for both Android and iOS devices. The app has a clean, straightforward design, and it’s easy to use.
Bank of America’s mobile app is called “Bank of America Mobile Banking.” It’s available for both Android and iOS devices. The app has a more complex design than Wells Fargo Mobile, but it still offers the same features.
If you want a mobile banking app that’s easy to use, Wells Fargo is better. However, Bank of America is the better choice if you don’t mind a slightly more complex design.
Which bank is right for you?
The answer to that question depends on your unique banking needs. To help you decide, let’s take a closer look at Wells Fargo and Bank of America, two of the largest banks in the United States.
Wells Fargo is known for its strong customer service reputation and its extensive array of financial products and services. As a result, Wells Fargo may be the right bank if you’re looking for a one-stop-shop for your banking needs. In addition to traditional checking and savings accounts, Wells Fargo offers investment management services, credit cards, and home and auto loans.
Bank of America also offers a full suite of financial products and services, including checking and savings accounts, credit cards, investment management, and home and auto loans. One of the things that set Bank of America apart from other banks is its extensive branch and ATM network. If you like having access to physical bank locations, Bank of America may be the right choice.
Both Wells Fargo and Bank of America offer various convenient online and mobile banking options. If you’re looking for a bank that can meet all of your needs, both in-person and online, Wells Fargo or Bank of America may be a good choice. Ultimately, the best bank for you is the one that meets your specific banking needs in the way that’s most convenient for you.
Bottom Line
Wells Fargo and Bank of America are large national banks with thousands of branches and ATMs. Both banks offer a full range of banking products and services, including savings accounts, checking accounts, CDs, credit cards, mortgages, etc. EdFed offers Credit Card and Banking programs that have detailed comparisons between banks.
