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Margarette Burnette is a NerdWallet authority on savings, who has been writing about bank accounts since before the Great Recession. Her work has been featured in The Associated Press, USA Today and other major newspapers. Before joining NerdWallet, Margarette was a freelance journalist with bylines in magazines such as Good Housekeeping, Black Enterprise and Parenting. She is based near Atlanta, Georgia.
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Wells Fargo and Chase are two of the largest U.S. banks, and they make it convenient to bank in person, with many ATMs and branches. Keep in mind that the interest rates both banks pay are low compared with other banks.
Here’s how they stack up against each other.
Snapshot comparison
Chase
Wells Fargo
Checking accounts
Chase Total Checking®
Monthly fee: $12. (See below for several ways to waive it.)
Minimum opening deposit: $0.
Wells Fargo Everyday Checking
Monthly fee: $10. (See below for multiple ways to waive it.)
Minimum opening deposit: $25.
Savings accounts
Chase Savings℠
APY: 0.01% effective as of 02/10/2023. Interest rates are variable and subject to change.
Monthly fee: $5. (See below for five ways to waive it.)
Wells Fargo Way2Save
APY: 0.01%.
Monthly fee: $5. (See below for five ways to waive it.)
Certificates of deposit
Chase interest rates on CDs
1 year: 0.01% APY.
5-year: 0.01% APY.
Minimum deposit: $1,000.
Wells Fargo interest rates on CDs
1 year: 1.50% APY for standard CDs.
5-year: No standard rates available online beyond one-year terms. Call or visit a branch for rates.
Minimum deposit: $2,500.
Overdrafts and ATMs
Chase details
Overdraft fee: $34, maximum of three per day. No charge if account is overdrawn by $50 or less at end of day. Customers can also avoid an overdraft fee if the account balance is overdrawn more than $50 but is brought down to being overdrawn by $50 or less by the end of the next business day.
Overdraft protection transfer fee: $0 per transfer.
ATMs: More than 15,000.
Branches: More than 4,700.
Wells Fargo details
Overdraft fee: $35, maximum of three per day.
Overdraft protection transfer fee: $0 per transfer.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
4.60%SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
4.80%1.00% APY for <$10k balance; 4.40% APY for $10k to <$50k balance; 4.50% APY for $50k to <$250k; 4.80% APY for $250k+ balance
Min. balance for APY
$250,000
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
5.50%*Current promotional rate; annual percentage yield (variable) is 5.50% as of 4/2/24, plus a .50% boost available as a special offer with qualifying deposit. Terms apply; if the base APY increases or decreases, you’ll get the .75% boost on the updated rate. Cash Reserve is only available to clients of Betterment LLC, which is not a bank; cash transfers to program banks conducted through clients’ brokerage accounts at Betterment Securities.
Min. balance for APY
$0
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
5.00%The annual percentage yield is effective as of Tuesday, August 13, 2024. APY is a fixed rate and a $1,000 minimum balance is required. Bask Bank will pay this rate and APY through your CD maturity date. Fees could reduce the earnings on your account, and an early withdrawal penalty may be imposed for early withdrawal. If your CD is not funded with at least $1,000 within 10 business days after the date the account is opened, it will automatically be closed. Read the full terms here: https://www.baskbank.com/terms-and-disclosures.pdf
Unlike these brick-and-mortars, online banks don’t have thousands of branches. But they do have excellent annual percentage yields, or APYs, that make your savings grow faster. And fees tend to be low or nonexistent.
The Chase Total Checking® and Wells Fargo Everyday Checking accounts are comparable, with large ATM networks and many branches. Both banks also offer premium checking accounts that earn interest — but not much.
Chase Total Checking®
Wells Fargo Everyday Checking
Monthly fee
$12.
How to waive it
Receive $500 or more in direct deposits each month.
Keep a daily balance of at least $1,500.
Have a daily balance of at least $5,000 spread across qualifying Chase accounts.
$10.
How to waive it
Keep a daily balance of at least $500.
Receive $500 or more in qualifying direct deposits each month.
Have a primary account owner who is 17-24 years old.
Link a Wells Fargo Campus ATM or Debit Card.
Minimum deposit to open
$0.
$25.
APY
None.
None.
ATM fees and network
More than 15,000 Chase ATMs.
$3 fee for using non-Chase ATMs in the U.S. and U.S. territories, plus any fees from ATM owner.
About 11,000 Wells Fargo ATMs.
$2.50 per withdrawal for out-of-network ATMs in the U.S., plus any fees from ATM owner.
Both accounts have monthly fees, but they are easy to avoid. However, Wells Fargo’s account has a more generous age limit for waiving the fee. Wells Fargo requires $25 to open an account, but Chase’s $0 opening deposit requirement is helpful if you’re starting out with just a few dollars.
Chase requires less than half the amount Wells Fargo does to open a standard CD, but neither bank offers high APYs. You can find one-year rates at online banks higher than 5% APY.
If you’re seeking the broad reach and expansive product selection of a national bank, you’ll find those at Wells Fargo or Chase. For similar banks, see our roundup of best national banks. If the low interest rates or hefty fees at these institutions don’t work for you, however, check out other top bank options such as credit unions or online banks.