Chase vs. Wells Fargo (Which is Better?)

Chase and Wells Fargo are two of the largest banks in the United States. Their size is measured by how expansive their ATM and branch networks are, as well as their total assets. So being the largest doesn’t necessarily mean they are the best for your needs.

There isn’t a lot that separates these two banks, they offer similar products and services, have similar costs associated, and your benefits and perks are often similar. Previously Wells Fargo did have a much more extensive network of branches and ATMs, but that is no longer the case.

We’ll review both banks to see what differences, if any, there are so that you can decide between them.

Chase and Wells Fargo compete for bulk customers and are two of the big four banks in the United States, so their services are comparable with only slight differences that you can see below.

	Chase	Wells Fargo
Checking Accounts	Chase Total Checking $12 month but can be waived; see below. No minimum opening deposit.	Wells Fargo Everyday Checking $10 month but can be waived; see below. $25 minimum deposit.
Savings Accounts	Chase Savings $5 month but can be waived; see below. Annual Percentage Yield (APY) of 0.01% $5 – $15 for withdrawals over 6 each month.	Wells Fargo Way2Save $5 month but can be waived; see below. Annual Percentage Yield (APY) of 0.01% Unlimited withdrawals
Certificates of Deposit	Chase Interest on CDs Assuming under $10,000 1 Year: 0.02% 5 Years: 0.02%	Wells Fargo Internet on CDs Assuming under $10,000 1 Year: 0.01% 5 Years: 0.01%
Overdrafts	Chase Overdraft Fee: $34 per item once your OD is $50 or more. 3 fees maximum a day. Overdraft protection by linking your savings account.	Wells Fargo Overdraft Fee: $35 per item. 3 fees maximum a day. Overdraft protection by linking your savings account.
ATMs	16,000 ATMs nationwide	12,000 ATMs nationwide
Branches	4,700 branches nationwide	5,200 branches nationwide
Customer Service	Available via phone and social media, but not 24/7. Monday – Friday: 7 AM – 11 PM ET Saturday – Sunday: 10 AM – 7 PM ET	Wells Fargo is available via phone 24 hours a day, 7 days a week.

As you can see, a general comparison of Chase and Wells Fargo comes out to be pretty even. Their rates are almost identical on savings, and their fees are generally only a few dollars apart.

Table of Contents

Chase vs. Wells Fargo Overview

Chase and Wells Fargo, as of 2021, are pretty evenly matched for how extensive their ATM and branch locations are throughout the United States. Chase has more ATMs; Wells Fargo has more branches.

Chase has also committed to expanding quickly throughout the US. In the past 2 years, they’ve gone from having branches in 29 states to now 48, which does beat Wells Fargo.

	Chase	Wells Fargo
Locations	Chase offers branch and atm services in 48 states and DC. Chase locations.	Wells Fargo offers branch and atm services in 38 states. Wells Fargo locations.
ATMs	16,000 ATMs across the country.	12,000 ATMs across the country.
Branches	4,700 branches across the country, but many are new, and some cities have no branches.	5,200 branches across the country, but in fewer states. So more cities in the states they service have a branch
Products and Services	Checking and savings accounts, certificates of deposit, credit cards.	Checking and savings accounts, certificates of deposit, credit cards.

There isn’t anything that stands out in products or services that either bank offers that the other doesn’t provide. So they are competing with each other for the most customers and not competing with smaller or online banks that have better rates or different services.

So if you don’t see something you specifically want from Chase, it’s unlikely that Wells Fargo will offer it, and you’ll need to look to other banks, specifically smaller or online, that may be trying to gain new customers.

Chase Pros and Cons

Pros

A large number of ATMs and branches are available for withdrawals.
Chase will often offer signup bonuses on their checking and savings accounts.
Ability to waive fees if you meet requirements
Massive range of credit card options, depending on your benefits needs.

Cons

Expanding rapidly into all US states, but branches may not be in all cities.
Very low-interest rates
Minimum daily balance to waive fees, so if you’re often teetering on that balance, you may be charged every month.
Limits on approved credit cards, you can’t have been approved for 5+ credit cards in the last 24 months. After that, you will be instantly denied.
Customer support is not available 24/7

Wells Fargo Pros and Cons

Pros

A large number of ATMs and branches available in a large number of states
Ability to waive fees if you can meet specific requirements for your account
24/7 customer support is open to all customers

Cons

Very low-interest rates, almost not worth saving with them.
Fees for using other banks ATMs
High overdraft fees, with protection, only being to take from other accounts.

Chase vs. Wells Fargo: Checking Accounts

Chase and Wells Fargo have several checking accounts that you can sign up for. None of them are standouts for amazing features. There are just slight differences you can get depending on how much money you want to store in your account.

You can opt for a fixed fee every month but have no minimum amounts required, or if you can keep a minimum balance, your fee will be waived. So that’s a decision to be made that can save you monthly fees.

	Chase Total Checking	Wells Fargo Everyday Checking
Monthly Fee	$12 per month. Waived if: Deposit $500 electronically every month. Daily balance of $1,500 Combined daily balance of $5,000 across your linked accounts.	$10 per month. Waived if: $500 minimum daily balance $500 in direct deposits. College students with a linked Campus ATM card. The primary account holder is 17-24 years old.
Minimum deposit to open an account	$0	$25
Interest	0%	0%
ATM fees	$2.50 if using non-Chase ATMs within the US. $5 to withdraw and $2.50 for any transfers/inquiries outside the US. Fees from banks ATMs will apply on top of the Chase fees.	$2.50 if using non-Wells Fargo ATMs within the US. $5 to withdraw and $2.50 for any transfers/inquiries outside the US. Fees from banks ATMs will apply on top of the Wells Fargo fees.

Both banks have similar fees, no interest available in your checking account, and you have similar ways to waive the monthly fee. The biggest difference would be for younger account holders that can automatically waive the fee just by being under 24 years old with Wells Fargo.

Chase vs. Wells Fargo: Savings Accounts

	Chase Savings	Wells Fargo Ways2Save
Interest (APY)	0.02% for 1 year with $10,000 or less.	0.01% for 1 year with $10,000 or less.
Monthly Fee	$5 Fee waived if:$500 or more at the start of the month. $25 or more of autosave deposits from your other accounts. 18 or younger account owners have no fees. Some checking accounts offer a free savings account.	$5 Fee waived if:$300 minimum daily balance. $25 or more autosave deposits from your checking account. 24 or younger account owners have no fees.
Minimum Deposit	$0	$25

Chase offers a slightly higher interest rate and only checks your minimum balance at the start of the month. Wells Fargo has a higher age you can keep waiving the fee.

Chase vs. Wells Fargo: Certificate of Deposit

Chase and Wells Fargo both have very low-interest rates for their certificate of deposits.

	Chase CD	Wells Fargo CD
3 Months under $10,000	0.02%	0.01%
6 Months under $10,000	0.02%	0.01%
1 Year under	0.02%	0.01%
Minimum Deposit	$1,000	$2,500

Chase has a slightly higher interest rate, and the rates get better the more money you have in your account. Wells Fargo sticks with the 0.01% for most amounts and durations. So it’s going to be better to use Chase.

Chase vs. Wells Fargo: Fees

	Chase Fees	Wells Fargo Fees
ATM	$2.50 if using non-Chase ATMs within the US. $5 to withdraw and $2.50 for any transfers/inquiries outside the US. Fees from banks ATMs will apply on top of the Chase fees.	$2.50 if using non-Wells Fargo ATMs within the US. $5 to withdraw and $2.50 for any transfers/inquiries outside the US. Fees from banks ATMs will apply on top of the Wells Fargo fees.
Overdraft	Chase Overdraft Fee: $34 per item once your OD is $50 or more. 3 fees maximum a day. Overdraft protection by linking your savings account.	Wells Fargo Overdraft Fee: $35 per item. 3 fees maximum a day. Overdraft protection by linking your savings account.
Stop Payment	$30 to stop payment if done at a branch.$25 if done online or through automated phone banking.	$31 to stop payment on checks of auto payments. Waived on lost or stolen checks.
Return Deposit	$12 for every item returned.	$35 for every item returned.
Wire Transfer	$0 if over $5000, otherwise $5. Available for US and International transfers.	$30 per transfer, US transfers only.

Chase vs. Wells Fargo: Which is Better?

Neither Chase nor Wells Fargo stand out as amazing banks, they are very large, and both have extensive coverage across the United States with basic accounts that are reasonable for day-to-day banking.

The most important thing to check would be how big of a footprint each bank has in your state and city and to any other locations to visit. If you’re often using ATMs or need to visit branches, you need to ensure you have an option in your city, which isn’t always the case.

Chase is better as a savings account, so if you’re looking for basic checking and want a little extra for savings, then go with Chase.

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Wells Fargo is a better option if savings accounts are not a high priority for you, but saving a little money on your day-to-day banking is more important, especially if you’re younger, as Wells Fargo has slightly lower fees and better options for younger people.

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