What are the differences between Chase and Well Fargo?

Wells Fargo Vs Chase Checking: An In-Depth Bank Service Comparison

October 22, 2021

Filife Team

Contents

Two of the largest banks dominate the country with tens of thousands of ATMs and their high-quality traditional and mobile banking services. Thus, it’s no surprise that customers find it challenging to make an investment decision.

A glance at both banks’ features, fees, and services may indicate that both banks will give you benefits in many areas. However, you might find a few nuances that can help save you money or access more funds that make one stand out against the other.

In this short post, you’ll know which bank will win the Chase vs Wells Fargo comparison. We’ll go in-depth discussing all details of their checking, savings, and other features of their respective accounts.

Chase vs Wells Fargo: An Overview

Any customer caught in the middle of Chase vs Wells Fargo will find this overview table handy during their decision day. Thus, keep it with you when you’re about to sign up with any one of them.

	Chase	Wells Fargo
Checking accounts	Chase Total Checking® Monthly fee: $12. (See below for three ways to waive it.) Minimum opening deposit: $0	Wells Fargo Everyday Checking Monthly fee: $10. (See below for four ways to waive it.) Minimum opening deposit: $25
Savings accounts	Chase Savings APY: 0.01% (effective 9/14/20; 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% 5-year: 0.01% Minimum deposit: $1,000	Wells Fargo interest rates on CDs 1 year: 0.01% 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, ATMs, customer service	Overdraft fee: $34, maximum of three per day Overdraft protection transfer fee: $0 per transfer ATMs: 16,000 Branches: More than 4,700 Customer service: Available via email and social media, and by phone (8 a.m.-12 a.m. ET Monday-Friday, 8 a.m.-8 p.m. ET on weekends)	Overdraft fee: $35, maximum of three per day Overdraft protection transfer fee: $12.50 per transfer ATMs: 13,000+ Branches: 5,200 Customer service: Available via social media and 24/7 by phone

An In-Depth Comparison Per Account

Let’s go deeper into each category and the products Chase vs Wells Fargo are offering you.

Checking Accounts

1. Chase

Chase has three checking accounts available. These are the following:

Chase Total Checking Account
Chase Premier Plus Checking
Chase Sapphire Checking

Chase requires its checking account users to pay the same monthly maintenance fee of $12 for all three accounts. However, Chase waives these fees if you do the following:

Deposit $250 monthly
Maintain $1,500 every day on your account
Have a $10,000 combined asset total, including linked accounts
Prove that you’re a student aged below 24 years old

Chase’s checking account service allows you to use the following convenient features:

Deposit your checks in your Chase checking account using a photograph
Use its Zelle money-sending feature
Use its mobile and online banking features
Access over 10,000 ATMs nationwide

2. Wells Fargo

Wells Fargo has three checking account services. These are:

Wells Fargo Everyday Checking Account
Wells Fargo Preferred Checking Account
Portfolio by Wells Fargo

Wells Fargo’s Everyday Checking Account allows both teenagers and college students to use its service. Plus, the bank waives its monthly fees for account owners between 13-24 years of age. However, parents must link a Wells Fargo account to address any overdrafts and non-sufficient fees.

The bank waives fees for its other checking accounts if you do the following:

Maintain a $1,500 balance
Participate in Wells Fargo’s “Save As You Go” program
Make a $500 direct transfer to your account per month
Make 10 or more purchases with your Wells Fargo debit card
Link a Wells Fargo Campus ATM or debit card

Verdict: Wells Fargo Checking Account

Users who own a Wells Fargo checking account will find it easier to manage because of its young adult-friendly terms. On the other hand, adults who use their checking accounts for business and investment will find the low monthly maintenance fees and easy ways to waive your monthly balance much more convenient.

Chase’s lowest checking account monthly maintenance fee is $12. A Wells Fargo Checking Account asks you to pay $10 for its maintenance fee. Thus, Wells Fargo wins as an excellent checking account service with a variety of options and low fees.

Savings Accounts

1. Chase

Chase offers many savings accounts options. We’ve chosen the Chase Savings for the comparison table, but here they all are:

Chase Savings
Chase Premier Savings

A Chase Savings Account can charge you up to a $5 for your monthly maintenance fee. On the other hand, Chase Premier Savings charges you with a hefty $25. Both accounts can waive your monthly fees by doing the following:

1.1 Chase Savings

Have an everyday balance of $300 in your account
Autosave or transfer $25 using your Chase Savings Account
Link a Chase College Checking Account
A user below 18 years old
Link any Chase checking account to your account.

1.2 Chase Premier Savings

Have an everyday balance of $15,000 in your account
Link a Chase Sapphire or Premier Plus checking account.

Both your Chase Savings and Chase Premier Savings Account will charge you $5 per withdrawal if you go beyond six withdrawals inside six months. However, Chase Premier Savings Account owners will have their withdrawal limits and fees waived if they have a $15,000 maintaining balance.

2. Wells Fargo

Wells Fargo has two savings accounts available for any customer:

Wells Fargo Way2Save Savings Account
Wells Fargo Platinum Savings Account

Way2Save is one of the most teen-friendly savings accounts in the country because it waives all its fees if the user proves that they’re aged between 13-24 years old.

Regular users will have to pay $5 monthly for Way2Save. Alternatively, Platinum Savings account users will pay $12 monthly.

However, you can do the following to waive any Wells Fargo fees you might encounter:

2.1 Wells Fargo Way2Save

Have a $300 minimum daily balance
Make 1 or more Save-As-You-Go automatic savings transfers
Regularly transfer $1 from any linked Wells Fargo Checking Account
Regularly transfer $25 from any linked Wells Fargo Checking
Prove that you’re a user below 24 years of age

2.2 Wells Fargo Platinum Savings

Maintain a $1,500 balance daily.

Verdict: Wells Fargo

Chase accounts have excellent fee-waiving conditions for its users. However, its automated transfer amounts are much larger than Wells Fargo’s requirements.

Premium savings account savers will find Wells Fargo’s Platinum Savings fees the most tolerable at $12 per month. However, you can use both Chase and Wells Fargo premium accounts if you can save $1,500 per day.

Related: Checking vs Savings Account

Certificates of Deposits

1. Chase

Chase requires you to pay $1,000 to open a Certificate of Deposit (CD) account. Chase’s standard rates are as follows:

1-Year APY: 0.01%
3-Year APY: 0.01%
5-Year APY: 0.01%

Alternatively, you can link a Chase checking account to your CD account to get the following annual percentage yield.

CD term	Relationship rate
1-year	0.02% for $1,000-$9,9990.05% for $10,000-$99,9990.05% for $100,000+
3-year	0.02% for $1,000-$9,9990.05% for $10,000-$99,9990.05% for $100,000+
5-year	0.02% for $1,000-$9,9990.05% for $10,000-$99,9990.05% for $100,000+
10-year	0.02% for $1,000-$9,9990.05% for $10,000-$99,9990.05% for $100,000+

2. Wells Fargo

Wells Fargo has the following standard rates for its CD accounts. Here they are:

1-Year APY: 0.01%
3-Year APY: 0.01%
5-Year APY: 0.01%

Alternatively, Wells Fargo has the following bonus rates and waived fees if you link a Wells Fargo Premier Checking to your CD account:

CD term	Bonus rate	Minimum deposit
3-month(Standard CD rate)	0.02%	$2,500
6-month(Standard CD rate)	0.02%	$2,500
1-year(Standard CD rate)	0.02%	$2,500

Verdict: Chase

Chase has great CD interest rates beyond its standard provisions. Thus, a chase account for your certificate of deposits is the number-one option.

Fees and Customer Service

Verdict: Draw

Both Chase and Wells Fargo have equal customer service footing.

Chase might have more ATMs, but it has fewer branches than Wells Fargo.

Both banks have virtually equal overdraft fees. Chase charges $34 for unpaid overdrafts and allows users three overdrafts per day. Alternatively, Wells Fargo charges $35 and will enable users the same number of daily overdrafts.

Wells Fargo only falls short of Chase’s free overdraft protection transfer fee because it charges users a hefty $12.50 fee per transaction.

Wells Fargo: The Better Choice

Wells Fargo wins in both checking and savings account features because of its low fees. The bank’s lower interest rates and APYs are lower than chase. However, its accessibility and dependability make Wells Fargo the best choice between the two giant U.S. banks.

Alternatives to Chase and Wells Fargo

Both Chase and Wells Fargo CDs have low standard interest rates. However, savers who want higher returns from their CDs can use online banks. These online-exclusive and fully licensed financial institutions can give you better options than Chase or Wells Fargo in many ways.

The U.S. government treats all online banks with the laws of traditional banks. In addition, they include some provisions that extend towards their online activities.

Learn more about each of them below:

Axos: This online bank received a Forbes feature because it provides the highest APY on its checking account (1.25%) and CDs (0.25%)
Varo: The bank does not have any CDs. However, it provides a full banking experience with a savings account APY of 0.25%. It does not charge overdraft, monthly, transfer, and debit card replacement fees.
Ally Bank: The bank requires no minimum deposit to benefit from its high 5-year APY of 0.80% on CDs. Ally Bank’s online savings account has a 0.50% APY higher than both Chase and Wells Fargo’s rates.

Answering Some Frequent Questions

1. Is Chase better than Wells Fargo?

Chase is better than Wells Fargo in some ways. For example, its CD checking account-linked rates are much higher than Wells Fargo’s offers. On the other hand, Wells Fargo has lower entry fees and has a convenient teen checking account that waives its fees for younger savers. Thus, the best bank is the one that can work best for your situation or expectations.

2. Is Wells Fargo good to bank with?

Wells Fargo has established itself for decades as an excellent consumer-oriented bank. Plus, it continues to innovate and improve its services for the benefit of its customers. Thus, we highly recommend using Wells Fargo as an alternative to Chase.

3. Are Wells Fargo and Chase Bank the same?

No. Wells Fargo and Chase are banks with different operations, management, and infrastructure. Both banks can service the same clients for the latter’s various needs. However, both banks are separate entities that do not collude and collaborate.

4. What is a better bank than Wells Fargo?

Traditional banks have an established infrastructure and fall under strict government regulation. Plus, Chase and Wells Fargo are household finance names because they have worked with numerous U.S. and overseas companies for decades.

However, the flexibility of online banks gives users higher APYs. Their access to foreign markets allows online banks to invest in virtually anything they can find worldwide. Thus, they’re a better option than traditional banks.

On the other hand, online banks have inherent risks. For example, their young reputation can mean a few mishaps and legal oversight in savings accounts and engagements.

In addition, their banking strategies and investments have inherent risks.