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- Pros and Cons of Chase
- Pros and Cons of Wells Fargo
- Checking Account Comparisons
- Savings Account Comparisons
- CD Comparisons
- Which Bank is More Trustworthy?
- Frequently Asked Questions
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Wells Fargo and Chase are two of the biggest national banks in the US. To help you determine which bank accounts and services may be the best for you, we've compared checking, savings, and CDs. We're also comparing financial institutions in trustworthiness so you can know more about each institution's history.
Compare Chase and Wells Fargo
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Chase Bank
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Wells Fargo
Standout feature
Easy to waive monthly service fees on savings account
Standout feature
Easy to waive monthly service fees on checking account
On Chase's website
On Wells Fargo's website
Pros and Cons of Chase
| Pros | Cons |
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Pros and Cons of Wells Fargo
| Pros | Cons |
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Chase vs. Wells Fargo Checking Account Comparisons
Wells Fargo and Chase each have an ample number of checking accounts.
Below, we've compared two checking accounts that the average person would open if they were looking for a checking account with minimal bank fees.
| Chase Total Checking® | Wells Fargo Everyday Checking Account | |
| Minimum opening deposit | $0 | $25 |
| Monthly service fee | $12 (with options to waive) | $10 (with options to waive) |
| How to waive the monthly service fee | Meet one of the following requirements:
| Meet one of the following requirements:
|
| Sign-up bonus | $200 | $0 |
| Next steps | Open an account | Open an account |
Wells Fargo Everyday Checking Account
3.25/5
3.25 out of 5 Stars
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$25
Wells Fargo, FDIC Insured
Wells Fargo Everyday Checking Account
3.25/5
3.25 out of 5 Stars
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$25
Wells Fargo, FDIC Insured
Wells Fargo Everyday Checking Account
Wells Fargo, FDIC Insured
Details
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$25
Editor's Rating
3.25/5
3.25 out of 5 Stars
Pros & Cons
Pros
Relatively easy to waive monthly fee
Free overdraft protection available
$25 minimum opening deposit
Cons
$10 monthly service fee
$35 overdraft fee
$2.50 out-of-network ATM fee
Highlights
More Information
- Approximately 4,700 branches and 12,000 ATMs
- Waive $10 monthly fee when you have $500 in direct deposits per month, OR maintain minimum balance of $500, OR link account to a Wells Fargo Campus ATM or Campus Debit Card OR are 17-24 years old
- FDIC insured
Additional Reading
Chase vs. Wells Fargo Savings Account Comparisons
Chase and Wells Fargo offer traditional and premium savings accounts. We compared two savings accounts with monthly services fees of $5 (or under if you qualify to waive the fee).
| Chase Savings℠ | Wells Fargo Way2Save® Savings Account | |
| APY | 0.01% effective as of 2/16/2023. Interest rates are variable and subject to change | 0.15% |
| Minimum opening deposit | $0 | $25 |
| Monthly service fee | $5 (with options to waive) | $5 (with options to waive) |
| How to waive the monthly fee | Meet one of the following requirements:
| Meet one of the following requirements:
|
| Other perks | None | Save As You Go® transfers $1 into your Way2Save Savings Account from checking each time you swipe your debit card |
Chase Savings℠
3.25/5
3.25 out of 5 Stars
Annual Percentage Yield (APY)
0.01% effective as of 2/16/2023. Interest rates are variable and subject to change
Minimum Deposit Amount
$0
On JPMorgan Chase Bank's site. JPMorgan Chase Bank, FDIC Insured
Chase Savings℠
3.25/5
3.25 out of 5 Stars
Annual Percentage Yield (APY)
0.01% effective as of 2/16/2023. Interest rates are variable and subject to change
Minimum Deposit Amount
$0
On JPMorgan Chase Bank's site. JPMorgan Chase Bank, FDIC Insured
Chase Savings℠
On JPMorgan Chase Bank's site. JPMorgan Chase Bank, FDIC Insured
Details
Annual Percentage Yield (APY)
0.01% effective as of 2/16/2023. Interest rates are variable and subject to change
Minimum Deposit Amount
$0
Editor's Rating
3.25/5
3.25 out of 5 Stars
Pros & Cons
Pros
No minimum opening deposit
Relatively easy to waive $5 monthly fee
Link to a Chase checking account for free overdraft protection
Cons
Low APY
Interest compounded monthly, not daily
$5 monthly service fee
Highlights
More Information
- Access to 16,000 Chase ATMs and over 4,700 branches
- Link this account to your Chase checking account for Overdraft Protection
- Waive $5 monthly service when you maintain a $300 balance, automatically transfer $25 each month from your Chase checking account, link to Chase College Checking for Overdraft Protection, link to a qualifying Chase checking account, or are under age 18
- Manage your accounts, deposit checks, transfer money and more — all from your device
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com
- Member FDIC
Additional Reading
Chase vs. Wells Fargo CD Comparisons
| Chase CD | Wells Fargo Fixed Rate CD | |
| Term lengths | 1 month to 10 years | 3 months to 1 year |
| Minimum opening deposit | $1,000 | $2,500 |
| APY | 0.01% to 4.00% (vary by location) | 0.50% to 2.01% |
| Early withdrawal penalties | 90 to 365 days interest | 3 months interest for 3-month, 6-month, and 1-year CDs |
| Next steps | Open an account | Open an account |
Chase CD
3.5/5
3.5 out of 5 Stars
Annual Percentage Yield (APY)
0.01% to 4.00% (vary by location)
Minimum Deposit Amount
$1,000
JPMorgan Chase Bank, FDIC Insured
Chase CD
3.5/5
3.5 out of 5 Stars
Annual Percentage Yield (APY)
0.01% to 4.00% (vary by location)
Minimum Deposit Amount
$1,000
JPMorgan Chase Bank, FDIC Insured
Chase CD
JPMorgan Chase Bank, FDIC Insured
Details
Annual Percentage Yield (APY)
0.01% to 4.00% (vary by location)
Minimum Deposit Amount
$1,000
Editor's Rating
3.5/5
3.5 out of 5 Stars
Pros & Cons
Pros
CD terms up to 10 years
Compounds interest daily
Cons
Low APY
$1,000 opening deposit
You must have a checking or savings account to open a CD online
Highlights
More Information
- Terms ranging from 1 month to 10 years
- Early withdrawal penalties ranging from 90 to 365 days interest
- All balances and terms earn a standard rate of 0.01% APY
- You can only open a CD online if you already have a Chase checking or savings account, otherwise visit a branch
- FDIC insured
Additional Reading
Which Bank is More Trustworthy?
We use ratings from the Better Business Bureau to evaluate how a bank deals with customer issues.
The Better Business Bureau gave JP Morgan Chase & Co. (Chase's parent company) a A rating due to government action taken against the business. Wells Fargo received an F rating because it is responding to previously closed complaints and has received government action against the bank.
A good BBB rating won't necessarily ensure your relationship with a bank will be perfect. Consider talking to current customers or reading online customer reviews.
Chase and Wells Fargo have also both gone through a few public controversies in the last few years.
Here are recent cases with JP Morgan Chase & Co.:
- In 2020, JP Morgan Chase & Co.paid the Department of Justice $920 million when charged with wrongful trading.
- In 2020, JP Morgan Chase & Co. paid $800,000 in back wages in a settlement with the US Department of Labor that accused the company of underpaying women. The US Department of Labor also required the bank to provide a total of $9 million for compensation adjustments over five years.
Meanwhile, Wells Fargo has been involved in the following issues:
- In December 2022, The Consumer Financial Protection Bureau required Wells Fargo to pay more than $3.7 billion in a settlementthat accused the bank of wrongfully charging fees that led thousands of customers to lose vehicles and homes. The settlement also accuses the bank of wrongfully charging overdraft fees on checking and savings accounts.
- In 2021, the Office of the Comptroller of Currency issued a cease and desist order against Wells Fargo because the OCC said the bank's compliance risk management program had unsafe business practices.
- In 2020, the Department of Justice required Wells Fargo to pay $3 billion in a settlement that accused company employees of opening unauthorized bank accounts to meet unrealistic sales goals.
- In 2019, Wells Fargo paid the city of Philadelphia $10 million in a settlement. The city claimed Wells Fargo engaged in predatory mortgage lending to racial minorities.
- In 2019, the bank also paid $10 million in a settlement with the California Department of Insurance (CDI). The CDI stated that Wells Fargo signed up and charged 1,500 consumers on insurance products without their knowledge.
Frequently Asked Questions
Is Wells Fargo or Chase better?
It'll depend on which bank accounts you'd like to open. Wells Fargo's checking account makes it easier to waive the monthly service fee, but Chase has stronger options with savings accounts and CDs.
Keep in mind neither Wells Fargo nor Chase offers a money market account. Look over our money market account guide for our top picks.
Is Wells Fargo or Chase bigger?
Chase has more than 4,800 branches and more than 16,000 free ATMs. Meanwhile, Wells Fargo has 4,700 branches and 12,000 ATMs.
Sophia Acevedo, CEPF
Banking Reporter
Sophia Acevedo is a banking reporter at Insider. She covers bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF). Sophia joined Insider in July 2021 and is an alumna of California State University Fullerton where she studied journalism and minored in political science. She is based in Los Angeles. You can reach out to her on Twitter at @sophieacvdo or email sacevedo@insider.com. Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >> Below are links to some of her most popular stories:
Top Offers From Our Partners
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Chase Total Checking: $3.00 for inquiries, transfers and withdrawals while using a non Chase ATM in the US, Puerto Rico and US Virgin Islands. Fees from the ATM owner/network still apply. $5 per withdrawal and $3.00 for any transfers or inquiries at ATMs outside the U.S., Puerto Rico and the U.S. Virgin Islands. Fees from the ATM owner/network still apply.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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