Bank of America vs. Chase vs. Wells Fargo: Which Is Right for You?

If you’re looking for the best bank account to meet your needs, Bank of America, Wells Fargo and JPMorgan Chase are all going to be excellent options. But, which one is truly a good fit for you? To help you decide, here’s a comparison of America’s three largest banking institutions.

To get more help with your finances, a financial advisor can work with you to create a financial plan for your long-term banking needs and goals.

Bank of America: Best Versatility

Despite its vast size and national presence, Bank of America, does not feature the nation’s highest-earning interest rates on its accounts. Unfortunately, Bank of America consistently fails to deliver robust annual savings growth for its account holders. But if you’re seeking additional benefits ahead of building your current savings, BoA could be a very viable choice. Its Rewards Savings Account offers benefits based on your spending patterns.

Bank of America also offers a wide range of products tailored to its customers, including four checking accounts, one savings account, three certificates of deposit (CDs) and four types of IRAs.

Chase Bank: Best for Waiving Fees

Chase is the largest bank in the U.S., across every metric. But for all its size, its interest rates are curiously unimpressive. Even so, like Bank of America, Chase Bank offers several distinct banking options, which enables it to provide services to customers at every income level.

Its two basic savings accounts are called the Chase Savings and Chase Premier Savings accounts, the latter of which offers slightly better rates and benefits and is catered toward customers with higher balances.

The Chase Savings account is the more standard of the two, without any extra perks. It also earns at the lowest APY, regardless of your account balance. The Chase Premier account offers slightly better rates and benefits because it caters to customers with higher balances.

There are several options for waiving the bank fees that Chase employs, but most of them hinge on maintaining certain account minimums. If you are starting out with a minimal balance, Chase may not be for you.

Wells Fargo: Best Range of Options

Wells Fargo, the third-largest bank in America, has more than 5,600 physical branches and 11,000 ATMs in 36 states and Washington, D.C.. With user experience at the top of its perks, Wells Fargo also has a highly rated app and user-friendly online portal that makes banking on the go a breeze. 

Wells Fargo is also at the top of its game in terms of options. It has a vast list of inventory: you can choose from five checking accounts, three savings accounts, three types of CDs and three different IRAs.

For those looking to consolidate their assets into one account, Wells Fargo has you covered there, too. Finding the right account for your particular financial situation is key to getting the most out of Wells Fargo.  

But much like BoA and Chase, unfortunately, Wells Fargo accounts do not have particularly good interest rates.For instance, Wells Fargo’s basic Way2Save Savings account only earns at a 0.01% APY.  This is a primary downfall among big banks like these three; the cost of maintaining thousands of physical locations translates to higher fees because convenience comes at a cost.

Bank of America vs. Chase vs. Wells Fargo: Bank Accounts

Each of the banks offers a unique array of accounts to choose from. We’ve organized it into a definitive list, so you can see precisely what one bank has and another lacks as you make the Bank of America vs. Chase vs. Wells Fargo Decision.

All three banks offer a healthy list of bank accounts complete with savings, checking, IRAs and CD accounts. You can start saving for retirement with an IRA, and all offer teen and student checking accounts. While Bank of America does make fee allowances for students, it does not have specific accounts for younger owners.

Bank of America does offer more variety with its account options than the others. There is no real winner, however, when it comes to account perks. These big banks more or less match each other in ATM offerings, branch presence and online and mobile access. However, it is important to examine how those fees could affect your account balance when making the comparison between Bank of America vs. Chase vs. Wells Fargo.

Bank of America vs. Wells Fargo vs. Chase: Fees

Bank of America, Chase and Wells Fargo accounts all charge a monthly fee, with the exact amounts depending on the selected account and balance therein. These are average fees between Bank of America vs. Chase vs. Wells Fargo:

• Wells Fargo’s monthly fees range anywhere from $5 to $35. 
• Bank of America’s monthly fees range from $4.95 to $25. 
• Chase Premier Savings account charges a $25 monthly fee.

You can also often waive a monthly service fee by meeting certain requirements like a minimum account balance or setting up direct deposits. Despite the fact that all three banks charge monthly maintenance fees, Wells Fargo’s fees tend to be lower than those of the other two. It also provides more opportunities to have the fees waived.

Bank of America vs. Chase vs. Wells Fargo: Rates

None of these banks offer very special interest rates. Their simple savings accounts earn bare-minimum interest at 0.01%. All three banks will provide opportunities to boost your rate, should you opt for premium banking packages.

When it comes to CD rates, Bank of America and Chase offer rates up to 4.00% APY. These are fairly low interest rates due to the costs required to operate thousands of branch locations. 

Despite their low fees, each of them offers a wealth of options to get around them—if you seek them out.

Bottom Line

Choosing between Bank of America, Chase, and Wells Fargo can be difficult since all three offer many features, including wide branch and ATM access, strong online banking, 24/7 support, and a range of services. However, if earning high interest is your goal, these big banks usually fall short, with rates rarely above 1% due to the costs of maintaining physical locations. Online banks and credit unions often offer better interest rates because they have lower overhead. In the end, the right choice depends on which services matter most to you.

Tips for Finding the Right Bank

• Don’t go it alone when making the Bank of America vs. Chase vs. Wells Fargo decision. If you’re considering switching banks, it’s best not to leave any room for guesswork. A financial advisor could help you create a long-term financial plan for your goals and needs. SmartAsset’s free tool matches you with vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
• Before you pick a bank, make sure you know your current financial situation inside and out. Are you a good fit for a free checking account? Do you have a firm enough financial fallback to begin contributing to a high-interest savings account? Consider these factors and go from there.
• Looking for more options? Don’t forget credit unions. Credit unions like Western Union and Navy Federal are known for providing high rates than are big chains like Chase Bank or Citibank. National banks must shoulder the cost of operating physical storefronts nationwide—credit unions usually do not.

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