TD Bank vs. Wells Fargo

When it comes to choosing a bank, TD Bank and Wells Fargo are both excellent picks. Each bank is well-known in the financial industry and are popular options for banking services. boasts competitive benefits and accessibility. However, before you choose either bank, it is best to compare TD Bank vs. Wells Fargo for features and tools. This is what to consider before you open a new account.

Consider working with a financial advisor as you decide which bank offers you services that fit your goals and budget.

What to Know About TD Bank

If you are looking for a bank that allows you to withdraw money anytime and anywhere, TD Bank should be a strong contender. A product of the merger between Canada’s Dominion Bank and Bank of Toronto, TD Bank also stands out with its unusually-long operating hours and its commitment to weekend and holiday hours. In total, it operates more than 1,100 branches in the U.S. and has 2,600 ATMs available.

TD Bank offers a variety of accounts to its customers: savings accounts, checking accounts, certificates of deposit (CDs), money market accounts (MMAs) and IRAs. Some savings accounts include waivable monthly maintenance fees, and MMAs come complete with check-writing capabilities.

Most of these services also offer increased rates with qualifying account activity, allowing you to increase your earnings.

What to Know About Wells Fargo

Wells Fargo is the third-largest bank in America, with about $1.9 trillion in assets, more than 5,600 physical locations and more than 11,000 ATMs in 36 states, plus the District of Columbia. They also provide a highly rated app and easy-to-use online form, so you will never be without access to your accounts.

Wells Fargo also excels in consumer options. There are two kinds of savings accounts available, plus three CD types, five checking accounts and a couple of different types of IRAs. For those looking to keep their assets in one bank, Wells Fargo has the breadth of options to make this happen. Among its many distinctive benefits, Wells Fargo has created its Clear Access bank account for teens with the goal of educating kids and adolescents on money management.

Unfortunately, much like most of the top ten largest bank chains, Wells Fargo fails to offer any great interest rates. Usually, this is because such large banks must pay for the upkeep of their thousands of physical locations. Wells Fargo’s basic Way2Save® Savings account only earns a 0.1% APY. This APYis mostly standard for big banks, but many online banks and smaller chains can beat it.

TD Bank vs. Wells Fargo: Bank Accounts

TD Bank is one of the few banks in America that offers money market accounts (MMAs). These are a type of savings account that will generally earn you a higher amount of interest than the standard savings account. However, a small caveat is that the minimum balance and opening deposit for MMAs are often much higher than for a basic savings account.

With TD Bank, you may also take advantage of CDs and high-interest-earning checking accounts. The bank also specializes in mobile banking for savings and checking account customers, which gives you the ability to deposit your checks as you receive them via the convenience of your smartphone.

With Wells Fargo, you can select from an array of choices, allowing you to find the one that best fits your retirement saving needs. Wells Fargo provides a wider variety of bank accounts to its customers. Not only does Wells Fargo offer bank account IRAs, but it also provides more choices for both CDs and checking accounts.

To add another benefit, Wells Fargo’s CDs accumulate interest at much higher rates when you choose the Special Fixed Rate CD. For the extra reward-focused, you can earn Bonus Rates with each CD account you open when you link a Prime or Premier checking account.

TD Bank vs. Wells Fargo: Fees

TD Bank’s saving accounts have monthly maintenance fees, but it is possible to waive those. Its CD accounts don’t have a fee, while Simple and Signature savings accounts have low fees that can be waived. Overall, TD Bank fees are usually nonexistent or waivable, saving you money.

Wells Fargo customers must pay $25 to open a checking account, and there’s a $10 to $35 monthly fee if the balance falls below a certain threshold. Its Clear Access Banking account, which doesn’t have any overdraft fees, carries a $5 monthly fee, but that is waived for customers ages 13 to 24 years.

TD Bank vs. Wells Fargo: Rates

As stated earlier, neither Wells Fargo nor TD Bank offers impressive interest rates despite their vast resources. In your search for the best interest rates, do your research on credit unions and online-only banks since they typically have lower operating costs.

However, despite their low interest rates, you can still boost your earning with a wide array of premium banking packages with either branch.

Bottom Line

Choosing between TD Bank and Wells Fargo depends on what you need. TD Bank may work well if you’re new to banking or prefer help from a person when managing your account. Wells Fargo has more branches and ATMs, plus strong online and mobile banking, making it easy to access your money anywhere. But if earning interest is your main goal, neither bank offers high rates. It’s a good idea to compare their account options, fees, and features to see which one fits your needs best.

Tips for Choosing the Right Bank

Before you decide on a bank for any service, make sure you have a thorough understanding of your own financial situation. Do you need a free checking account? Or are you in the market to up your savings with a high-interest savings account? Acknowledging these questions can greatly narrow down your search.
Don’t underestimate the benefits of credit unions. Companies like Western Union can very likely provide much higher rates than you’d receive with TD or Wells Fargo.
You won’t be able to grow your money and have a concrete retirement plan just based on the bank you use. A financial advisor is a key addition to your planning. Finding a financial advisor doesn’t have to be hard. 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.