U.S. Bank vs. Wells Fargo

Wells Fargo and U.S. Bancorp, better known as U.S. Bank, are the third- and fifth-largest banks in America, respectively, so if you’re looking for prestige and confidence in opening a reliable checking or savings account, they’re two options you may consider. But, of course, if you’re looking to understand the nuanced differences between the two big banks, we’ve got you covered. Here is a guide to the U.S. Bank vs. Wells Fargo comparison.

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What to Know About U.S. Bank

U.S. Bank has options that put the account holder in the driver’s seat. You can find U.S. Bank establishments scattered throughout 26 states. Whether you choose to utilize its Bank Smartly checking or savings accounts, you can access the entirety of your wealth through the institution’s banking app, its website, or a standard ATM.

Furthermore, U.S. Bank ranks impressively on the national scale when it comes to its specialty options for students and seniors, demographics which some major banks overlook. However, for the rest of the general public, the ease and accessibility of an account with U.S. Bank might not outweigh the bank’s main drawback: its near-unavoidable monthly account fees.

U.S. Bank’s primary selling point might be its inclusionary tactics: if you’d most prefer to keep all your finances contained to one bank, U.S. Bank may be the place for you. In fact, the bank has checking accounts, savings accounts, CDs, retirement accounts, wealth management accounts and more.

What to Know About Wells Fargo

Almost anywhere you go in the U.S., odds are you can stop by Wells Fargo when you get there. The third-largest bank in America as of December 2024 per the Federal Reserve, boasts thousands of physical branches and 11,000 ATMs scattered across 36 states. It’s buttressed by a highly rated app for Apple and Android devices.

Wells Fargo has an impressive array of account options: you can take your pick from two savings accounts, CDs with maturities that range from three to a year or more, and three different IRAs. For those looking to localize their assets to one domain, Wells Fargo has you covered there, too. Finding the right account for your particular financial situation is key to reaping the benefits of a Wells Fargo bank account – including incurring savings. Among its many distinctive draws, Wells Fargo offers a Teen Checking account aimed at educating kids and adolescents on money management.

Unfortunately, for all of its benefits, Wells Fargo accounts don’t have particularly good interest rates. This is a major detriment big bank customers face. Since these big banks have to keep up with the costs of maintaining thousands of physical locations, they often can’t afford to offer the highest rates out there. For starters, Wells Fargo’s basic Way2Save® Savings account earns at a 0.01% APY. Admittedly, this number is slightly better than other big banks, but you can find much better rates with high-yield accounts especially at online banks.

U.S. Bank vs. Wells Fargo: Bank Accounts

A woman comparing US Bank vs. Wells Fargo bank fees.

In the U.S. Bank vs. Wells Fargo matchup, U.S. Bank may win out when it comes to breadth of accounts. That’s because of its attentiveness to certain demographics. U.S. Bank offers strong options for students and seniors looking to make one singular bank their financial home base.

Members of these two groups, as well as members of the military, are exempt from U.S. Bank’s monthly maintenance fees. If you don’t fall into either camp but are still looking to waive the fee, you may have your fee waived if your average checking account balance is $1,500 or more, you have a U.S. Bank consumer credit card or your combined monthly direct deposits add up to at least $1,000.

U.S. Bank vs. Wells Fargo: Fees

By comparison, Wells Fargo may seem more reasonable with its fees, as it does not operate on a rigid charging schedule. Rather, with the bulk of its accounts, Wells Fargo customers will incur a monthly fee with the exact amount dependent on the value of their own account.

These monthly fees can be anywhere from as cheap as $5 to as steep as $35. However, unlike U.S. Bank, it is fairly easy to get out from under these fees, by such measures as setting up direct deposits through the Wells Fargo app or meeting an arbitrarily set account balance minimum. You can learn more about this by meeting with a representative at a bank branch. As with U.S. Bank, at Wells Fargo you can incur Wells Fargo fees through preventable measures. These include overdraft fees, insufficient funds or out-of-network/international ATM transactions.

U.S. Bank vs. Wells Fargo: Rates

When making the U.S. Bank vs. Wells Fargo decision, it’s important to look at interest rates.

Wells Fargo’s simple savings account earns 0.01%, but it offers a few account options that can reach as high as 2.48% APY. This is because Wells Fargo also allows customers to earn bonus rates by creating and tending to a Wells Fargo Prime Checking account.

U.S. Bank offers a slightly better deal, particularly in terms of its CD rates and money market accounts. However, there are online banks who likely offer better rates if you’re willing to shop around.. Unless working with a bank that has a substantial brick-and-mortar presence is at the top of your list, you might want to look elsewhere to secure higher rates.

U.S. Bank vs. Wells Fargo: Which Should You Choose?

When deciding between U.S. Bank and Wells Fargo, it helps to consider what matters most for your banking experience. Both banks are large institutions with nationwide reach, but Wells Fargo has a broader branch and ATM network, offering more physical locations across the U.S. If easy access to in-person banking or a wider ATM network is important, Wells Fargo may be the better fit.

Account features and fees are another key factor. U.S. Bank provides more specialized options for students, seniors, and military members, with some fee waivers tied to those groups. In contrast, Wells Fargo offers fee waivers based on meeting direct deposit or balance requirements, which may be easier for many customers to achieve regardless of age or status. Both banks have standard monthly fees, but Wells Fargo’s requirements to avoid them may be more accessible for general users.

Interest rates tend to be low at both banks, especially compared to online banks. If earning higher interest is a priority, you might consider alternatives outside of either institution. But if you’re looking for a full-service bank that offers a range of accounts and products under one roof, Wells Fargo may appeal to a broader audience, while U.S. Bank may be a better choice for students, seniors, or customers looking for tailored account options.

Bottom Line

Wells Fargo is a larger bank than U.S. Bank, but their fees and interest rates are similar for most customers. U.S. Bank stands out by offering free checking for college students and options for those with limited banking history. However, Wells Fargo makes it easier to waive monthly fees with direct deposits of $500 or $1,000, which U.S. Bank does not match. For most people, that gives Wells Fargo a slight edge, though U.S. Bank may be better for students, teens, or seniors.

Long-Term Banking Tips

Before you decide to work with a bank for any financial need, make sure you have a thorough understanding of your current situation. Is it important for you to have a free checking account? Or are you in a solid spot to start contributing to a high-interest savings account? Take a close look at your balances, and go from there.
Don’t disregard credit unions. Companies like Western Union or Navy Federal are way more likely to provide high rates than are big chains like TD or Wells Fargo, who must pay the cost of operating brick-and-mortar establishments nationwide.
If you’re looking to save big for retirement, just picking the right bank alone won’t get you there. A financial advisor can help you build a long-term financial plan. 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 interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.