How Much to Open an Account in Wells Fargo

Bank of America and Wells Fargo, the second- and third- largest U.S. banks , respectively, offer similar flavors of traditional-style banking, packed with networks of ATMs and branches. But there are some slight differences that you should know about if you're deciding between the two.

Here's a quick look at how Wells Fargo and Bank of America compare.

Snapshot comparison

	Wells Fargo	Bank of America
Checking accounts	Wells Fargo Everyday Checking Monthly fee: $10 (See below for ways to waive it). Minimum opening deposit: $25.	Bank of America Advantage Plus Banking® Monthly fee: $12 (See below for ways to waive it). Minimum opening deposit: $100.
Savings accounts	Wells Fargo Way2Save APY: 0.01% . Monthly fee: $5 (See below for ways to waive it).	Bank of America Advantage Savings APY: 0.01% . Monthly fee: $8 (See below for ways to waive it).
Certificates of deposit	Wells Fargo CD interest rates 1 year: 0.01% . 5 year: No standard rates available online beyond one-year terms. Call or visit a branch for rates. Minimum deposit: $2,500.	Bank of America CD interest rates 1 year: 0.03% . 5 year: 0.03% . Minimum deposit: $1,000.
Overdrafts, ATMs, customer service	Wells Fargo details Overdraft fee: $35, maximum of 3 per day. Overdraft protection transfer fee: $12.50. ATMs: More than 12,000. Branches: About 4,900 in more than 35 states. Customer service: Available 24/7 by phone.	Bank of America details Overdraft fee: $35, maximum of 4 per day. Overdraft protection transfer fee: $12. ATMs: 17,000. Branches: About 4,200 in more than 35 states. Customer service: Available by phone Monday - Friday, 8 a.m. - 12 a.m. ET; Saturday - Sunday, 8 a.m. - 8 p.m. ET.
	NerdWallet rating Learn More at Wells Fargo, Member FDIC	NerdWallet rating Learn More at Bank of America, N.A., Member FDIC

Choose Wells Fargo if:

• You tend to have less than $500 in your savings account.

• You prioritize 24/7 access to customer service.

Choose Bank of America if:

• Your direct deposits total at least $250 in a month.

• You want a larger ATM network.

Or go with an alternative

Unlike these brick-and-mortars, online banks don't have thousands of branches. But they do have excellent annual percentage yields, or APYs, that make your savings grow faster. And fees tend to be low or nonexistent.

Wells Fargo vs. Bank of America: Basic checking accounts

	Wells Fargo Everyday Checking	Bank of America Advantage Plus Banking®
Monthly fee	$10. How to get it waived You must meet one of the following requirements: Keep a daily balance of at least $500. Receive $500 or more in qualifying direct deposits each month. Have a primary account owner who is 17-24 years old. Link a Wells Fargo Campus ATM or Debit Card.	$12. How to get it waived You must meet one of the following requirements: Keep a daily balance of at least $1,500. Make $250 in direct deposits per month. Be enrolled in Preferred Rewards, which requires a minimum $20,000 average combined balance across bank accounts. Have an account owner who is under 25 and an eligible student.
Minimum deposit to open	$25.	$100.
APY	None.	None.
ATM fees and network	More than 12,000 ATMs. $2.50 fee at non-Wells Fargo ATMs, plus any fees from ATM owner.	About 17,000 ATMs. $2.50 for each out-of-network ATM transaction.
Bonus offer	$200 (expires 12/31/2021); our Wells Fargo review explains how to qualify .	$100 (expires 6/30/2022); our bonuses roundup explains how to qualify .

+ Click here for analysis of Wells Fargo and Bank of America's checking accounts

Neither checking account earns interest, but Wells Fargo's monthly fee is lower. If you plan to use direct deposit to avoid a monthly fee, note that the minimum deposit requirement at Wells Fargo is double that of Bank of America's. Be aware that other banks charge no monthly fees with no strings attached.

Wells Fargo vs. Bank of America: Basic savings accounts

	Wells Fargo Way2Save	Bank of America Advantage Savings
APY	0.01% APY.	0.01% APY.
Monthly fee	$5. How to get it waived You must meet one of the following requirements: Keep an average balance of $300. Set up a recurring auto transfer of at least $25 each period from a linked account. Have an auto transfer of at least $1 on each business day from a linked checking account. Have at least one Save As You Go transfer from a linked checking account. Have a primary account older who's 24 years old or younger.	$8. How to get it waived You must meet one of the following requirements: Keep a minimum daily balance of $500. Link to the interest checking account, Advantage Relationship Banking®. Be a Bank of America Preferred Rewards client. Have an account owner who is under 25 and an eligible student.
Minimum deposit to open	$25.	$100.

+ Click here for analysis of Wells Fargo and Bank of America's savings accounts

Both banks offer dismal savings rates that are lower than the national average. Bank of America's interest rate can increase if you're enrolled in Preferred Rewards, but that requires an average daily balance of $20,000 or more in qualifying accounts. And even if you do this, the rate is still extremely low compared with some other banks, especially online banks.

Both banks offer automated programs to boost your savings. Bank of America's Keep the Change program rounds up your Bank of America debit card purchases to the nearest dollar, and deposits the difference automatically into your savings account. Wells Fargo's Save As You Go program transfers $1 from your checking account to your savings account every time you make a non-recurring debit card purchase or pay a bill using the bank's online bill pay.

Wells Fargo vs. Bank of America: Certificates of deposit

	Wells Fargo	Bank of America
1-year APY	0.01% APY.	0.03% APY.
3-year APY	No standard rates available online beyond one-year terms. Call or visit a branch for rates.	0.03% APY.
5-year APY	No standard rates available online beyond one-year terms. Call or visit a branch for rates.	0.03% APY.
Minimum deposit	$2,500.	$1,000.
For more details:	See our post on Wells Fargo CD rates .	See our post on Bank of America CD rates .
Rates may vary by location.

+ Click here for analysis of Wells Fargo and Bank of America's CDs

Bank of America's minimum deposit amount is lower, but both banks have very low CD rates compared with national averages. Rates may also vary by ZIP code.

Wells Fargo vs. Bank of America: Banking experience

	Wells Fargo	Bank of America
Branches	About 4,900 in more than 35 states and Washington, D.C.	About 4,200 in more than 35 states and Washington, D.C.
Banking apps (ratings from app store users)	4.8 out of 5 stars for iPhone. 4.8 for Android.	4.8 out of 5 stars for iPhone. 4.7 for Android.
Customer service	Available 24/7 by phone. Social media support available.	Available by phone Monday-Friday, 8 a.m.-11 p.m. ET, Saturday-Sunday, 8 a.m.-8 p.m. ET. Live chat support available. Email support available. Social media support available.

+ Click here for analysis of Wells Fargo and Bank of America's banking experience

Both banks cover a majority of states, though Wells Fargo has the edge over Bank of America when it comes to branch count.

Both have multiple ways to contact customer service. Unless you need 24/7 access to customer service like Wells Fargo offers, the two banks are roughly on par with each other.

Note: Wells Fargo paid several penalties to government regulators in the past few years due to a series of abusive practices. This included bank employees opening roughly 1.5 million bank accounts without customers' consent.

Wells Fargo vs. Bank of America: Overdraft fees

	Wells Fargo	Bank of America
Overdraft fee	$35, maximum of 3 per day.	$35, maximum of 4 per day.
Overdraft protection fee	$12.50 per transfer.	$12 per transfer.
Extended overdraft fee	None.	None.

+ Click here for analysis of Wells Fargo and Bank of America's overdraft fees

Overdraft fees are high at both banks. Other banks charge less, or have lower limits on the number of times you can overdraft per day. Some banks don't charge a fee at all.

Neither bank charges an extended overdraft fee, which is what banks can charge for having a negative account balance for a certain number of days.

Should you choose Wells Fargo or Bank of America?

Wells Fargo and Bank of America have similar offerings but slight differences in how to avoid fees that might tip either bank in your favor. If you're looking for competitive interest rates on savings accounts and CDs, however, you'll have to check elsewhere. You can find options at NerdWallet's best banks and credit unions .

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How Much to Open an Account in Wells Fargo

Source: https://www.nerdwallet.com/article/banking/wells-fargo-vs-bank-of-america-comparison

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