Chase and Wells Fargo are two of America’s largest banks. Which will be the right choice for you? The answer will depend on your personal financial needs, the amount of money you plan to maintain on deposit, and the specific accounts offered by each bank.
To help you evaluate whether Chase or Wells Fargo is the better choice, we’ve done a side-by-side comparison of several popular accounts. These include checking accounts, savings accounts, and certificates of deposit (CDs).
There are many details attached to each account with each bank. And while they may seem subtle, those details can be game-changers. Be sure you understand the requirements, you’ll need to meet to get the features and benefits you want.
Checking Accounts: Chase Total Checking vs. Wells Fargo Everyday Checking
Both Chase and Wells Fargo offer multiple checking account options. But the two most popular checking accounts at each bank are the Chase Total Checking and Wells Fargo Everyday Checking accounts.
Each account comes with online and mobile banking, paper checks, mobile deposit, bill pay, Zelle, optional overdraft protection, 24/7 fraud monitoring, zero-liability protection, and access to thousands of in-network ATMs.
The table below summarizes the highlights between the two checking accounts:
| Feature | Chase Total Checking | Wells Fargo Everyday Checking |
|---|---|---|
Annual Percentage Yield (APY) | N/A | N/A |
Fees | Monthly: $12 | Monthly: $10 |
ATMs and bank branches | 15,000 ATMs and more than 4,700 branches. | 12,000 ATMs and more than 7,100 branches in 38 states. |
Minimum Deposit | $0 | $25 opening minimum, then no minimum balance is required. |
Bonus Offer | $300 (see details below). | $300 (see details below). |
Wells Fargo Everyday Checking bonus offer details: Open a new account on the Wells Fargo offer webpage with at least $25 by June 27, 2023. You must receive a total of $1,000 or more qualified direct deposits within 90 calendar days of account opening. The bonus will be paid within 30 days.
Chase Total Checking® account bonus offer details: Offer available to new Chase checking customers, when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.
How to Waive Checking Account Fees at Each Bank
Chase:
- Electronic deposits of $500 or more, or
- Minimum daily beginning balance of $1,500 or more, or
- Average beginning daily balance of $5,000 or more in any combination of Total Checking and linked qualifying deposit or investment accounts
Wells Fargo:
- $500 minimum daily balance, or
- $500 or more in total qualifying electronic deposits, or
- The primary account owner is between 17 and 24 years old, or
- A linked Wells Fargo Campus ATM Card or Campus Debit Card
Checking Accounts: Chase Premier Plus Checking vs. Wells Fargo Premier Checking
Both Chase and Wells Fargo offer premium checking accounts, with interest and more features. For Chase, it’s the Chase Premier Plus account, while Wells Fargo offers Premier Checking account.
The Chase Premier Plus Checking account offers the same basic features as Chase Total Checking. But with Premier Plus, you also earn a little bit of interest on your balance and enjoy lower account fees. That includes no Chase fees for the first four Chase ATM transactions and free counter checks, money orders and cashier’s checks.
Active duty members of the US military may be eligible for Military Enhanced Benefits. That means fees will be waived for non-Chase ATM transactions, foreign exchange rate adjustments, and both incoming or outgoing wire transfers.
Wells Fargo Premier Checking comes with all the features of Everyday Checking. But the account pays a competitive interest rate, goal-based planning, reduced fees and discounts on other banking services.
For example, you’ll enjoy interest rate discounts on select new loans, waived fees on linked accounts, no ATM fees worldwide (plus unlimited reimbursem*nt for non-Wells Fargo ATMs), no wire transfer fees, no fee on international purchase transactions and no fees for cashier’s checks or money orders.
The table below summarizes the highlights between the two checking accounts:
| Feature | Chase Premier Plus Checking | Wells Fargo Premier Checking |
|---|---|---|
Annual Percentage Yield (APY) | 0.01% | $0 to $99,999.99: 0.25%; $100,000 or more: 0.50% |
Fees | Monthly: $25 | Monthly: $35 |
Minimum Deposit | $0 | $25 |
Bonus Offer | N/A | $2,500 (see details below) |
Wells Fargo Premier Checking bonus offer details: Open a new account on the Wells Fargo Premier Checking offer webpage with at least $25 by July 1, 2023. You must receive a total of $250,000 or more in qualified direct deposits within 45 calendar days of account opening. The bonus will be paid within 30 days.
How to waive checking account fees at each bank
Chase Premier Checking:
- Average beginning daily balance of $15,000 or more in a combination of Chase Premier Checking and linked qualifying deposit and investment accounts, or
- Have a linked Chase first mortgage enrolled in automatic payments from your Chase account, or
- Be a current or prior member of the US military with a qualifying military ID
Wells Fargo Premier Checking:
- Maintain a minimum of $250,000 in statement-ending qualifying balances in your linked Wells Fargo accounts
Savings accounts: Chase Savings vs. Wells Fargo Ways2Save
Chase and Wells Fargo offer multiple savings account options. But the two most popular at each bank are Chase Savings and Wells Fargo Ways2Save.
The Wells Fargo Ways2Save account has an interesting automatic savings feature. While you can save with monthly or daily automatic transfers, they also offer their Save As You Go feature. Under the program, they’ll automatically transfer $1 from your linked Wells Fargo checking account to your Ways2Save account each time you use your debit card for a one-time purchase or complete a Bill Pay transaction with online banking.
The table below summarizes the highlights between the two checking accounts:
| Feature | Chase Savings | Wells Fargo Ways2Save |
|---|---|---|
APY | 0.01% on all account balances | 0.15% on all account balances |
Fees | Monthly: $5 | Monthly: $5 |
Minimum Deposit | $0 | $25 |
Bonus Offer | N/A | Up to $525 (see details below) |
Wells Fargo Savings bonus offer details: Open a new account with at least $25 by June 27, 2023, using the bonus offer code obtained on the Wells Fargo savings offer webpage, then deposit at least $25,000 into your account by Day 30 and maintain that balance or more for at least 90 days. The bonus will be transferred to your account within 30 days.
How to waive savings account fees at each bank
Chase:
- Minimum daily beginning balance of $300 or more, or
- $25 or more in total Autosave or other repeating automatic transfers from your personal Chase checking account (via chase.com or the Chase Mobile app), or
- A Chase College Checking account linked to this account for overdraft protection, or
- An account owner with an individual younger than 18, or
- A linked Chase Premier Checking, Chase Sapphire Checking, or Chase Private Client Checking account
Wells Fargo:
- $300 minimum daily balance, or
- One automatic transfer each fee period of $25 or more from a linked Wells Fargo checking account, or
- One automatic transfer each business day within the fee period of $1 or more from a linked Wells Fargo checking account, or
- One or more Save As You Go transfers from a linked Wells Fargo checking account, or
- Primary account owner is 24 years old, or under
Chase vs. Wells Fargo: CDs
Both Chase and Wells Fargo offer a wide variety of terms with their certificates of deposit (CDs).
The table below summarizes the highlights of the CDs offered by the two banks:
| Feature | Chase | Wells Fargo |
|---|---|---|
3-month CD APY | $0 - $9,999.99: 2.00% | $0 - $99,999.99: 0.50% |
Special 5-month CD APY ($5,000 minimum) | N/A | 4.25% (4.51% Relationship Interest Rate) |
6-month CD APY | $0 - $9,999.99: 0.02% $10K and up: 0.05% | 2.50% on all balances |
12-month CD APY | $0 - $9,999.99: 3.00% | $0 - $99,999.99: 1.50% |
24-month CD APY | 2.00% on all balances | N/A |
36-month CD APY | 2.00% on all balances | N/A |
Minimum Deposit | $1,000 | $2,500 |
Other | Requires linking with a Chase personal checking account | Relationship Interest Rates add 0.01% (must be linked to a Prime, Premier, or Private Bank Interest checking account) |
Prepayment Penalties
Chase:
- CD terms less than six months: 90 days of interest
- CD terms six to less than 24 months: 180 days of interest
- CD terms greater than 24 months: 365 days of interest
Wells Fargo:
- CD terms less than 90 days: one months’ interest
- CD terms 90 through 365 days: three months’ interest
- CD terms 12 through 24 months: six months’ interest
- CD terms over 24 months: 12 months’ interest
Which bank should you choose?
The choice between Chase and Wells Fargo will depend on the type of account you want to open and the amount of funds you have to maintain on deposit at either institution.
With checking accounts, Wells Fargo not only pays interest on their accounts but also very attractive bonuses. By contrast, Chase has much lower balance requirements to waive monthly fees.
The savings account option clearly favors Wells Fargo. Not only do they pay higher interest, but they also offer a bonus, which Chase does not.
For CDs, it depends on the term and the amount you have to invest. For example, Wells Fargo’s five-month special rate CD pays up to 4.51% APY. They also pay more on their six-month CD than Chase. But for all other CD terms and balances, Chase pays higher rates.
There’s no clear winner here. You’ll need to carefully evaluate your own financial needs against the products offered by each bank.
This story was written by NJ Personal Finance, a partner of NJ.com. The information presented here is created independently from the NJ.com editorial staff, and purchases made through links in this article may result in NJ.com earning a commission.
