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Chase vs. Wells Fargo

Compare the pros and cons of two of the country’s biggest banks to find out which one is best for you.

Chase and Wells Fargo are two of the Big Four US banks and are among some of the most popular banks in the industry. They both offer a wide array of banking products but there are a few differences that could make or break your decision on who to bank with.

Pros and cons of Chase vs. Wells Fargo

Chase

Pros
  • More ATMs. Chase has a network of over 15,000 ATMs, the largest of the Big Four banks.
  • Branches in more states. Chase has branches across 38 states, compared to Wells Fargo’s presence across 36 states.
  • Signup bonuses. Chase offers signup bonuses on its checking and savings accounts.
  • Lower opening deposits on CDs. You’ll only need $1,000 to open a CD at Chase compared to $2,500 at Wells Fargo
Cons
  • Slightly lower rates. While both banks have very low interest rates, Chase’s are slightly lower than Wells Fargo’s.
  • Higher monthly fees. Monthly fees on Chase’s checking and savings accounts are higher than Wells Fargo’s.

Wells Fargo

Pros
  • More branches. Wells Fargo has over 5,400 branches, edging out Chase’s network of roughly 5,000 branches.
  • Higher rates. Wells Fargo’s Platinum savings account is slightly higher than Chase’s savings account.
  • Lower monthly fees. Wells Fargo’s checking and savings accounts generally have lower monthly fees than Chase’s.
Cons
  • Fewer ATMs. Wells Fargo only has 13,000 ATMs compared to Chase’s 16,000.
  • In fewer states. Wells Fargo currently has branches in 36 states, which is shy of Chase’s presence in 38 states.
  • Higher CD opening deposits. You’ll need to deposit at least $2,500 to open a Standard CD.
  • Fewer opening bonuses. You won’t find as many signup bonuses as you would with Chase.

Chase vs. Wells Fargo savings accounts

Chase’s two savings accounts only pay 0.01% APY, or up to 0.11% with a balance of at least $250,000. Wells Fargo on the other hand, has three accounts that pay 0.01% to 0.05%, but up to 2.15% APY on the Platinum Savings account with a balance of $25,000 or more.

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Winner: Wells Fargo

Chase vs. Wells Fargo checking accounts

Both banks offer three checking accounts but Wells Fargo comes out ahead due to its options for teens and customers who don’t qualify for standard accounts.

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Winner: Wells Fargo

1 - 4 of 5
Name Product USFSA-CHK Fee Minimum deposit to open Annual Percentage Yield (APY) Offer
Chase Total Checking®
Finder Score: 3 / 5: ★★★★★
Bonus
Chase Total Checking®
$12 per month
(can be waived)
$0
N/A
New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.
Wells Fargo Prime Checking
Finder Score: 2.5 / 5: ★★★★★
Wells Fargo Prime Checking
$15 per month
(can be waived)
$25
0.05% on balances of $0+
Wells Fargo Everyday Checking
Finder Score: 3.5 / 5: ★★★★★
Wells Fargo Everyday Checking
$10 per month
(can be waived)
$25
N/A
$300 bonus by opening Everyday Checking account with deposit and activity requirements
Chase Premier Plus Checking
Finder Score: 2.5 / 5: ★★★★★
Chase Premier Plus Checking
$25 per month
(can be waived)
$0
0.01%
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Chase vs. Wells Fargo business checking accounts

Both banks offer several business checking accounts but Wells Fargo is the clear winner due to its lower monthly fees and higher transaction limits. For example, a large businesses that has up to 500 transactions a month can expect to pay a $40 monthly fee with Wells Fargo versus a $95 monthly fee with Chase.

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Winner: Wells Fargo

Chase vs. Wells Fargo CDs

Both banks offer multiple business checking accounts, but Chase’s rates are slightly higher than Wells Fargo’s.

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Winner: Chase

Chase vs. Wells Fargo other products

Both banks offer similar banking products but Wells Fargo has a broader range of account options. Here’s what you can expect to find at each institution:

Chase

  • Personal, car and student loans
  • Home loans and refinancing
  • Credit cards and reloadable cards
  • IRAs
  • Small business and commercial banking
  • Brokerage accounts
  • Student and military banking
  • You Invest
  • Chase Private Client

Wells Fargo

  • Personal, car and student loans
  • Home loans and refinancing
  • Credit and reloadable cards
  • IRAs and 401(k) plans
  • Small business and commercial banking
  • Brokerage accounts
  • Student and military banking
  • 529 and college savings
  • Foreign exchange
  • Financial advising

Chase vs. Wells Fargo branches and ATMs

Both banks have customer service that’s available seven days a week, but Wells Fargo’s is available 24/7.

ChaseWells Fargo
BranchesMore than 4,700Roughly 5,400
ATMsMore than 15,00013,000
Customer service
  • Phone 24/7
  • Social media
  • Live chat
  • Phone 24/7
  • Social media
  • No live chat
  • Email support

Chase vs. Wells Fargo special features

Despite these banks’ similar size and account offerings, each option has a few features that make them stand out:

Chase
  • Online and mobile banking
  • Multiple opening bonuses
Wells Fargo
  • Financial education center

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Winner: Chase

Bottom line

Chase and Wells Fargo are two of the biggest names in the banking industry, both with decades of history and millions of customers. While products are similar from both institutions, Wells Fargo’s rates are better on most products, while Chase has more opening account bonuses. Compare your options from both banks.

Frequently asked questions

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Writer

Peter Carleton is a freelance writer that covers banking and investing, breaking down what you need to know about where you put your money. When Peter's not thinking about cutting-edge banking apps and robo-advisors, he runs a creative agency and spends his spare time cooking or reading. See full bio

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