Both Chase and Wells Fargo are national bank brands offering a variety of personal and business accounts to customers all over America. While these banks are similar in many ways, there are some important differences.
Here’s a look at Chase versus Wells Fargo and how these two large financial institutions compare to each other.
Chase vs. Wells Fargo: At a glance
| Chase | Wells Fargo | |
|---|---|---|
Checking | Personal and small business | Personal and small business |
Savings | Personal and small business | Personal and small business |
CDs | Terms from one month to 10 years | Terms from three months to one year (additional terms may be available in-branch) |
MMAs | Not available | Not available |
Investing | DIY investing, personal advisors, private client advisors | DIY investing, automated/robo investing, financial advisors, wealth management |
Loans | Auto, personal, home, small business | Auto, personal, home, small business |
Service | Offered in all 50 states and DC | Offered in all 50 states and DC |
Network | 15,000+ ATMs | 11,000+ ATMs |
Technology | Web platform, mobile app | Web platform, mobile app |
Security | 128-bit encryption, two-step authentication | 128-bit encryption, two-step authentication |
Checking
Both Chase and Wells Fargo offer personal and business checking accounts to meet your everyday needs. These accounts come in a variety of flavors, and there are even accounts for kids from one of the banks. There are eight total checking accounts available from Chase and four from Wells Fargo. These transactional accounts are where you’ll deposit your pay each month, and from which you’ll make purchases and pay bills. The right one for you depends on how much you plan to keep in the account, the features that are most important to you, and even your age. If you’re a small business owner, both banks also offer business checking account options. These accounts have different features and requirements than personal checking accounts, so it’s important to consider your company’s needs before choosing.
Chase personal checking accounts
| Account | Monthly fee | Minimum deposit | Interest or rewards |
|---|---|---|---|
Chase Total Checking | $12* | None | No |
Chase Secure Banking | $4.95* | None | No |
Chase Premier Plus Checking | $25* | None | Yes |
Chase First Banking (available for ages 6 through 17) | $0 | None | No |
Chase High School Checking (available for ages 13 to 17) | $0 | None | No |
Chase College Checking (available to students ages 17 to 24) | $12* | None | Yes |
Chase Sapphire Banking | $25* | None | Yes |
Chase Private Client Checking | $35* | None | Yes |
*Monthly fee can be waived by meeting certain requirements.
Wells Fargo personal checking accounts
| Account | Monthly fee | Minimum deposit | Interest or rewards |
|---|---|---|---|
Everyday Checking | $10* | $25 | No |
Clear Access Banking | $5* | $25 | No |
Prime Checking | $25* | $25 | Yes |
Wells Fargo Premier Checking | $35* | $25 | Yes |
*Monthly fee can be waived by meeting certain requirements.
Chase business checking accounts
| Account | Monthly fee | Minimum deposit | Interest or rewards |
|---|---|---|---|
Chase Business Complete Banking | $15* | None | No |
Chase Performance Business Checking | $30* | None | Interest option available |
Chase Platinum Business Checking | $95* | None | No |
*Monthly fee can be waived by meeting certain requirements.
Wells Fargo business checking accounts
| Account | Monthly fee | Minimum deposit | Interest or rewards |
|---|---|---|---|
Initiate Business Checking | $10* | $25 | No |
Navigate Business Checking | $25* | $25 | Yes |
Optimize Business Checking | $75 | $25 | Yes |
*Monthly fee can be waived by meeting certain requirements.
Savings
Both personal and business banking customers can benefit from having one or more savings accounts, especially if they are rich in features. These accounts typically earn interest on the balance held and may even be high-yield, helping you grow your balance even faster. Chase and Wells Fargo have savings accounts products for their personal and business banking customers, with Chase and Wells Fargo each offering two different interest-bearing products. Neither Chase nor Wells Fargo has a high-yield savings account option, however. If you’re looking to really maximize your earnings, consider one of our picks for the best high-yield savings accounts.
Chase personal savings accounts
| Account | Monthly fee | Minimum deposit | Interest rate |
|---|---|---|---|
Chase Savings | $5* | None | 0.01% APY |
Chase Premier Savings | $25* | None | 0.01% to 0.02% APY, depending on relationship tier |
Monthly fee can be waived by meeting certain requirements.
Wells Fargo personal savings accounts
| Account | Monthly fee | Minimum deposit | Interest rate |
|---|---|---|---|
Way2Save Savings | $5* | $25 | 0.01% APY |
Platinum Savings | $12* | $25 | 0.05% to 2.51% APY, depending on relationship tier |
*Monthly fee can be waived by meeting certain requirements.
Chase business savings accounts
| Account | Monthly fee | Minimum deposit | Interest rate |
|---|---|---|---|
Chase Business Total Savings | $10* | None | 0.01% APY |
Chase Business Premier Savings | $20* | None | 0.01% to 0.02% APY, depending on balance and relationship tier |
*Monthly fee can be waived by meeting certain requirements.
Wells Fargo business savings accounts
| Account | Monthly fee | Minimum deposit | Interest rate |
|---|---|---|---|
Business Market Rate Savings | $5* | $25 | 0.01% APY |
Business Platinum Savings | $15* | $25 | 0.01% APY |
*Monthly fee can be waived by meeting certain requirements.
Certificates of deposit (CDs)
Both Chase and Wells Fargo have CD products. With Chase, these range from two months to 10 years in length, while Wells Fargo ranges from three to 12 months (with additional terms sometimes available from a branch location). Some products and term lengths may be limited to customers in select relationship tiers.
One month
| Bank | Interest rate | Minimum deposit |
|---|---|---|
Chase | 0.02% APY | $1,000 |
Wells Fargo | N/A | N/A |
Three months
| Bank | Interest rate | Minimum deposit |
|---|---|---|
Chase | 2.00% APY | $1,000 |
Wells Fargo | 2.50% to 2.51% APY, depending on relationship tier | $2,500 |
Nine months
| Bank | Interest rate | Minimum deposit |
|---|---|---|
Chase | 4.25% to 4.75% APY, depending on balance | $1,000 |
Wells Fargo | NA | N/A |
12 months
| Bank | Interest rate | Minimum deposit |
|---|---|---|
Chase | 2.00% APY | $1,000 |
Wells Fargo | 1.50% to 1.51% APY, depending on relationship tier | $2,500 |
18 months
| Bank | Interest rate | Minimum deposit |
|---|---|---|
Chase | 2.50% APY | $1,000 |
Wells Fargo | N/A | N/A |
24 months
| Bank | Interest rate | Minimum deposit |
|---|---|---|
Chase | 2.50% APY | $1,000 |
Wells Fargo | N/A | N/A |
36 months
| Bank | Interest rate | Minimum deposit |
|---|---|---|
Chase | 2.50% APY | $1,000 |
Wells Fargo | N/A | N/A |
Money market accounts (MMAs)
Neither Wells Fargo nor Chase Bank offers an MMA for personal or business banking customers.
Investing products
Saving and growing wealth for the future is an important part of any financial strategy, which is why both Chase and Wells Fargo offer a variety of investing products and services to personal banking customers.
| Chase | Wells Fargo | |
|---|---|---|
Self-directed investment portfolios | Yes | Yes |
Automated investing/robo-advisor | No | Yes |
1:1 advisory services | Yes | Yes |
Wealth management | Yes | Yes |
Individual retirement accounts (IRAs) | Yes, traditional and Roth | Yes, traditional and Roth |
Loans
Last, we have loan options from both Chase and Wells Fargo. Each bank offers loan products which may include personal loans, auto loans, and various types of home loans. The actual loan terms and rates depend on factors like your location, eligibility, and how you plan to use the funds.
Personal loans
Chase Bank does not offer personal loans at this time. You can take out a cash advance against an available credit limit on your Chase credit card, however.
| Personal loan rates | Loan limits | Terms | |
|---|---|---|---|
Chase | N/A | N/A | N/A |
Wells Fargo | 7.49% to 23.24% APR | $3,000 to $100,000 | 12 to 84 months |
Auto loans
Chase auto loans are only available through the Chase Auto buying program. This platform works with participating lenders to help you shop, get prequalified, and purchase your vehicle.
| Auto loan rates | Loan limits | Terms | |
|---|---|---|---|
Chase | Not disclosed | $4,000+ | 48 to 72 months |
Wells Fargo | 7.49% to 23.24% APR | $3,000 to $100,000 | 12 to 84 months |
Home loans
Home lending products can allow you to buy a primary home, second home, or investment property, or to refinance a home mortgage loan you already have. They can also include home equity loans and lines of credit (HELOCs) to tap into your property’s existing value.
Both Wells Fargo and Chase offer a range of home lending products.
| Mortgage loans offered | Additional products | Home loan rates | |
|---|---|---|---|
Chase | Fixed-rate, ARM, Jumbo, FHA | Refinance, cash-out refinance | Starting at 6.631% APR |
Wells Fargo | Fixed-rate, ARM, Jumbo, FHA, VA | Cash-out refinance | 7.49% to 23.24% APR |
Chase vs. Wells Fargo: Other features comparison
Now that you’ve seen how different Chase and Wells Fargo products compare, here’s how their features and services match up.
Service
Both Chase and Wells Fargo offer banking services in all 50 states as well as the District of Columbia.
Network
Both Chase and Wells Fargo offer a wide network of free ATMs, though Chase has a slight edge here. In addition to its 4,700+ branches, Chase currently has more than 15,000 ATMs where you can make a deposit, check your balance, or withdraw cash. You can even make a withdrawal if you forget your debit card at home with Chase’s Cardless ATM and a connected mobile wallet.
Wells Fargo has a network of more than 11,000 ATMs across the country, and also offers mobile wallet access to machines. This means full ATM functionality from a connected mobile wallet, even if you don’t have your debit card with you.
Technology
Both Wells Fargo and Chase Bank have a robust web platform and a feature-rich mobile app. Both banks also offer mobile wallets that can even be used to gain access to your account at an ATM, allowing you to make withdrawals or deposits without a physical debit card.
Security
To protect your information and your account, each bank utilizes many different security features. Both Chase and Wells Fargo specify that 128-bit encryption and two-factor authentication is used to guard your data.
Chase pros and cons
Pros:
- Most bank account monthly fees can be waived
- Most bank accounts have no minimum deposit requirement
- Branch locations available across the country
- More than 15,000 nationwide ATMs
- Mobile wallet and ATM tap access
Cons:
- No high-yield savings account option
- No personal loans
- No money market account available
- No fee-free bank accounts for adults and non-students
Wells Fargo pros and cons
Pros:
- Automated investments/robo-advisor services available
- Most bank account monthly fees can be waived
- Personal loans available
- Personal and auto loans start at just $3,000
- Mobile wallet and ATM tap access
Cons:
- Limited CD terms
- No high-yield savings account option
- No money market account available
- Institution’s recent history is a bit rocky
When is Chase a better choice?
Chase Bank may be a better choice if you’re looking for a bigger bank with a wider ATM and branch presence. This financial institution also offers more bank account products and CD terms, giving you additional options for managing your money. Chase has a strong history and reputation, as well, earning high marks on recent JD Power U.S. Retail Banking surveys.
When is Wells Fargo a better choice?
Wells Fargo may be the better option if you’re looking for a bank that offers things like personal loans and robo-advisory services. It has competitive loan rates and terms and has one of the longest histories of any financial institution currently operating in the United States.
Time STAMP: Chase and Wells Fargo have plenty of products, with differences in customer service, rates, and offerings
Both Chase and Wells Fargo are top banks operating in all 50 states as well as DC. Both banks offer a variety of personal and business accounts and services, as well as a robust network of ATMs and local branch locations. While both banks are consistently listed in ratings surveys, Chase does tend to have higher overall customer satisfaction, though Wells Fargo has a lengthier history to stand on.
Frequently asked questions (FAQs)
Is Chase better than Wells Fargo?
Both Chase and Wells Fargo offer similar banking services and products. Chase has a bigger ATM network, more banking products, and higher customer satisfaction ratings, making it a better choice for anyone considering these in their bank search.
Who is the No. 1 bank in America?
The No. 1 bank in terms of customer satisfaction is Capital One, with Chase coming in second place, according to JD Power. Chase is also the biggest bank in America, earning it the top spot in terms of assets and reach.
Why is banking with Chase better?
Chase is a better bank for customer satisfaction, earning second-place nationwide in the most recent JD Power survey. Chase is also the better bank for customers wanting many account options, CD terms, and a broad network of free ATMs.
Why not choose Wells Fargo?
Wells Fargo has come under fire in recent years for questionable account tactics and customer management practices. It’s not the right bank for anyone looking to maximize interest with a high-yield savings account or choose from a wide array of CD terms, or for anyone concerned about the bank’s reputation in recent years.
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