Key Takeaways
Bank of America and Wells Fargo are two of the biggest banks in the United States by asset size, but have paid federal fines for illegal activity in recent years.
Bank of America is a better choice if you are looking for wider ATM access and lower CD account minimums.
Wells Fargo is a better choice if you are looking for more branch locations and lower savings account fees.
It might seem that all big banks are pretty much the same, but that’s far from true. If you’re trying to decide what’s best between Bank of America or Wells Fargo, two of the country’s biggest banks, pay attention to details such as number of branches, number of ATMs, account offerings and fees.
Related: Best Bank Account Bonuses
About Bank of America
Bank of America traces its roots to 1904, when Amadeo Peter Giannini established the Bank of Italy in San Francisco. Twenty-eight years later, the bank changed its name to Bank of America. When Giannini died in 1949, the bank he founded ranked as the world’s largest bank, with $6 billion in assets and more than 500 branches. As of June 2025, Bank of America was the second-largest bank in the United States, with total assets exceeding $2.66 trillion.
Today, Bank of America serves over 69 million customers in the U.S. According to the J.D. Power 2025 U.S. Retail Banking Satisfaction Study, Bank of America received mostly below-average scores among consumers in various U.S. regions. In 2023, federal regulators fined the bank $120 million over illegal non-sufficient fund fees it charged from 2018 to 2022. Also in 2023, federal regulators ordered Bank of America to pay more than $200 million for illegally charging “junk fees,” withholding credit card rewards and opening fake accounts.
About Wells Fargo
Henry Wells and William G. Fargo launched Wells, Fargo & Co. in 1852 to help Gold Rush-era customers “build businesses and manage money in a rapidly changing world,” the company says. Not long after that, the company entered the stagecoach business. While the stagecoach venture eventually shut down, the bank kept growing. Following a series of mergers, the bank changed its name to Wells Fargo Bank in 1969.
Nearly two centuries after its founding, Wells Fargo says it serves one-third of U.S. households and more than 10% of U.S. small businesses. As of June 2025, it ranked as the fourth-largest U.S. bank, based on total assets of nearly $1.74 trillion. In the J.D. Power 2025 U.S. Retail Banking Satisfying Study, Wells Fargo received some of the worst scores among consumers in various U.S. regions. Those low scores may stem, in part, from the bank’s regulatory troubles. In December 2022, the Consumer Financial Protection Bureau ordered Wells Fargo to pay $3.7 billion for “widespread mismanagement” of auto loans, mortgages and deposit accounts.
The following table offers a comparison of key aspects of Bank of America and Wells Fargo.
Bank of America vs. Wells Fargo: Checking
Bank of America and Wells Fargo offer several types of checking accounts. Bank of America’s basic checking account is Advantage SafeBalance Banking, while Well Fargo’s basic checking account is Clear Access Banking. Each account requires a minimum opening deposit, and each account charges a monthly maintenance fee that can be waived if you meet certain conditions.
| Bank of America | Wells Fargo | |
| Checking account name | Advantage SafeBalance Banking | Clear Access Banking |
| Minimum opening deposit | $25 | $25 |
| Monthly maintenance fee | $4.95; ability to avoid fee if account holder meets at least one condition, such as maintaining a $500 minimum daily balance or if account holder is under 25 | $5; ability to avoid fee if account holder meets at least one condition, such as maintaining a $250 minimum daily balance or if account holder is under 25 |
| Payment options | Debit card, Zelle, digital wallet; no paper checks | Debit card, Zelle, digital wallet; no paper checks |
| Overdraft protection | No overdraft fees | No overdraft fees |
See:
Best Checking Accounts
Bank of America vs. Wells Fargo: Savings
The basic savings account at either Bank of America or Wells Fargo doesn’t have a very high annual percentage yield. But if you’re debating whether to pick Bank of America or Wells Fargo for a basic savings account, Wells Fargo might hold an advantage thanks to its lower minimum opening deposit and lower monthly maintenance fee.
| Bank of America | Wells Fargo | |
| Account name | Advantage Savings | Way2Save Savings |
| Minimum opening deposit | $100 | $25 |
| Monthly maintenance fee | $8; waived for six months after opening new account; ability to avoid fee if account holder meets at least one condition, such as maintaining a $500 minimum daily balance | $5; ability to avoid fee if account holder meets at least one condition, such as maintaining a $300 minimum daily balance |
| APY | 0.01% | 0.01% |
See:
Best Savings Accounts
Bank of America vs. Wells Fargo: CDs
Bank of America’s and Wells Fargo’s basic certificates of deposit don’t offer much when it comes to the variety of terms. In addition, some of the APYs sit at the low rung of the rate ladder.
| Bank of America | Wells Fargo | |
| Terms | 28 days to 10 years | 3, 6 or 12 months |
| Minimum opening deposit | $1,000 | $2,500 |
| Annual percentage yield (APY) | 0.03% – 3.51%, depending on balance and term | 1.00% – 1.51%, depending on balance and term |
See:
Best CD Rates
Bank of America vs. Wells Fargo: Fees
The fees listed below apply to the Advantage SafeBalance Checking account at Bank of America and Clear Access Banking account at Wells Fargo.
| Bank of America | Wells Fargo | |
| Monthly maintenance fee | $4.95; waiver available if certain conditions are met | $5; waiver available if certain conditions are met |
| ATM fee | $0 for Bank of America ATMs; $2.50 per transaction for non-bank ATMs in U.S.; $5 per transaction for non-bank ATMs outside U.S. | $0 for Wells Fargo ATMs; $3 per transaction for non-bank ATMs in U.S.; $5 per transaction for non-bank ATMs outside U.S. |
| Foreign transaction fee for debit card | 3% of the U.S. dollar amount for all ATM withdrawals processed in foreign currency | 3% for each debit card purchase in a foreign currency that a network converts into a U.S. dollar amount |
| Overdraft fee | NA | NA |
| Incoming wire fee | $15 | $15 |
| Outgoing wire fee (domestic) | $30 | $25 (online) or $40 (at branch) |
| Outgoing wire fee (foreign) | $45 if sent in U.S. dollars; $0 if sent in foreign currency | $25 (online) or $40 (at branch); $0 of sent in foreign currency |
How to Avoid Bank Fees
Which Bank is Right for Me?
Bank of America is best if you:
- Want access to a bigger ATM network
- Want a CD with a lower minimum opening deposit amount
Wells Fargo is best if you:
- Want access to a bigger branch network
- Want a lower monthly maintenance fee for basic savings account
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