U.S. Bank vs. Wells Fargo: Head-to-Head Comparison

U.S. Bank and Wells Fargo have a lot in common when it comes to account options, national presence and technology. But we’ve reviewed what these big banks offer and found that one has an edge.

Who wins

	U.S. Bank	Wells Fargo
Checking
Savings & money market accounts	It's a tie.
CDs
Customer experience
Other fees	It's a tie.
Overall

The banks’ checking and savings accounts are similar, with monthly fees that are waived if you keep a minimum balance. But Wells Fargo has other, easier ways to waive fees, such as making 10 debit card purchases a month. And Wells Fargo also has thousands more ATMs and branches.

Learn More

at US Bank

         

Learn More

at Wells Fargo

Here’s a closer look at how U.S. Bank and Wells Fargo compare:

Checking accounts

	U.S. Bank Easy Checking	Wells Fargo Everyday Checking
Monthly fees	$8.95 ($6.95 if you opt for online statements), but the fee is waived if you have direct deposits of $1,000 a month or an average deposit balance of $1,500	$10, but free if you maintain a balance of $1,500, make at least 10 debit card purchases a month or have $500 a month in direct deposits; the fee is also waived if you have a Wells Fargo Campus Card from a college or university
Minimum opening deposit	$25	$50
ATM fee	$2.50 at non-U.S. Bank ATMs	$2.50 at non-Wells Fargo ATMs
ATM network	5,000 ATMs	13,000 ATMs
Interest on balances	None	None

U.S. Bank and Wells Fargo have premium checking products that earn interest, but they also have higher monthly fees and tougher requirements to waive the fees.

U.S. Bank’s Silver, Gold and Platinum checking account packages require that you have other accounts with the institution, or you’ll be charged a minimum of $6.95 a month. Wells Fargo offers Preferred Checking and PMA checking accounts with similar requirements. You can learn more about the banks and their competitors by going to our bank reviews page.

» MORE: Bank of America review

Savings accounts

	U.S. Bank Standard Savings Account	Wells Fargo Way2Save
Monthly fees	$4, but waived with a $300 minimum balance or $1,000 average balance	$5, but free if you maintain a minimum balance of $300, schedule at least one recurring automatic transfer from a linked account or are under age 18 (19 in Alabama)
APY on balances	0.01%	0.01%
Minimum opening deposit	$25	$25
Automatic transfer from a linked checking account	Yes	Yes

The basic savings accounts for both banks earn only slightly more interest than zilch, with annual percentage yields of 0.01%. For example, putting $10,000 into savings would earn you a grand total of $1 over 12 months. And the fact that each bank charges a monthly fee if you don’t meet a minimum balance means you can actually lose money in your savings account.

U.S Bank and Wells Fargo have premium savings accounts that earn slightly higher rates, including the Package Money Market account and Platinum Select Money Market Savings at U.S. Bank, and Platinum Savings at Wells Fargo. But the APYs are still low, and the accounts have higher minimum balance requirements and higher monthly fees if you don’t meet the minimums.

» MORE: NerdWallet’s best savings accounts

Certificates of deposit

	U.S. Bank	Wells Fargo
Minimum deposit	$500	$2,500
Short-term CD rate	0.20% APY for 24 months	0.20% APY for 26 months with $5,000 minimum opening deposit
Long-term CD rate	0.75% APY for 60 months	0.50% APY for 58 months with minimum $5,000 opening deposit (relationship customers get 0.55%)

U.S. Bank wins this category because its five-year CD earns a slightly better rate than a similar Wells Fargo CD, and U.S. Bank has lower deposit requirements.

» MORE: NerdWallet’s best CD rates

Customer experience

	U.S. Bank	Wells Fargo
Branches	3,000	6,250
Banking apps (ratings from app store users)	2.5 out of 5 stars for iOS; 3.8 out of 5 for Android	3.5 out of 5 stars for iPhone; 4.3 out of 5 for Android
Customer service	Available 24/7 by phone, email and social media, but not chat	Available 24/7 by phone, email and social media, but not chat

Wells Fargo has more branches and ATMs than U.S. Bank. In a recent J.D. Power survey of 75,000 bank customers, however, U.S. Bank bested all banks in customer satisfaction, including Wells Fargo, in the Northwest and in California. So both institutions have something to offer.

But Wells Fargo’s mobile apps are rated more highly than U.S. Bank’s in both iOS and Android stores, so Wells Fargo wins this category.

Other fees

	U.S. Bank	Wells Fargo
Overdraft fee	$36 (maximum of eight per day, four paid and four returned unpaid)	$35 (maximum of four per day)
Overdraft protection transfer fee	$12.50 per day	$12.50 per day
International debit card fee	3%	3%
Extended overdraft fee	$25 per week (beginning on the eighth day with a negative balance)	None

Neither bank has anything to brag about when it comes to fees, since both have overdraft charges at or above the national median. If you’re concerned about limiting what you’d pay if you overdraw your account, a credit union or online bank could be a better option.

U.S. Bank and Wells Fargo have a range of products for customers, but they also tend to have high fees. If you’re considering overall customer experience, however, Wells Fargo edges out its competitor as a better place to open an account.

Margarette Burnette is a staff writer at NerdWallet, a personal finance website. Email: mburnette@nerdwallet.com. Twitter: @margarette.

from NerdWallet
https://www.nerdwallet.com/blog/banking/us-bank-vs-wells-fargo-comparison/