Wells Fargo Vs Bank Of America – Which Is A Better Choice

Wells Fargo vs Bank of America – Which is a Better Choice

The benefits of banking your money with a bigger bank are well known. You will have guaranteed access to your money from multiple locations all over the country. With thousands of ATM locations and branches to access your money or for opening accounts, banking becomes more convenient. However, there are hidden fees, lower interest rates, and other pitfalls to steer clear of.

Keeping all these factors in mind, here is a brief comparison of Wells Fargo with Bank of America (BoA) to find out the better option of the two.

Wells Fargo
Wells Fargo is present everywhere you go. The presence of the bank spans 6,000 branches and 13,000 ATMs in 40 states across the country. This means that you may access your funds and speak to a representative regardless of the city you happen to be in. Besides that, you may access your accounts remotely through your smartphone. You also have many options to choose from as Wells Fargo offers two savings accounts, three types of certificates of deposit (CD), five checking accounts, and various Roth IRA accounts. The savings accounts comprise a Way2Save Savings account and a Platinum Savings Account. The former has a monthly service fee unless the $300 minimum daily balance is met and it offers 0.01% annual percentage yield (APY). The latter offers 0.10% for deposits amounting to $250,000 or more. If it is under $250,000, then the APY goes down to 0.06%.

It is to be noted that Wells Fargo doesn’t have a presence in some places, such as Maine, Kentucky, Louisiana, Massachusetts, Vermont, West Virginia, Missouri, Rhode Island, New Hampshire, and Oklahoma. Therefore, if you live in one of these states, you will not be able to access a Wells Fargo branch near you.

Bank of America
BoA doesn’t have as much of a reach as compared with Wells Fargo. It has a presence in 36 states and in Washington DC. You have multiple options to invest your money as there are four Roth IRA options, three checking accounts, two CDs, and a savings account. Therefore, you don’t need to open an account in any other bank. You may access your account through their app or website. You should be aware of the minimum deposit to avoid paying a monthly service fee. The APY for the Rewards Savings account is better compared to the Wells Fargo standard offering with 0.03% APY.

Account options and locations
Both banks are fairly similar and don’t offer anything radically different. Neither bank has a money market option. Wells Fargo offers a unique Teen Checking account in order to help younger people save money. BoA, on the other hand, has nothing of that sort but does make certain fee allowances for younger customers. Wells Fargo has more locations and account options but is, more or less, the same in all other respects.

Fees
Both banks have fees that may be avoided if you pay attention to the minimum account balance. The fees for Wells Fargo range between $5 and $30, while that of BoA ranges between $4.95 and $25. Their fees are similar but look sharp when it comes to overdraft facility, ATM surcharges, as well as fees for insufficient funds.

Bank rates
While BoA does offer 0.03% on its savings accounts, this is just marginally better than Wells Fargo’s regular 0.01% APY. Wells Fargo does offer better CD rates compared to BoA. If you’re looking for a higher APY, you would be well advised to look into an online bank like Ally or CIT Bank that offer far better rates of interest.

Authored by Top10Ratings.com