Which Bank Is the Best?
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It’s not surprising that Chase, Bank of America and Wells Fargo are the largest financial institutions in America. If you are looking for a trustworthy financial institution, then this is the place to look. brick-and-mortar bank experienceThese are just three of the many reasons why they are so prominent in national life.
Could one bank be more suited to you than the others? Maybe.
We compared checking, savings and CDs to find the best bank. We also compare financial institutions in trustworthiness to help you decide if it is a factor in your decision.
Compare Bank of America and Chase and Wells Fargo
Editor’s rating
Simple to waive monthly service fees for savings accounts
Editor’s rating
Solid interest rate for a 1-year CD if your checking account also has one
Editor’s rating
Monthly service fees waived on checking accounts
Bank of America pros and cons
Pros and cons about Chase
Pros and Cons of Wells Fargo
Comparison of Bank of America vs. Chase and Wells Fargo checking accounts
We have compared three basic checking account options offered by each bank. You might not need to pay monthly service feesThese accounts can be closed if you are eligible to waive them.
Wells Fargo Everyday Checking Account
Annual Percentage Yoield (APY).
None
Minimum Deposit Amount
$25
Wells Fargo Everyday Checking Account
Annual Percentage Yoield (APY).
None
Minimum Deposit Amount
$25
Details
Annual Percentage Yoield (APY).
None
Minimum Deposit Amount
$25
Pros & Cons
Highlights
Additional Reading
Bank of America vs. Chase. Wells Fargo sSavings account comparisons
Most brick-and-mortar banks pay a low interest rates on savings accounts. You can earn a higher rate than what the national average is if you look over our best savings accounts guide.
Bank of America Advantage Savings Account
Annual Percentage Yoield (APY).
0.01% to 0.4%
Minimum Deposit Amount
$100
Bank of America Advantage Savings Account
Annual Percentage Yoield (APY).
0.01% to 0.4%
Minimum Deposit Amount
$100
Bank of America’s Website
Details
Annual Percentage Yoield (APY).
0.01% to 0.4%
Minimum Deposit Amount
$100
Pros & Cons
Highlights
Additional Reading
Bank of America vs. Chase. Wells Fargo CD comparisons
Chase Certificate of Deposit (CD)
Annual Percentage Yoield (APY).
0.01% to 3.00% (depending on the location).
Minimum Deposit Amount
$1,000
Chase Certificate of Deposit (CD)
Annual Percentage Yoield (APY).
0.01% to 3.05% (depending on where you are located)
Minimum Deposit Amount
$1,000
Details
Annual Percentage Yoield (APY).
0.01% to 3.00% (depending on the location).
Minimum Deposit Amount
$1,000
Pros & Cons
Highlights
Additional Reading
Which bank is the most reliable?
The Better Business Bureau rates businesses on the basis of how they handle customer issues.
The BBB gave Bank of America its name A+ ratingWells Fargo has an F ratingChase has an A rating. Wells Fargo currently holds an F rating, as it is responding to closed complaints. Chase currently holds an A rating due to government action against the company.
A good BBB rating does not necessarily mean a smooth relationship with a bank. To get a holistic view of a bank, talk to customers or read reviews online.
Public scandals have been a part of all three banks in the past few years.
These are some recent cases Bank of America was involved in:
Chase was involved in these cases:
The following cases involved Wells Fargo:
Frequently Asked Questions
Your needs and preferences will determine which bank is best for you. You should decide which bank accounts you want, and what fees are required for each account.
Wells Fargo offers the easiest way to waive monthly savings account service fees, while Bank of America offers you the most options to waive checking account service fees. If you qualify for a partnership rate, Chase offers solid interest rates on CDs. The 1-year CD is particularly noteworthy because it offers 3.00% APY when you have a relationship rate.
If you frequent branches, you will also want to look for nearby locations.
If your bank account is federally insured by NCUA or FDIC, your money will be secure. Bank of America and Chase are all FDIC insured. This means that even if the bank were to close down, money deposited at that bank would not be lost.
To find out more about the history of each bank, visit our trustworthiness section.
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