Business

Wells Fargo VS Bank of America: What’s the best for you?

wells fargo vs bank of america
Written by Benjamin

Prefer a traditional banking experience? Wells Fargo and Bank of America are two of the very well-known institutions to have your best banking experience. I bet you must be confused regarding which bank to prefer. Should it be the Wells Fargo Bank or the Bank of America? So, let’s compare the financial institutions based on savings CD accounts and get a final result on whose product stands out the most.

Bank of America

Bank of America offers widespread ATMs and branch offices like various national banks. The BOA or the Bank of America is initially called the American corporation’s bank. Let’s see some Positives and negatives of the BOA.

Positives

It has more than 4,200 branches and about 16,000 ATMs. It provides a $100 bonus on opening new accounts and receiving at least $1000 in direct deposits. It has a saving feature that can help round off your purchases.

Negatives

The minimum opening deposit fee is $100. It gives low-interest rates on savings and CDs, also called a Certificate of deposit. It has monthly service fees. It doesn’t have any money market account.

Wells Fargo

The Wells Fargo bank comes under the Wells Fargo & Company. This is an American multinational financial service. It is a bank that provides the benefits of digital banking services and online services while also providing the local bank branches. Let’s see some Positives and Negatives of Wells Fargo bank.

Positives

It has more than 8,050 branches and 13,000 ATMs. You can waive monthly service fees. It has overdraft protection available. It provides an automatic savings feature. You can open with a minimum deposit of $25

Negatives

It provides low-interest rates on Savings. He doesn’t have any money market account. It doesn’t have any rating from the better business bureau.

Conclusion

So, did you get your answer? What’s best for you? It depends on the kind of account you are opening and what you desire from it. Wells Fargo will have an accessible waiver on monthly service fees, and it even needs a lower initial deposit than Bank of America. But if you’re interested in opening a savings account, Bank of America can provide a great variety of options to select from.

So, Choose Accordingly.

About the author

Benjamin

A pure vegetarian, who believes in reincarnation & law of karma and follows the philosophy of “Live and let others Live” because all living beings have equal right on the resources of this planet. Being from a finance background, he loves to write about business aspects of the trends.