Both Wells Fargo and U.S. Bank are top-rated financial institutions providing a number of banking products and services to consumers throughout the U.S. and beyond. Each bank offers a range of checking and savings accounts in addition to products like CDs and MMAs.
Here’s a look at what U.S. Bank and Wells Fargo each offer banking customers, how those products compare to one another, and how to choose which bank is right for you.
Checking accounts
A checking account is a transactional account where you deposit funds that you spend throughout the month. Money held in a checking account can be spent using a debit card, paper checks, or ACH transfer.
Both U.S. Bank and Wells Fargo offer multiple checking account options for consumers including products geared toward teens, young adults, and students. These accounts may or may not offer interest on any balance held.
| Feature | U.S. Bank | Wells Fargo |
|---|---|---|
APY | None or 0.001% to 0.005%, depending on account type, balance, and location | None or 0.05% to 0.50%, depending on account type and balance held |
Monthly Fees |
|
|
Minimum Deposit | $25 | $25 |
Bonus Offer | None | None |
Other Fees |
| Overdraft: Up to $35 |
How to waive checking account fees
U.S. Bank
You can waive the fees on some U.S. Bank checking accounts, but not others. For example, there is no option to waive the $4.95 monthly fee on the Safe Debit Account, no matter your transaction activity or balance. With the U.S. Bank Smartly Checking account, though, you can waive the $6.95 monthly fee by receiving a combined $1,000 or more in monthly direct deposits, holding an average account balance of at least $1,500, or holding an eligible U.S. Bank credit card product.
You can also get your overdraft fees waived through Wells Fargo as long as your account isn’t overdrawn by more than $50. You also have until 11pm ET the following business day to bring your account balance back up and avoid the fee.
Wells Fargo
You can avoid your monthly maintenance fees on each of Wells Fargo’s checking accounts in a few different ways.
- For a Clear Access account, fees are waived as long as the primary account holder is between the ages of 13 and 24, or if there is an eligible Wells Fargo ATM card or Campus Debit Card linked to the account.
- For Everyday Checking customers, the $10 fee can be waived if you hold a $500 minimum daily balance, receive $500 or more in electronic deposits each month, if the primary account holder is between the ages of 17 and 24, or if there is an eligible Wells Fargo ATM card or Campus Debit Card linked to the account
- For Prime Checking customers, the $25 monthly fee is waived if you have $20,000 or more in statement balances on qualifying linked accounts.
- Premier Checking customers can get the $35 monthly fee waived by holding $250,000 or more in statement balances on qualifying linked accounts.
Savings accounts
A savings account is a depository account, intended to hold funds that you don’t plan to spend right away. Your savings can be accessed with a debit card, paper checks, or ACH transfer, depending on the financial institution and account type. These accounts typically have a higher interest rate than checking accounts, which may vary according to the balance held and even your location.
| Feature | U.S. Bank | Wells Fargo |
|---|---|---|
APY | 0.01% | 0.15% or 0.25% to 2.51%, depending on account type and balance held |
Monthly Fees | $4 |
|
Minimum Deposit | $25 | $25 |
Bonus Offer | None | None |
Other Fees | Non-U.S. Bank ATM fee: Up to $2.50 | Overdraft: Up to $35 |
How to waive savings account fees
U.S. Bank
In order to waive the $4 fee on a Standard Savings Account from U.S. Bank, you’ll need to either maintain a $300 minimum daily balance or higher, collect an average of $1,000 or more per month, hold the account with someone age 17 or younger, or open a Smartly Checking and enroll in a Smart Rewards account (Primary tier or higher).
Wells Fargo
Both Wells Fargo savings accounts have a monthly maintenance fee, which can either be $5 or $12. On the Way2Save account, the $5 fee can be waived by maintaining a $300 or higher minimum daily balance, making certain automatic transfers into the account each statement cycle, or if the primary account holder is 24 years-old or younger.
On the Platinum Savings account, the $12 monthly fee is waived if you maintain a $3,500 minimum daily balance each statement cycle.
Certificate of deposits (CDs)
A certificate of deposit, or CD, is a time-sensitive savings product designed to provide consumers with higher interest rates in exchange for “locking away” their funds for a predetermined period of time. The maturity of these products can range in length from one month to multiple years, with varying interest rates and early termination penalties.
| Feature | U.S. Bank | Wells Fargo |
|---|---|---|
APY* |
|
|
Minimum Deposit | $1,000 | $2,500to $5,000 |
Other | Higher bonus rates may be available to banking customers | Higher bonus rates (up to 5.26% APY) available to customers with an existing banking relationship |
Early Termination Fees | Between 1% and 3% of the amount withdrawn or up to 100% of the interest earned, whichever is greater | Up to 12 months’ interest plus seven days’ simple interest |
How to waive CD fees
The only way to waive potential early termination fees on a certificate of deposit (CD) is to avoid incurring them in the first place. Some financial institutions offer no-penalty CDs, where an early termination fee isn’t charged even if you withdraw funds ahead of schedule. Otherwise, you’ll need to wait until your CD matures to touch the funds, if you want to avoid those fees.
MMAs
A money market account, or MMA, is another type of savings account. It offers competitive interest rates but, unlike standard savings accounts, may offer easy access to the funds by way of debit card and/or paper checks.
While U.S. Bank does have an MMA product for everyday consumers, Wells Fargo only offers MMA for investors, which must be linked to branded brokerage accounts.
| Feature | U.S. Bank | Wells Fargo |
|---|---|---|
APY | 0.01% to 4.50% | N/A |
Monthly Fees | $10 | N/A |
Minimum Deposit | $100 | N/A |
Bonus Offer | Bonus APY available to select new customers | N/A |
How to waive MMA fees
You can have the fee waived on your U.S. Bank MMA by either maintaining a minimum daily balance of at least $10,000 or opening a Smartly Checking account and enrolling in the Smart Rewards program (Premium tier or higher).
U.S. Bank vs Wells Fargo: Which Bank Is Right for You?
When it comes to choosing between Wells Fargo and U.S. Bank for your financial needs, the answer is really dependent on each customer. Both banks offer an array of checking, savings, and investment products to help you manage your money on a daily basis, earn a return on your balance, and even save for the future. Both banks are FDIC insured and have availability throughout the United States.
Wells Fargo tends to have higher interest rates on most products, if maximizing your return is priority. U.S. Bank, on the other hand, has lower monthly maintenance fees and lower minimum account balance requirements to get those fees waived. However, both banks give you an opportunity to waive any fees and save your money each month.
This story was written by NJ Personal Finance, a partner of NJ.com. The information presented here is created independently from the NJ.com editorial staff, and purchases made through links in this article may result in NJ.com earning a commission.
