When choosing a bank, factors such as a variety of products, account features, fees, and customer service play a crucial role. Two prominent contenders in the banking industry are TD Bank and Wells Fargo.
In this article, we will compare these banks to help you make an informed decision about which bank aligns better with your financial needs.
Checking Accounts
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Account Types
Wells Fargo offers four types of personal checking accounts for individuals. The basic account with lower fees is called Clear Access Banking, the Everyday Checking is the classic checking account, and the Prime Checking and Premier Checking target customers who want more features and benefits.
While all of them charge monthly fees, customers can waive them in various ways:
Wells Fargo Checking Account | Monthly Fee | Average Balance To Waive Fees |
|---|---|---|
Clear Access Banking | $5 | Only if you're under 24 |
Everyday Checking | $10 | $500 |
Prime Checking
| $25 | $20,000 (Combined with deposits) |
Premier Checking | $35 | $250,000 (Combined with deposits) |
TD Bank offers various checking accounts for individuals, including for particular audiences such as students and seniors, while most accounts monthly fees can be waived:
TD Checking Account | Monthly Fee | Average Day Balance To Waive |
|---|---|---|
TD Convenience Checking Account | $15 | $100 |
TD Beyond Checking Account | $25 | $2,500 |
TD Simple Checking Account | $5.99 | Can't be waived |
TD Essential Banking | $4.95 | Can't be waived |
TD 60 Plus Checking Account | $10 | $250 |
Student Checking Account | $0 | N/A |
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Features
Wells Fargo's basic account offers several key features to enhance the banking experience. The Early Pay Day feature allows account holders to access their funds ahead of traditional payday schedules, promoting financial convenience. The online and mobile banking help customers make almost any financial move online.
For those seeking enhanced banking privileges, Wells Fargo's premium accounts offer a range of attractive features. These include interest-bearing accounts, providing the opportunity for account holders to earn on their balances.
Additional perks encompass free check orders and non-Wells Fargo ATM withdrawals, priority customer service and fee waivers on money orders, cashier checks, and international debit card purchase.
Wells Fargo Account | Main Features |
|---|---|
Clear Access Banking | No overdraft fees, Early Pay Day |
Everyday Checking | Overdraft Services, check writing, Early Pay Day |
Prime Checking
| Interest-bearing, free check orders, free Non-Wells Fargo ATM withdrawals |
Premier Checking | priority customer service, No fees on money orders/cashier checks/International debit card purchase |
For all accounts, customers can access their credit score, including historical trends, on Wells Fargo. Here's what it looks like:
TD Bank's checking accounts offer a range of benefits. Basic accounts provide essential features like online bill pay and free statements, mobile deposit, Zelle, and a debit card.
The premium account goes a step further, offering no ATM fees, reversing two overdraft fees, overdraft payback, interest on balance and free checks.
TD Checking Account | Main Features |
|---|---|
TD Convenience Checking Account | Online banking, mobile deposit, Zelle, debit card |
TD Beyond Checking Account | No ATM fees, 2 overdraft fees reversed, overdraft payback, interest bearing |
TD Simple Checking Account | Online banking, mobile deposit, Zelle, debit card |
TD Essential Banking | digital tools, no overdraft fees, debit card |
TD 60 Plus Checking Account | Interest bearing, free checks, money orders and paper statements |
Student Checking Account | Online banking, mobile deposit, Zelle, debit card |
Savings Accounts
TD Bank savings account is our winner as it offers much higher rates compared to Wells Fargo savings account.
Wells Fargo has two main savings accounts options – Way2Save Savings and Platinum Savings, along with a kid’s savings account. While Way2Save Savings has very low APY, the Platinums savings plan offers a higher rate, but to get the highest rate you'll need more than $1M in your account.
The TD Simple Savings account has a lower interest rate and a small monthly fee. On the flip side, the TD Signature Savings account gives you higher interest rates, specifically 0.01% – 4.00%. To enjoy the top rate, you must keep a minimum balance of $100,000 in your account.
Neither bank offers money market accounts for individuals.
TD Savings | Wells Fargo Platinum Savings | |
|---|---|---|
Savings Rate | 0.01% – 4.00% | 0.26% – 2.51% |
Minimum Deposit | $0 | $25 |
Fees | $5
Can be waived if you carry $300 minimum account balance or $25+ recurring transfer
| $5
can be waived by maintaining a $300 minimum daily balance, one qualified automatic transfer, one or more Save as You Go transfers from your Wells Fargo checking account. Primary account owners age 24 or younger are exempt from the fees
|
Certificate Of Deposits (CDs)
When it comes to CDs, Wells Fargo Bank is our winner. Both banks offer high rates only on promotional, special terms – but Wells Fargo offers more terms with high CD rates than TD America.
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Wells Fargo CD Rates
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
7 Months | 4.16% – 4.51% | 3 months interest |
11 Months | 4.50% – 4.76% | 3 months interest |
3 Months | 2.50% – 2.51% | 1 month interest |
6 Months | 2.50% – 2.51% | 3 months interest |
12 Months | 1.50% – 2.01% | 6 months interest |
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TD Bank CD Rates
CD Term | APY |
|---|---|
3 Months | 1.00% – 3.00% |
6 Months | 1.00% – 5.00% |
12 Months | 1.00% – 4.50% |
18 Months | 1.00% – 3.51% |
24 Months | 1.00% – 3.51% |
36 Months | 1.00% – 3.51% |
48 Months | 0.05% |
60 Months (Step Rate CD) | 1.00% – 2.50% |
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Top Savings Accounts From Our Partners
Quontic High Yield Savings
- 4.50% APY on savings
- Interest is compounded daily
- No Monthly Service Fees
CIT Savings Connect
- Up to 4.85% APY on savings
- No monthly service fees.
- Zelle, Samsung & Apple Pay
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The product offers that appear on this site are from companies from which this website receives compensation.
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Credit Cards
When it comes to credit cards, Wells Fargo is our winner due to a bit better credit card features and more importantly – better redemption options than TD Bank. However, both TD and Wells Fargo don't offer luxury cards with premium benefits.
Wells Fargo has different credit cards for different needs. If you like getting cash back, the Wells Fargo Cash Wise Visa Card is great for you. It gives you unlimited cash back on what you buy, plus a cash rewards bonus. For those who spend on daily stuff and travel, there's the Wells Fargo Autograph Card. The Reflect card is best for 0% intro APR.
They also have the Choice Privileges Mastercard. With this one, you earn points for staying at certain Choice Hotels. But that's not all – you also get points for buying gas, groceries, home improvement stuff, and phone plans.
Card | Rewards | Bonus | Annual Fee |
| Wells Fargo Active Cash Card
| 2%
2% cash rewards on purchases (unlimited)
| $200
$200 cash rewards bonus when you spend $500 in purchases in the first 3 months
| $0 |
|---|---|---|---|---|
| Wells Fargo Autograph Card | 1X – 3X
3X points on restaurants, travel, gas stations, transit, popular streaming services, and phone plans. Also, earn 1X points on other purchases
| 20,000 Points
20,000 bonus points when you spend $1,000 in purchases in the first 3 months | $0 |
| Wells Fargo Reflect Card | N/A | 0% Intro APR: 21 months on purchases and balance transfers | $0 |
| Wells Fargo Bilt Mastercard | 1x – 3x
3X points on dining, 2X points on travel and 1X points on rent payments without the transaction fees and other purchases
| N/A | $0 |
| Wells Fargo Choice Privileges Mastercard | 1x – 5x
5X points on stays at participating Choice Hotels plus on choice privileges point purchases properties, 3X points on purchases at gas stations, grocery stores, home improvement stores and phone plan services and 1X points on other purchases | 40,000 points
40,000 bonus points when you spend $1,000 in purchases within the first 3 months7 – enough to redeem for up to 5 reward nights at select Choice Hotels® properties
| $0 |
| Wells Fargo Choice Privileges Select Mastercard | 1x – 10x
10X points on stays at participating Choice Hotels® properties plus on Choice Privileges point purchases, 5X points on purchases at gas stations, grocery stores, home improvement stores and phone plan services and 1X points on other purchases | N/A | $95 |
Card | Rewards | Bonus | Annual Fee |
| TD Cash Credit Card | 1% – 3%
3% and 2% Cash Back on your choice of Spend Categories (you can switch your categories quarterly), and 1% Cash Back on all other purchases | $200
$200 Cash Back when you spend $500 within 90 days after account opening | $0 |
|---|---|---|---|---|
| TD Double Up Credit Card | 2%
2% unlimited Cash Back – no rotating Spend Categories, no caps or limits | $150
$150 Cash Back in the form of a statement credit when you spend $1,000 within the first 90 days after account opening | $0 |
| TD FlexPay Credit Card | N/A | 0% Intro APR: 18 billing cycles on balance transfers | $0 |
| TD First Class Visa Signature Credit Card | 1X – 3X
3X First Class miles on travel and dining purchases and 1X First Class miles on all other purchases | 25,000 miles
25,000 miles on $3,000 spent in first 6 cycles | $89 (waived first year) |
| TD Clear Visa Platinum Credit Card | N/A | N/A | $120 / $240 |
Lending Options For Borrowers
When it comes to lending products, Wells Fargo offers better options for borrowers.
Both banks offer a variety of options for home buyers by different types of mortgage programs and options for those who need a personal loans. Wells Fargo offers also auto loans that you won't find with TD.
None of these banks will have a solution for customers who need student loans, including refinancing.
Which Bank Is Our Winner?
There is no clear winner when comparing Wells Fargo and TD bank, but if we have to pick, TD comes out ahead. They provide better savings rates and offer a wider range of checking accounts. But, Wells Fargo offers a bit more options when it comes to credit cards, CDs and lending options.
Yet, it's vital to weigh different factors, focusing on what matters most to you. Consider aspects like banking services, overdraft help, how often you use ATMs, proximity to bank branches, and other individual preferences when making your decision.
Comparing TD Bank and Wells Fargo: Our Methodology
In our detailed banking comparison, The Smart Investor team thoroughly looked in five main areas in both banks and compare them side by side:
Checking Accounts (30%): We checked things like direct deposit, debit card availability, monthly fees, ATM and branch access, check deposit, bill pay options, and account alerts. We also considered any special offers for customers.
Savings Accounts including CDs (20%): We focused on important stuff like how much interest you can earn (APY), the smallest amount you need to open an account, how flexible the accounts are, and if they're insured by FDIC. We also looked at special savings offers, different types of CDs, and any fees for taking money out early.
Credit Cards (15%): We looked at what rewards you get, how much the card costs each year, any bonuses you get for signing up, perks for traveling, how much interest you pay on balances, and if you can transfer balances from other cards.
Lending Options (15%): We checked out the different kinds of loans they offer, like personal loans, student loans, mortgages, and loans where you use your home as collateral.
Customer Experience And Bank Reputation (20%): We looked into how easy it is to use their online and mobile banking, how helpful their customer support is, what people say about them online, any awards they've won, and how stable they are financially. This gave us a good idea of what it's like to be a customer and how much people trust them.
Compare Wells Fargo With Other Banks
Capital One began as a credit card company, but has expanded its line of banking products to rival a traditional bank. Aside from checking and savings accounts, you can also get loan refinancing, auto finance, and children's accounts.
Wells Fargo offers an even broader range of products. There are several checking accounts available, as well as two savings accounts and investment options such as IRAs and 401ks. You can also get loans and mortgages, as well as wealth management services. Wells Fargo is thus a highly comparable alternative to the traditional high street bank.
Read Full Comparison: Capital One vs Wells Fargo: Which Bank Wins?
Wells Fargo offers a diverse range of products, including checking accounts, savings accounts, loans, mortgages, and investments such as 401ks, IRAs, and wealth management options.
US Bank offers an even more impressive range of banking services. Savings and checking account options, investments, personal loans, mortgage products, and wealth management are all available.
Read Full Comparison: Wells Fargo vs US Bank: Which Bank Account Is Better?
Both Ally and Wells Fargo have a fairly impressive banking product lineup that would make switching from a traditional high street bank simple.
Ally offers CDs, auto loans, mortgages, investments, and retirement products in addition to checking and savings. The only glaring omission in the lineup is the absence of a credit card.
Wells Fargo's product lineup is even more impressive. Checking and savings accounts, mortgages, loans, and a variety of investment options such as IRAs, 401ks, and wealth management services are all available.
Read Full Comparison: Ally vs Wells Fargo: Which Bank Account Is Better For You?
Both banks offer a good selection of banking products, making it easier to switch from your current bank.
Citi offers CDs, personal loans, mortgages, IRAs, investment options, wealth management plans, and a variety of credit card options in addition to checking and savings accounts.
Wells Fargo provides savings and checking accounts, but it also provides mortgages, loans, and investment options such as IRAs, 401ks, and wealth management products.
Read Full Comparison: Citi vs Wells Fargo: Which Bank Account Is Better?
The Wells Fargo service is even more extensive. Checking accounts, various savings accounts, mortgages, loans, and investment options such as IRAs, 401ks, and wealth management solutions are all available.
PNC offers checking and savings accounts, home loans, mortgages, investments, student loan refinancing, and a variety of credit cards.
Read full comparison: Wells Fargo vs PNC: Which Bank Account Wins?
Chase and Wells Fargo appear to offer very similar products at first glance, so we need to dig a little deeper. There is little to distinguish the savings accounts, and both banks provide a variety of checking accounts.
While Chase's account maintenance fee is slightly higher, it does have some more interesting features. Chase also has an advantage in terms of CDs, but Wells Fargo is a better option for loans and mortgages.
Read Full Comparison: Chase vs Wells Fargo: Where to Save Your Money?
Wells Fargo offers a diverse range of banking services. Checking accounts, savings accounts, loans, mortgages, wealth management solutions, and investment options such as 401ks and IRAs are all available. Flagstar also offers a diverse product portfolio that includes a variety of checking and savings accounts, investments, home loans, and loans and investments.
It is important to note, however, that Flagstar does not operate in all states. This bank only operates in Michigan, California, Ohio, Indiana, and Wisconsin, where it has 150 branches. As a result, if you live outside of these areas, you may be unable to use Flagstar's banking services.
Read Full Comparison: Wells Fargo vs Flagstar: Which Bank Is Better For You?
Wells Fargo's product offering is even more extensive. This bank offers checking accounts, a variety of savings accounts, mortgages, loans, and investment options such as IRAs, 401ks, and wealth management services. This makes switching from another bank even easier because you'll have access to all of your favorite banking products.
Bank of America offers a diverse range of banking services. Checking and savings accounts, auto loans, home loans, credit cards, and investment options are all available.
Read Full Comparison: Bank of America vs Wells Fargo: Which Bank Is Better?
Wells Fargo offers better savings rates than Truist Bank, more selection for checking accounts and better credit cards. Here's our comparison: Truist Bank vs. Wells Fargo Bank
While Wells Fargo Bank and Citizens Bank offer a range of banking services, Wells Fargo is our winner in this competition. Here's why.
Wells Fargo Bank vs. Citizens Bank : Which Bank Account Is Better?
Fifth Bank may be better than Wells Fargo when it comes to checking accounts, but is it enough? See our complete comparison, and our winner: Wells Fargo Bank vs. Fifth Third Bank
Let's compare savings accounts, checking accounts, CDs, credit cards, and lending products offered by Wells Fargo and M&T Bank.
Wells Fargo Bank vs. M&T Bank: Which Bank Account Is Better?
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Compare TD Bank
Chase vs TD Bank
Chase has some innovative features with the potential for comparable CD rates without TD Bank’s minimum deposit. However, there is little to separate the checking accounts, TD Bank’s savings rate is double that of Chase.
Chase does offer more credit card choices, but don’t rule out TD Bank, which has some interesting options.
TD Bank vs. Bank Of America
We'll explore Bank Of America and TD Bank savings accounts, checking accounts, CDs, credit cards, and lending products. Here's our winner.
Citibank vs. TD Bank
Citibank leads in credit cards, and TD Bank options for borrowers are broader. But what about the rest? Here's our comparison and winner:
TD Bank vs. M&T Bank
TD Bank is our winner with better banking products compared to M&T, but there are cases when M&T wins. See our complete comparison
Truist Bank vs. TD Bank
Both Truist and TD Bank are active in a variety of states, such as Florida, Georgia, North And South Carolina, and more. Here's our winner:
TD Bank vs. Capital One
Capital One is our winner as it offers a full banking package, which is better than TD Bank, especially if you have deposit needs. Here's why.
Ally vs. TD Bank
While TD offers a better selection of checking accounts and credit cards, Ally is also a great option for those who want an online-only bank.
American Express Bank vs. TD Bank
While TD offers a better selection of checking accounts and lending options, Amex is a great option for online banking. How do they compare?
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