Wells Fargo and Fifth Third Bank provide various banking services, and figuring out which one suits your needs can be tricky.
This article will help you compare their savings accounts, checking accounts, CDs, credit cards, and lending products.
Checking Accounts
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Account Types And Fees
Fifth Third offers various checking accounts for many purposes, such as accounts for students and kids, military families, and individuals with disabilities.
There is a free checking account but also premium accounts with higher monthly fees and more benefits. The monthly fees can be waived in many ways such as carrying over $100,00 in your total balance.
Fifth Third Bank Account | Monthly Fee | Average Day Balance To Waive |
|---|---|---|
Fifth Third Momentum® Checking | $0 | N/A |
Fifth Third Preferred Checking | $25 | $100,000 |
Fifth Third Student Checking Account | $0 | N/A |
Fifth Third Express Banking | $0 | N/A |
Fifth Third ABLE Checking | $2 | $250 |
Fifth Third Military Checking | $0 | N/A |
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Features
Wells Fargo's simple account comes with great perks to make banking better. Get your money before the usual payday with Early Pay Day. Manage your money online with easy online and mobile banking.
If you want more from your bank, Wells Fargo's premium accounts have cool features. Earn interest on your balance with interest-bearing accounts. Enjoy extras like free checks, no fees for using non-Wells Fargo ATMs, priority customer service, and waived fees for money orders, cashier checks, and international debit card purchases.
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 |
Fifth Third Bank's checking accounts offer a range of benefits designed to cater to various financial needs. The basic accounts provide customers with unlimited check writing, round-the-clock access to mobile and online banking, Early Pay options for quicker access to paycheck and more.
For those opting for premium checking, the advantages extend to better loan rates and the added security of Fifth Third Identity Alert.
Fifth Third Bank Account | Main Features |
|---|---|
Fifth Third Momentum Checking | Unlimited check writing, 24/7 mobile and online banking, Early Pay |
Fifth Third Preferred Checking | Better loan rates, Fifth Third Identity Alert |
Fifth Third Student Checking | Debit card, unlimited check writing, online bill pay |
Fifth Third Express Banking | Check cashing and deposits, tools to build credit, Debit Card. |
Fifth Third ABLE Checking | Debit card, unlimited check writing, no overdraft or non-sufficient funds fees |
Fifth Third Military Checking | Special VA home loan rates, 10 free non-Fifth Third ATM transactions per month |
Savings Accounts
Wells Fargo is our winner when it comes to savings account as it offers higher rates than Fifth Third Bank.
Wells Fargo has two main savings account options – Way2Save Savings and Platinum Savings, along with a kids' savings account. Although Way2Save Savings has a low APY, the Platinum Savings plan offers a higher rate. However, to access the highest rate, you'll need to have more than $1 million in your account.
It's worth noting that Fifth Third Bank offers a money market option not available at Wells Fargo. However, the rates on these products are also relatively low.
Fifth Third Savings | Wells Fargo Platinum Savings | |
|---|---|---|
Savings Rate | 0.01% | 0.26% – 2.51% |
Minimum Deposit | $0 | $25 |
Fees | $5
The monthly service charge for Fifth Third savings accounts is waived if you meet any of the following criteria: having a Fifth Third checking account, having all savings account owners listed on the Fifth Third checking account, maintaining an average monthly balance of $500 or more, having an account owner under 18 years old, or being enrolled in Fifth Third Military Banking.
| $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
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Certificate Of Deposits (CDs)
When it comes to CDs, Wells Fargo is our winner.
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Fifth Third CD Rates
Fifth Third Bank CDs | |
|---|---|
5 Month | 5.20% |
7 Month | 4.40% |
12 Month | 4.20% |
Minimum Deposit | $5,000 |
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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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- 4.50% APY on savings
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- No Monthly Service Fees
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- Up to 4.85% APY on savings
- No monthly service fees.
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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
Wells Fargo wins when it comes to credit cards. It has a more diverse portfolio of credit cards and better redemption options than Fifth Third Bank.
Wells Fargo provides different credit cards to suit various needs. If you prefer getting cash back, the Wells Fargo Cash Wise Visa Card is a good option, offering unlimited cash back on your purchases along with a cash rewards bonus. For those who spend on everyday items and travel, the Wells Fargo Autograph Card is designed for you. If you're looking for a card with a 0% introductory APR, the Reflect card is the best choice.
Additionally, Wells Fargo offers the Choice Privileges Mastercard, which allows you to earn points for staying at specific Choice Hotels. Moreover, you can also accumulate points for purchasing gas, groceries, home improvement items, and phone plans with this card.
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 |
| Fifth Third 1.67% Cash Back
| 1.67%
Unlimited 1.67% cash back with every purchase | N/A | $0 |
|---|---|---|---|---|
| Fifth Third Low Intro Rate | 1%
Unlimited 1% cash back on every purchase | 0% Intro APR: 21 months on purchases and balance transfers | $0 |
| Fifth Third Preferred Cash Back (Exclusively for Fifth Third Preferred Banking Clients) | 2%
unlimited 2% cash back with every purchase | N/A | $0 |
| Fifth Third Secured Card | N/A | N/A | $24 |
Mortgage And Loans
When it comes to lending products, both banks offer options for borrowers, but they do not include all types of loans. If we have to choose one, Fifth Third is our winner for borrowers.
Fifth Third Bank's Home Loan Center offers a range of mortgage solutions, ensuring personalized assistance in the home-buying process. In addition, Fifth Third provides auto financing for those looking to purchase a vehicle, as well as personal Loans and lines of credit (not available through Wells Fargo).
Wells Fargo offers similar lending options, including mortgages, mortgage refinancing, and home equity loans. Additionally, they provide personal loans to consolidated debt, auto purchase loans, and auto refinancing options. It's easy to apply on Wells Fargo app:
Which Bank Is Our Winner?
There is no clear winner in this competition. If you're looking for a checking account and credit cards are less important for you, Fifth Bank may want the right place for your needs. However, if you want better savings rates credit card rewards, and redemption options, then Wells Fargo may be a good fit.
Yet, choosing between them requires considering your needs—like banking services, overdraft support, ATM convenience, and location proximity. Different factors matter to different people, so take your time to evaluate what's essential for you before making a decision.
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Understanding Our Banking Comparison Methodology
In our thorough banking comparison, The Smart Investor team carefully reviewed and compared banks across five key categories:
Checking Accounts (30%): We examined features 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 available to customers.
Savings Accounts and CDs (20%): Our focus was on important factors such as the Annual Percentage Yield (APY), minimum deposit requirements, account flexibility, FDIC insurance coverage, special savings offers, variety of CDs, automatic renewal options, and early withdrawal penalties.
Credit Cards (15%): We analyzed rewards programs, annual fees, introductory bonuses, travel benefits, APR, and balance transfer options offered by each bank's credit cards to provide a comprehensive comparison of available features.
Lending Options (15%): We assessed the variety of loan options provided, including personal loans, student loans, mortgages, secured loans, HELOCs, and Home Equity Loans, offering insights into the banks' lending capabilities.
Customer Experience and Bank Reputation (20%): Our evaluation included an analysis of online banking and mobile app usability and ratings, accessibility of customer support, online reviews, JD Power research, Trustpilot ratings, and overall financial stability, providing a holistic view of customer experience and reputation.
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.
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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.
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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.
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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.
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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.
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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.
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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.
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