Table Of Content
When Wells Fargo Bank Wins?
Wells Fargo has an extensive product line that includes checking accounts, savings accounts, loans, mortgages, and investments including 401ks, IRAs, and wealth management options.
Wells Fargo can be a better choice than US Bank if:
You are interested in larger personal loans
You’re confident you can meet the waiver requirements
You want a mortgage with a lower down payment
When US Bank Wins?
US Bank has an even more impressive banking product line. There is a variety of saving and checking account options, investments, personal loans, mortgage products, and wealth management.
This means that either bank will make it easier to switch from your current bank, as you should have access to all the products you would expect and need.
Open a bank account on US can be a better choice than Wells Fargo if:
You want better CD rates
You want more credit card choices
You want lower account maintenance fees
Money Market Account
There is little to separate the basic savings account with Wells Fargo and US Bank. Both accounts pay quite low rates compared to national average, and have a similar account maintenance fee. While US Bank’s fee is slightly less, the waiver criteria is similar.
However, both banks offer savings upgrade options that increase the feature set and potential interest. Wells Fargo’s Platinum savings has a higher account maintenance fee, but you can earn a slightly higher rate.
If you’re looking for a wider variety of savings options, US Bank has the edge. But, to access these other account options, you typically need a higher balance or need to have upgraded to the Platinum checking account.
0.15% – 2.51%
$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
$4 can be waived by $300+ daily ledger balance or $1,000 average monthly balance
Neither the Wells Fargo or US Bank standard checking account is interest bearing. While US Bank has a lower monthly maintenance fee, the criteria to have the fee waived is a little more strict.
Both accounts offer overdraft protection services with automatic transfers from a linked savings account. US Bank also has multiple checking account options, and as we touched on above, you will need to upgrade to the Premium checking to access many of the saving account options.
0.05% – 0.10%
0.001% – 0.005%
$10 Related to Wells Fargo Everyday Checking. The fee can be waived if you maintain a minimum daily balance of $500 or receive at least $500 in qualifying direct deposits per month. The fee is also waived if you’re 17 to 24 and have a linked Wells Fargo Campus Debit Card or Campus ATM card linked to the checking account
$6.95 Can be waived by maintaining an average account balance of $1,500, have $1,000+ in direct deposits per month or be aged 65+
One area where US Bank has a clear edge is in its CDs. While Wells Fargo has a minimum deposit of $2,500, US Bank’s is $1,000. Additionally, Wells Fargo only lower rates depending on your deposit amount.
1.49% – 5.26%
0.05% – 4.90%
Wells Fargo has three credit card options. If you’re looking to transfer a balance or make a large purchase, the Wells Fargo Reflect card offers a 0% APR for 18 months that may be extended for a further three months if you make your minimum payments on time.
The other two cards are tailored for different customers. For travelers, the Hotels.com card pays stamps for purchases and eligible stays. You can redeem 10 stamps for one reward night. The card has no annual fee and if you spend $1,000 in the first 90 days, you’ll get two reward nights for free.
Finally, Wells Fargo has Active Cash. Like the Hotels.com card, there is a welcome bonus if you spend $1,000 within the first 90 days. However, you can also earn 2% cash back and enjoy a 0% introductory rate.
US Bank has more credit card options, but you can narrow down your options with search categories on the website. Some of the popular credit card options include Platinum that has a 0% introductory rate for 20 billing cycles. There are also reward cards with the potential to earn up to 5x points for every dollar you spend. The US Bank Altitude card offers new customers up to 20,000 points on purchases of up to $1000 within the first 90 days, while existing customers can earn 4x points on food purchases, 2x points on groceries and gas, and 1 point for every $1 on net purchases.
US Bank also has three secured cards that allow you to earn up to 5% cash back or 4x points. If you need a larger credit limit, the Secured Visa offers up to $5,000.
Wells Fargo has a choice of mortgage products including fixed rate, VA and FHA loans. However, what makes this bank an attractive option is that you can secure a mortgage with a lower down payment. The Wells Fargo fixed rate loans require 3% or more, while you’ll need 3.5% or more for a FHA loan.
You can also access home equity finance for up to $500k with Wells Fargo. These packages allow you to borrow up to 80% of your home value less the mortgage, and any secured loans or liens.
US Bank also has a similar variety of loan products. However, there are some great resources, particularly for first time buyers including blog posts, FAQs and payment calculators to guide you through the home buying process.
Wells Fargo has an excellent selection of loan products including personal loans for up to $100,000. You can take your loan over a period of up to 84 months and there are no origination, closing or prepayment fees. Wells Fargo also offers relationship discounts, if you’re a qualified customer. Wells Fargo also offers some types of student loan.
US Bank also has several loan products. The conventional personal loans are available for up to $50,000. The bank also has home improvement loans and simple loans for up to $1k, if you encounter any unplanned or unexpected expenses.
Wells Fargo’s general banking helpline is available 24/7, but you may find answers to general queries on the FAQ support page.
US Bank also has a toll free number, but has an even more comprehensive support section on its website.
Both banks have an app, so you can easily manage your accounts. The US Bank App is rated 4.8/5 and 3.9/5 on Apple and Google respectively, while Wells Fargo’s app is rated 4.8/5 on both platforms.
The bank’s websites are both easy to use, with some excellent learning resources. There are comprehensive help sections that allow you to explore all aspects of the bank’s products and finance in general to create an excellent digital experience.
Which Bank is The Winner?
To sum up, we’ll need to look at which bank is better, depending on what you’re looking for.
Both banks have accounts that attract a maintenance fee, but while US Bank’s fees tend to be lower, the waiver criteria are typically less generous compared to Wells Fargo. Wells Fargo does offer higher amounts on personal loans, but US Bank has quick loans of up to $1k.
Wells Fargo has some products that are suitable for those with bad credit, in addition to learning resources to help you take proactive steps to improve your credit.
The basic Clear Access checking account has no overdraft fees and can assist you with money management. With this account, you can get a debit card but not write checks. There is a $5 monthly service fee, but this can be waived if you are under the age of 25.
Customers can open a Wells Fargo Trade account, which is an online trading platform where they can invest in EFTs and stocks, including gold stock.
This service has an annual fee, but it is possible to have it waived if you meet one of the waiver criteria.
Yes, it is possible to open a US Bank checking account online without any need to visit a branch. The online application form is easy to follow and it should take approximately five minutes to complete.
However, if you do run into problems, there is a toll free helpline, where a member of the US Bank team can help guide you through the process.
While the Student checking account has no monthly maintenance fee, all the other US Bank checking account options do attract a maintenance fee. However, it is possible to have this fee waived if you meet the waiver criteria.
For example, the Easy Checking account has a $6.95 monthly fee that can be waived if you have an average balance of $1,500 or combined direct deposits of $1,000+ each month.
US Bank has recently announced that its customers will be able to use its investment platform to buy or invest in cryptocurrencies including Bitcoin. As with gold products, you can opt for an automated or self directed approach, which will also influence the trade charges.
Review Alternative Banks
Alliant Credit Union Review
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.
Bank of America offers a wide range of banking services. There are numerous credit cards available, as well as various checking and savings accounts, home loans, investments, and auto loans.
Read Full Comparison: Bank of America vs US Bank: Which is Best For You?
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?
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?
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?