The main plus of having a bank account with a big bank is the widespread access you have to your money. Both Wells Fargo and Bank of America provide their customers with thousands of ATMs and branches throughout the country. Both banks also offer a range of bank accounts, from a simple savings account to IRA CDs. But which bank is better? Read on to find out more about each bank and their fees, rates and more.
Who Should Bank With Wells Fargo?
Wells Fargo has one of the largest banking presences in the U.S., with over 6,000 branches and 13,000 ATMs in 40 states. (You won’t have branch access if you live in Kentucky, Louisiana, Maine, Massachusetts, Missouri, New Hampshire, Oklahoma, Rhode Island, Vermont or West Virginia.) This makes accessing your accounts or speaking to a representative in-person pretty easy whether you’re at home or traveling the country. Plus, you’ll also have the bank at your fingertips online and on mobile.
Wells Fargo also has a huge suite of bank accounts to offer. You can choose from two savings accounts, three CD types in various term lengths, five checking accounts and various IRA options. This means you could keep all your accounts with Wells Fargo if you wanted to. It also helps you find the right account for yourself and financial situation. The bank even offers a Teen Checking account to help teenagers learn how to manage their money.
One downside is that the bank doen’t offer the most favorable interest rates on its accounts. This is usually the main drawback of big banks since they have to keep up with the costs of maintaining thousands of physical locations.Continue reading