U.S. Bank vs. Wells Fargo: Which Bank Is Right for You?
Review
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Bottom line: Wells Fargo has better CD rates and easy-to-waive account fees, while U.S. Bank has lower account fees and better customer service.
You won't be hurting for account variety with either of these big banks.
Wells Fargo has two flagship savings accounts, the Wells Fargo Way2Save Savings account and the Wells Fargo Platinum Savings account. The Wells Fargo Way2Save Savings has a $5 monthly service fee (waivable), $25 minimum opening deposit, and a very low interest rate of 0.01%. The account also comes with a debit card, which isn't a common feature on savings accounts. In contrast, the Wells Fargo Platinum Savings account has a $12 monthly fee (waivable), allows you to write checks, and offers a tiered APY that can change depending on how much you save.
U.S. Bank offers one of the cheapest savings accounts (that isn't a free savings account). The Bank Smartly® Savings Account has a $5 monthly maintenance fee (waivable) and a $25 minimum opening deposit. Unlike Wells Fargo savings accounts, the Bank Smartly® Savings Account doesn't come with a debit card.
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Rating image, 3.00 out of 5 stars.
3.00/5
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Rating image, 3.50 out of 5 stars.
3.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
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1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
| APY | up to 3.50% Rate info Earn up to 3.50% APY when you pair a new Bank Smartly® Savings account with a Bank Smartly® Checking or Safe Debit account and combined qualifying balances and Bank Smartly® Savings balances of at least $25,000. | 0.01% | 0.01% up to 2.51% Rate info There are four tiers of APYs: $0 - $99,999.99, $100,000 - $499,999.99, $500,000 - $999,999.99, and $1 million or more. The higher your balance, the greater your APY. The highest rates are relationship interest rates. Your Platinum Savings must be linked to a Premier Checking account to qualify for the highest rates. |
| Min. to earn APY | $25,000 | — | $25 to open |
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U.S. Bank has one flagship checking account, the Bank Smartly® Checking. This account comes with a $6.95 monthly maintenance fee (waivable) and has a $25 minimum opening deposit. The Bank Smartly® Checking might also earn rewards and gain access perks if you enroll in U.S. Bank's Smart Rewards program. U.S. Bank also offers student and business checking accounts.
If you're looking for variety, however, Wells Fargo has more than one checking account. You could go with its Wells Fargo Everyday Checking, a basic account with a $10 monthly fee (waivable) and $25 minimum opening deposit. For those who would like to earn interest, the Prime Checking ($25 monthly fee; waivable) and Premier Checking ($35 monthly fee; waivable) have relationship rates that activate when you link Wells Fargo CDs or other savings accounts. Finally, to avoid overdraft fees, check out the Wells Fargo Clear Access Banking account ($5 monthly fee; waivable)
Between the two banks, the Bank Smartly® Checking is cheaper, but you can get the fee waived on the Wells Fargo Everyday Checking for a smaller daily balance and direct deposit total ($500 for both). That said, the Bank Smartly® Checking might be more ideal for members of the military or clients who are older than 65 or younger than 17, as the fee will be automatically waived for you.
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U.S. Bank Business Essentials
On U.S. Bank's Secure Website. |
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| Rating |
Rating image, 3.50 out of 5 stars.
3.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
| APY | Undisclosed | 0% | 0% | 0% | 0% |
| Min. to earn APY | $0.01 | N/A | N/A | — | N/A |
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U.S. Bank Business Checking Special Offer Disclosure
Promo code Q2AFL25 MUST be used when opening a U.S. Bank Business Essentials, Silver, or Platinum Business Checking account. Limit of one bonus per business. A $100 minimum deposit is required to open one of the referenced accounts.
Bonus Options
• Earn your $500 Business Checking bonus by opening a new U.S. Bank Business Essentials or Silver Business Checking account between 4/3/2025 and 6/30/2025. You must make deposit(s) of at least $5,000 in new money within 30 days of account opening and thereafter maintain a daily balance of at least $5,000 until the 60th day after account opening. You must also complete 5 qualifying transactions within 60 days of account opening.
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Qualifying transactions include debit card purchases, ACH credits, Wire Transfer credits and debits, Zelle credits and debits, U.S. Bank Mobile Check Deposit or Bill Pay. Other transactions such as (but not limited to) other Person to Person payments, transfers to credit card or transfers between U.S. Bank accounts are not eligible.
New money is considered money that is new to U.S. Bank. Funds must come from outside U.S. Bank and cannot be transferred from another U.S. Bank product or a U.S. Bank Affiliate. For accounts opened on non-business days, weekends or federal holidays, the open date is considered the next business day. Account fees (e.g., monthly maintenance, paper statement fee, etc.) could reduce the qualifying daily balance, therefore you must make deposit(s) to cover the fees to maintain the daily balance during the qualifying period to be awarded the bonus. Refer to the Business Pricing Information or Business Essentials® Pricing Information Document for a list of fees.
Bonus will be deposited into your new eligible U.S. Bank Business Checking account within 30 days following the last calendar day of the month you complete all of the offer requirements, as long as the account is open and has a positive available balance.
Offer may not be combined with any other business checking account bonus offers. Existing customers (businesses) with a business checking account or customers (businesses) who had an account in the last 12 months, do not qualify.
All regular account-opening procedures apply. For a comprehensive list of checking account pricing, terms and policies, reference your Business Pricing Information or Business Essentials® Pricing Information and YDAA disclosure. These documents can be obtained by contacting a U.S. Bank branch or calling 800.872.2657.
Bonus will be reported as interest earned on IRS Form 1099-INT and recipient is responsible for any applicable taxes. Current U.S. Bank employees are not eligible. U.S. Bank reserves the right to withdraw this offer at any time without notice.
Member FDIC.
Wells Fargo CDs have higher APYs than U.S. Bank. Right now, its highest rates are on its short-term CDs (12 months or fewer). Though its CD rates are typically higher than U.S. Bank. Wells Fargo CDs also have higher minimum opening deposits: $2,500 for Standard, $5,000 for Special for standard CDs and $5,000 for special rates.
In general, U.S. Bank CD rates aren't very good. While its standard CDs have a low minimum opening ($500), the APYs range from 0.05% to 0.25%. Despite this, it does offer some decent special CD rates that are worth keeping an eye out for.
Note: Both Wells Fargo and U.S. Bank CD rates can vary by location, so consult with your local bank to verify ongoing rates.
APY = Annual Percentage Yield
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| Account | U.S. Bank Standard CD | Wells Fargo Standard CD |
| 3 Mo. | -- | up to 2.01% |
| 6 Mo. | 0.05% | up to 2.01% |
| 7 Mo. | -- | up to 4.01% |
| 9 Mo. | 0.05% | -- |
| 11 Mo. | -- | up to 4.01% |
| 1 Yr. | 0.05% | up to 3.26% |
| 1.5 Yr. | 0.05% | -- |
| 2 Yr. | 0.05% | -- |
| 3 Yr. | 0.10% | -- |
| 4 Yr. | 0.15% | -- |
| 5 Yr. | 0.25% | -- |
| Min. Deposit | $500 | $2,500 for Standard, $5,000 for Special |
| Early Withdrawal Penalty | Yes | -- |
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Generally speaking, Wells Fargo has better APYs for its CD accounts. However, U.S. Bank offers a money market account, the U.S. Bank Elite Money Market Account, with a decent APY of up to 3.25% when you maintain an account balance of at least $25,000. Wells Fargo currently match this with any of its savings accounts.
U.S. Bank recently scored higher than Wells Fargo in the J.D. Power U.S. National Banking Satisfaction Study. Although both banks scored below the study average (653), U.S. Bank had a score of 652, while Wells Fargo was second to last with a score of 625.
Neither bank has a high score on Trustpilot. In fact, both share a "bad" score of 1.3 stars out of five. Wells Fargo also has an "F" on its Better Business Bureau profile, while U.S. Bank's profile is currently under review ("NR").
Both banks have highly rated apps with many overlapping features. Both apps let you deposit checks through your phone, budget more efficiently with spending insights, track and monitor your credit score, and send or request money via Zelle. Plus, Wells Fargo has an AI assistant (Fargo™) that answers questions and performs administrative tasks similar to Amazon Alexa. For its part, U.S. Bank lets you add, monitor, and analyze external accounts in its app, giving you an all-in-one financial command center.
Both apps have excellent reviews on the Apple App Store and Google Play. U.S. Bank has a collective rating of 4.75 on both platforms, while Wells Fargo has a 4.85 rating.
U.S. Bank might be right for you if you want lower monthly fees on your savings or checking. It might also be right for you if you have a U.S. credit card or are a member of the military, as your checking account fees will be waived. On the flip side, Wells Fargo might be the better choice if you want lower minimum balance or deposit requirements to waive account fees. It might also be worth considering if you're after a CD with a higher APY.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
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Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 3.80%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
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New customers can earn up to a $300 bonus with qualifying direct deposits!¹
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Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for CIT Platinum Savings
On CIT's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.10% APY for balances of $5,000 or more
Rate info
4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000+ for max APY
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Earn a bonus of at least $225 after a one-time deposit of $25,000+.
Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
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Open Account for CIT Platinum Savings
On CIT's Secure Website. |
Open Account for American Express® High Yield Savings
On American Express's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
3.70%
Rate info
3.70% annual percentage yield as of April 11, 2025. Terms apply.
Min. to earn: $0
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N/A
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Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
SoFi disclosure:
¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.
Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.
Learn more about how Motley Fool Money rates bank accounts.
U.S. Bank might be a good fit if you want low fees on savings or checking accounts. It could also be worth considering if you want a decent APY on a money market account. That said, you'll need to live in one of the states where U.S. Bank operates (Arizona, Arkansas, California, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oregon, South Dakota, Tennessee, Texas, Utah, Washington, Wisconsin, and Wyoming).
Wells Fargo is perfectly suited for those looking for a large national bank with a dense concentration of branches and ATMs. It also makes it easy to waive service fees on its checking and savings account with low minimum balance and deposit requirements.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.
