U.S. Bank vs. Wells Fargo: Which Bank Is Right for You?

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.

Savings accounts

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 U.S. Bank Standard Savings Account has a $4 monthly maintenance fee (waivable) and a $25 minimum opening deposit. Unlike Wells Fargo savings accounts, the U.S. Bank Standard Savings Account doesn't come with a debit card.

Checking accounts

U.S. Bank has one flagship checking account, the U.S. Bank Smartly® Checking. This account comes with a $6.95 monthly maintenance fee (waivable) and has a $25 minimum opening deposit. The U.S. 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 U.S. 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 U.S. 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.

CDs

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 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.

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 4.25% 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.

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