Bank of the West VS Wells Fargo

Which bank is better for you?

  • Financial Rates: 3.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 4.0 Star Icon
  • Bank Fees: 3.0 Star Icon
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Pros:

  • Business accounts are available
  • Direct deposit is not required
  • A variety of different lengths of CDs
  • Transfer money to others with PopMoney

Cons:

  • Low-interest rates on accounts
  • High initial required amounts for CDs
  • High required amounts for accounts
  • Products change based on states
  • Financial Rates: 3.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.0 Star Icon
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Pros:

  • Opportunity checking account
  • Business accounts are available
  • Checking account for teenagers
  • Low opening required amounts

Cons:

  • Low-interest rates
  • Accounts have monthly fees
  • Few CD options and high opening amount
  • No money market account offered
Bank of the West Review

Bank of the West offers checking, savings, CDs, and money market accounts for your business. Credit cards, loans, and lines of credit are also available. Bank of the West offers payroll services and payment processing options. Foreign exchange services for business accounts are also available. Interest rates for their different business accounts are not listed on the website.

Bank of the West does not require you to have direct deposit into their checking account. There is a monthly maintenance fee, but you can waive that fee by depositing money into your account each month. You can deposit any amount by an ATM, in-branch, direct, or mobile deposit to waive the fee.

Bank of the West offers Flexible-Term CDs, Premium Money Market CD, and a Relationship CD. Within these different CD types are a variety of term lengths, except the Relationship CD. That only has a 12-month term option. To apply for a CD and get the specific term lengths and rates you have to visit a branch. You cannot apply online.

With Popmoney you can send or receive money with only an email, text, or account number. You decide where the money is deposited. You will receive an alert when the transaction is complete. There is a fee to send money overnight, and not all customers qualify to use Popmoney.

Personal banking accounts of Bank of the West do not have competitive interest rates. The rates are much less than online-only banks but similar to typical bank interest rates.

To open a CD, you must have an opening balance of $1,000 for the Flexible-Term CDs and Premier Money Market CDs. To open a Relationship CD, you must have $2,500 and a checking account with Bank of the West.

To waive the Premier Checking account fee, you must have $25,000 in qualifying accounts. The Choice Money Market account requires $5,000. CD accounts require $1,000 to $2,500 to open. The Classic Savings account requires $300. There are other options for ways to have monthly fees waived. Know the options if you cannot keep the required amounts of money in the accounts.

Bank of the West accounts are not available in all states. To apply for an account, you must have an address in one of the states listed. Interest rates and products differ between states. The name of the bank may be slightly different as well depending on the area.

Read the full Bank of the West review.

Wells Fargo Review

The opportunity checking account is for those who do not qualify for a regular checking account. This account allows you to have checks, a debit card, and bill pay from the account. With this account, you can access mobile banking. There is a $10 monthly fee. Waive the fee with set debit transactions, direct deposits, or keeping a specific amount in the account.

Many different business accounts are available through Wells Fargo. Savings and checking accounts are available. They also offer CDs, loans, and credit cards. Commercial finances options are available. Wells Fargo offers retirement and investment options for businesses, as well as payroll options.

The checking account for teenagers is for children ages 13-17. A parent must open the account with the child. The account offers a debit card and mobile banking. There is a monthly service fee, which is waived by receiving statements online. Parents can set limits on the number of purchases and withdrawals made from the account.

To open a Wells Fargo checking and savings requires a low minimum opening deposit. The accounts only need $25 to open.

The interest rates for Wells Fargo accounts are low. They are not competitive with other online-only accounts: slightly lower than your typical bank rates.

Most Wells Fargo accounts have a monthly fee. There are ways to waive the fees on the accounts. Those ways include signing up for online-only statements or keeping a set amount in the account. Signing up for direct deposits will waive the fee for some accounts.

Wells Fargo does not offer many term lengths of CDs. There are only four different term lengths that require the lowest opening amount of $2,500. The longest of those terms is one year. The longer-term CDs require $5,000 to open. There are three longer-term length CDs available at the higher amount.

Wells Fargo only offers two savings accounts and not a money market account. A money market account generally offers higher interest rates than a savings account. Wells Fargo offers a basic savings account and a Platinum savings account. The Platinum account requires $3,500 be kept in the account to waive the monthly fee.

Read the full Wells Fargo review.

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