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California First National Bank VS Wells Fargo

Which bank is better for you?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.0 Star Icon
0.25%APY
Savings/MMA
Star Icon Star Icon Star Icon Star Icon Star Icon

Pros:

  • Reimbursement of ATM fees
  • Competitive interest rates on accounts
  • Interest rates are not tiered
  • Free first order of checks with checking

Cons:

  • Not a wide variety of accounts
  • High opening required amounts
  • Accounts have monthly fees
  • Not all CDs offer competitive rates
  • Financial Rates: 3.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.0 Star Icon
0.01%APY
Savings/MMA
Star Icon Star Icon Star Icon Star Icon Star Icon

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
California First National Bank Review

You can withdraw money from any ATMs with the specific “Plus” logo. If you withdraw money from another ATM, you are reimbursed for the fees charged. CalFirst will reimburse up to $6.00 each statement cycle in ATM fees.

Most CalFirst accounts offer competitive interest rates. The interest rates are not tiered, so you earn the highest rates offered on any balance in the account. Interest is paid monthly on the actual daily balance.

The interest rates for CalFirst accounts are not tiered. Any amount you have in their accounts earns the competitive interest rates. You do not have to have a certain amount in the account to earn the most competitive rates.

The first order of checks is free when you open an interest checking account. You get an ATM card when you open an interest checking account. Free online bill pay comes with each CalFirst checking account opened.

CalFirst does not have a wide variety of accounts. No business accounts are available, only personal deposit accounts. One money market account and savings account are available. There is an interest checking and one regular checking account. CalFirst only offers five different CD terms.

CalFirst accounts have high opening amounts. The money market account and CDs require $5,000 to open. The interest checking account requires $2,500 to open. The savings account and regular checking account both require $1,000 to open.

The accounts at CalFirst all have a monthly fee. The fees range from $10 to $20 a month, depending on the account you open. Waive the fee by keeping a set amount in CalFirst accounts. You can also have a combined balance between a variety of CalFirst accounts.

Not all the CD terms offer competitive rates. The most competitive rates are the three-month, six-month, and the one-year terms. The two-year and three-year terms have interest rates much lower than the other terms. Regular CDs require $5,000 to open. The IRA CDs require $2,000 to open. The only fees are if you withdraw the money before the maturity date.

Read the full California First National Bank 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 are no monthly service fees for this account. 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 for 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. With $25,000 in the account, the Platinum savings account has a much more competitive interest rate.

Read the full Wells Fargo review.

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