-
Financial Rates:
3.0
-
Customer Service:
4.0
-
Website Experience:
5.0
-
Bank Fees:
5.0
Pros:
- Unlimited ATM fee rebates
- No monthly fees
- No amounts required in accounts
- Offer investing products and advice
Cons:
- Must link checking account to a brokerage
- Low-interest rates
- Opening savings account is not online
- CDs have fees
-
Financial Rates:
1.5
-
Customer Service:
4.5
-
Website Experience:
5.0
-
Bank Fees:
3.5
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
Charles Schwab refunds any ATM fees acquired worldwide. Unlike other banks, there is no limit to the number of times your ATM fee can be refunded. If you make use of ATMs, this is an ideal benefit.
There are no monthly maintenance fees for Charles Schwab savings or checking accounts. The checking account does have a fee, but the fee is waived when you open the brokerage account. The brokerage account is a requirement for a Charles Schwab savings or checking account.
Charles Schwab does not have a set amount you must keep in their savings and checking accounts. You will earn interest on whatever amount you deposit with no monthly fees.
Charles Schwab has a wide variety of products to help you invest and trade. They offer accounts for trusts, college, retirement, small businesses, and IRA accounts. Their website offers tools and advice in these different areas. This can help ensure you open the right account for you.
When you open a Charles Schwab checking account, you have to open a Schwab One brokerage account. Opening this account waives the checking account fee. There isn't a required amount to keep in either account, but you must open both accounts.
The interest on their checking account is competitive with other banks for low account amounts. The interest on their savings account is slightly higher than typical banks. The savings account rates are significantly lower than other online banks.
To open a savings account, you must download an application, fill it out, and send it back to Charles Schwab. Other banks let you open a savings account all online. You can open a checking account with Charles Schwab online, but not a savings account.
Charles Schwab CDs have a fee. They charge a set amount based on the CD opened. There is also a fee to sell based on a broker-assisted fee. The interest rates for their CDs are competitive with other banks, but there are fees.
Wells Fargo offers an Opportunity Checking account. This account is for those who do not qualify for a regular checking account. It offers checks, a debit card, bill pay, and mobile banking. With the Opportunity account, there is a $10 monthly fee. There are options to waive the fee.
Many business accounts are available through Wells Fargo. Business savings and checking accounts are available. They offer CDs, loans, and credit cards. Commercial finance options are available. Wells Fargo offers retirement and investment options for businesses, along with payroll options.
Wells Fargo offers a checking account specifically for kids 13-17 years old. A parent must open the account with the child. There are no monthly fees and it offers a debit card and mobile banking. 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 opening deposit. The savings and checking accounts only need $25 to open. The accounts may require more money to earn interest, but to open the account only requires $25.
The interest rates for Wells Fargo accounts are low. They are not competitive with other online-only accounts. Even the highest interest rates offered are low compared to other online accounts.
Most Wells Fargo accounts have a monthly fee. The fees range from $10-30, depending on the account. Ways to waive the fees include:
- Signing up for electronic statements
- Having an average daily balance above a set amount
- Setting up a reoccurring savings deposit
- Account holder is between a certain age
- Having a direct deposit over a certain amount
- Combined account balances are above a set amount
- Making a set number of debit card transactions
Wells Fargo does not offer many CD term lengths. There are only four CDs with an opening amount of $2,500. Those terms are three-month, six-month, and one-year CDs. The 9, 29, and 39-month CDs require $5,000 to open. The Step Rate CD is a 24-month term. To open requires $2,500 and must be done in a branch location.
Wells Fargo does not offer a money market account. They offer a basic and a Platinum savings account. Neither account offers interest rates competitive to online accounts.
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| Savings (Rate as of 11/21/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 3.92% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 11/21/2024) | |
| APY | 4.75% |
|---|---|
| Rate | 4.64% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC No monthly maintenance fee, $0 to open, easily grow your money | |
The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own website where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.