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E*TRADE VS Wells Fargo

Which bank is better for you?

  • Financial Rates: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.0 Star Icon
No Rate Information
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Pros:

  • Low opening required amounts
  • Interest rates not tiered
  • ATM fee reimbursement
  • Savings accounts offer competitive rates

Cons:

  • Accounts have monthly fees
  • Limited personal accounts offered
  • Checking account interest rates low
  • Business accounts limited
  • 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
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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
E*TRADE Review

E*TRADE accounts have low opening amounts required to open their accounts. The E*TRADE and Max-Rate checking and Premium savings account all require only $100 to open.

The interest rates for E*TRADE Bank accounts are not tiered. The Max-Rate checking account does require a $5,000 balance to earn interest. Any amount above $5,000 earns the highest interest rate offered. The savings account does not have a set amount. Any balance earns the most competitive interest rate.

E*TRADE Bank Max-Rate Checking offers unlimited ATM fee reimbursement. E*TRADE will not charge a fee for money withdrawn from ATMs across the nation. If the owner of the ATM charges a fee, the fee reimbursement will be automatically deposited into your account. The basic E*TRADE checking account does not offer ATM fee reimbursement.

The E*TRADE Bank savings account offers competitive interest rates. This account has rates competitive with other online accounts. They are much higher than typical brick and mortar bank rates. Any account balance earns the most competitive rate.

Most E*TRADE Bank accounts have a monthly fee. The fees range from $10 to $15 a month depending on the account. There are a variety of ways to waive the monthly fee. Keeping a set account balance in one account or an average in multiple accounts waives the fees. Making a set amount of trades can also help waive the fees. The basic E*TRADE checking account does not have a monthly fee.

The types of personal accounts offered through E*TRADE Bank are limited to new customers. Those accounts include a savings account and two checking accounts. More accounts may be available once you become a customer.

The Max-Rate checking account with E*TRADE Bank earns interest, but the rates are low. The interest rates are not competitive with other online checking accounts. You must have a balance of $5,000 in the Max-Rate checking account to earn any interest.

E*TRADE offers limited accounts for small businesses. They do not offer traditional accounts for small or commercial businesses. The accounts offered to small businesses include retirement accounts.

Read the full E*TRADE 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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