When we talk about the best banks in the United States, rarely, someone doesn’t mention the names of Capital One and Wells Fargo. It’s possible to get loans and mortgages from both of these places. They also offer customer accounts and credit/debit services.
However, when we compare them head to head, Capital One moves far ahead in terms of everything. It has more ATMs, better customer support, and even higher interest rates in its savings and CD accounts. Moreover, the minimum deposit amount and monthly account maintenance fees for all account types are $0.
But Wells Fargo has better offline support with a massive network of over 4,900+ branches and even a $0 stop payment fee.
Let’s look at their comparison at a glance in the table below.
Capital One vs Wells Fargo: Overview
|Feature||Capital One||Wells Fargo|
|Checking Monthly Fee||$0||$10|
|Checking Minimum Deposit||$0||$25|
|Savings Monthly Fee||$0||$5|
|Savings Return||0.40% Annually||0.01%|
|CD Earning||1 Year 0.60%, 5 Year 1.00%||1 Year 0.01%,|
|CD Minimum Deposit||$0||$2,500|
|Phone Hours||24 Hours||24 Hours|
|Overdraft Fee||Overdraft Fee $0||$35, limit 3 per day|
Capital One is a far better bank in almost every way when compared to Wells Fargo. However, there are a few tidbits where it lags.
For example, Capital One has only 320 branches in the US as compared to Wells Fargo which has over 4,900 branches. Moreover, the stop payment fee is $25, which is free in the case of Wells Fargo customers.
As far as other aspects are concerned, the annual rates in savings and CD accounts are higher in Capital One. Moreover, they have a $0 minimum deposit amount and monthly account maintenance fees (across all account types).
Who is Capital One for?
Capital One is for those customers who prefer convenience, superior customer support, better annual return rates, and zero extra charges/fees.
Pros of being a Capital One Customer:
- A vast number of ATMs (60,000+)
- Higher APY rates
- $0 minimum deposit amount
- 24/7 customer support
- $0 monthly account maintenance fees
- $0 overdraft fee
Cons of being a Capital One Customer:
- A limited number of branches in the US (320+)
- High stop payment fees ($25)
Who is Wells Fargo for?
Customers who want better offline support and the convenience of more branches can choose Wells Fargo for opening their accounts.
Also, with Wells Fargo, the stop payment fee is $0.
Pros of being a Wells Fargo Customer:
- More number of branches (4,900+)
- No stop payment fee
- Privileges to teenage account holders
Cons of being a Wells Fargo Customer:
- Low APY rates, both in Savings as well as CD accounts
- Average Customer Support
- The minimum deposit amounts are high
- The monthly account maintenance fees are also very high
Capital One vs Wells Fargo: Checking Account Comparison
|Checking Account||Capital One||Wells Fargo|
|Minimum Opening Deposit||$0||$25|
The monthly account maintenance fee, the minimum account opening deposit amount and the APY rates are all in favor of Capital One. With zero fees and a higher APY rate, Capital One is the best option for opening a checking account.
Capital One vs Wells Fargo: Savings Account Comparison
|Savings Account||Capital One||Wells Fargo|
|Monthly Maintenance Fee||$0||$5|
|Minimum Deposit Fee||$0||$25|
As we can see that the monthly maintenance fee of Capital One is $0. However, you can waive your Wells Fargo maintenance fee quite easily.
Also, Capital One customers enjoy a $0 minimum account opening deposit and a 40x APY yield rate.
Capital One vs Wells Fargo: Certificate of Deposit Comparison
|Certificate of Deposit||Capital One||Wells Fargo|
|APY- 1 Year||0.60%||0.01%|
|APY- 3 Years||0.75%||No Standard Rates|
|APY- 5 Years||1.00%||No Standard Rates|
Opening a Certificates of Deposit account in Wells Fargo is pointless. You will get far attractive returns in Capital One. Moreover, the minimum deposit to open a CD is $0 in the case of Capital One.
Capital One vs Wells Fargo: Fees Comparison
|Fees||Capital One||Wells Fargo|
|Return Deposit||$25- Flat||$35|
|Wire Transfer||Domestic: $0 (incoming)|
Domestic: $30 (outgoing)
International: $0 (incoming)
|Domestic: $15 (incoming)|
Domestic: $30 (outgoing)
International: $16 (incoming)
Here we can see that if you compare ATM fees, return deposit fees, and wire transfer fees, both banks have similar charges. You can opt for any one of them.
However, the overdraft fee is $0 in the case of Capital One while Wells Fargo charges a $0 stop payment fee.
Capital One vs Wells Fargo: Verdict
Overall, Capital One is the clear winner. It has an average overall lesser fee, lesser minimum deposit value, and higher APY returns.
Benjamin is a certified financial advisor, with over 10 years of experience in the industry. He is knowledgeable about various business and financial topics, such as retirement planning and investment management. Ben has been recognized for his work in the financial planning industry. He has also been featured in various publications.