TD Bank and Wells Fargo are brick-and-mortar financial institutions with big branch and ATM networks.

To help you determine which banks suit you best, we’re comparing the institutions’ bank accounts. We’re also assessing each bank’s trustworthiness so you can learn more about their previous settlement history.

Pros and cons of TD Bank

Pros Cons
  • More than 1,100 branches

  • Over 2,600 free ATMs

  • Possible to waive monthly services fees

  • $200 checking account bonus 

  • Only available on the East Coast
  • Low interest rates on savings and CDs
  • Monthly service fees
  • High CD early withdrawal penalties
  • A- rating from the Better Business Bureau because the government took action against the business

Pros and cons of Wells Fargo

Pros Cons
  • More than 7,200 branches around the US

  • Over 13,000 free ATMs

  • Possible to waive monthly service fees

  • Save As You Go® feature transfers $1 into your Way2Save Savings Account from checking each time you swipe your debit card

  • $200 checking account bonus

  • Low interest rates on savings and CDs
  • Monthly service fees
  • F rating from the Better Business Bureau and public settlements involving racial and disability discrimination

TD Bank vs. Wells Fargo checking account comparisons

Below, we’ve compared the TD Bank Convenience Checking Account and Wells Fargo Everyday Checking Account. These accounts have similar fees and require an opening deposit of $25 or less. 

  TD Bank Convenience Checking Account Wells Fargo Everyday Checking Account
Minimum opening deposit $0 $25
Monthly service fee $15 or $0 $10 or $0
How to waive the monthly service fee

Meet one of the following requirements each month:

  • Have $100 or more in your account daily
  • Are between the ages of 17 and 23

Meet one of the following requirements each month:

  • Receive direct deposits of at least $500
  • Have $500 or more in your account daily
  • Link your account to a Wells Fargo ATM Card or Campus Debit Card
  • Are between the ages of 17 and 24
Sign-up bonus $200 $200
Next steps Learn more Learn more

Your best option between these two banks may ultimately depend on whether it’s easier to waive monthly service fees at a particular bank and if you’re eligible for a sign-up cash bonus. 

The TD Bank Convenience Checking Account and Wells Fargo Everyday Checking Account both waive monthly service fees for people between the ages of 17 and 23.

If you are over the age of 24, it may be easier to waive monthly service fees at TD Bank. The TD Bank Convenience Checking Account also has a much lower minimum balance requirement than Wells Fargo. 

Both bank accounts offer a cash bonus if you’re a new customer and opening a checking account. Wells Fargo has a $200 bonus if you make at least $1,000 in direct deposits within 90 days of opening an account. To be eligible for the $200 bonus at TD Bank, you’ll need to receive $500 or more in direct deposits during the first 60 days. 


Annual Percentage Yield (APY)


None


Minimum Deposit Amount


None

4/5

Editor’s Rating

4/5

Editor’s Rating


Annual Percentage Yield (APY)


None


Minimum Deposit Amount


None


Pros & Cons

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Pros

  • No monthly service fee if you’re ages 17 to 23
  • No opening deposit
  • No out-of-network ATM fees

Cons

  • $15 monthly service fee
  • No interest earned
  • Doesn’t reimburse out-of-network ATM fees charged by providers
  • $35 overdraft fee


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Details

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More Information

  • Access to 1,100 branch locations and over 2,600 ATMs
  • Waive $15 monthly fee with $100 daily balance
  • No opening deposit
  • FDIC insured

TD Bank vs. Wells Fargo savings account comparisons

The TD Simple Savings Account and Wells Fargo Way2Save® Savings Account are each bank’s standard low-fee savings account. See how the two savings accounts stack up.

  TD Simple Savings Account Wells Fargo Way2Save® Savings Account
APY 0.02% APY 0.01% APY
Minimum opening deposit $0 $25
Monthly service fee $5 or $0 $5 or $0
How to waive the monthly fee

No monthly service fees during the first year if you do the following: 

  • Receive a monthly direct deposit of $25 or more from a TD Bank checking account

If you don’t set up direct deposit or skip a month, you must meet one of the following requirements to waive the fee:

  • Maintain $300 in your checking account daily
  • Are under the age of 24 
  • Are over the age of 62

Fulfill one of the following criteria monthly: 

  • Have $300 in your account daily
  • Use the Save as You Go feature if you have a checking account
  • Are under the age of 24
  • Transfer $25 or more from a linked Wells Fargo checking account 
  Learn more Learn more

TD Bank and Wells Fargo savings account share similar features. Both accounts have low minimum opening deposits and pay low interest rates.

The requirements for waiving the $5 monthly service fee are also comparable. The only significant distinction is that the TD Simple Savings Account automatically waives the monthly service fee if you’re over the age of 62. 

If you’d like to open a high-yield savings account or a bank account with strong budgeting features, consider looking over our best high-yield savings account guide


Annual Percentage Yield (APY)


0.02% APY


Minimum Deposit Amount


None

4/5

Editor’s Rating

4/5

Editor’s Rating


Annual Percentage Yield (APY)


0.02% APY


Minimum Deposit Amount


None


Pros & Cons

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Pros

  • No monthly fee for students, or for adults under age 24 or age 62 or older
  • No monthly fee for the first 12 months, with recurring monthly deposits of $25
  • Mobile check deposit
  • No minimum opening deposit

Cons

  • Low APY
  • $5 monthly service fee


Details

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More Information

  • No monthly service fee for students, adults under age 24 or age 62 or older
  • Waive $5 monthly service fee by maintaining $300 minimum daily balance
  • No monthly fee for the first 12 months if you make recurring $25 monthly deposits
  • Interest compounded daily
  • FDIC insured


Annual Percentage Yield (APY)


0.01% APY


Minimum Deposit Amount


$25

2.75/5

Editor’s Rating

2.75/5

Editor’s Rating


Annual Percentage Yield (APY)


0.01% APY


Minimum Deposit Amount


$25


Pros & Cons

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Pros

  • $25 minimum opening deposit
  • Automatic savings feature
  • Includes a debit card

Cons

  • Low APY
  • $5 monthly service fee


Details

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More Information

  • Over 7,200 branches and 13,000 ATMs
  • Waive $5 monthly service fee by maintaining a $300 daily balance, OR setting up automatic savings options, OR be under age 24 and the primary account owner OR transferring $25 or more from a linked Wells Fargo checking account
  • Save As You Go® transfers $1 into your Way2Save Savings Account from checking each time you swipe your debit card
  • Interest compounded daily, paid monthly
  • FDIC insured

TD Bank vs. Wells Fargo CD comparisons 

  TD Bank Choice Promotional Certificate of Deposit Wells Fargo Fixed Rate Certificate of Deposit
Term lengths 3 months to 5 years 3 months to 1 year
Minimum opening deposit $250 $2,500
APY 0.05% APY 0.01% to 0.02% APY
Early withdrawal penalties 3 months to 2 years interest 3 months interest for all CD terms
Types of CDs Standard CDs, No-Penalty CDs, Step-Up CDs Standard CDs

Neither financial institution pays competitive


CD rates

Wells Fargo has fewer CD terms than most brick-and-mortar banks. Usually, you’ll be able to choose from terms 6 months and 5 years. However, you can only open a 3-month, 6-month, or 1-year term at Wells Fargo. 

At TD Bank, you may choose from a variety of standard CD terms. You’ll also be able to choose from special types of CDs like a no-penalty CD or a step-up CD. A no-penalty CD permits withdrawals from a CD without facing a penalty. A step-up CD increases its rate at a set date.


Annual Percentage Yield (APY)


0.05% APY


Minimum Deposit Amount


$250

3.5/5

Editor’s Rating

3.5/5

Editor’s Rating


Annual Percentage Yield (APY)


0.05% APY


Minimum Deposit Amount


$250


Pros & Cons

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Pros

  • $250 minimum opening deposit
  • Standard term options

Cons

  • Low interest rate
  • High early withdrawal penalties


Details

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More Information

  • Terms range from 3 months to 5 years
  • Earn 0.05% APY on all terms
  • Early withdrawal penalties: All interest earned for terms under 90 days; 3 months of interest on terms between 90 days and 1 year; 6 months of interest on terms between 1 year and 2 years; 9 months of interest on terms between 2 years and 3 years; 1 year of interest on terms between 3 years and 4 years; 18 months of interest on terms between 4 years and 5 years; 2 years of interest on terms 5 years or longer
  • Interest compounded and deposited monthly
  • FDIC insured

TD Bank vs. Wells Fargo money market account comparisons 

Wells Fargo doesn’t offer a money market account, while TD Bank does. The TD Bank Growth Money Market Account might be worthwhile if you don’t have a lot of money for an initial deposit. You may open the account with $0 upfront.

The money market account works best if you keep at least $2,000 in your account daily. By meeting this requirement, you won’t have to pay a $12 monthly service fee. 


Annual Percentage Yield (APY)


0.01% to 0.03% APY


Minimum Deposit Amount


None

3.75/5

Editor’s Rating

3.75/5

Editor’s Rating


Annual Percentage Yield (APY)


0.01% to 0.03% APY


Minimum Deposit Amount


None


Pros & Cons

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Pros

  • No minimum opening deposit
  • Possible to waive the monthly service fee
  • Check writing included
  • Free ATM card included
  • Earn Relationship Bump Rate if you meet the requirements

Cons

  • Low interest rate
  • $12 monthly service fee


Details

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More Information

  • Access to 1,100 locations and over 2,600 ATMs
  • No monthly service fees for anyone age 62 or older
  • To waive the $12 monthly service fee, keep at least $2,000 in your account daily or link to a TD Relationship Checking or TD Beyond Checking account
  • Standard interest rate: Earn 0.01% APY on account balances under $25,000; Earn 0.02% APY on account balances over $25,000
  • Relationship Bump interest rate: Earn 0.01% APY on account balance under $2,000; Earn 0.02% on account balances between $2,000 and $25,000; Earn 0.03% APY on balances over $25,000
  • To earn the Relationship Bump Rate, you must do the following: Link a TD Checking account; complete a transfer from another TD Bank account each month, and grow your savings by $50 each month
  • Interest compounded and deposited monthly
  • FDIC insured

TD Bank vs. Wells Fargo trustworthiness and BBB ratings

We include ratings from the Better Business Bureau to evaluate how a bank deals with customer issues.

Good BBB ratings do not guarantee a perfect relationship with a bank. You may want to talk to current customers or read online customer reviews to get a well-rounded perspective of a bank.

Wells Fargo received an F rating from the BBB because it hasn’t responded to a high volume of customer complaints and government action has been taken against the business. TD Bank has an A- rating because government action was taken against TD Bank. 

Both banks have been involved in recent public controversies. 

The US Bureau of Consumer Financial Protection required TD Bank to pay $122 million in a settlement in 2020 that accused the bank of charging customers a Debit Card Advance service without their permission.

Wells Fargo has been involved in the following cases:

  • In 2021, the Office of the Comptroller of Currency issued a cease and desist order against Wells Fargo that stated the bank had an inefficient compliance risk management program.
  • In 2020, Wells Fargo paid billions in settlements for its employees creating authorized bank accounts to meet unrealistic sales goals.
  • In 2019, the city of Philadelphia required Wells Fargo to pay $10 million in a settlement that accused the bank of engaging in predatory mortgage lending to racial minorities.
  • In 2019, the California Department of Insurance also required Wells Fargo to pay $10 million in a settlement that said the bank signed up and charged 1,500 consumers for insurance products without their knowledge.

Frequently asked questions

Is Wells Fargo better, or TD Bank?

You might lean more toward TD Bank if you are searching for a checking account or CD.

You’ll be able to waive the $15 monthly service fee on the TD Bank Convenience Checking Account if you keep $100 or more in your account daily. Meanwhile, the Wells Fargo Everyday Checking Account requires you to keep a minimum of $300 in your account to waive its $10 monthly service fee. 

TD Bank CDs have a lower minimum opening deposit than Wells Fargo CDs. You’ll also have a great variety of options. 

It could be a toss-up between Wells Fargo and TD savings account because their accounts are similar.

Which has more branches, Wells Fargo or TD Bank?

Wells Fargo has more branches. TD Bank has 1,100 branches, while Wells Fargo has 7,200 locations.

Disclosure: This post may highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team. Read our editorial standards.