Finding the right savings account solution can be a challenge. A good savings account should allow you relatively easy access to your money, convenient transfers between savings and checking, and pay a fair market interest rate. You may also want to choose a bank with money market and CD options to allow you to handle the majority of your money in a single location. Both Chase Bank and Wells Fargo offer savings accounts ranging from basic accounts with no minimum to accounts designed specifically for investors. Choosing the right account for your needs can make your banking and financial management easier as well as helping your money grow.
The basic savings account choices at Chase and Wells Fargo are quite comparable. Both offer automatic transfers from checking accounts, a typical market interest rate and online banking services. Chase also offers ATM access on their network, while Wells Fargo offers mobile access to your money and banking information via your cell phone or PDA. Both accounts have a minimum $300 balance or a low monthly fee. Wells Fargo waives the $3.00 fee if you have a direct deposit or automatic transfer set up. Chase Bank eliminates the fee for minor’s accounts.
If you are looking for a savings account with a higher return on your money, consider the Chase or Wells Fargo Money Market accounts. Both accounts allow access to your money, Chase via ATM and Wells Fargo via a limited number of checks. The two accounts do have dramatically different minimum balances, with a $1,500 requirement at Chase and a $3,500 minimum at Wells Fargo. Wells Fargo waives the $10.00 monthly fee if the minimum is maintained or if you have an automatic transfer in place. Chase waives the $12.00 monthly fee associated with the money market account if it is linked to a Chase Better Banking Checking account.
Chase Plus Savings and Wells Fargo High Yield Savings offer choices for customers with more to invest. Wells Fargo requires an associated Wells Fargo checking account, whereas Chase offers this savings choice with no such requirement. Chase requires a $15,000 minimum ledger balance or a $20.00 monthly fee. The fee is waived when Chase Plus Savings is linked to your Chase Premium Checking account. Wells Fargo requires that a $25,000 minimum is maintained to avoid a $25.00 monthly service fee.
Find more information about Chase savings choices at chase.com. Learn more about Wells Fargo accounts at wellsfargo.com/savings_cds