TD Bank vs. Wells Fargo: Which bank is best for you?

Insider's experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our partners, however, our opinions are our own. Terms apply to offers listed on this page.

The bottom line: You might prefer TD Bank over Wells Fargo if your goal is to avoid monthly service fees on a checking account. For savings accounts, it could be a draw between the two banks since both pay low interest rates and have similar minimum balance requirements.

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 and cons of Wells Fargo

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. 

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. 

TD Bank offers a cash bonus if you're a new customer and opening a checking 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. 

Winner: TD Bank

The TD Bank Convenience Checking Account narrowly edges out the Wells Fargo Everyday Checking Account. TD Bank makes it easier to waive the account's monthly service fee and earn a cash bonus. If you're between the ages of 17 and 23, it could be a toss-up between the two checking accounts.

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 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. 

Winner: Tie

There isn't a clear winner between TD Bank and Wells Fargo savings accounts. The TD Simple Savings Account might be a better choice if you're over the age of 62  because you'll automatically be eligible to waive monthly service fees on the account. However, other than that slight distinction, the requirements for waiving the monthly service fee are similar.

TD Bank vs. Wells Fargo CD comparisons 

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.

Winner: TD Bank

TD Bank CDs might catch your eye if you're searching for CD variety or special types of CDs. You'll earn a higher interest rate if you qualify for a relationship bump rate by having an eligible TD checking account.

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 December 2022, The Consumer Financial Protection Bureau required Wells Fargo to pay more than $3.7 billion in a settlement that accused the bank of wrongfully charging fees that led thousands of customers to lose vehicles and homes. The settlement also accuses the bank of wrongfully charging overdraft fees on checking and savings accounts.  
• 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.

Winner: Tie

Wells Fargo and TD Bank have been involved in recent public settlements. You might want to learn about mission-driven financial institutions if you want to bank a financial institution that closely aligns with your values.

Frequently asked questions