When it comes to managing your finances, the right bank can make all the difference. But choosing the right bank can be easier said than done. After all, everyone has slightly different financial management styles, which means that the right bank for you might not be the right bank for your neighbor. The good news is that a little bit of digging can help you unlock the ideal bank for your situation.
In this article, we will explore the virtues of both Wells Fargo and Capital One to help you decide which one better aligns with your needs.
Wells Fargo vs Capital One: Access
Wells Fargo and Capital One are both large banks in the U.S. In terms of asset size, both rank in the top 10 biggest banks in the country. However, Wells Fargo is significantly larger than Capital One, with almost 3.5 times more in assets.
The differences don’t stop there. Wells Fargo has a wider physical footprint, with branches and ATMs spread across 37 states. In total, Wells Fargo boasts over 4,400 physical branches and over 13,000 ATMs. It also has a mobile app with a relatively high rating, boasting a 4.8 rating both on the Google Play and Apple App Store.
In contrast, Capital One branches are limited to New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia. Although the number of branches isn’t public, it’s safe to assume that Capital One operates significantly fewer branches than Wells Fargo. If you don’t live in the right location, you’ll have very limited access to conducting banking business in person with Capital One, unless you are willing to travel. However, Capital One does give customers access to over 70,000 fee-free ATMs. Capital One’s mobile app also boasts high ratings in the Google Play Store and Apple App Store.
Wells Fargo vs Capital One: Accounts
Wells Fargo offers a wide range of banking services, which can come in handy if you want to manage all of your finances in one place. You will find checking accounts, savings accounts, certificates of deposit, credit cards, home loans, personal loans, auto loans, investment advisors, small business accounts, commercial banking and more through Wells Fargo.
Capital One offers slightly less variety, but many can still find what they are looking for through this bank. Expect to find the following available through Capital One: credit cards, checking accounts, savings accounts, certificates of deposit, auto loans, small business accounts and more.
Wells Fargo vs. Capital One: APYs
When it comes to stashing your cash, a higher APY can help you make the most of your funds. In terms of APYs on most savings products, Capital One blows Wells Fargo out of the water.
With Wells Fargo, you can find a APY attached to the Ways2Save account or between APY and APY attached to the Platinum Savings account. The catch is that savers must have at least $100,000 to unlock an APY above on the Platinum Savings Account. For CDs, Wells Fargo’s offerings range from APY for a three-month CD to APY for a one-year CD.
In contrast, Capital One offers more competitive rates. For example, the 360 Performance Savings account offers a APY. Additionally, the online CDs offered through Capital One offer higher rates, with APY for a one-year CD, APY for a two-year CD and APY for a five-year CD.
Which Bank Is Better: Wells Fargo or Capital One?
The right bank truly varies based on your unique situation. As you explore your banking options, it’s essential to spend some time thinking about what you want out of a bank before you open an account. A little bit of foresight can go a long way. For example, someone who prefers in-person banking will gravitate towards different options than someone seeking the highest APY for their savings account.
Who Should Bank With Wells Fargo?
If you care about the ability to manage banking needs in person, then Wells Fargo is likely a better fit. While Capital One does offer some in-person options, Wells Fargo has a much larger footprint of physical banks. With more physical branches, it’s easier for Wells Fargo customers to get access to help in person.
For anyone who wants to manage all of their finances in a single spot, the wide range of account types, loans, and investment advising could make that streamlined dream a reality. Before you jump in, make sure to read the fine print. The investment advising services come with assets under management fees that can add up quickly. And many of the deposit accounts offer less attractive rates than other banks, like Capital One.
Who Should Bank With Capital One?
If you are focused on getting the most out of your savings, then Capital One is a worthwhile option. Many of the deposit accounts offered through Capital One offer very competitive rates. For example, you could earn APY on a one-year CD, which is significantly higher than the APY offered by Wells Fargo for most one-year CD terms.
The catch is that you will have fewer in-person opportunities to manage your funds. But you will still have fee-free access to over 70,000 ATMs.
As you look for the right bank, Capital One and Wells Fargo are two of many options. The reality is that there are many banking options out there, so it makes sense to explore all of your top banking options. But for savers looking to make the most of their hard-earned funds, Capital One tends to win out over Wells Fargo.
As you choose the best bank to work with, it’s natural to have questions. Here are answers to some commonly asked questions.
- What is the best bank to bank with?
- The best bank for you varies dramatically based on your situation. For example, some savers who don’t care about physical branches might find the most value through an online bank. But others who prefer to conduct their banking business in person might prefer a larger bank with a big physical footprint, like Wells Fargo.
- Is it a good idea to bank with Capital One?
- Capital One tends to offer accounts with minimal fees and attractive APYs. Combined with fraud protection and FDIC insurance, Capital One is an excellent choice for many.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 28, 2023.
Savings vary depending on account usage and payment behavior.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.