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

Our 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.

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 at either bank. 

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. 

Meanwhile, Wells Fargo has a $300 bonus for new customers. To earn the bonus, you must receive a total of $1,000 or more in qualifying direct deposits to your new checking account within 90 calendar days of account opening (offer ends June 27, 2023)

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’re interested in getting a cash bonus on a savings account, however, you might like Well Fargo’s current promotion. Wells Fargo has a $525 cash bonus for new customers who open any qualifying Wells Fargo savings account by June 27, 2023 (CDs are not eligible, nor are savings accounts through Wells Fargo Private Banking). To be eligible for the bonus you must deposit at least $25,000 in new money within 30 days of opening the account, and maintain that account balance for at least 90 days of opening the account. 

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. 

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.

TD Bank vs. Wells Fargo Trustworthiness and BBB Rating

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.

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.

Wells Fargo vs. TD Bank: Frequently Asked Questions