Capital One Vs Wells Fargo

Choosing a bank is a highly critical task. It is most definitely one of the most important decisions of your life. After all, you are choosing a partner who you can trust with all your money, who comes up with the best deals, interest rates, customer service, fees and most importantly accessibility which should be efficient both on, one and offline. Choosing between two banks especially can be a tough task, therefore, we have made things easier by sorting out in detail the many features of the two banks – Wells Fargo and capital one, so that you can choose easily according to your convenience. Let us know more about that the Capital One Vs Wells Fargo.

Capital One Vs Wells Fargo

In brief, capital one is considered good for those customers who are only concerned with basics like having a savings account, a checking account and a CD. Capital one also offers various sorts of credit card options and it does have an edge if we consider better terms and rates. While Wells Fargo, is more inclined toward banking products and it only has three credit card options.

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Here Is a Detailed Description Of The Banks

Number one is accessibility

Wells Fargo is good if you need a bank where you can just go and have someone address your problems as it has a more physical appearance as compared to capital one. Wells Fargo is a bank that has various branches as well as ATMs in almost all of the states of the US, it is also active online as it has various websites and mobile apps to make things easier for its customers. 

Capital one has very few branches and therefore, with Wells Fargo, you can easily access money and get face-to-face customer service. 

Financial advisors

If you are looking for a bank that can single-handedly take care of all your financial problems, then Wells Fargo is a bank that has under its roof more than 14500 financial advisors that can be found across the country. Investment advisory services performed by these advisors are charged at a flat rate, for at least about 2% to 2.5%. If your financial planning is a bit complex then, and the nature of service is slightly different then the advisor will charge you accordingly but the services will be at a flat rate. These advisors also operate from outside the Wells Fargo advisors office, thereby providing you with all the flexibility you need.

Interest rates

If getting a high-interest rate is your priority, then you must side with capital one. As capital one offers significantly high-interest rates as compared to Wells Fargo. Capital one offers a 1.00% interest rate on its 360 online savings account, and if compared to Wells Fargo, then Wells Fargo offers a 0.01% interest rate on its most basic savings account. Which is quite a difference. However, if your main aim is to get higher interest rates then, do not forget that there are banks better than capital ones that are offering a good percentage such as synchrony and ally.

Monthly fees

If you are someone who is concerned with the high monthly fees rates, then capital one is the bank for you. Capital one is famous for its lack of monthly fees. Monthly fees are not charged by this bank for any kind of bank account, the best part is that there are no minimum deposit requirements. If we consider Wells Fargo, in this situation then, Wells Fargo charges you 25$ only to open a savings account and then it will a, so ask you to keep at least 300$ in the bank account if you want to avoid the 5$ monthly fee.

Accounts

There are two accounts offered by Wells Fargo, one is the Way2Save Savings account and the other is the Platinum savings account. To open any count you will need to give 25$ and the platinum account will also offer you a higher interest rate comparatively. Wells Fargo also offers two types of CDs or certificates of deposit, called fixed-rate CDs and step-rate CDs. Wells Fargo also offers various types of checking accounts to choose from. They are as follows – everyday checking, proffered checking, portfolio by Wells Fargo, teen checking, and opportunity checking. Apart from these Wells Fargo also offers loans, mortgages, credit cards and various investing services.

On the other hand, capital one offers fewer deposit accounts. The 360 savings account offers 1.00% APY and you do not need to pay any minimum deposit requirement or monthly fee. Another is the Money market account, this one has higher but it also comes with withdrawal limitations that are expected of money market accounts. 

Conclusion

Both Wells Fargo and Capital One are great banks. However, you should choose the one that suits your interests and requirements. The article above explains in depth all the main points that should be considered while choosing a bank. Please read the information in detail and choose wisely.

Capital One Vs Wells Fargo

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