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Interest at Wells Fargo and Chase
Wells Fargo Savings $5,000 in savings*2.5% interest rate*6 years= $750 in interest
SIMPLE INTEREST
Wells Fargo Checking $1,000 in checking*1.2% interest rate*6 years = $72 in interest
Chase Checking $1,000 in checking*.9% interest rate*6 years= $54
Chase Savings $5,000 in savings* 3.1% interest rate* 6 years= $930
Summary: If this was a real life scenario you would want to bank at Chase. Banking at Chase, you will get $984 in interest, compared to $822 at Wells Fargo. Although Wells Fargo has the higher interest on checking, Chase has the higher interest on savings. Since you deposited more money into savings, you will get more interest in savings. Overall, Chase will earn you more interest.
