Choosing the right financial service is an essential decision to make. As of 2023, Chase and Bank of America remain the largest banks as measured by total assets. Moreover, both of these banks have numerous branches that span the majority of the US and provide a wide variety of account options.
Though both of these banks may be able to serve you well, deciding which would be best for you requires several factors to consider. In this article, we’ll be comparing and breaking down crucial aspects to help you navigate your choice between Chase Bank and Bank of America.
Chase Bank vs. Bank of America: General Overview
| Chase Bank | Bank of America | |
| Review Rating by BankRate (As of December 19, 2023) | 3.5 out of 5 | 3.9 out of 5 |
| Branches | over 4,700 physical branches and approximately 16,000 ATMs | approximately 3,900 physical branches and approximately 15,000 ATMs |
| Pros | ● Provides a wide branch network for physical banking | ● Avoid checking account fees due to the $250 monthly direct deposit |
| ● Does not require a minimum deposit to open a new account | ● Potential to earn higher interest rates on savings accounts for Preferred Rewards members | |
| ● Lower savings account monthly fee | ● Reduced overdraft fees to just $10 per overdrawn transaction. | |
| ● Higher checking account welcome bonus (for a limited time) | ● Has an award-winning mobile banking app. | |
| Cons | ● Low-interest rates on savings accounts | ● Requires a $100 minimum deposit to open a new account |
| ● APYs are generally very low | ● APYs are generally below the national average. | |
| ● Non-reimbursement of out-of-network ATM fees in Basic Accounts. | ● Lower checking account welcome bonus | |
| Requires $500 monthly direct deposit to avoid checking account fees | Has higher monthly fees for savings accounts |
Chase vs. Bank of America: Checking Accounts
Both Chase and Bank of America offer numerous checking account options that appeal to different types of customers. Although almost all of these accounts at both banks require a monthly fee, the services that each account provides justify the cost.
What you need to know about Chase Bank’s checking accounts:
- These accounts come with monthly service fees, some of which can be waived upon meeting certain requirements.
- All accounts do not require a minimum deposit.
- Some accounts provide overdraft protection.
- Some accounts earn interest.
- Accounts for younger customers are available, such as for kids and high school and college students.
What you need to know about Bank of America’s checking accounts:
- Accounts require maintenance fees, which can be waived upon meeting certain requirements.
- Also provides overdraft protection for some accounts.
- Some accounts earn interest.
- A minimum opening deposit of $100 is required for Relationship Banking.
- Provides accounts that are available for students.
To go further, here is a simple comparison of each bank’s most widely used checking account option. Chase’s most popular checking account option is Chase Total Checking®, while Bank of America’s is Bank of America Advantage Plus Banking®.
| Chase Total Checking® | Bank of America Advantage Plus Banking® | |
| Minimum opening deposit | $0 | $100 |
| Monthly fees | $12 | $12 |
| Annual Percentage Yield (APY) | None | None |
| Minimum balance to prevent charges | $1,500 (or a minimum of $500 per month in electronic deposits) | 1,500 (or a minimum of one direct deposit of $250 or more per month) |
| Overdraft fee | $34 | $10 |
| Security | Features Zero Liability Protection, which will reimburse you for unauthorized debit card transactions. | Features Zero Liability Guarantee that ensures you won’t be held responsible for any unauthorized transactions made with your Bank of America debit or credit card, provided you report the unauthorized activity promptly. |
| Mobile Banking App | Features include the ability to handle your account, pay bills, deposit checks, transfer funds, and send and receive money via Zelle. | Bank of America’s mobile app features AI assistant Erica and lets you budget with the Spending and Budgeting tool. Also allows access to Zelle. |
It is also important to note some limitations and instances where services may require fees. The Chase Overdraft Assist feature does not cover overdrawn transactions and thus charges $34 as a fee for each transaction. It also charges a $3 fee when out-of-network ATMs are used and a $5 fee for every withdrawal outside the US, Puerto Rico, and the Virgin Islands. Meanwhile, Bank of America charges a $2.50 fee for using out-of-network ATMs and a $5 fee for using international ATMs.
If you’re a new customer who’s looking to sign up for a checking account, both of these banks offer bonus promotions for a limited time.
You can earn $200 from Bank of America if you open an account online by January 31, 2024, make an opening deposit of $100 ($25 for the Advantage SafeBalance Banking account), and receive qualifying direct deposits of at least $2,000 each within 90 days of opening your account. The promo code TWA200CIS is also required to qualify for the bonus.
On the other hand, Chase also allows you to earn $200, but under rather simple conditions: open a new Total Checking account and make a direct deposit by January 24, 2024.
You can also earn a $100 bonus by opening a Chase Secure Banking account and making 10 eligible transactions within 60 days of bringing your coupon to a Chase location and opening the account. If you’re a college student aged 17–24, Chase also allows you to earn $100 upon opening a new Chase College Checking account. These offers also last until January 24, 2024. It is important to note, however, that a $4.95 monthly maintenance fee is required for these accounts.
Chase vs. Bank of America: Savings Accounts
If you’re looking to find a high-yield savings account, both of these banks are not a good choice. Compared to the top banking accounts for this product, which mostly hold around 4%, both Chase and Bank of America offer a paltry 0.01% APY. Still, these banks provide a list of options with several alternatives for every account.
Chase offers two main savings accounts, which are Chase Savings and Chase Premier Savings. While both have a minimum APY of 0.01%, Premier Savings allows you to earn an additional 0.01% by linking a Chase Premier Plus Checking account or Chase Sapphire Checking account and by making at least five transactions a month.
Bank of America only offers one savings account, which is Advantage Savings. This account allows you to increase your APY up to 0.04% if you’re eligible and enrolled in the Preferred Rewards program. The Preferred Rewards tiers are Advantage Savings Gold Tier, Platinum Tier, and Platinum Honors Tier.
| Chase Savings | Bank of America Advantage Savings | |
| Annual Percentage Yield (APY) | 0.01% (up to 0.02% for Premier Savings accounts if certain requirements are met) | 0.01% (up to 0.04% if enrolled in the Preferred Rewards program) |
| Minimum opening deposit | $0 | $100 |
| Monthly fees | $5 | $8 |
| Limitations | Online services such as Zelle and Bill Pay are not available. | Has a six-per-month withdrawal limit, wherein a $10 fee is charged for each withdrawal above that threshold. |
Chase vs. Bank of America: Certificate of Deposits
Both Chase and Bank of America offer different types of CDs with varying terms and yields. While both require a $1,000 minimum opening deposit, Chase offers customers who have a qualifying checking account the highest annual percentage yield (APY).
| Chase CDs | Bank of America CDs: | |
| Minimum opening deposit | $1,000 | $1,000 |
| Term length | 1 month to 10 years | 28 days to 10 years |
Related article: How to Setup Auto Pay for Bank of America Credit Cards
Frequently Asked Questions (FAQs)
Can I transfer money from Chase to Bank of America?
Yes, there are several ways for you to transfer money from Chase to Bank of America, be it through physical means by writing a check from your Chase account and depositing it into your Bank of America account in the nearest branch or through online banking, which includes multiple options: either by using Bank of America app’s mobile check deposit feature for written checks, instantly sending money through Zelle at no cost, or direct transfer between accounts using Chase’s “Pay & Transfer” feature.
Are my deposits secure at Bank of America and Chase?
Yes. Chase and Bank of America are members of the FDIC (Federal Deposit Insurance Corporation), a government agency that insures deposit accounts, including checking and savings accounts.
Does Chase and Bank of America offer personal loans?
As of December 19, 2023, neither Chase nor Bank of America offer personal loans, although they provide many other options. Both of these banks primarily focus on other types of financial products such as credit cards, mortgages, auto loans, and various banking and investment services.
Between Chase and Bank of America, which bank is better for international transactions?
When choosing between Chase and Bank of America for international transactions, there is no inherent answer as there are many factors to consider. This includes the specific accounts you hold, the associated fees, and any additional travel-related benefits.
Can I get interest-free loans from Chase and Bank of America?
As of writing, large banks like Chase and Bank of America normally do not offer interest-free loans to individual customers. Interest-free loans are usually offered to customers with high credit scores, except for Buy Now, Pay Later(BNPL) programs, which are accessible to customers with bad credit. If you’re interested in an enhanced managing experience with your BNPL payments, you might consider Cushion BNPL.
Conclusion
Chase is a great option for younger customers looking for fee-free accounts with room for future upgrades, people who value flexibility over minimum opening deposits, people who prefer a strong in-person banking experience, and people interested in a variety of CD options. Conversely, Bank of America is still a strong competitor, especially for current Bank of America credit card holders who are eligible for a 25% reward bonus and those who want to earn cash back at specific stores. While Chase offers a range of accounts suitable for various customers, Bank of America’s strength lies in catering to loyal customers, especially those enrolled in the Preferred Rewards program, where existing relationships with the bank yield additional benefits. Ultimately, the choice between Chase and Bank of America depends on your individual preferences, financial goals, and certain rewards and features that match each customer’s needs.
One’s financial journey varies for every person, and choosing the right bank plays a very important role. For additional tips and tools to make better financial decisions, consider using Cushion. Take control of your financial future!
