Chase vs. Bank of America: What Is The Right Choice for You?
![Chase vs Bank of America](/personal-finance/static/43e72f94e7256f921cb730985629c44c/8ae18/chase-vs-bank-of-america.jpg)
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Chase and Bank of America are two of the largest banks in America. Both are full-service banks, offering a full range of personal and business banking services.
In our head-to-head comparison of the two banking giants, weโre going to focus on four specific account types: checking accounts , savings accounts, certificates of deposit (CDs), and money market accounts.
Our coverage will not include every checking and savings account offered by the two banks, but rather the most popular available at each.
Here we will do a side-by-side comparison of two of the most popular checking accounts offered by each bank, Chase Total Checkingยฎ vs. Bank of America Advantage Plus Checking.
The two accounts have similar monthly fees, but Bank of America charges slightly less for domestic out-of-network ATM fees. However, you need a minimum of $100 to open a Bank of America Advantage Plus Checking account, while you can open a Chase Total Checkingยฎ account with no money at all.
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Account | Chase Total Checkingยฎ | Bank of America Advantage Plus Checking |
APY* | K.A. | K.A. |
Fees |
|
|
Min. deposit | $0 | $100 |
Bonus offer | $300* | K.A. |
View Offer |
*Applies to out-of-network fees for ATM transactions.
You can waive the monthly fee on the Chase Total Checkingยฎ with any of the following:
You can waive the monthly fee on the Bank of America Advantage Plus Checking with any of the following:
Here the comparison is between the Chase Premier Savings account and the Bank of America Advantage Savings account. Bank of America pays slightly higher interest on your account balance. It also has a lower monthly fee and more options to have it waived.
While the comparison between the two banksโ checking accounts stacks up as a draw, the clear winner among savings accounts is Bank of America Advantage Savings.
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Account | Chase Premier Savings | Bank of America Advantage Savings |
APY* | 0.01% to 0.02% on all balances | 0.01% to 0.04% on all balances |
Monthly fee | $25 | $8 |
Min. deposit | $0 | $100 |
Bonus | K.A. | K.A. |
The monthly fee on Chase Premier Savings can be waived with either of the following:
The monthly fee on Bank of America Advantage Savings can be waived with any of the following:
The CD comparison between the two banks is inexact, owing to the fact that Bank of America uses odd-month terms. For comparison sake, weโve matched similarโbut not identicalโCD terms between the two banks.
Among the CD terms, Chase stands out in two categories. First, its six-month CD pays a 4.50% APY, but only on balances of $100,000 or more (otherwise the APY is 4.00%). Second, it offers CDs with terms of 30 months or greater, paying a 1.50% APY on all terms and balances.
Bank of America also stands out in two categories. Its seven-month and 13-month CDs pay a 4.75% APY on all balances. Second, its 25-month CD pays 2.85% on all balances.
Which bank will be the better place to park your CDs will depend on the term you select.
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Chase CD | Bank of America CD | |
APY* |
|
|
Min. deposit | $1,000 | $1,000 |
Description | Must be linked to a Chase personal checking account | K.A. |
Chaseโs early withdrawal penalties on CDs of various terms are as follows:
In each case, the penalty will not exceed the amount of interest earned on the certificate.
Bank of Americaโs early withdrawal penalties on CDs of various terms are as follows:
Bank of America comes up as the winner here because of its Bank of America Rewards Money Market Savings. Chase does not offer a money market account.
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Chase | Bank of America Rewards Money Market Savings | |
APY* | K.A. | 0.03% to 0.06% |
Min. deposit | K.A. | Not indicated |
Eligible ages | K.A. | Must be enrolled in Preferred Rewards or Banking Rewards to earn the highest rates* |
* Bank of America Rewards Money Market Savings is subject to a monthly service fee of $12, which can be waived with any of the following:
Both Chase and Bank of America are full-service commercial banks offering very similar product lines. Other products and services offered by the two banks are listed in the table below:
Account / Service | Chase | Bank of America |
---|---|---|
Credit cards | Yes | Yes |
Mortgages | Yes | Yes |
Home equity loans | Yes | Yes |
Auto loans | Yes | Yes |
Investing | Yes | Yes |
Small business banking | Yes | Yes |
Commercial banking | Yes | Yes |
Number of branch locations | 4,700 | 3,900 |
Number of in-network ATMs | 15,000+ | 16,000 |
Normally, when comparing competitors, itโs possible to declare a winner. But between Chase and Bank of America, that isnโt possible. The two banking giants are about as closely matched as any two competitors in any industry.
Your choice to go with one or the other will likely come down to which specific accountโchecking, savings, or CDsโyou prefer between the two. If itโs a money market account you want, Bank of America is, of course, your only choice.
It may also be a matter of convenience. You may choose the bank with the closest branch location.
That could come down to exactly where you liveโand how you bank. Chase has almost 1,000 more branch locations, but Bank of America has 1,000 more in-network ATMs.
According to the American Customer Satisfaction Index, Chase and Bank of America are in a dead heat. Their ranking is 77โone point below Citibank and one above Wells Fargo. The number is based on 12 factors, including the quality of their mobile act and their call centers.
In the Lifestory Research 2022 America's Most Trustedยฎ Bank study, Chase came out number 1 overall as the most trusted retail bank. Bank of America ranked 6th. Its rating was 101.3, compared to 88.2 for BOA. Opinions for the 2022 study came from 17,614 people.
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