Bank of America vs. Chase: Which Is Best for You? - NerdWallet (2024)

Editor’s note: Some of the information on this page may be outdated as of the publication date.

With big national banks like Bank of America and JPMorgan Chase, it can be tough at first to see much of a distinction. Both have thousands of branches and ATMs, a variety of account choices and up-to-date technology. But the details can make the difference.

Snapshot comparison

Bank of America

Chase

Checking accounts

Bank of America Advantage Plus Banking®

  • Monthly fee: $12 (See below for ways to waive it).

  • Minimum opening deposit: $100.

  • Chase Total Checking®

  • Monthly fee: $12 (See below for ways to waive it).

  • Minimum opening deposit: $0.

  • Savings accounts

    Bank of America Advantage Savings

    • Interest rate: 0.01% APY on all balances for standard accounts.

    • Monthly fee: $8 (See below for ways to waive it).

    Chase Savings℠

    • Interest rate: 0.01% effective as of 02/10/2023. Interest rates are variable and subject to change.

    • Monthly fee: $5 (See below for ways to waive it).

    Certificates of deposit

    Bank of America CD interest rates

    • 1 year: 0.03% APY.

    • 5 years: 0.03% APY.

    • Minimum deposit: $1,000.

    Chase CD interest rates

    • 1 year: 0.01% APY.

    • 5 years: 0.01% APY.

    • Minimum deposit: $1,000.

    Overdrafts and ATMs

    Bank of America details

    • Overdraft fee: $10, maximum of two per day.

    • Overdraft protection transfer fee: $0.

    • Branches: About 3,900.

    • ATMs: About 15,000.

    Chase details

    • Overdraft fee: $34, maximum of three per day. No charge if account is overdrawn by $50 or less at end of day. Also no overdraft fee if the account balance is overdrawn more than $50 but is brought down to being overdrawn by $50 or less by the next business day.

    • Overdraft protection transfer fee: $0.

    • Branches: More than 4,700.

    • ATMs: More than 15,000.

    NerdWallet rating

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    at Chase, Member FDIC

    Choose Bank of America if:

    • You want a lower monthly deposit requirement to waive the monthly checking account fee.

    • You want an automated roundup program to boost your savings.

    Choose Chase if:

    • You want the opportunity to earn a bigger sign-up bonus on checking (expires 07/24/2024).

    • You have less to deposit initially for checking and savings.

    • You want a lower limit on the daily balance requirement to waive the monthly savings account fee.

    See where Bank of America and Chase rank in the list of the largest banks in the U.S.

    EXPLORE MORE ACCOUNTS

    Or go with an alternative

    Unlike these brick-and-mortars, online banks don’t have thousands of branches. But they do have excellent annual percentage yields, or APYs, that make your savings grow faster. And fees tend to be low or nonexistent.

    » Want to know more? Check out NerdWallet’s best high-yield online savings accounts

    Bank of America vs. Chase: Basic checking accounts

    Bank of America Advantage Plus Banking®

    Chase Total Checking®

    Monthly fee

    $12.

    3 ways to waive it

    • Receive direct deposits of at least $250 each month.

    • Maintain a minimum daily balance of at least $1,500.

    • Become a Bank of America Preferred Rewards customer.

    $12.

    3 ways to waive it

    • Receive direct deposits of at least $500 each month.

    • Maintain a minimum daily balance of at least $1,500.

    • Maintain an average beginning day balance of at least $5,000 across eligible Chase accounts.

    Minimum deposit to open

    $100.

    $0.

    APY

    None.

    None.

    ATM fees and network

    • About 15,000 free Bank of America ATMs.

    • $2.50 fee for using out-of-network ATMs.

    • $5 fee for using international out-of-network ATMs, plus foreign debit card transaction fee of 3% of amount withdrawn.

    • More than 15,000 free Chase ATMs.

    • $3 fee for using non-Chase ATMs in the U.S., Puerto Rico and the U.S. Virgin Islands.

    • $5 fee for using non-Chase ATMs outside of the U.S., Puerto Rico and the U.S. Virgin Islands, plus foreign debit card transaction fee of 3% of amount withdrawn.

    Bonus offer

    $200 (expires 09/30/2024); our bank bonuses roundup explains how to qualify.

    $300 (expires 07/24/2024); our bank bonuses roundup explains how to qualify.

    + Click here for analysis of Chase and Bank of America's checking accounts

    Both banks’ most basic checking accounts are similar, but Chase stands out because it requires a lower balance to open. At least one interest-bearing checking option is available at both, but they earn minimal interest and require high balances to waive monthly fees. Chase also offers a bigger sign-up bonus.

    » See more options on our list of best checking accounts

    Bank of America vs. Chase: Basic savings accounts

    Bank of America Advantage Savings

    Chase Savings℠

    APY

    0.01% APY on all balances for standard accounts.

    0.01% effective as of 02/10/2023. Interest rates are variable and subject to change.

    Monthly fee

    $8.

    5 ways to waive it

    • Maintain a daily balance of at least $500.

    • Have a linked Bank of America Advantage Relationship Banking® account.

    • Become a Bank of America Preferred Rewards customer.

    • Have an account owner who is under 25 and an eligible student.

    • Have an account owner who is under 18.

    $5.

    5 ways to waive it

    • Maintain a daily balance of at least $300.

    • Have a repeating automatic transfer of at least $25 each month from your Chase checking account.

    • Have a linked premium checking account.

    • Have a linked Chase College Checking℠ account for Overdraft Protection.

    • Have an account owner who is under 18.

    Minimum deposit to open

    $100.

    $0.

    Bonus offer

    N/A.

    N/A.

    + Click here for analysis of Chase and Bank of America's savings accounts

    Neither bank offers savings rates worth bragging about, and they’re both below the dismal national average savings rate. Plus, you have to waive monthly fees to avoid losing part of your savings.

    Both banks offer automatic savings options and the ability to set up savings goals. But Bank of America offers a Keep the Change program that rounds up transaction amounts to the nearest dollar and saves the cents for you. Neither of these bank accounts will earn you nearly as much as a high-interest savings account would over time.

    » Looking for higher rates? Explore NerdWallet's list of top online savings accounts

    Bank of America vs. Chase: Certificates of deposit

    Bank of America

    Chase

    Minimum opening deposit

    $1,000.

    $1,000.

    APY on one-year term

    0.03%.

    0.01%.

    APY on three-year term

    0.03%.

    0.01%.

    APY on five-year term

    0.03%.

    0.01%.

    For more details:

    See our post on Bank of America CD rates.

    See our post on Chase CD rates.

    Rates may vary by location.

    + Click here for analysis of Chase and Bank of America's CDs

    Online-only bank CD rates earn significantly more than what Bank of America and Chase CDs earn for one-year and five-year terms. Both banks require the same minimum to open a CD, but some online bank CDs don’t even have minimums.

    » To compare, see the latest top CD rates

    Should you choose Bank of America or Chase?

    Both Chase and Bank of America will do the trick if you prefer to do your banking in person, though Chase does offer the opportunity to earn a bigger bonus for opening a new checking account. But if high rates on your savings and avoiding overdraft fees and other charges are a priority, look elsewhere. You can find other options on our list of best banks and credit unions.

    Bank of America vs. Chase: Which Is Best for You? - NerdWallet (2024)

    FAQs

    Is Chase or Bank of America better to bank with? ›

    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 banks' checking accounts stacks up as a draw, the clear winner among savings accounts is Bank of America Advantage Savings.

    What are the disadvantages of Chase Bank? ›

    A few disadvantages of Chase Bank are low interest rates and APYs, monthly service fees, and wire transfer fees on some accounts.

    Why is Chase the best bank in America? ›

    We give Chase 4.0 out of 5 stars overall because it offers a diverse selection of bank accounts, a positive customer experience and convenient branch access. Most Chase deposit accounts don't have minimum opening deposit requirements.

    What bank is better than Bank of America? ›

    The Wells Fargo Everyday Checking slightly beats out the Bank of America Advantage Plus Banking® because it requires a lower minimum opening deposit and monthly service fee. It also boasts a higher bank bonus for new customers. However, Bank of America has slightly easier requirements to waive monthly fees.

    Why Bank of America is so good? ›

    Key Takeaways: We rate Bank of America 4 out of 5 stars, making it our eighth highest-rated of the 10 largest banks in the country. The bank has checking accounts with low or no monthly fees, a rewards debit program and relatively low overdraft fees.

    What is the best and safest bank in USA? ›

    JPMorgan Chase, the financial institution that owns Chase Bank, topped our experts' list because it's designated as the world's most systemically important bank on the 2023 G-SIB list. This designation means it has the highest loss absorbency requirements of any bank, providing more protection against financial crisis.

    Which is the No 1 bank of USA? ›

    1. JPMorgan Chase – $3.5 trillion. Columbus, Ohio-based JPMorgan Chase is the largest US bank with total assets of $3.503 trillion. Some $2.684 trillion are domestic assets, accounting for 77% of its total assets.

    Why do people choose Chase? ›

    In conclusion, banking with Chase offers plenty of checking accounts to choose from, hefty bonuses for signing up or referring friends, and a great user experience.

    Which bank most Americans use? ›

    JPMorgan Chase, or Chase Bank, is the biggest bank in America with nearly $3.4 trillion in assets. It boasts a vast network of over 4,800 physical branches and more than 15,000 ATMs. With generous bonuses and promotions and a variety of products, Chase is a popular choice for consumers across the country.

    Is Bank of America or JP Morgan better? ›

    With an annual net income growth of 18.28%, JPMorgan significantly outperforms BofA's 11.22% and surpasses the stagnant growth of Wells Fargo at -2.88%. Concerning net income margin, JPMorgan closely aligns with BofA, as JPMorgan's margin stands at 35.98% compared to BofA's 31.52%.

    What is America's most trusted bank? ›

    Following one of the most successful years in United's long history, United Bank has been named the Most Trustworthy Bank in America by Newsweek for 2023. Across 23 industries evaluated, United joined the list of the “Most Trustworthy Companies in America,” earning the No.

    What is the strongest US bank? ›

    Chase is the largest bank in the country, holding over $3.38 trillion in assets. Bank of America is the second-largest bank with over $2.45 trillion in assets. Wells Fargo is the third-largest bank, holding over $1.7 trillion in assets.

    Who is the best bank to bank with? ›

    Best-of 2024 Banking Winners:
    • Alliant Credit Union: Best credit union.
    • Ally Bank: Best bank; best CDs.
    • Charles Schwab Bank: Best for ATM access.
    • Chase: Best for sign-up bonuses; best for branch access.
    • Discover® Bank: Best online banking experience.
    May 10, 2024

    What is the number 1 bank America? ›

    JPMorgan Chase

    What is a better bank Chase or US Bank? ›

    Bottom line: Chase is better for its higher CD rates and larger network of banks, while U.S. Bank has lower monthly fees on its savings and checking accounts.

    Is Chase safe to bank with? ›

    Chase Secure Banking has been certified by Bank On for meeting the National Account Standards as a low-cost, low-fee account since 2019.

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