Chase vs. Bank of America | finder.com

Chase vs. Bank of America

Explore accounts, features and rates from two of the country’s biggest banks.

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Chase vs Bank of America

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Chase and Bank of America are big-name banks offering similar products and rates — but with key differences that can help you determine which is right for your banking needs.

Pros and cons of Chase vs. Bank of America

Chase

Pros
  • Digital platforms. Chase offers efficient desktop and mobile banking with cardless ATM access and other features that make banking more convenient.
  • More personal banking options. Chase has more checking and savings options than Bank of America, so it’s convenient for conducting all of your banking in one place.
  • Lower monthly fees and initial deposits. Chase has lower fees and deposit initial requirements.
  • Signup bonuses. Get a head start on saving with up to $600 in bonuses when opening new checking and savings accounts.
Cons
  • Slightly lower interest rates. While neither option offers especially high interest rates, Chase‘s CD rates are lower than Bank of America‘s.
  • Branches only in 26 states. You can open a Chase account online no matter where you live, but there are only branches in 26 states.
  • Fewer banking products. Aside from its wider selection of checking and savings accounts, Chase has fewer options for CDs and IRAs than Bank of America.
  • No rewards program. You won’t earn rewards for using Chase‘s personal banking products.

Bank of America

Pros
  • More branches. If you prefer to do your banking in person, Bank of America has branches in 37 states compared to Chase‘s 26.
  • Slightly higher interest rates. BofA has slightly higher APRs, with CDs capped at 2.10% and savings accounts up to 0.06%.
  • IRAs. Bank of America offers more options for IRA, and doesn’t offer an option to open one directly.
  • Rewards programs. Unlike Chase, Bank of America allows customers to earn rewards on personal banking products through its BankAmeriDeals and Preferred rewards programs.
Cons
  • Fewer checking and savings options. Bank of America has a smaller selection of checking and savings accounts than Chase, which could be limiting.
  • Slightly higher monthly fees. If you don’t meet any of the fee waiver conditions, you’ll pay slightly higher fees than you would with Chase.
  • Higher opening deposit. Bank of America requires higher opening deposits on its checking and savings accounts.
  • Fewer opening bonuses. While BofA does offer opening bonuses, it doesn’t have as many as Chase.

Chase vs. Bank of America savings accounts

Interest rates at both of these banks are far below average, but you’ll earn 0.03% APY at BofA compared to Chase‘s 0.01%. However, since you could earn up to 0.11% through Chase‘s Premier Relationship Rates program, it wins this category.

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Winner: Chase

Name Product Interest rate (APY) Fee Minimum deposit to open
0.01%
$5 per month
(can be waived)
$0
Get a $150 bonus when you open a new Chase Savings account, deposit a total of $10,000 or more in new money within 10 business days and maintain a $10,000 balance for 90 days.
0.01%
$25 per month
(can be waived)
$25
Earn $150 when you open this account and deposit $10,000 of new money within 20 business days and maintain that balance for 90 days.

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Name Product Interest rate (APY) Fee Minimum deposit to open
0.03%
$8 per month
(can be waived)
$100
A savings account that lets you earn rewards as you grow your balance.

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Chase vs. Bank of America checking accounts

Both banks offer three standard checking accounts, but only one Bank of America account earns interest compared to Chase‘s two . Bank of America has slightly lower fees that are easier to avoid, so it comes out ahead in this category.

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Winner: Bank of America

Name Product APY ATMs Fee
Access to 16,000 ATMs and nearly 5,000 branches nationwide
$12/month
(can be waived)
Get a $200 bonus when you open a new Chase Total Checking account and set up direct deposit within 60 days of opening your account. Chase's simplest checking account is easy to use and gives you access to 16,000 ATMs and nearly 5,000 branches.
16,000 Chase ATMs and nearly 5,000 branches
$15/month
(can be waived)
If you’re new to Chase, get $200 when you open this account and complete qualifying activities. It boasts convenient features to help small and growing businesses reach their goals.
0.01%
Access to 16,000 ATMs and nearly 5,000 branches nationwide
$25/month
(can be waived)
Get a $300 signup bonus as a new Chase checking customer when you open a Chase Premier Plus Checking account and set up direct deposit.
0.01%
Free to use anywhere worldwide
$25/month
(can be waived)
Get a $750 welcome bonus when you join Sapphire Banking by September 28, 2019. Within 45 days of joining, transfer a total of $75,000 or more in qualifying new money or securities to a combination of eligible checking, savings and/or investment accounts (excludes any J.P. Morgan retirement accounts and CDs), and maintain the balance for at least 90 days.
16,000 Chase ATMs and nearly 5,000 branches nationwide
$6/month
(can be waived)
Get about four years of interest paid up front! New Chase customers can get a $100 signup bonus when they enroll in paperless statements and complete 10 qualifying transactions within 60 days of account opening. Plus no monthly service fee as long as you’re between 17-24 years and a student for up to 5 years.
$0
Get the most out of everything you’ve earned with banking, credit cards, lending and investing strategies designed for you.

Compare up to 4 providers

Name Product APY ATMs Fee
0.03%
16,000 fee-free ATMs nationwide
$25/month
(can be waived)
Customize your account to fit your needs and experience a wide array of services from a Big Four bank.
0.30%
16,000 fee-free ATMs nationwide
$4.95/month
(can be waived)
Customize your account to fit your needs and experience our full scope of services
Over 16,000 ATMs
$12/month
(can be waived)
Everyday banking with more ways to waive the monthly fee.

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Chase vs. Bank of America certificates of deposit

Both banks offer certificates of deposit with multiple terms, but Bank of America offers much higher rates, especially when opening a featured CD.

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Winner: Bank of America

Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
0.01%
0.05% on CDs of $1,000+

0.25% on CDs of $1,000+
0.45%
0.02%
0.3% on CDs of $100,000+

0.25% on CDs of $10,000 to $99,999

0.15% on CDs of $1,000 to $9,999
1.15%
1.45% on CDs of $100,000+

1.4% on CDs of $10,000 to $99,999

1.3% on CDs of $1,000 to $9,999
1.4%

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Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
0.05%
0.07%
0.1%
0.55%
1%
0.07%

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Chase vs. Bank of America other products

Both are large institutions that offer a long list of other products, but Chase stands out for its broader selection and helpful tools.

    Chase

  • Personal, car and student loans
  • Home loans and refinancing
  • Credit cards and reloadable cards
  • IRAs
  • Small business and commercial banking
  • Brokerage accounts
  • Student and military banking
  • You Invest
  • Lines of credit
  • Annuities
  • Mutual funds
  • Chase Private Client
  • Financial advising
  • Car buying services
  • Merchant services

    Bank of America

  • Car loans
  • Home loans and refinancing
  • Credit and reloadable cards
  • IRAs & 401(k)s
  • Small business banking
  • Brokerage accounts
  • Student and military banking
  • 529 plans
  • Foreign exchange
  • Financial advising

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Winner: Chase

Chase vs. Bank of America branches and ATMs

Both Chase and Bank of America offer customer support seven days a week and a number of branch locations:

Chase Bank of America
Branches 5,000 4,400
ATMs 5,000 4,400
Customer service
  • Phone 24/7
  • Social media
  • Live chat
  • Phone 24/7
  • Social media
  • No live chat

Chase vs. Bank of America special features

Similarities aside, each bank has special features that make them stand out. But Chase wins due to its digital platforms and multiple signup bonuses.

Chase

  • Online and mobile banking
  • Premier Relationship Rates
  • Multiple signup bonuses

Bank of America

  • Learning center
  • Preferred rewards
  • Featured rate CDs

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Winner:Chase

Bottom line

Chase has a larger range of options, while BofA has slightly better rates on most of its accounts. They’re both solid choices for customers who want a traditional banking experience, but you may want to consider online banks or comparing your options to find better features or higher rates.

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