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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.
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 $100 bonus when opening a new Chase College Checking account or a $200 bonus when opening a new Chase Total Checking® account.
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.
Winner: Chase
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.
Winner: Bank of America
Chase vs. Bank of America CDs
Both banks offer certificates of deposit with multiple terms, but Bank of America offers much higher rates, especially when opening a featured CD.
Winner: Bank of America
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
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
More than 4,700
4,475
ATMs
More than 15,000
16,300
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
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.
Frequently asked questions
Chase Private Client is Chase‘s exclusive bank account that’s only available to high net worth individuals. It offers a dedicated team, investment advice and almost no fees, but it’s invite only.
This program helps you get more out of your everyday banking with benefits like higher interest rates, ATM fee rebates and free stock trades based on your account balances.
Yes. Chase offers a wide range of opening bonuses for both checking and savings accounts and you can earn more if you open multiple accounts.
Yes. Bank of America offers a few opening bonuses for checking accounts.
Peter Carleton is a writer that covers banking and investing, breaking down what you need to know about where you put your money. When Peter's not thinking about cutting-edge banking apps and robo-advisors, he runs a creative agency and spends his spare time cooking or reading.
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