Bank of America vs. Chase: Which Is Best for You?
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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
| Chase Savings℠
|
Certificates of deposit | |
Bank of America CD interest rates
| Chase CD interest rates
|
Overdrafts and ATMs | |
Bank of America details
| Chase details
|
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 have less to deposit initially for checking.
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.
Member FDIC
SoFi Checking and Savings
4.00%
$0
Deposits are FDIC Insured
BMO Alto Online Savings Account
4.30%
$0
Member FDIC
Barclays Tiered Savings Account
4.35%
$0
U.S. Bank Smartly® Savings
N/A
$0
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
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.
Bank of America Advantage Plus Banking® | Chase Total Checking® | |
|---|---|---|
Monthly fee | $12. 3 ways to waive it | $12. 3 ways to waive it |
Minimum deposit to open | $100. | $0. |
APY | None. | None. |
ATM fees and network |
|
|
Sign-up bonus | $300 (expires 01/31/2025); our bank bonuses roundup explains how to qualify. | $300 (expires 01/22/2025); our bank bonuses roundup explains how to qualify. |
» See more options on our list of best checking accounts
Bank of America vs. Chase: Basic 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. 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.
Bank of America Advantage Savings | Chase Savings℠ | |
|---|---|---|
APY | 0.01% APY on all balances for standard accounts. | APY: 0.01% effective as of 02/10/2023. Interest rates are variable and subject to change. |
Monthly fee | $8. 4 ways to waive it | $5. 5 ways to waive it |
Minimum deposit to open | $100. | $0. |
Bonus offer | N/A. | N/A. |
» Looking for higher rates? Explore NerdWallet's list of top online savings accounts
Bank of America vs. Chase: Certificates of deposit
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.
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. | ||
» 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. 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.
