Bank of America vs. Chase: Which Is Best for You?

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 4 ways to waive it). Minimum opening deposit: $100.	Chase Total Checking® Monthly fee: $12 (See below for 3 ways to waive it). Minimum opening deposit: $0.
Savings accounts	Bank of America Rewards Savings APY: 0.03% APY on all balances for standard accounts. Monthly fee: $8 (See below for 3 ways to waive it).	Chase Savings℠ APY: 0.01% APY (effective 9/14/2020; rates are variable and subject to change). Monthly fee: $5 (See below for 4 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, ATMs, customer service	Overdraft fee: $35, maximum of four per day. Overdraft protection transfer fee: $12. Branches: About 4,400. ATMs: 16,400. Customer service: Available by phone 8 a.m.-11 p.m. ET, Monday-Friday, 8 a.m.-8 p.m. ET on weekends.	Overdraft fee: $34, maximum of three per day. Overdraft protection transfer fee: $0. Branches: Nearly 4,900. ATMs: 16,000. Customer service: Available 7 a.m.-12 a.m. daily by telephone.
	NerdWallet rating Read review	NerdWallet rating Read review

Choose Bank of America if:

You want slightly better rates on some savings products.

Choose Chase if:

You want the opportunity to earn sign-up bonuses on checking and savings (both expire 1/20/2021).
You seek lower fees for some services.
You have less to deposit for checking and savings.

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. 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. Note: Students under 24 have this fee waived.	$12. 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 16,400 free Bank of America ATMs. $2.50 fee for using out-of-network ATMs.	16,000 free Chase ATMs. $2.50 fee for using out-of-network ATMs.
Sign-up bonus	$100 (expires 12/31/2020); our bonuses roundup explains how to qualify	$200 (expires 1/20/2021); our bonuses roundup explains how to qualify

Both banks’ most basic checking accounts are similar, but Chase stands out because it requires a lower balance to open and it offers a sign-up bonus (expires 1/20/2021). At least one interest-bearing checking option is available at both, but they require high balances to waive monthly fees and earn minimal interest.

» See more options on our list of best checking accounts

Bank of America vs. Chase: Basic savings accounts

	Bank of America Rewards Savings	Chase Savings℠
APY	0.03% APY on all balances for standard accounts.	0.01% APY (effective 9/14/2020; rates are variable and subject to change).
Monthly fee	$8. Maintain a daily balance of at least $500. Have a linked Bank of America Advantage Relationship Banking account. Are a Preferred Rewards client.	$5. 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 Chase Premier Plus Checking℠, Chase Sapphire℠ Checking or Private Client checking account. Are under 18.
Minimum deposit to open	$100.	$0.
Sign-up bonus	N/A	$150 (expires 1/20/2021); our bonuses roundup explains how to qualify

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.

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. And Chase also offers a sign-up bonus (expires 1/20/2021). These can help make up for the low rates, but neither 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.

Online-only bank CD rates earn more than twice 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

Bank of America vs. Chase: Banking experience

	Bank of America	Chase
Branches	About 4,400.	Nearly 4,900.
Banking apps (ratings from app store users)	4.8 out of 5 stars for iOS. 4.5 out of 5 stars for Android.	4.8 out of 5 stars for iOS. 4.6 out of 5 stars for Android.
Customer service	Phone reps are on call 8 a.m. ET-11 p.m. ET Monday through Friday, 8 a.m. ET-8 p.m. ET weekends. Social media support available. Live chat support available.	Available 7 a.m. ET-12 a.m. ET daily by telephone. Social media support available.

Bank of America covers more states and has more support channels. Otherwise, the two have similar features: high-rated mobile apps, large ATM networks and clear overviews of account offerings on their websites.

Bank of America vs. Chase: Overdraft fees

	Bank of America	Chase
Overdraft fee	$35, maximum of four per day.	$34, maximum of three per day.
Overdraft protection transfer fee	$12; fee waived for Advantage Relationship Banking, Advantage Regular Checking and Advantage with Tiered Interest account holders, as well as Preferred Rewards customers.	None.
Extended overdraft fee	None.	None.

Neither bank is forgiving about overdrafts when compared with credit unions and online-only banks, some of which don’t even charge overdraft fees. Bank of America offers a SafeBalance checking option that has no overdraft fees, but it comes with a monthly fee that can’t be waived unless you’re a Gold, Platinum or Platinum Honors Preferred Rewards Member.

Big banks, low rates

Both Chase and Bank of America will do the trick if you prefer to do your banking in person, though Chase does offer more opportunities to earn bonuses. But if higher rates on your savings are a priority, look elsewhere. You can find other options on our list of best banks and credit unions.