Bank of America and JPMorgan Chase are a lot alike. Both have thousands of branches and ATMs, a variety of account choices and up-to-date tech. The details — like their fees, minimum deposits and overdraft programs — might make the difference for you.
Snapshot comparison
If you want… | Choose | Why |
|---|---|---|
No minimum deposit to open an account | Chase | Chase requires $0 to open both its basic checking and savings accounts. Bank of America requires $100 for both. |
More branches in more states | Chase | Chase has more branches than any other U.S. bank with 5,000 branches across 48 states. Bank of America has 3,700 in over 35 states. Both have about the same amount of ATMs. |
Lower overdraft fees | Bank of America | The fee is lower at Bank of America: $10 per overdraft, a max of two times per day. Chase charges $34, a maximum of three times per day. Both offer fee-free overdraft protection transfers but Chase offers more ways to avoid the fee. |
An overdraft buffer | Chase | At Chase, you won’t be charged an overdraft fee if your account is overdrawn by only $50 or less at the end of the day or if you bring your overdrawn balance up to $50 or less by 11 p.m. ET (8 p.m. PT) the next business day. |
A savings helper | Bank of America | Bank of America’s Keep the Change® rounds up purchases to the nearest dollar and transfers the difference to savings. This can help you start saving from scratch, without much effort on your part. Chase has a simple auto-transfer program but requires you to set it up and choose the amount and frequency you’ll save. |
Higher CD rates | Tie | Both pay almost nothing on most of their standard CDs but they also both have a few featured CDs that beat the national average. |
Good savings rate | Neither | Both pay well below the national average of 0.38%. You’ll find much better rates with one of the best online high-yield savings accounts. |
» See where Bank of America and Chase rank in the list of the largest banks in the U.S.
Nerdy Perspective
Since you’re choosing a brick-and-mortar bank, make it convenient for you: Look up which of the banks has a branch closest to you. Chase has branches in more states than Bank of America but that means nothing if there isn't one actually near you.
Bank of America vs. Chase: Basic checking accounts
Choose Chase if you need a lower minimum balance to open and an overdraft buffer.
Choose Bank of America if you want a lower monthly and overdraft fee.
Factor | Winner | Details for Bank of America Advantage Plus Banking® | Details for Chase Total Checking® |
|---|---|---|---|
Monthly fee | Bank of America | $12. | $15. |
Minimum requirements to waive the fee | Bank of America | Ways to waive the fee
| Ways to waive the fee
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Minimum deposit to open | Chase | $100. | $0. |
APY | Tie | None. | None. |
Overdraft fee | Bank of America | $10; can be charged up to two times per day. | $34, can be charged up to three times per day. |
Ways to avoid the overdraft fee | Chase | Ways to avoid the fee:
| Ways to avoid the fee:
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ATM network | Tie | About 15,000 free Bank of America ATMs. | About 14,000 fee-free ATMs. |
ATM fees | Bank of America |
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Sign-up bonus | Bank of America | Up to $500 (expires 09/30/2026); our bank bonuses roundup explains how to qualify. | $400 (expires 10/14/2026); 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 already dismal national average savings rate of 0.38%. Your money would earn much more in a high-yield savings account over time.
Choose Bank of America if you want a Keep the Change® program that rounds up transaction amounts to the nearest dollar and saves the cents for you.
Choose Chase if you want a lower monthly fee and lower requirements to waive it.
Feature | Winner | Details for Bank of America Advantage Savings | Details for Chase Savings℠ |
|---|---|---|---|
APY | Bank of America | APY: 0.04% on all balances for standard accounts. | APY: 0.01% (0.01% effective as of 05/07/2025. Interest rates are variable and subject to change). |
Monthly fee | Chase | $8. | $5. |
Ways to waive the fee | Chase | Ways to waive the fee
| Ways to waive the fee
|
Minimum deposit to open | Chase | $100. | $0. |
Autosave programs | Bank of America | The Keep the Change® program allows you to start saving from scratch, rounding up your debit card purchases to the nearest dollar and transferring that amount to a linked savings account. | At Chase, you can also transfer funds automatically from checking to savings with the Autosave feature, but you have to choose how much and how often, making it just a bit harder to set up. |
Nerdy Perspective
While Bank of America technically wins the APY face-off for its basic savings account, it’s really not by much. You won’t earn a ton more with 0.04% than with 0.01%. It's okay to use these savings accounts for overdraft protection but try not to keep more money there than you absolutely need to — enough to cover overdrafts and avoid monthly fees. The rest of your savings will serve you better in a high-yield savings account.
Bank of America vs. Chase: Certificates of deposit
The Bank of America and Chase CD rates are low on standard CDs. You can find online CDs with rates that are significantly higher. Plus, both banks require a $1,000 minimum to open a CD while some online CDs don’t have minimums at all. But both banks offer better rates on some featured CDs and on relationship CDs.
Choose Chase if you can qualify to access the better-than-average relationship rates.
Choose Bank of America if you want a short-term featured CD, some of which pay good rates.
Feature | Winner | Bank of America | Chase |
|---|---|---|---|
Minimum opening deposit | Tie | $1,000 | $1,000 |
APY on standard one-, three-, and five-year terms | Bank of America by a tiny margin | 0.03% APY. | 0.01% APY. |
APY on featured or relationship terms | Tie; both have rates above the national average on these kinds of CDs |
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For more details: | See our post on Bank of America CD rates. | See our post on Chase CD rates. | |
Rates may vary by location and deposit amount. | |||
» 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. Your potential tiebreakers are:
- Overdraft costs: Bank of America is cheaper, but Chase is more forgiving.
- Minimum deposits: Chase has $0 opening deposit requirements, making it more accessible than Bank of America’s $100.
But if high rates on your savings and avoiding fees are a priority, look elsewhere. You can find other options on our list of best banks and credit unions.
