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Bank of America vs. Chase: Which Is Best for You?
Compare Bank of America and Chase to see which of these traditional banks could be a better fit for your money.
Tony Armstrong leads the banking team at NerdWallet. He has covered personal finance for nearly a decade. Tony began his NerdWallet career as a writer and worked his way up to assistant assigning editor and then to lead assigning editor. His writing has been featured by the Los Angeles Times, MarketWatch, Mashable, Nasdaq.com, USA Today and VentureBeat. Tony lives in Minneapolis, Minnesota.
Yuliya Goldshteyn is a banking editor at NerdWallet. She previously worked as an editor, a writer and a research analyst in industries ranging from health care to market research. She earned a bachelor's degree in history from the University of California, Berkeley and a master's degree in social sciences from the University of Chicago, with a focus on Soviet cultural history. She is based in Portland, Oregon.
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Editor’s note: Some of the information on this page may be outdated as of the publication date.
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
Interest rate: 0.01% APY on all balances for standard accounts.
Monthly fee: $8 (See below for ways to waive it).
Chase Savings℠
Interest rate: 0.01% effective as of 02/10/2023. Interest rates are variable and subject to change.
Monthly fee: $5 (See below for 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 and ATMs
Bank of America details
Overdraft fee: $10, maximum of two per day.
Overdraft protection transfer fee: $0.
Branches: About 3,900.
ATMs: About 15,000.
Chase details
Overdraft fee: $34, maximum of three per day. No charge if account is overdrawn by $50 or less at end of day. Also no overdraft fee if the account balance is overdrawn more than $50 but is brought down to being overdrawn by $50 or less by the next business day.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
4.60%SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
5.50%*Base annual percentage yield (variable) is 4.75% as of 7/31/23. 5.50% APY reflects a .75% boost available as a special offer with qualifying deposit. Terms apply. Cash Reserve is only available to clients of Betterment LLC, which is not a bank, and cash transfers to program banks are conducted through clients’ brokerage accounts at Betterment Securities.
Min. balance for APY
$0
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
5.50%All Bread Savings APYs are accurate as of 12/7/2023. APYs are subject to change at any time without notice. Offers apply to personal accounts only. Fees may reduce earnings. To open a CD, a minimum of $1,500 is required and must be deposited in a single transaction. A penalty will be imposed for early withdrawals on CDs. At maturity, your CD will automatically renew and earn the base interest rate in effect at that time.
0.50%SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
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.
+ Click here for analysis of Chase and Bank of America's 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.
0.01% effective as of 02/10/2023. Interest rates are variable and subject to change.
Monthly fee
$8.
5 ways to waive it
Maintain a daily balance of at least $500.
Have a linked Bank of America Advantage Relationship Banking® account.
Become a Bank of America Preferred Rewards customer.
Have an account owner who is under 25 and an eligible student.
Have an account owner who is under 18.
$5.
5 ways to waive it
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 premium checking account.
Have a linked Chase College Checking℠ account for Overdraft Protection.
Have an account owner who is under 18.
Minimum deposit to open
$100.
$0.
Bonus offer
N/A.
N/A.
+ Click here for analysis of Chase and Bank of America's 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 and the ability to set up savings goals. 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.
+ Click here for analysis of Chase and Bank of America's CDs
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.
Both Chase and Bank of America will do the trick if you prefer to do your banking in person, though Chase does offer the opportunity to earn a bigger bonus for opening a new checking account. 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.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
