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 ways to waive it). Minimum opening deposit: $100.	Chase Total Checking® Monthly fee: $12 ($15 effective 08/24/2025; 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 05/07/2025. 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 3,800. 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. Overdraft protection transfer fee: $0. Branches: More than 4,700. ATMs: More than 15,000.
NerdWallet rating Read review	NerdWallet rating Learn More at Chase, Member FDIC

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.

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 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.	$12 ($15 effective 08/24/2025). 3 ways to waive it Receive direct deposits of at least $500 each month. Maintain a minimum beginning day 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 15,000 free Bank of America ATMs. $2.50 fee for using out-of-network ATMs. $5 fee for using international out-of-network ATMs, plus foreign debit card transaction fee of 3% of amount withdrawn.	More than 15,000 free Chase ATMs. $3 fee for using non-Chase ATMs in the U.S. and U.S. territories. $5 fee for using non-Chase ATMs outside of the U.S. and U.S. territories, plus foreign debit card transaction fee of 3% of amount withdrawn.
Sign-up bonus	$300 (expires 07/31/2025); our bank bonuses roundup explains how to qualify.	$300 (expires 10/15/2025); 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 05/07/2025. Interest rates are variable and subject to change.
Monthly fee	$8. 4 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.	$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.

» 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.