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®
| Chase Total Checking®
|
Savings accounts | Bank of America Rewards Savings
| Chase Savings℠
|
Certificates of deposit | Bank of America CD interest rates
| Chase CD interest rates
|
Overdrafts, ATMs, customer service | ||
Choose Bank of America if:
You want slightly better rates on some savings products.
Choose Chase if:
You want the opportunity to earn a sign-up bonus on checking (expires 4/14/2021).
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. | $12. |
Minimum deposit to open | $100. | $0. |
APY | None. | None. |
ATM fees and network |
|
|
» 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. | $5. |
Minimum deposit to open | $100. | $0. |
Sign-up bonus | 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
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
Bank of America vs. Chase: Banking experience
Bank of America | Chase | |
---|---|---|
Branches | About 4,400. | More than 4,700. |
Banking apps (ratings from app store users) |
|
|
Customer service |
|
|
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. |
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.