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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®
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% APY (effective 9/14/2020; 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: 0.75% 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 4,300.
ATMs: 17,000.
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 by phone 8 a.m.-12 a.m. ET, Monday-Friday, 8 a.m.-8 p.m. ET on weekends.
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
You want slightly better rates on some savings products.
You want an easier way to waive the monthly fee.
Choose Chase if:
You want the opportunity to earn a sign-up bonus on checking (expires 7/14/2021).
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.
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: Eligible 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 17,000 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.
16,000 free Chase 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.
Sign-up bonus
$100 (expires 6/30/2021); our bonuses roundup explains how to qualify.
$225 (expires 7/14/2021); 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 more generous sign-up bonus (expires 7/14/2021). At least one interest-bearing checking option is available at both, but they require high balances to waive monthly fees and earn minimal interest.
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 premium checking account.
Are under 18.
Minimum deposit to open
$100.
$0.
Sign-up bonus
N/A
N/A
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 sometimes offers a sign-up bonus. 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.
Online-only bank CD rates earn more than 16 times 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.
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 by phone 8 a.m.-12 a.m. ET, Monday-Friday, 8 a.m.-8 p.m. ET on weekends.
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.
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 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.
