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® 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
| Chase Savings℠
|
Certificates of deposit | |
Bank of America CD interest rates
| Chase CD interest rates
|
Overdrafts and ATMs | |
Bank of America details
| Chase details
|
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 want the opportunity to earn a bigger sign-up bonus on checking (expires 04/17/2024).
You have less to deposit initially for checking and savings.
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.
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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. 3 ways to waive it | $12. 3 ways to waive it |
Minimum deposit to open | $100. | $0. |
APY | None. | None. |
ATM fees and network |
|
|
Bonus offer | $200 (expires 05/31/2024); our bank bonuses roundup explains how to qualify. | $300 (expires 04/17/2024); 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
Bank of America Advantage Savings | Chase Savings℠ | |
---|---|---|
APY | 0.01% APY on all balances for standard accounts. | 0.01% effective as of 02/10/2023. Interest rates are variable and subject to change. |
Monthly fee | $8. 5 ways to waive it | $5. 5 ways to waive it |
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
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, 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.
On a similar note...
Find a better savings account
See NerdWallet's picks for the best high-yield online savings accounts.
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