At first glance, big national banks like Bank of America and JPMorgan Chase look a lot alike. Both have thousands of branches and ATMs, a variety of account choices and up-to-date tech. 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 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 can avoid monthly fees and you want an automated roundup program to boost your savings (read more in the savings section below).
Choose Chase if:
- You can avoid monthly fees and prefer an account with no minimum deposit to open.
Or go with an alternative:
Online alternatives
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 has a lower minimum balance to open. Neither basic checking account earns interest. Both banks offer interest-bearing checking options, but they require higher balances to waive the monthly fees.
| Bank of America Advantage Plus Banking® | Chase Total Checking® | |
|---|---|---|
| Monthly fee | $12. Ways to waive it
| $15. Ways to waive it
|
| Minimum deposit to open | $100. | $0. |
| APY | None. | None. |
| ATM fees and network |
|
|
| Sign-up bonus | Up to $500 (expires 09/30/2026); our bank bonuses roundup explains how to qualify. | $400 (expires 07/15/2026); 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 already dismal national average savings rate of 0.38%.
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-yield 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. Ways to waive it
| $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
You can find online CDs with rates that are significantly higher than what Bank of America and Chase CDs earn.
Both banks require a $1,000 minimum to open a CD. Some online 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.
