Bank of America and JPMorgan Chase Bank are the two largest banks in the country and have similar offerings of savings and checking accounts, certificates of deposit (CDs), credit cards, loans and more.
However, while the two banking giants go head-to-head in most areas, Chase Bank has a slight advantage in some cases. Here’s what you need to know about how these banks differ — and which one might fit you.
Chase vs. Bank of America overview
JPMorgan Chase Bank and Bank of America are the first and second largest commercial banks in the nation, respectively. Bank of America has about $2.5 trillion consolidated assets, while Chase holds over $3.5 trillion.
Both have thousands of branches spread across the U.S. — and a few abroad — plus similarly sized ATM networks. You’ll also have access to a well-rated banking app at both institutions, along with a full range of services for consumers and businesses, including consumer deposit accounts, business checking and business savings accounts, credit cards, loans and investment services.
| CHASE | BANK OF AMERICA | |
|---|---|---|
ATMs | 16,000+ | 15,000+ |
Branches | 4,912 | 3,744 |
Customer service hours | 24/7 automated phone support | 24/7 automated phone service Live service: Mon to Fri: 8 a.m. to 11 p.m. ET Sat: 8 a.m. to 8 p.m. ET Sun: 8 a.m. to 5 p.m. ET |
Mobile app rating | 4.6 average | 4.7 average |
Better Business Bureau rating | A+ | A- |
Chase vs. Bank of America: Basic checking accounts
In this category, Chase has a competitive advantage, offering eight account options and no minimum balance requirements compared to BofA’s three checking accounts with balance requirements that range from $25 to $100.
And while both banks charge a monthly service fee on checking accounts, Chase has two accounts (an example is the Chase Total Checking®) where you can skip the fee entirely without completing qualifying activities (though you’ll need to meet age criteria).
| CHASE TOTAL CHECKING | BANK OF AMERICA ADVANTAGE SAFEBALANCE BANKING | |
|---|---|---|
Minimum opening deposit | $0 | $25 |
Monthly service fee | $12 | $4.95 |
How to waive monthly fee | $1,500 minimum balance, $500 in monthly direct deposits, or $5,000 across linked qualifying accounts | $500 minimum balance, aged 25 or younger, or enrollment in Preferred Rewards Program |
Earns interest? | No | No |
Bank bonuses available? | Yes — Earn a $300 bonus after opening a new Chase Total Checking® account and setting up a qualifying direct deposit of $500 or more within 90 days of account opening | Yes — Earn a $200 bonus for new Bank of America customers after completing qualifying activities |
Chase vs. Bank of America: Basic savings accounts
Again, Chase slightly beats Bank of America when it comes to savings — though neither bank has a particularly great offering. (You’ll likely earn more with high-yield savings accounts.)
There are two Chase savings accounts, (the Chase Savings℠ is an example) and only one Bank of America savings account, the Bank of America Advantage Savings. All three pay a minuscule 0.01% annual percentage yield (APY). However, BofA’s savings rate climbs to 0.04% APY on balances between $100,000 to $999,999.99.
Both banks charge monthly service fees under $10 on their regular savings accounts, but you can get them waived.
| CHASE SAVINGS | BANK OF AMERICA ADVANTAGE SAVINGS | |
|---|---|---|
APY | 0.01% | 0.01% to 0.04% |
Minimum opening deposit | $0 | $100 |
Monthly service fees | $5 | $8 |
How to waive monthly fee | Complete at least one of these activities: -$300 minimum daily balance -$25 in repeating automatic transfers from your personal Chase checking account -Linked Chase College Checking account for overdraft protection -Owner under the age of 18 -Linked Chase Premier Plus Checking℠, Chase Sapphire℠ Checking, or Chase Private Client Checking℠ | Complete at least one of these activities: -$500 minimum daily balance -Linked BofA checking account -Enrollment in Preferred Rewards -Owner under the age of 25 |
Chase vs. Bank of America: CDs
Certificates of deposit (CDs) usually allow you to earn more on your savings in exchange for locking up your funds for a set time frame. Both institutions are rather stingy on their CD yields, but each has a few good options.
Chase certificates of deposit terms range from one month to 10 years, and they all require a relatively high minimum deposit of $1,000. Most of Chase’s CDs pay a paltry yield of 0.01%, but customers with a linked Chase personal checking account qualify for a higher “relationship” rate. Chase relationship certificates of deposit have yields ranging from 0.02% to 4.75% APY, depending on the term and balance. You must deposit at least $100,000 to earn the highest rate.
Bank of America Fixed Term certificates of deposit options have term lengths varying from 1 month to 10 years. The minimum deposit matches Chase’s minimum at $1,000 and the yields on the Bank of America Featured CDs are competitive with yields from 0.05% to 4.80%.
Both banks have withdrawal penalties if you withdraw the funds before the CD reaches maturity, which is normal on CDs. The penalties are very similar, though Bank of America is more lenient on penalties for certain term lengths.
| SELECT RELATIONSHIP CHASE CDS | BANK OF AMERICA FEATURED CDS | |
|---|---|---|
Terms | 1 month to 10 years | 7, 10, 13, 25 and 37 months |
APYs | 0.02% to 4.75% (balances up to $100,000) | 0.05% to 4.80% (all balances) |
Minimum opening deposit | $1,000 | $1,000 |
Compounding frequency | Daily | Monthly |
Withdrawal penalties | -90 days’ interest for terms up to 6 months -180 days’ interest for terms of 6 to 24 months -365 days’ interest for terms over 24 months | -All interest earned for terms less than 90 days – 90 days’ interest for terms ranging from 90 days to 12 months -180 days’ interest for terms of 12 months to 5 years -365 days’ interest for terms longer than 5 years |
Chase vs. Bank of America: Business account options
Chase and Bank of America each offer business checking, but Chase has three options (one example is the Chase Business Complete Checking® account) while Bank of America has two (the Bank of America Business Advantage Fundamentals™ Banking as an example).
Both banks currently offer business checking welcome bonuses for new customers, come with a debit card, and allow monthly service fees to be waived when business owners complete monthly qualifying activities. Neither pays interest, however.
Here’s a look at the standard business checking accounts at each:
| CHASE BUSINESS COMPLETE BANKING | BANK OF AMERICA BUSINESS ADVANTAGE FUNDAMENTALS BANKING | |
|---|---|---|
Minimum opening deposit | $0 | $100 |
Monthly service fee | $15 | $16 |
How to waive monthly fee | -Keep $2,000 minimum balance or -Receive at least $2,000 in deposits from Chase QuickAccept or -Charge at least $2,000 in purchases with a Chase Ink Business Card or -Maintain a linked a linked Chase Private Client Checking℠, JPMorgan Classic Checking, Private Client Checking Plus account -Meet military requirements | Complete at least one of these activities: -Keep $5,000 minimum balance -Make at least $250 in debit purchases per month -Become a Preferred Rewards for Business member |
Earns interest? | No | No |
Bank bonuses available? | $300 bonus after opening a new Chase Business Complete Checking account, depositing at least $2,000 of new money into the new checking account within 30 days of enrolling, maintaining a balance of at least $2,000 in the account for 60 days from the offer enrollment and completing at least five qualifying transactions within 90 days of offer enrollment | $200 cash bonus for new business account holders after completing qualifying activities |
Chase vs. Bank of America: Fees and charges
Both Chase and Bank of America charge overdraft fees, but Chase’s fees are much higher at $34 per overdraft, with a maximum of three fees per day. Bank of America charges $10 with a maximum of two overdraft fees per day. Chase won’t charge the fee when your account is overdrawn for $50 or less, while BofA’s cutoff is $1 or less.
For out-of-network ATM fees, Chase charges $3 domestically and $3 to $5 internationally while Bank of America customers pay $2.50 domestically and $5 abroad.
You’ll also find wire transfer fees at each bank, with Chase charging between $0 and $50 and BofA charging $15 to $45.
| CHASE | BANK OF AMERICA | |
|---|---|---|
Overdraft fee | $34 per overdraft (up to three per day) | $10 per overdraft (up to two per day) |
ATM fee (out-of-network) | $2.50 to $5 | $3 to $5 |
Wire transfer fee | $0 to $50 | $15 to $45 |
Chase vs. Bank of America: Customer service
Chase Bank and Bank of America provide 24/7 automated customer service. Bank of America further specifies its live customer service is available weekdays from 8 a.m. to 11 p.m. ET, with more limited hours on weekends.
Both institutions offer thousands of branch locations across the U.S. where you can get in-person help. You can also do a few banking services at thousands of ATM locations.If you’re stuck between each two, it may come down to which one has more branch locations in your area.
Is there a winner?
Between the two banking giants, Chase slightly edges out Bank of America in several areas. Chase has 25% more branch locations, a few more ATMs and a Better Business Bureau grade, which is a bit higher than Bank of America. Chase also pays higher welcome bonuses on eligible accounts when you complete qualifying activities.
Frequently asked questions (FAQ)
Between Chase and Bank of America, Chase Bank is generally the larger of the two, with more in-person branches, a larger ATM network and more total assets.
The savings accounts, checking accounts, CDs and credit cards are very similar between the two institutions. Chase has more account options to choose from, may charge lower monthly service fees in some cases, and pays higher CD rates when you have a linked Chase personal checking account. It also provides slightly higher welcome bonuses.
Weigh all of these benefits against the convenience each bank offers. Your choice may come down to which bank is closest to you, assuming you need in-person services at least occasionally.
Chase has a slightly better offering for students, including a dedicated student checking account, a welcome bonus and no monthly service fees. Bank of America markets its standard SafeBalance account to young individuals, it has a $4.95 monthly fee that is waived if the account owner is under 25 years old.
Chase Bank pays next to nothing on its CDs unless you qualify for its relationship rates, and you earn basically nothing on its standard savings accounts. Chase also charges a very high overdraft fee at $34 per overdraft, with a maximum of three fees per day.
