Chase vs. Bank of America

Written by

Edited by

Marc Wojno

Published on July 02, 2024 | 5 min read

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Logos by Chase and Bank of America; Illustration by Hunter Newton/Bankrate

Chase and Bank of America are the largest banks in the U.S. measured by total assets. As such, both banks boast large branch networks that encompass most of the country and a wide range of deposit accounts, including certificates of deposit, checking and savings accounts.

But while Chase and Bank of America share many commonalities, their deposit account offerings can be vastly different. Here’s a breakdown of Chase and Bank of America, compared by account type.

Chase vs. Bank of America: Overview

	Chase	Bank of America
Overall Bankrate score	3.5	3.8
Overview	If you enjoy quick access to branches and ATMs, Chase has a banking presence in nearly every state. The app and website can help you easily send money to anyone, pay your bills, create a budget and more. But if you’re looking for the highest savings rates, better options are available.	Bank of America could be a fit for consumers wanting access to a local branch, a highly rated app and plenty of ATMs. But, like many big banks, it offers low rates of return compared to other financial institutions.
Pros	Chase has more than 4,700 branches and 16,000 ATMs. The bank’s mobile app is consistently high-rated. New customers can often get bonuses.	Overdraft fees have been reduced to just $10 per overdrawn transaction. The bank has about 16,000 ATMs nationwide. It has an award-winning mobile banking app. AI-driven virtual assistant Erica makes tracking expenses easier.
Cons	APYs are generally very low. Basic accounts don’t reimburse out-of-network ATM fees.	Fees are avoidable but could easily rack up for customers who can’t meet certain requirements. APYs are generally below the national average. The number of branches has decreased over the past few years to about 3,900 total.

Chase vs. Bank of America: Comparing savings accounts

Both Chase and Bank of America offer paltry yields on their savings accounts, meaning these accounts won’t do much to help grow your savings. That said, the banks have a wide range of offerings with many differences for each account.

Chase offers two main savings accounts: Chase Savings and Chase Premier Savings.

Bank of America has just one savings account called Advantage Savings. The account is somewhat tiered — meaning the more you deposit, the higher yield you’ll earn — but the higher tiers require you to become a Preferred Rewards member. You can qualify if you have an eligible Bank of America personal checking account and a three-month combined average daily balance of $20,000. You can also qualify if you have $20,000 or more in qualifying Merrill investment accounts.

	Chase Savings	Bank of America Advantage Savings
Bankrate score	2.9	2.7
APY	0.01%	0.01% – 0.04%
Monthly fees	$5 or $0 when requirements are met	$8or $0 when requirements are met
Minimum deposit to open	$0	$100
Features	Make automatic transfers from select Chase checking accounts. Earn premier rates by linking an eligible checking account and make at least five transactions monthly. There are various ways to waive the monthly fee. There’s overdraft protection. No outgoing domestic wire fee when this account is linked to a Chase Private Client Checking account.	Link your savings to a checking account for overdraft protection. Create custom alerts. Qualify for higher tiers by linking an eligible account and making enough deposits. There are various ways of waiving the monthly fee.
What to watch for	Services not available with this account: Zelle, Online Bill Pay, check writing or a debit card. ATM cards are available upon request.	There’s a six-per-month withdrawal limit; a $10 fee applies for each withdrawal above that threshold.

Note: Annual percentage yields (APYs) shown are as of June 25, 2024, and may vary by region for some products.

Chase vs. Bank of America: Comparing certificates of deposit

Both Chase and Bank of America offer a large range of CDs with various terms and yields. Chase offers standard CDs, but you can earn more if you qualify for a relationship rate. Bank of America offers featured CDs with more competitive yields in addition to standard CDs, which generally offer low yields.

	Chase CDs	Bank of America CDs
Bankrate score	2.8	4.2
Term lengths	1 month to 10 years	1 month to 10 years
Minimum deposit to open	$1,000	$1,000
APY for one year	2.00%	0.03%
APY for three years	2.00%	0.03%
APY for five years	2.50%	0.03%
IRA CDs	None available	None available
Specialty CDs	None available	None available
Featured CDs	Available: 3.00% – 4.75% APY*	Available: 0.05% – 4.75% APY

*To earn the highest APY for some terms, you must have a linked eligible Chase checking account and $100,000 in deposits.

Note: Annual percentage yields (APYs) shown are as of June 25, 2024, and may vary by region for some products.

Chase vs. Bank of America: Comparing checking accounts

Both Chase and Bank of America have a host of checking account options that will appeal to a wide range of consumers, depending on individual needs. The two we’ve reviewed here are Chase Total Checking and Bank of America Advantage Plus Checking. The accounts are very similar, but you’ll want to watch out for fees, which can be drastically different depending on the account.

	Chase Total Checking	Bank of America Advantage Plus Checking
Bankrate score	3.8	3.7
Monthly fees	$12 or $0 when requirements are met	$12
Minimum deposit to open	$0	$100
APY	None	None
Overdraft fee	$34	$10
Features	Chase’s mobile app allows you to manage your account, pay bills, deposit checks, transfer money and send and receive money via Zelle. There are three ways to waive the monthly fee. There’s overdraft protection. Chase features Zero Liability Protection, which will reimburse you for unauthorized debit card transactions.	Bank of America’s mobile app features AI assistant Erica and lets you budget with the Spending and Budgeting tool. There’s also access to Zelle. There’s overdraft protection. There are three ways to waive the monthly fee. Overdraft fees are limited to $10 per overdrawn transaction, capped at two overdrafts per day.
What to watch for	Overdrawn transactions not covered by Chase Overdraft Assist come with a hefty $34 fee per transaction. There’s a $3 fee for using out-of-network ATMs and a $5 fee per withdrawal at ATMs outside of the U.S., Puerto Rico and the U.S. Virgin Islands.	There’s a $2.50 fee for using out-of-network ATMs and a $5 fee for using international ATMs.

Chase vs. Bank of America: Banking experience

You’ll get a similar experience whether you bank at Chase or Bank of America. They’re the largest banks in the U.S., so you’ll find plenty of ATMs and branches scattered across the country. Moreover, both banks have highly rated mobile apps that help you track and manage your money.

	Chase	Bank of America
Branches	4,700+	3,700+
Customer service	Available by phone, mail and in person. Customer service hours over the phone are not prominently listed on Chase’s website.	Available by phone, mail and in person. Phone hours are Monday through Friday from 8 a.m. to 11 p.m. ET, Saturday from 8 a.m. to 8 p.m. ET and Sunday from 8 a.m. to 5 p.m. ET.
ATM network	Approximately 16,000 ATMs	Approximately 15,000 ATMs
Mobile app rating	iOS: 4.8Android: 4.4	iOS: 4.8Android: 4.6
Philanthropy	JPMorgan Chase Foundation	Bank of America Charitable Foundation