Chase vs. Bank of America: How Do They Compare?

Chase vs. Bank of America at a glance

Chase has a larger branch and ATM network, which can offer easy access to your money and opportunities for in-person banking. Its interest rates are slightly lower than that of Bank of America. However, Chase is highly rated for customer satisfaction and offers 24/7 automated support.

Bank of America is slightly smaller in terms of branch presence but still has thousands of locations and ATMs where you can handle banking tasks.

Comparing Bank of America vs. Chase on interest rates, Bank of America has an edge on earnings — which can be higher if you’re a Preferred Rewards member. Bank of America doesn’t rank as highly as Chase for customer satisfaction, but it has a well-rated mobile app and offers an artificial intelligence (AI) virtual financial assistant.

Compare these two banks head to head:

Key areas	Chase	Bank of America
Products and services	Checking and savings accounts CDs Kids and student banking	Checking and savings accounts CDs Student banking
Branches	5,129	3,958
ATMs	16,000	15,000
Rates	Checking: 0.01% Savings: 0.01% to 0.02% CDs: 0.01% to 4.5%	Checking: 0.01% to 0.02% Savings: 0.01% to 0.04% CDs: 0.03% to 4.35%
Monthly service fees	$4.95 to $25 monthly fee for savings or checking accounts	$4.95 to $12 monthly fee for savings or checking accounts
Features and benefits	24/7 automated customer support, highly rated for customer satisfaction, offers investing, loans and credit cards	AI virtual financial assistant, integration with Merrill Edge investment accounts, rate benefits with its Preferred Rewards program

Chase vs. Bank of America checking accounts

Chase Total Checking and Bank of America Advantage Plus Banking each charge $12 monthly fees, and neither checking account earns interest. You can open a Bank of America account with a $100 initial deposit, but Chase doesn’t require a minimum initial deposit.

You can earn up to a $600 bonus when you open a Chase checking account, though you’ll need to open a savings account at the same time. A Bank of America account can earn you $200 if you make $2,000 or more in direct deposits within the first 90 days.

Both bank accounts can offer a break on overdraft fees. Chase has an overdraft assist feature that doesn’t charge a fee if you’re overdrawn $50 or less, and Bank of America allows you to link your savings account for overdraft transfer protection.

Checking accounts	Chase	Bank of America
Initial deposit	None	$100
Monthly service fee	$12	$12
APY	None	None
Bonus or special offer	Up to $600 with new checking and savings accounts	Earn $200 with $2,000 or more in direct deposits
Features and benefits	Overdraft Assist program with no fee if you’re overdrawn by $50 or less, Zero Liability Protection program with reimbursement for unauthorized charges on debit card, mobile deposits and transfers	Overdraft transfer protection through linked savings account, rounding up of debit card purchases to savings account with Keep the Change program, cash back deals on BankAmeriDeals

Chase vs. Bank of America savings accounts

Bank of America has a slight edge on savings account interest rates compared to Chase, but both banks have low annual percentage yields (APYs) compared to high-yield savings accounts. Still, you can increase your Bank of America earnings as a member of its Preferred Rewards program, which can offer higher interest rates depending on your tier in the program.

Chase makes it easy to start saving with no minimum opening deposit, while Bank of America requires a $100 initial deposit. The monthly fees differ slightly with $5 for Chase and $8 for Bank of America. These fees can be waived by meeting certain conditions, such as maintaining a minimum balance or setting up direct deposit.

With either account, you can benefit from features to boost your savings. Chase offers an autosave program connected to your checking account and Bank of America rounds up debit card purchases and transfers the difference to savings. Both offer the ability to link your savings and checking accounts for overdraft protection.

Savings accounts	Chase	Bank of America
APY	0.01% to 0.02%	0.01% to 0.04%
Initial deposit	No minimum opening deposit	$100
Monthly fee	$5	$8
Features and benefits	Autosave program from checking, connect savings to a checking account for overdraft protection, spending and budgeting tool	Debit card purchases rounded up and transferred to savings with Keep the Change program, Preferred Rewards tiered benefits including higher interest rates, integration with Merrill Edge investments

Chase vs. Bank of America CDs

Both Chase and Bank of America offer standard certificates of deposit (CDs) with terms ranging from a few months to several years. To open a CD at either bank, you’ll need to deposit at least $1,000.

Bank of America earns higher APYs across the board, though neither bank offers competitive CD rates. An exception is Bank of America’s CD with a 90- to 179-day term, which offers 4% APY regardless of the deposit amount.

Both banks charge early withdrawal penalties with similar penalty structures that calculate interest on the amount withdrawn early.

CDs	Chase	Bank of America
	Standard CD	Standard CD
Term	APY	APY
3 months	0.01%	4%
12 months	0.01%	0.03%
18 months	0.01%	0.03%
3 years	0.01%	0.03%
5 years	0.01%	0.03%
Minimum deposit	$1,000	$1,000
Early withdrawal penalty	Penalty is based on the term; for CDs of six months or less, the early withdrawal penalty is 90 days of interest on the amount withdrawn.	Penalty is based on the term; for CDs of 90 days to 12 months, the early withdrawal penalty is equal to 90 days of interest on the amount withdrawn

Chase vs. Bank of America customer service

Chase and Bank of America both offer extensive support options but are different in quality and availability. Chase generally receives higher customer satisfaction scores and offers more availability for customer service. If you want to speak to a person on the phone at any time, Chase is the way to go. But if you’re comfortable getting help from an AI assistant, Bank of America could be a good choice.

Chase was the second highest-rated bank in the 2023 J.D. Power U.S. National Banking Satisfaction Study, earning 674 out of 1,000 points. Bank of America was below the industry average with a score of 648. Neither bank is rated well on Trustpilot: Chase is rated 1.3 out of 5 based on more than 1,800 reviews, and Bank of America is also rated 1.3 based on more than 2,000 reviews.

You can access 24/7 automated customer service at either bank. Both banks also offer live support during specific hours.

Digital customer service, including messaging service, is available via the Chase mobile app. Bank of America offers secure messaging and Erica, an AI-driven virtual assistant.

Chase vs. Bank of America mobile apps

Both Chase and Bank of America have highly-rated mobile apps, though Bank of America’s is rated slightly higher. These apps have all the features you’d hope to find in a banking app, including the ability to manage and transfer your money, make deposits and check on your financial health.

The JPMorgan Chase app is rated 4.4 out of 5 on Google Play and 4.8 out of 5 on the App Store. You can use the app to monitor fraud, make deposits and transfers, find offers and rewards, track your credit rating and budget, and set up autosave for your savings account.

Bank of America Mobile Banking has a 4.6 out of 5 rating on Google Play and a 4.8 rating on the App Store. The app offers bill pay, mobile check deposits, transfers, security checkups and access to Erica, the bank's AI virtual assistant.

Should you choose Chase or Bank of America?

Comparing Chase vs. Bank of America on accounts and features, both offer a comprehensive range of products and services but have some differences that might make one or the other a better fit for your banking needs.

Chase is a good option if you’re seeking accessibility and good customer service. The bank has more than 5,000 branches and 16,000 nationwide, so chances are good you’re never far from Chase banking locations. With strong customer satisfaction ratings, Chase stands out for reliable support.

Bank of America could be a better choice if you’re seeking slightly higher interest rates on savings accounts and CDs, but other banks offer more competitive rates. You can earn more if you qualify for the bank's Preferred Rewards program, which offers higher interest rates to members as well as benefits for other products and services. However, you must have significant deposits or investments with Bank of America to join the program.

With a robust mobile app and online banking experience and Erica, an AI-driven financial assistant, Bank of America’s digital tools are more advanced than Chase's. But Chase has helpful digital tools, including a mobile app for making deposits, transfers and more.

If high-quality customer service and extensive branch and ATM access are most important to you, choose Chase. If you’re looking for better interest rates and an AI virtual financial assistant, choose Bank of America.

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.

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