Chase vs. Bank of America: What Is The Right Choice for You?

Chase and Bank of America are two of the largest banks in America. Both are full-service banks, offering a full range of personal and business banking services.

In our head-to-head comparison of the two banking giants, we’re going to focus on four specific account types: checking accounts , savings accounts, certificates of deposit (CDs), and money market accounts.

Our coverage will not include every checking and savings account offered by the two banks, but rather the most popular available at each.

Checking account comparison  

Here we will do a side-by-side comparison of two of the most popular checking accounts offered by each bank, Chase Total Checking® vs. Bank of America Advantage Plus Checking.

The two accounts have similar monthly fees, but Bank of America charges slightly less for domestic out-of-network ATM fees. However, you need a minimum of $100 to open a Bank of America Advantage Plus Checking account, while you can open a Chase Total Checking® account with no money at all.

Account	Chase Total Checking®	Bank of America Advantage Plus Checking
APY*	N/A	N/A
Fees	Monthly: $12 Non-Chase ATM Fee: $3 fee per withdrawal at a non-Chase ATM in the U.S., Puerto Rico and the U.S. Virgin Islands. & $5 fee per withdrawal at a non-Chase ATM outside of the U.S., Puerto Rico and the U.S. Virgin Islands. Surcharge Fees from the ATM owner/network still apply. (Surcharge Fees from the ATM owner/network still apply.)	Monthly: 12 ATM*: $2.50 domestic; $5 foreign
Min. deposit	$0	$100
Bonus offer	New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities. Offer expires 7/24/2024.	N/A
	View Offer

*Applies to out-of-network fees for ATM transactions.

You can waive the monthly fee on the Chase Total Checking® with any of the following:

• Electronic deposits totaling $500 or more per month.
• A minimum daily beginning balance of $1,500.
• An average beginning daily balance of $5,000 or more in Chase Total Checking® in combination with a qualifying deposit or investment account.

You can waive the monthly fee on the Bank of America Advantage Plus Checking with any of the following:

Bank of America Advantage Plus Checking

Bank of America Advantage Plus Checking

Account

Bank of America Advantage Plus Checking

APY*

N/A

Min. deposit

$100

Fees

• Monthly: 12
• ATM*: $2.50 domestic; $5 foreign

• Have at least one qualifying direct deposit of $250 or more each month.
• Maintain a minimum daily balance of at least $1,500.
• Enroll in Bank of America Preferred Rewards. 

Savings account comparison  

Here the comparison is between the Chase Premier Savings account and the Bank of America Advantage Savings account. Bank of America pays slightly higher interest on your account balance. It also has a lower monthly fee and more options to have it waived.

While the comparison between the two banks’ checking accounts stacks up as a draw, the clear winner among savings accounts is Bank of America Advantage Savings.

Account	Chase Premier Savings	Bank of America Advantage Savings
APY*	0.01% to 0.02% on all balances	0.01% to 0.04% on all balances
Monthly fee	$25	$8
Min. deposit	$0	$100
Bonus	N/A	N/A

The monthly fee on Chase Premier Savings can be waived with either of the following:

Chase Premier Savings

Chase Premier Savings

Chase Premier Savings

APY*

0.01% to 0.02% on all balances

Monthly fee

$25

Min. deposit

$0

• A minimum daily balance of $15,000.
• With a linked Chase Premier Plus Checking or Chase Sapphire Checking account.

The monthly fee on Bank of America Advantage Savings can be waived with any of the following:

Bank of America Advantage Savings

Bank of America Advantage Savings

Bank of America Advantage Savings

APY*

0.01% to 0.04% on all balances

Monthly fee

$8

Min. deposit

$100

• Maintain a minimum daily balance of $500.
• Link your Bank of America Advantage Savings to your Bank of America Advantage Relationship Banking account.
• When you are a Bank of America Preferred Rewards member.
• The account owner is under 18 years old, or under age 25 and qualifies as a student.

CD comparison  

The CD comparison between the two banks is inexact, owing to the fact that Bank of America uses odd-month terms. For comparison sake, we’ve matched similar—but not identical—CD terms between the two banks.

Among the CD terms, Chase stands out in two categories. First, its six-month CD pays a 4.50% APY, but only on balances of $100,000 or more (otherwise the APY is 4.00%). Second, it offers CDs with terms of 30 months or greater, paying a 1.50% APY on all terms and balances.

Bank of America also stands out in two categories. Its seven-month and 13-month CDs pay a 4.75% APY on all balances. Second, its 25-month CD pays 2.85% on all balances.

Which bank will be the better place to park your CDs will depend on the term you select.

	Chase CD	Bank of America CD
APY*	6 mos: 4.00%–4.50% 12 mos: 3.00%–3.75% 24 mos: 2.00% 36 mos: 2.00%	7 mos: 4.70% 13 mos: 4.70% 25 mos: 3.20% 37 mos: 0.05%
Min. deposit	$1,000	$1,000
Description	Must be linked to a Chase personal checking account	N/A

Chase’s early withdrawal penalties on CDs of various terms are as follows:

• Less than six months: 90 days interest.
• Six months to less than 24 months: 180 days interest.
• 24 months or more: 365 days interest.

In each case, the penalty will not exceed the amount of interest earned on the certificate.

Bank of America’s early withdrawal penalties on CDs of various terms are as follows:

• Less than 90 days: the greater of all interest earned on the amount withdrawn or an amount equal to seven days of interest on the amount withdrawn.
• 90 days up to 12 months: 90 days’ interest on the amount withdrawn.
• 12 months up to 60 months: 180 days’ interest on the amount withdrawn.
• 60 months or longer: 365 days’ interest on the amount withdrawn.

Money market account comparison 

Bank of America comes up as the winner here because of its Bank of America Rewards Money Market Savings. Chase does not offer a money market account.

	Chase	Bank of America Rewards Money Market Savings
APY*	N/A	0.03% to 0.06%
Min. deposit	N/A	Not indicated
Eligible ages	N/A	Must be enrolled in Preferred Rewards or Banking Rewards to earn the highest rates*

* Bank of America Rewards Money Market Savings is subject to a monthly service fee of $12, which can be waived with any of the following:

• Maintain a minimum daily balance of $2,500.
• Link the account to a Bank of America Interest Checking or Advantage account.
• Enroll in the Preferred Rewards1 program.

Other accounts and services offered by Chase and Bank of America

Both Chase and Bank of America are full-service commercial banks offering very similar product lines. Other products and services offered by the two banks are listed in the table below:

TIME Stamp: Chase vs. Bank of America is a tie 

Normally, when comparing competitors, it’s possible to declare a winner. But between Chase and Bank of America, that isn’t possible. The two banking giants are about as closely matched as any two competitors in any industry.

Your choice to go with one or the other will likely come down to which specific account—checking, savings, or CDs—you prefer between the two. If it’s a money market account you want, Bank of America is, of course, your only choice.

It may also be a matter of convenience. You may choose the bank with the closest branch location. 

Frequently asked questions (FAQs)

Which bank is the most convenient—Chase or Bank of America?

That could come down to exactly where you live—and how you bank. Chase has almost 1,000 more branch locations, but Bank of America has 1,000 more in-network ATMs.

Which bank do customers like better?

According to the American Customer Satisfaction Index, Chase and Bank of America are in a dead heat. Their ranking is 77—one point below Citibank and one above Wells Fargo. The number is based on 12 factors, including the quality of their mobile act and their call centers.

Which bank do consumers trust most?

In the Lifestory Research 2022 America's Most Trusted® Bank study, Chase came out number 1 overall as the most trusted retail bank. Bank of America ranked 6th. Its rating was 101.3, compared to 88.2 for BOA. Opinions for the 2022 study came from 17,614 people.