Chase vs. Bank of America

Contents

Chase vs. Financial institution of America: Overview Chase vs. Financial institution of America: Evaluating financial savings accounts Chase vs. Financial institution of America: Evaluating certificates of deposit Chase vs. Financial institution of America: Evaluating checking accounts Chase vs. Financial institution of America: Banking expertise

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

Chase and Financial institution of America are the biggest banks within the U.S. measured by complete property. As such, each banks boast massive department networks that embody many of the nation and a variety of deposit accounts, together with certificates of deposit, checking and financial savings accounts.

However whereas Chase and Financial institution of America share many commonalities, their deposit account choices may be vastly completely different. Right here’s a breakdown of Chase and Financial institution of America, in contrast by account sort.

Chase vs. Financial institution of America: Overview

	Chase	Financial institution of America
Total Bankrate rating	3.5	3.8
Overview	Should you take pleasure in fast entry to branches and ATMs, Chase has a banking presence in almost each state. The app and web site may also help you simply ship cash to anybody, pay your payments, create a finances and extra. However in the event you’re on the lookout for the best financial savings charges, higher choices can be found.	Financial institution of America may very well be a match for customers wanting entry to an area department, a extremely rated app and loads of ATMs. However, like many large banks, it presents low charges of return in comparison with different monetary establishments.
Professionals	Chase has greater than 4,700 branches and 16,000 ATMs. The financial institution’s cell app is persistently high-rated. New clients can typically get bonuses.	Overdraft charges have been diminished to only $10 per overdrawn transaction. The financial institution has about 16,000 ATMs nationwide. It has an award-winning cell banking app. AI-driven digital assistant Erica makes monitoring bills simpler.
Cons	APYs are typically very low. Primary accounts don’t reimburse out-of-network ATM charges.	Charges are avoidable however may simply rack up for purchasers who can’t meet sure necessities. APYs are typically beneath the nationwide common. The variety of branches has decreased over the previous few years to about 3,900 complete.

Chase vs. Financial institution of America: Evaluating financial savings accounts

Each Chase and Financial institution of America supply paltry yields on their financial savings accounts, that means these accounts gained’t do a lot to assist develop your financial savings. That stated, the banks have a variety of choices with many variations for every account.

Chase presents two foremost financial savings accounts: Chase Financial savings and Chase Premier Financial savings.

Financial institution of America has only one financial savings account referred to as Benefit Financial savings. The account is considerably tiered — that means the extra you deposit, the upper yield you’ll earn — however the greater tiers require you to develop into a Most well-liked Rewards member. You possibly can qualify in case you have an eligible Financial institution of America private checking account and a three-month mixed common every day stability of $20,000. You too can qualify in case you have $20,000 or extra in qualifying Merrill funding accounts.

	Chase Financial savings	Financial institution of America Benefit Financial savings
Bankrate rating	2.9	2.7
APY	0.01%	0.01% – 0.04%
Month-to-month charges	$5 or $0 when necessities are met	$8or $0 when necessities are met
Minimal deposit to open	$0	$100
Options	Make automated transfers from choose Chase checking accounts. Earn premier charges by linking an eligible checking account and make at the very least 5 transactions month-to-month. There are numerous methods to waive the month-to-month price. There’s overdraft safety. No outgoing home wire price when this account is linked to a Chase Non-public Shopper Checking account.	Hyperlink your financial savings to a checking account for overdraft safety. Qualify for greater tiers by linking an eligible account and making sufficient deposits. There are numerous methods of waiving the month-to-month price.
What to observe for	Companies not accessible with this account: Zelle, On-line Invoice Pay, verify writing or a debit card. ATM playing cards can be found upon request.	There’s a six-per-month withdrawal restrict; a $10 price applies for every withdrawal above that threshold.

Word: Annual proportion yields (APYs) proven are as of June 25, 2024, and will differ by area for some merchandise.

Chase vs. Financial institution of America: Evaluating certificates of deposit

Each Chase and Financial institution of America supply a wide range of CDs with varied phrases and yields. Chase presents customary CDs, however you’ll be able to earn extra in the event you qualify for a relationship fee. Financial institution of America presents featured CDs with extra aggressive yields along with customary CDs, which typically supply low yields.

	Chase CDs	Financial institution of America CDs
Bankrate rating	2.8	4.2
Time period lengths	1 month to 10 years	1 month to 10 years
Minimal deposit to open	$1,000	$1,000
APY for one 12 months	2.00%	0.03%
APY for 3 years	2.00%	0.03%
APY for 5 years	2.50%	0.03%
IRA CDs	None accessible	None accessible
Specialty CDs	None accessible	None accessible
Featured CDs	Obtainable: 3.00% – 4.75% APY*	Obtainable: 0.05% – 4.75% APY

*To earn the best APY for some phrases, you have to have a linked eligible Chase checking account and $100,000 in deposits.

Word: Annual proportion yields (APYs) proven are as of June 25, 2024, and will differ by area for some merchandise.

Chase vs. Financial institution of America: Evaluating checking accounts

Each Chase and Financial institution of America have a number of checking account choices that may enchantment to a variety of customers, relying on particular person wants. The 2 we’ve reviewed listed below are Chase Whole Checking and Financial institution of America Benefit Plus Checking. The accounts are very related, however you’ll need to be careful for charges, which may be drastically completely different relying on the account.

	Chase Whole Checking	Financial institution of America Benefit Plus Checking
Bankrate rating	3.8	3.7
Month-to-month charges	$12 or $0 when necessities are met	$12
Minimal deposit to open	$0	$100
APY	None	None
Overdraft price	$34	$10
Options	Chase’s cell app permits you to handle your account, pay payments, deposit checks, switch cash and ship and obtain cash by way of Zelle. There are 3 ways to waive the month-to-month price. There’s overdraft safety. Chase options Zero Legal responsibility Safety, which is able to reimburse you for unauthorized debit card transactions.	Financial institution of America’s cell app options AI assistant Erica and allows you to finances with the Spending and Budgeting instrument. There’s additionally entry to Zelle. There’s overdraft safety. There are 3 ways to waive the month-to-month price. Overdraft charges are restricted to $10 per overdrawn transaction, capped at two overdrafts per day.
What to observe for	Overdrawn transactions not coated by Chase Overdraft Help include a hefty $34 price per transaction. There’s a $3 price for utilizing out-of-network ATMs and a $5 price per withdrawal at ATMs exterior of the U.S., Puerto Rico and the U.S. Virgin Islands.	There’s a $2.50 price for utilizing out-of-network ATMs and a $5 price for utilizing worldwide ATMs.

Chase vs. Financial institution of America: Banking expertise

You’ll get an analogous expertise whether or not you financial institution at Chase or Financial institution of America. They’re the biggest banks within the U.S., so that you’ll discover loads of ATMs and branches scattered throughout the nation. Furthermore, each banks have extremely rated cell apps that enable you to monitor and handle your cash.

	Chase	Financial institution of America
Branches	4,700+	3,700+
Customer support	Obtainable by telephone, mail and in individual. Customer support hours over the telephone should not prominently listed on Chase’s web site.	Obtainable by telephone, mail and in individual. Cellphone hours are Monday by way of Friday from 8 a.m. to 11 p.m. ET, Saturday from 8 a.m. to eight p.m. ET and Sunday from 8 a.m. to five p.m. ET.
ATM community	Roughly 16,000 ATMs	Roughly 15,000 ATMs
Cellular app ranking	iOS: 4.8Android: 4.4	iOS: 4.8Android: 4.6
Philanthropy	JPMorgan Chase Basis	Financial institution of America Charitable Basis