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Chase and Bank of America are two of the best national banks in the US, and they offer similar bank accounts. There isn’t a clear overall winner between the two, so your choice will likely come down to which types of accounts you want to open.
Below, we’ve listed the winners for checking, savings, and CDs between Chase and Bank of America. We’ve also compared each institution’s trustworthiness.
Chase vs. Bank of America Checking Account Comparisons
Both Chase and Bank of America have several checking accounts, but we’ve compared two popular accounts that charge the same monthly fees.
Both checking accounts charge a $12 monthly service fee, but it’s possible to waive it with each bank. Your choice between the two could come down to whether you qualify to avoid the monthly fee.
To earn the $200 bonus with Chase, you need to set up direct deposits within 90 days of opening the account. To get Bank of America’s bonus, receive $1,000 in direct deposits in the first 90 days.
Free overdraft protection when you link to savings for automatic transfers
Cons
$12 monthly fee unless you meet direct deposit or minimum balance requirements
Fee for non-Chase ATMs
3% foreign transaction fee
$34 overdraft and non-sufficient funds fees (no fee if you’re overdrawn by $50 or less at the end of the business day)
Highlights
More Information
New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and set up direct deposit
Access to more than 15,000 Chase ATMs and more than 4,700 branches
Chase Mobile® app – Manage your accounts, deposit checks, transfer money and more — all from your device.
JPMorgan Chase Bank, N.A. Member FDIC
Open your account online now
Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
Chase Overdraft Assist℠ – no overdraft fee if you’re overdrawn by $50 or less at the end of the business day or if you’re overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
*With Chase Overdraft Assist℠, we won’t charge an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.
Additional Reading
Read our review
Chase vs. Bank of America Savings Account Comparisons
Chase and Bank of America savings rates are low across the board. You can earn significantly better rates online with the best high-yield savings accounts.
Bank of America’s cash-back system does give it an advantage, though. Through Bank of America online banking or the mobile app, you can select a cash-back deal that kicks in when you make a purchase with your debit card. You’ll also select which Bank of America account you want the cash earned to go into. If you choose for cash to deposit into the savings account, this can be a good way to save extra money.
New accounts have monthly fee waived for the first 6 months
Multiple ways to waive monthly fee after the first 6 months
No excess withdrawal fee if your balance is at least $20,000, or if you’re a Preferred Rewards customer
Cons
Low APY
Compounds interest monthly, not daily
$100 opening deposit
$8 monthly service fee
$10 excess withdrawal fee
Highlights
More Information
Access to over 4,200 branches and 16,000 ATMs
Earn slightly higher rates by becoming a Preferred Rewards customer and qualifying for the Gold, Platinum, or Platinum Honors tier
Earn cash back when you make a debit card or credit card purchase through the BankAmeriDeals® program; Cardholders will automatically be enrolled in the program when setting up online banking and a list of eligible offers and deals will be available through online banking
Waive $8 monthly service fee by maintaining $500 balance, OR linking to your Bank of America Advantage Relationship Banking® account, OR by becoming a Preferred Rewards customer
Waive monthly fee if you’re a student under age 25
Waive monthly fee if an account holder is under age 18
Interest compounded monthly and paid monthly
FDIC insured
Additional Reading
Read our review
Chase vs. Bank of America CD Comparisons
At Chase, you’ll earn a higher relationship rate if you have a Chase checking account (Otherwise, you’ll only earn 0.01% APY). Meanwhile, Bank of America Fixed Term rates vary depending on the CD term you choose.
Chase CD
Bank of America Fixed Term CD
Term lengths
1 month to 10 years
28 days to 10 years
Minimum opening deposit
$1,000
$1,000
APY
0.01% to 4.50% (vary by location)
0.03% to 4.00%
Early withdrawal penalties
90 to 365 days interest
7 to 365 days interest
Next steps
Start Saving
Start Saving
Bank of America CD rates and Chase CD rates are low for most terms, with a few exceptions. Bank of America pays relatively high rates on 3-month, 4-month, and 5-month terms. It also has a Bank of America Featured CD that pays 0.05% to 4.50% on 7-month, 10-month, 13-month, 25-month, and 37-month CDs. There’s also a Bank of America Flexible CD that pays a decent rate and doesn’t charge early withdrawal penalties.
Meanwhile, Chase’s only competitive rates are on 3-month, 6-month, and 12-month terms, and rates vary depending on where you live.
Early withdrawal penalties are as follows: the greater of all interest earned or 7 days interest on the amount withdrawn for terms under 90 days; 90 days interest for terms over 90 days and under 12 months; 180 days interest for terms of 12 months to under 60 months; 365 days interest on terms of 60 months or more
Interest compounded monthly and paid monthly
FDIC insured
Additional Reading
Read our review
Which Bank is More Trustworthy?
There isn’t a clear answer on which bank is more trustworthy. The Better Business Bureau has given JPMorgan Chase & Co. (Chase’s parent company) an A+ rating, and Bank of America an A- rating.
A good BBB rating signifies a company responds effectively to customer complaints, has honest advertising practices, and is transparent in how it handles business.
Although both banks have great scores from the BBB, each has its own history of public scandals. Here are a couple conflicts from Chase over the past few years:
In the same year, the US Department of Labor also required Chase to pay $800,000 in back wages in a settlement that accused the bank of underpaying women.
And here are some issues from Bank of America:
In 2022, the Consumer Financial Protection Bureau fined Bank of America for freezing customers’ accounts because its automatic fraud filter incorrectly detected fraud on accounts. The CFPB claimed that the bank made it difficult for customers to un-freeze their accounts.
The Department of Justice charged Bank of America in 2020 when it accused the bank of unfairly denying home loans to adults with disabilities, even though they qualified for loans. Bank of America paid around $300,000 total to people who were refused loans.
Laura Grace Tarpley, CEPF
Personal Finance Reviews Editor
Laura Grace Tarpley (she/her) is a personal finance reviews senior editor at Insider. She oversees coverage about mortgage rates, refinance rates, lenders, bank accounts, investing, retirement , and borrowing and savings tips for Personal Finance Insider. She was a writer and editor for Insider’s “The Road to Home” series, which won a Silver award from the National Associate of Real Estate Editors. She is also a Certified Educator in Personal Finance (CEPF). She has written about personal finance for seven years. Before joining the Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at ltarpley@insider.com. Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services »
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Evelyn He is a compliance associate at Insider who supports the Personal Finance Insider team. Personal Finance Insider is Insider’s personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Insider readers already know and love. The compliance team’s mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Before joining Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries. Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 4-year-old Bichon named Tibber.
Eligible customers can earn up to $250 with qualifying direct deposit through 12/31/2023. Plus, earn up to 4.30% APY on savings accounts with direct deposit.
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