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 most important banks within the U.S. measured by whole belongings. As such, each banks boast giant department networks that embody a lot 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 will be vastly totally 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
General Bankrate rating	3.5	3.8
Overview	For those who take pleasure in fast entry to branches and ATMs, Chase has a banking presence in practically each state. The app and web site will help you simply ship cash to anybody, pay your payments, create a price range and extra. However for those who’re searching for the very best financial savings charges, higher choices can be found.	Financial institution of America might be a match for customers wanting entry to a neighborhood department, a extremely rated app and loads of ATMs. However, like many massive banks, it gives low charges of return in comparison with different monetary establishments.
Execs	Chase has greater than 4,700 branches and 16,000 ATMs. The financial institution’s cellular app is persistently high-rated. New prospects 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 cellular banking app. AI-driven digital assistant Erica makes monitoring bills simpler.
Cons	APYs are typically very low. Fundamental accounts don’t reimburse out-of-network ATM charges.	Charges are avoidable however might simply rack up for patrons who can’t meet sure necessities. APYs are typically under the nationwide common. The variety of branches has decreased over the previous few years to about 3,900 whole.

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

Each Chase and Financial institution of America provide paltry yields on their financial savings accounts, that means these accounts received’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 gives two essential 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 larger tiers require you to change into a Most well-liked Rewards member. You’ll be able to qualify you probably have an eligible Financial institution of America private checking account and a three-month mixed common day by day steadiness of $20,000. You can too qualify you probably 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 computerized 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 payment. There’s overdraft safety. No outgoing home wire payment when this account is linked to a Chase Personal Consumer Checking account.	Hyperlink your financial savings to a checking account for overdraft safety. Qualify for larger tiers by linking an eligible account and making sufficient deposits. There are numerous methods of waiving the month-to-month payment.
What to observe for	Companies not obtainable with this account: Zelle, On-line Invoice Pay, test writing or a debit card. ATM playing cards can be found upon request.	There’s a six-per-month withdrawal restrict; a $10 payment applies for every withdrawal above that threshold.

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

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

Each Chase and Financial institution of America provide a wide range of CDs with varied phrases and yields. Chase gives commonplace CDs, however you possibly can earn extra for those who qualify for a relationship charge. Financial institution of America gives featured CDs with extra aggressive yields along with commonplace CDs, which typically provide 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 yr	2.00%	0.03%
APY for 3 years	2.00%	0.03%
APY for 5 years	2.50%	0.03%
IRA CDs	None obtainable	None obtainable
Specialty CDs	None obtainable	None obtainable
Featured CDs	Obtainable: 3.00% – 4.75% APY*	Obtainable: 0.05% – 4.75% APY

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

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

Chase vs. Financial institution of America: Evaluating checking accounts

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

	Chase Complete 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 payment	$34	$10
Options	Chase’s cellular app means that you can 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 payment. 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 cellular app options AI assistant Erica and allows you to price range with the Spending and Budgeting software. There’s additionally entry to Zelle. There’s overdraft safety. There are 3 ways to waive the month-to-month payment. 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 payment per transaction. There’s a $3 payment for utilizing out-of-network ATMs and a $5 payment per withdrawal at ATMs outdoors of the U.S., Puerto Rico and the U.S. Virgin Islands.	There’s a $2.50 payment for utilizing out-of-network ATMs and a $5 payment for utilizing worldwide ATMs.

Chase vs. Financial institution of America: Banking expertise

You’ll get an identical expertise whether or not you financial institution at Chase or Financial institution of America. They’re the most important 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 cellular apps that make it easier 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 will not be 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