Chase Bank vs. Bank of America [2024]: Which One Should You Choose?

Both Bank of America and Chase offer high-quality banking options with a variety of customers in mind.
Updated May 20, 2024
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Both Bank of America and Chase are popular, offering impressive online and in-person banking. But when you get down to all of their offerings, it’s clear that, for some customers, one is better than the other. Chase holds the top spot (albeit, just slightly) for most customers, thanks to its sheer number of account options and its well-designed mobile experience.

Let’s look at Chase Bank vs. Bank of America and examine each company’s features, so you can decide for yourself which is the top contender for your financial needs.

In this article

Key takeaways

  • Chase and Bank of America are the two largest banks in the U.S., each with a large variety of account options.
  • Chase wins when it comes to younger customers looking for more options.
  • Bank of America is a strong contender for those who take advantage of their Preferred Rewards status.

Enjoy $300 as a new Chase checking customer

When you open a new Chase Total Checking® account with qualifying activities.1 FDIC Insured. Offer valid through October 16, 2024.

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Chase Bank vs. Bank of America comparison

Chase Bank Bank of America
Year Founded 1877 1904
Number of branches Over 4,700 Around 3,900
Number of fee-free ATMs Around 15,000 Around 15,000
Checking accounts
  • Chase Total Checking
  • Chase Secure Banking
  • Chase Premier Plus Checking
  • Chase First Banking
  • Chase High School Checking
  • Chase College Checking
  • Chase Sapphire Banking
  • Chase Private Client Checking℠
  • SafeBalance
  • Advantage Plus
  • Advantage Relationship
Savings accounts
  • Chase Savings
  • Chase Premier Savings
  • Advantage Savings
  • CDs ranging from one to 120 months
  • Featured CD
  • Fixed Term CD
  • Flexible CD
FDIC Member FDIC Member FDIC
Visit Chase Visit Bank of America

Our verdict

JPMorgan Chase & Co. and Bank of America are strong contenders in the banking world. Both companies are close in their ATM and branch offerings, and both prioritize loyalty. If you’re already a Chase bank customer, sticking with the company helps you build on your rewards. The same goes for Bank of America.

Where Chase has Bank of America beat is in its certificate of deposit (CD) offerings. With longer terms and a huge range of amount options, customers looking to invest in CDs frequently may prefer Chase.

How does Chase Bank work?

Chase Bank holds the title of being the largest bank in the U.S. With roots dating back to the 1800s, the company has had a long time to establish the features that make it such a success. Chase offers a range of financial products, including mortgages, credit cards, checking accounts, savings accounts, CDs, and much more.

Except for its fees (which can be waived in certain circumstances), all of the other features of Chase accounts are strong contenders. From its fee-free ATM network of around 16,000 ATMs and a huge network of over 4,700 in-person branches, there are many features that have earned Chase the badge of the largest bank.

Learn more in our Chase Bank review

  • Larger range of account options for savings, checking, and CDs
  • Most student and teen accounts have no fees
  • Large branch network for in-person banking
  • Early direct deposit on some checking accounts
  • Many accounts come with fees
  • Waiving fees requires a relatively high minimum balance each day or month
  • Interest rates on savings are low

Enjoy $300 as a new Chase checking customer

When you open a new Chase Total Checking® account with qualifying activities.1 FDIC Insured. Offer valid through October 16, 2024.

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How does Bank of America work?

Bank of America comes in as a close second for the largest bank in the country. Its checking account comes with three packages you can choose from depending on your banking habits and needs.

If you hold a Bank of America credit card or have multiple banking accounts, you also unlock its most impressive perk: the Bank of America Preferred Rewards program. Through this program, you get everything from fewer fees to mortgage and auto loan discounts.

  • Multiple ways to waive monthly fees
  • High cash back offers for some retailers
  • Built-in budgeting and financial planning tools
  • Autosave available with linked checking account
  • Easily set alerts on various transactions and balances
  • Monthly fees for most accounts
  • Best rates and rewards are reserved for Preferred members

Chase Bank vs. Bank of America: What both companies excel at

Variety of account options

Both banks offer multiple checking, savings, and CD options. Chase organizes its accounts by customer type, with multiple options for students, everyday users, and investors. Bank of America also offers a variety of account options with a focus on different customer types such as students, current Bank of America members, and average users.

Autosave features

Both banks reward your business by offering savings features when you have a linked checking/savings account with the bank. Chase’s checking accounts allow you to set up recurring saving goals when you have a linked Chase savings account.

Bank of America allows you to round up your debit card purchases if you have both a savings and checking account. You can transfer the difference to your savings account automatically.

Fee waivers

While both banks charge monthly fees for nearly all of their accounts, if you meet certain requirements, these fees may be waived. For example, most student accounts for both Chase and Bank of America have waived fees. Additionally, if you meet certain minimum balance requirements, your fees get waived.

Student accounts

Not all banks are built with younger customers in mind, so it’s refreshing to see that both Bank of America and Chase have multiple options for kids, teens, and college students.

Bank of America offers checking accounts with no fees (as long as you’re under 25) and no overdraft fees. Students can also qualify for Bank of America’s Advantage Savings, which also has a waived fee and includes cash back rewards and personalized financial planning through the Bank of America Life Plan.

Chase offers more options than Bank of America when it comes to accounts for younger account holders. There are parent-connected accounts for kids between ages six and 12, high school students, and college students. None of these accounts come with fees, and most of them give you online banking access, autosave features, and quick mobile deposits.

Chase Bank vs. Bank of America: checking accounts

Chase and Bank of America have numerous checking accounts, each meant for a different type of customer. While nearly every one of these accounts at both banks requires a monthly fee, each holds different features that make these fees worthwhile.

Chase Bank checking accounts:Bank of America checking accounts:
  • Chase’s accounts come with monthly service fees, some of which can be waived if you meet certain requirements23
  • Some accounts come with overdraft protection4
  • All accounts do not have minimum deposit requirements
  • Some accounts earn interest
  • Kids, high school, and college checking accounts available
  • Accounts have maintenance fees that can be waived if you meet certain requirements
  • Overdraft protection available on certain accounts
  • Relationship Banking requires a minimum opening deposit of $100
  • Some accounts earn a small amount of interest
  • Accounts for students

Chase Bank vs. Bank of America: savings accounts

While you won’t earn much in the way of interest with either companies’ savings accounts, Chase and Bank of America both focus on other features within their savings accounts. Chase specializes in keeping minimum deposits low, while Bank of America prioritizes higher interest rates for Preferred Rewards members.

Chase Bank savings accounts:Bank of America savings accounts:
  • Most savings accounts have monthly fees, and some can be waived with certain actions
  • Autosave features available on all accounts
  • Low interest rate of 0.01% (as of 06/27/24) APY for basic Chase savings account
  • Has monthly fees that can be waived
  • Offers round ups through its Keep the Change program that can add to savings
  • Preferred Rewards members earn better rates and rewards
  • $100 minimum deposit needed to open an account
  • Low interest rate of 0.01% (as of 06/26/24) APY

High-yield savings accounts offer significantly more interest. Many of these are offered by online banks and credit unions. Here are some recommendations for high-yield savings accounts that don’t require a minimum balance.

Chase Bank vs. Bank of America: CDs

Both Chase and Bank of America offer various CD types and terms. Each has the same minimum deposit requirements, but Chase offers the highest annual percentage yield (APY) to customers with a qualifying checking account.

Chase Bank CDs:Bank of America CDs:
  • CD terms range from 1 month to 10 years
  • $1,000 minimum required to open any CD
  • Best rates come from having a linked Chase checking account
  • CD terms range from 28 days to 10 years
  • $1,000 minimum required to open a Bank of America CD

3 important differences between Chase Bank and Bank of America

1. Minimum deposit requirements

Both Bank of America and Chase have minimum deposits for their CDs, each requiring $1,000 to get the ball rolling. But Bank of America requires an initial deposit for most of its accounts, while Chase doesn’t.

Bank of America requires $100 for some of its checking accounts and savings accounts. Chase, on the other hand, has no minimum requirement for any of its accounts.

Winner: Chase, as it has no minimum requirements.

2. Loyalty perks

Chase offers rewards specifically through its CDs. You may qualify for a higher interest rate if you have a Chase checking account.

Bank of America, on the other hand, has a loyalty program that offers credit card rewards, discounted rates on loan products, and no fees on certain accounts. You do have to maintain a high balance across all accounts to access these perks. The lowest Preferred Rewards tier starts with a $20,000 balance, while the highest requires over $1 million.

Winner: Bank of America, thanks to its Preferred Rewards program that offers rewards like a $200 reduction in origination fees for mortgages and up to 0.25% off your auto loan rate, even at its lowest tier.

3. Cash back

Chase sometimes offers bonuses for opening certain accounts.

Bank of America goes a little further in its cash-back offerings. If you use the mobile app, you can see all of the cash back deals you’re eligible for. You can use eligible Bank of America credit cards or debit cards to earn rewards.

Winner: Bank of America since its offerings are more diverse.

Which company should you choose?

When you should choose Chase Bank

Chase is a strong choice for the following types of customers:

  • Younger consumers looking for fee-free accounts they can later upgrade.
  • Customers looking for a strong, in-person bank.
  • Customers who want many CD options.
  • Those who don’t want a minimum opening deposit.

When you should choose Bank of America

While Chase wins in many regards, Bank of America is still a solid contender for many individuals. These types of people will benefit most from an account:

  • Current Bank of America credit card customers who can earn a 25% bonus on their rewards.
  • Customers looking to earn cash back at select types of retailers.

What factors to consider before choosing

Chase works well for younger consumers who can take advantage of the few fees and easy-to-use mobile and desktop options. This said, Chase offers many different accounts across the board, so most customers can likely find an account that works for them.

Bank of America also offers a variety of accounts, but really works best for Bank of America loyalists. If you have other Bank of America accounts or credit cards, you’ll reap the most rewards through Bank of America’s Preferred Rewards program.


Is Chase Bank better than Bank of America?

Both Chase and Bank of America are powerhouses in the banking industry, so neither is inherently better than the other. To decide which one works better for your needs, browse through each bank’s offerings and compare account features.

What is the difference between Chase Bank and Bank of America?

Chase Bank and Bank of America are two of the largest banks in the U.S. Both have branches and ATM networks all over the country, but their checking, savings, and CD offerings differ from each other.

Bank of America focuses on offering cash rewards and extra features to its Preferred Rewards members. Chase Bank instead prioritizes offering a large number of account types across the board. From kids to students to average consumers and high-net-worth investors, Chase has an account that fits.

What is the best bank to have?

The best type of bank for you depends on your financial habits and needs. Those with little need to visit a branch should concentrate on online-based banks with few fees and an easy-to-use mobile app.

If you’re looking for a personalized experience, go with banks with a large network of branches that prioritize customer service. Either way, the best banks have a strong reputation, make the banking process easy, and keep their fees low.

Chase Bank vs. Bank of America: bottom line

The best checking accounts and savings accounts come with features designed with multiple types of customers in mind. Ideally, they’ll also come with low fees, good customer service, and a well-designed mobile and online experience. Both Chase and Bank of America fit this bill for this description.

With a variety of account options across each bank, you won’t be at a loss for choices. Chase is the winner for younger, mobile-forward customers while Bank of America is best for customers who already have a relationship with the bank, or those looking for a bank with a large in-person presence.

Chase Total Checking® Benefits

  • Get a $300 bonus when you open a Chase Total Checking® account with qualifying activities; offer valid through October 16, 20241
  • Access to more than 15,000 ATMs and more than 4,700 branches
  • Manage all your accounts from the Chase Mobile® app
  • Monthly Service Fee as low as $0 when you meet qualifying electronic deposits or account balance minimums2
  • Member FDIC

Author Details

Christopher Murray Christopher Murray is a seasoned personal finance writer with a passion for empowering individuals to achieve financial independence while embracing sustainable practices. Over the last few years, he has focused on various facets of personal finance—specifically saving, budgeting, investing (with an emphasis on alternative investments), credit building, and sustainability.