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Chase Bank and Bank of America are two of the biggest brick-and-mortar banks in the U.S., with more branch locations than many institutions and a wide variety of account types between them. Both banks provide comparable digital banking experiences and customer service, a few similar accounts, and strong in-person banking access. But which is better for you?
When comparing Bank of America and Chase closely, Chase Bank edges out Bank of America in nearly every category, especially when you look at account variety and the availability of specialty accounts. We'd pick Chase for you if you're looking for banking for teens or students or simply want more checking options to choose from.
But while Chase Bank may be a better option for many families, Bank of America could be more beneficial to people looking to open multiple accounts in one place (thanks to its loyalty rewards program). See how the two compare in this Chase vs. Bank of America review.
Chase Bank and Bank of America are two of the biggest brick-and-mortar banks in the U.S., with more branch locations than many institutions and a wide variety of account types between them. Both banks provide comparable digital banking experiences and customer service, a few similar accounts, and strong in-person banking access. But which is better for you?
When comparing Bank of America and Chase closely, Chase Bank edges out Bank of America in nearly every category, especially when you look at account variety and the availability of specialty accounts. We'd pick Chase for you if you're looking for banking for teens or students or simply want more checking options to choose from.
But while Chase Bank may be a better option for many families, Bank of America could be more beneficial to people looking to open multiple accounts in one place (thanks to its loyalty rewards program). See how the two compare in this Chase vs. Bank of America review.
How we rate products
We know checking and savings accounts can be critical tools for managing your money. They're one of the financial tools you use the most. That's why the features offered by a bank matter so much and we've taken that into consideration in our evaluations.
We consider the annual percentage yield (APY), account features, minimum opening balance required, fees, customer service, and FDIC insurance. The best banks also offer a variety of account types and the support you need to you make the most of your money.
We intensively research all products and services we review, and our team members personally use a wide array of financial products. Our product rankings and scores are based on objective measurements and product features as well as expert opinions from our editorial team.
Chase Bank might be a better choice for you than Bank of America if you fit into any of the following categories:
You're young and looking for fee-free accounts you can upgrade later.
You want to avoid minimum opening deposit requirements.
You could easily access Chase branches.
We recommend Chase most for younger consumers who can use one of the bank's accounts for kids, teens, or students. If I were setting up a checking or savings account for someone less experienced with managing their money, I would consider one of Chase's many account offerings. In general, Chase stands out from other banks for providing more specialized checking options than many institutions, including choices for people of different age groups.
This bank account variety, and the fact that many of these accounts have no minimum opening deposit requirements, gives Chase an edge over Bank of America. And of course, if you already know a Chase branch is in your neighborhood and easy to get to, this could be the more convenient choice for those times when walking into a branch feels more comfortable than getting help through an app or online platform.
When you should choose Bank of America
While Chase wins in many regards, Bank of America may be our pick for you if any of the following are true:
You currently have a Bank of America credit card and can qualify for Preferred Rewards perks.
You could easily access Bank of America branches.
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. This loyalty or relationship program offers exclusive perks to qualifying account holders, including interest rate boosts or discounts and credit card rewards bonuses, with tiers determined by your overall balance with the bank.
And in some cases or places, Bank of America could be more easily accessible for in-person banking than Chase.
Chase vs. Bank of America checking
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, or easy to avoid.
Chase's accounts come with monthly service fees, some of which can be waived if you meet certain requirements1 <p>$15 Monthly Service Fee OR $0 with one of the following, each monthly statement period: </p>
<p>Electronic deposits made into this account totaling $500 or more, such as payments from payroll providers or government benefit providers, by using (i) the ACH network, (ii) the Real Time Payment network or FedNow(SM) network, or (iii) third party services that facilitate payments to your debit card using the Visa® or Mastercard® network,</p>
<p> OR a balance at the beginning of each day of $1,500 or more in this account,</p>
<p> OR an average beginning day balance of $5,000 or more in any combination of this account and linked qualifying Chase checking, savings, and other balances.</p> 2 <p>Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. Person to Person payments (such as Zelle®) are not considered a direct deposit. Micro-deposits do not qualify as a direct deposit for the bonus. Micro-deposits are small deposits, typically less than $1, that are sent to your account to verify it is the correct account.</p>
Some accounts come with overdraft protection3 <p>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.</p>
No minimum deposit requirements
Kids, high school, and college checking accounts are available
Accounts have maintenance fees that can be waived if you meet certain requirements
Overdraft protection available on certain accounts
Most accounts require a minimum opening deposit of $25 to $100
Accounts for students
Chase First Banking includes debit cards for kids and parental controls like spending limits and chores, plus the ability to set savings goals. Bank of America's SafeBalance Banking® for Family Banking also includes debit cards for kids, with similar features, controls, and protections, but is tailored to kids under the age of 16 rather than kids under 17.
5.0
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
2025 award winnerBest Checking and Savings Combo
SoFi Checking & Savings - Earn Up to $300 When You Set Up Direct Deposit
Limited-Time Offer: Earn up to a $300 bonus and up to 4.30% APY on Savings (3.60% APY4 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at<a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.70% APY Boost) for 6 Months on new accounts with eligible direct deposit. Terms Apply.5 <p>Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Enroll in SoFi Plus between 9/18/25 and 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/sofi-plus/">sofi.com/sofi-plus</a> SoFi Bank, N.A. Member FDIC.</p> FDIC Insured.6 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
Enjoy $300 as a new Chase checking customer
When you open a new Chase Total Checking® account with qualifying activities.7 <p>Offer not available to existing Chase checking customers, or those whose accounts have been closed within 90 days or closed with a negative balance within the last 3 years. You can receive only one new checking account opening related bonus every two years from the last coupon enrollment date and only one bonus per account. Coupon is good for one-time use. To receive the bonus: 1) Open a new Chase Total Checking account, which is subject to approval; AND 2) Have your direct deposits totaling $500 or more made to this account within 90 days of coupon enrollment. Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. Person to Person payments (such as Zelle®) are not considered a direct deposit. Micro-deposits do not qualify as a direct deposit for the bonus. Micro-deposits are small deposits, typically less than $1, that are sent to your account to verify it is the correct account. After you have completed all the above requirements, we'll deposit the bonus in your new account within 15 days. To receive this bonus, the enrolled account must not be closed or restricted at the time of payout. Eligibility may be limited based on account ownership. Bonus is considered interest and will be reported on IRS Form 1099-INT (or Form 1042-S, if applicable). Offer availability subject to change. Other Chase checking bonus offers may exist concurrently.</p> FDIC Insured. Offer valid through 1/21/2026.
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
Use Cash App As Your All-in-One Financial Services Platform
Bank8 <p>Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Savings provided by Cash App, a Block, Inc. brand.</p><p class="">Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Direct Deposit provided by Cash App, a Block, Inc. brand.</p> without all the fees—save, send, and spend your money the way you want.9 <p class="">Your balance is eligible for FDIC pass-through insurance through our Program Banks Wells Fargo Bank, N.A. and/or Sutton Bank, Members FDIC for up to $250,000 per customer when aggregated with all other deposits held in the same legal capacity at each Program Bank above, if certain conditions are met. Cash App is a financial services platform, and not an FDIC-insured bank. Prepaid debit cards issued by Sutton Bank, Member FDIC. See <a href="https://cash.app/legal/us/en-us/card-agreement">terms and conditions</a>. </p> Get paid up to 2 days early – up to 2 days earlier than most banks10 <p>Your first deposit may take longer depending on your employer.</p>
While you won't earn much in the way of interest with either company's savings account, Chase and Bank of America have different advantages 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 under certain conditions
Autosave features available on all accounts
No minimum initial deposit
Low interest rate of 0.01% (as of 10/16/25) APY for basic Chase savings account
Have 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
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
Strengths of both banks
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. However, the number of different Chase accounts for kids and teens stands out to me as compared to Bank of America's options.
Autosave features
Both banks reward your business by offering savings features when you have a linked checking or savings account with the bank. Chase's checking accounts allow you to set up recurring savings 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 a 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. This is how I avoid fees at Bank of America.
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 cashback 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.
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, which is not uncommon for CD accounts. But Bank of America requires an initial deposit for most of its checking and savings 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. This reason alone might be enough to push me toward Chase if I was setting up my accounts for the first time.
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 cashback offerings.
If you use the mobile app, you can see all of the cash back deals you're eligible for. Every time I log on, there is a wide variety of rewards available, offering between 1% and 20% cash back at popular retailers. For example, I've saved offers to earn 5% cash back at Sephora, 10% back at Safelite, and even 20% back for travel booked through Expedia.
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.
FAQs
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 brick-and-mortar branches that prioritize customer service and allow for in-person banking. Either way, the best banks have a strong reputation, make the banking process easy, and keep their fees low.
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
2025 award winnerBest Checking and Savings Combo
High APY of up to 4.30% on Savings (3.60% APY4 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at<a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.70% APY Boost) for 6 Months on new accounts with eligible direct deposit. Terms Apply.5 <p>Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Enroll in SoFi Plus between 9/18/25 and 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/sofi-plus/">sofi.com/sofi-plus</a> SoFi Bank, N.A. Member FDIC.</p>
Paycheck access up to 2 days early with direct deposit11 <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>
No monthly maintenance or overdraft fees12 <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>
Streamlined savings and savings goals with Vaults
Access to a large ATM network13 <p>We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.</p>
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