Finder makes money from featured partners, but editorial opinions are our own. Advertiser disclosure

Chase vs. Bank of America

Explore accounts, features and rates from two of the country’s biggest banks.

Peter Carleton's headshot

By

Peter Carleton

Updated

Fact checked

Start comparing

Chase and Bank of America are big-name banks offering similar products and rates — but with key differences that can help you determine which is right for your banking needs.

Pros and cons of Chase vs. Bank of America

Chase

Pros
  • Digital platforms. Chase offers efficient desktop and mobile banking with cardless ATM access and other features that make banking more convenient.
  • More personal banking options. Chase has more checking and savings options than Bank of America, so it’s convenient for conducting all of your banking in one place.
  • Lower monthly fees and initial deposits. Chase has lower fees and deposit initial requirements.
  • Signup bonuses. Get a $100 bonus when opening a new Chase College Checking bonus when opening a new Chase Total Checking® account.
Cons
  • Slightly lower interest rates. While neither option offers especially high interest rates, Chase’s CD rates are lower than Bank of America’s.
  • Branches only in 26 states. You can open a Chase account online no matter where you live, but there are only branches in 26 states.
  • Fewer banking products. Aside from its wider selection of checking and savings accounts, Chase has fewer options for CDs and IRAs than Bank of America
    .
  • No rewards program. You won’t earn rewards for using Chase’s personal banking products.

Bank of America

Pros
  • More branches. If you prefer to do your banking in person, Bank of America has branches in 37 states compared to Chase’s 26.
  • Slightly higher interest rates. BofA has slightly higher APRs, with CDs capped at 2.10% and savings accounts up to 0.06%.
  • IRAs. Bank of America offers more options for IRA, and doesn’t offer an option to open one directly.
  • Rewards programs. Unlike Chase, Bank of America allows customers to earn rewards on personal banking products through its BankAmeriDeals and Preferred rewards programs.
Cons
  • Fewer checking and savings options. Bank of America has a smaller selection of checking and savings accounts than Chase, which could be limiting.
  • Slightly higher monthly fees. If you don’t meet any of the fee waiver conditions, you’ll pay slightly higher fees than you would with Chase.
  • Higher opening deposit. Bank of America requires higher opening deposits on its checking and savings accounts.
  • Fewer opening bonuses. While BofA does offer opening bonuses, it doesn’t have as many as Chase.

Chase vs. Bank of America savings accounts

Interest rates at both of these banks are far below average, but you’ll earn 0.03% APY at BofA compared to Chase’s 0.01%. However, since you could earn up to 0.11% through Chase’s Premier Relationship Rates program, it wins this category.

Trophy icon
Winner: Chase

Chase vs. Bank of America checking accounts

Both banks offer three standard checking accounts, but only one Bank of America account earns interest compared to Chase’s two . Bank of America has slightly lower fees that are easier to avoid, so it comes out ahead in this category.

Trophy icon
Winner: Bank of America

Chase vs. Bank of America CDs

Both banks offer certificates of deposit with multiple terms, but Bank of America offers much higher rates, especially when opening a featured CD.

Trophy icon
Winner: Bank of America

Chase vs. Bank of America other products

Both are large institutions that offer a long list of other products, but Chase stands out for its broader selection and helpful tools.

    Chase

  • Personal, car and student loans
  • Home loans and refinancing
  • Credit cards and reloadable cards
  • IRAs
  • Small business and commercial banking
  • Brokerage accounts
  • Student and military banking
  • You Invest
  • Lines of credit
  • Annuities
  • Mutual funds
  • Chase Private Client
  • Financial advising
  • Car buying services
  • Merchant services

    Bank of America

  • Car loans
  • Home loans and refinancing
  • Credit and reloadable cards
  • IRAs & 401(k)s
  • Small business banking
  • Brokerage accounts
  • Student and military banking
  • 529 plans
  • Foreign exchange
  • Financial advising

Chase vs. Bank of America branches and ATMs

Both Chase and Bank of America offer customer support seven days a week and a number of branch locations:

ChaseBank of America
BranchesMore than 4,7004,475
ATMsMore than 15,00016,300
Customer service
  • Phone 24/7
  • Social media
  • Live chat
  • Phone 24/7
  • Social media
  • No live chat

Chase vs. Bank of America special features

Similarities aside, each bank has special features that make them stand out. But Chase wins due to its digital platforms and multiple signup bonuses.

Chase

  • Online and mobile banking
  • Premier Relationship Rates
  • Multiple signup bonuses

Bank of America

  • Learning center
  • Preferred rewards
  • Featured rate CDs

Trophy icon
Winner:Chase

Bottom line

Chase has a larger range of options, while BofA has slightly better rates on most of its accounts. They’re both solid choices for customers who want a traditional banking experience, but you may want to consider online banks or comparing your options to find better features or higher rates.

Frequently asked questions

Peter Carleton's headshot
Written by

Writer

Peter Carleton is a freelance writer that covers banking and investing, breaking down what you need to know about where you put your money. When Peter's not thinking about cutting-edge banking apps and robo-advisors, he runs a creative agency and spends his spare time cooking or reading. See full bio

More resources on Finder

More guides on Finder

Ask a question

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and finder.com Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Go to site