Comparing Chase vs. Bank of America: Which Big Bank is Right for You?

In the world of banking, two giants stand out: Chase and Bank of America. These two institutions offer some of the best branch and ATM access in the United States, along with user-friendly online banking services. But if you’re in the market for a new account, how do you choose between them? In this article, we’ll compare Chase vs. Bank of America to help you make an informed decision.

Chase vs. Bank of America: Basic Checking Accounts

• Bank of America: Offers three account types with up to 0.02% APY. Overdraft fees are $10 per item, with a maximum of two per day.
• Chase: Also offers three account types but with up to 0.01% APY. Overdraft fees are higher at $34 per item, with a maximum of three per day.

Chase vs. Bank of America: Basic Savings Accounts

• Bank of America: Offers one account type with up to 0.04% APY. Requires a $100 minimum deposit to open.
• Chase: Offers three account types with up to 0.02% APY. No minimum deposit required to open an account.

Chase vs. Bank of America: Certificates of Deposit

• Bank of America: Offers CDs with a minimum deposit of $1,000 and rates up to 0.03% APY.
• Chase: Offers CDs with a minimum deposit of $1,000 and rates up to 2.50% APY for relationship rates.

Chase vs. Bank of America: Investment Services

• Chase: Runs its investment services through J.P. Morgan Wealth Management, offering self-directed and guided investing.
• Bank of America: Uses Merrill Edge for investment services, also offering self-directed and guided investing.

Chase vs. Bank of America: Banking Experience and Customer Service

• Chase: Has more branches (4,900) and ATMs (16,000) compared to Bank of America.
• Bank of America: Has branches in 38 states and offers a highly rated mobile app.

Pros and Cons

Chase

• Pros: No minimum opening deposits, wide range of financial products, decent CD rates.
• Cons: Low APYs on savings and checking, high fees on overdrafts, monthly maintenance fees.

Bank of America

• Pros: Branches in 38 states, wide range of financial products, highly rated mobile app.
• Cons: Low APYs on savings and checking, extremely low CD rates, monthly maintenance fees.

Should You Choose Chase or Bank of America?

• Choose Chase if: You value no minimum opening deposits, want a large service area and ATM network, and are interested in higher CD rates.
• Choose Bank of America if: You want lower overdraft fees, Preferred Rewards perks, and a higher-rated mobile app.

In conclusion, both Chase and Bank of America are solid choices for a big bank experience. However, if you’re looking to maximize interest earnings or lower fees, consider smaller online banks that offer higher APYs and fewer fees. Ultimately, the best bank for you will depend on your specific needs and priorities.