Chase Vs. Bank Of America: Which Is Better For Your Money?

If you believe bigger is better when it comes to banks, deciding where to put your money may come down to a choice between Chase and Bank of America. These two behemoths rank first (JPMorgan Chase & Co.) and second (BofA) among U.S. financial institutions, based on total assets.

Throughout over 200 years of competition, Chase and Bank of America have built branches and installed ATMs in nearly every nook and cranny of the country. Both banks offer a wide range of financial services, including checking and savings accounts, mortgages, car loans, credit cards and certificates of deposit (CDs) as well as retirement and brokerage accounts. Plus, each has a top-rated mobile banking app for those who prefer banking on the go.

If you crave a bank with an extensive physical footprint and deep pockets, these two are worth a look. While they’re similar, there are differences that may make one a better fit for you than the other. We’ll compare Chase and Bank of America to help you choose between them.

Account details and annual percentage yields (APYs) are accurate as of Jan. 18, 2023.

Which Bank Is Better: Chase or Bank of America?

Both Chase and Bank of America have similarly sized ATM networks, with about 16,000 locations each. Chase has a somewhat larger presence when it comes to branch locations, with just over 4,800 compared to Bank of America’s roughly 3,800.

The two banks have comparable checking accounts. Both charge the same monthly fee, but Bank of America makes it slightly easier to get that fee waived. That said, Bank of America requires a $100 initial deposit, while Chase does not. Another consideration is the bonus that both banks are temporarily offering: Chase’s $300 checking account promotion is a sweeter deal than the $100 from Bank of America.

When it comes to savings accounts, both banks offer the same interest rate, but Chase comes out slightly ahead with no initial deposit requirement and a lower monthly service fee (that’s also easier to get waived).

It’s worth noting that both of these banks compare poorly to many online banks that often offer low-fee checking and savings accounts with higher interest rates.

Chase vs. Bank of America

Let’s zoom in on the checking and savings accounts and compare the pros and cons of both banks.

Chase vs. Bank of America: Checking Accounts

Chase and Bank of America each offer a selection of checking accounts that ranges from low-fee, limited-feature accounts all the way up to top-shelf accounts with all the bells and whistles—and fees to match. Here’s a side-by-side comparison of each financial institution’s most popular checking option.

	Chase Total Checking®	Bank of America Advantage Plus Banking®
Initial deposit	$0	$100
Monthly fee	$12	$12 monthly service fee
Min. balance to avoid fees	$1,500 (or at least $500 in monthly electronic deposits)	$1,500 (or at least one monthly direct deposit of $250 or more)

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You want to minimize fees when choosing a checking account. To waive the monthly service fee at Bank of America, you’ll need at least one direct deposit per month of $250 or more. At Chase, you’ll need at least $500 in total monthly direct deposits.

Both banks have limited-time bonus promotions for new customers who sign up to open a checking account. Bank of America will pay you $100 if you open an Advantage Plus checking account by June 30, 2023 and receive at least $1,000 in qualifying direct deposits within the first 90 days. Chase has an even better deal with fewer restrictions: $300 if you open a Total checking account by April 19, 2023 and receive a qualifying direct deposit of any amount within the first 90 days.

Chase vs. Bank of America: Savings Accounts

If you want a high-yield savings account, you’ll have to look elsewhere. Despite the recent run-up in savings account interest rates, both still pay savers a paltry 0.01% annual percentage yield (APY). There are some differences between the two banks’ savings accounts, however. Here’s a comparison of key features.

Feature	Chase Savings℠*	Bank of America Advantage Savings
APY	0.01%	0.01%
Minimum opening balance	$0	$100
Monthly Service Fee	$5	$8
Min. balance to avoid fees	$300	$500

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While both accounts come with the same APY, Bank of America does offer Preferred Rewards members a slightly higher APY that ranges from 0.02% to 0.04%. However, you’ll need a fairly large combined balance across your Bank of America accounts to qualify for the Bank of America Preferred Rewards program.

Pros and Cons of Chase

Chase has a lot going for it, but the nation’s biggest bank isn’t without its drawbacks.

Pros

• More branch locations
• No minimum deposit requirements to open a new account
• Lower savings account monthly fee
• Higher checking account welcome bonus (for a limited time)

Cons

• Low interest rate on savings accounts
• $500 monthly direct deposit to avoid checking account fees

Pros and Cons of Bank of America

Bank of America also has its strengths and weaknesses.

Pros

• $250 monthly direct deposit to avoid checking account fees
• Potential to earn higher interest rate on savings accounts for Preferred Rewards members

Cons

• Lower checking account welcome bonus (for a limited time)
• Higher savings account monthly fee
• $100 minimum deposit to open a new account

How To Transfer Money from Chase to Bank of America

There are several ways to transfer money from a Chase account to a Bank of America account. One way is to write a check from your Chase account and deposit it into your Bank of America account. You can use the Bank of America app’s mobile check deposit to deposit the check without making a stop at the bank.

You can also use Zelle to send money instantly and at no cost from Chase to Bank of America. Simply use the email address or phone number associated with your Bank of America account to send the funds.

With a little more effort, you can get Chase to transfer funds directly between accounts. First, sign in to your Chase account and select “Pay & Transfer.” Add your Bank of America account information to link the accounts, verify the account details and schedule a transfer. It may take one to three days to verify the added account before you can start moving money.

How To Transfer Money from Bank of America to Chase

One way to transfer money from a Bank of America account to a Chase account is to write yourself a check from your Bank of America account. Then deposit that check into your Chase account at a branch or ATM or by using the Chase mobile app.

Zelle will also accomplish the transfer instantly and without cost. All you need is the email address or phone number associated with your Chase account.

You can also transfer money directly between Bank of America and Chase accounts. For this, you’ll need the account number and routing number of your Chase bank account. You may have to wait one to three days for verification of the external account before making any transfers.

Frequently Asked Questions (FAQs)