Chase vs Bank of America: Checking Account Comparison

In summary, the checking accounts from Bank of America and Chase are generally similar. Chase offers more options for premium-level checking accounts.

Bank of America offers slightly higher interest rates. Most Chase checking accounts can be opened without making any deposit, while Bank of America checking accounts require a minimum opening deposit of either $25 or $100.

Bank of America Advantage SafeBalance

Advantage SafeBalance is Bank of America’s entry-level checking account. It charges the lowest fee (although there are ways to get around that) and offers the least perks.

It does not offer personal checks, and its $4.95 monthly fee is quite difficult to waive if you are not a student under 24.

Personal Check: No. Even though this is advertised as a “checking account”, you cannot write personal checks on this account. For payment, you can only use this account’s debit card
Minimum Deposit to Open: You need at least $25 to open this account
Monthly Fee: $4.95, but there are ways to waive this. See below
Ways to Waive Monthly Fee: There are 2 ways to waive the monthly fee. But unless you are a student under 24, it would be quite hard to get the fee waived
- Be a student under 24. This is the easiest way to waive the fee
- Be enrolled in Preferred Rewards – at least $20,000 average daily balances in savings, checking, CD, and Merrill Lynch brokerage accounts combined
Overdraft Fee: None. This is a great feature. Instead of charging an overdraft fee, transactions will be declined and returned unpaid when you do not have enough money in your account
ATM Fees: There are 3 tiers of ATM fees
- Bank of America ATMs: Free
- Non-Bank of America ATMs in the US: $2.50 + fees charged by the ATM owner
- Non-Bank of America ATMs outside the US: $5.00 + fees charged by the ATM owner
Ways to Waive ATM Fees: None
Interest Rate on Account Balance: None. This is a non-interest bearing account

Bank of American Advantage Plus

Advantage Plus is Bank of America’s mid-range checking account. It charges a higher monthly fee than Advantage SafeBalance but offers more features.

It allows you to write personal checks. Surprisingly, its $12 monthly fee is easier to waive than Advantage SafeBalance’s $4.95 monthly fee

Personal Check: Yes
Minimum Deposit to Open: You need at least $100 to open this account
Monthly Fee: $12, but there are ways to waive this. See below
Ways to Waive Monthly Fee: There are 4 ways to waive the monthly fee
- Have at least 1 qualifying direct deposit of at least $250 each statement period
- Maintain a $1,500 minimum daily balance
- Be a student under 24
- Be enrolled in Preferred Rewards – at least $20,000 average daily balances in savings, checking, CD, and Merrill Lynch brokerage accounts combined
Overdraft Fee: $35. Can be charged up to 4 times per day
ATM Fees: There are 3 tiers of ATM fees
- Bank of America ATMs: Free
- Non-Bank of America ATMs in the US: $2.50 + fees charged by the ATM owner
- Non-Bank of America ATMs outside the US: $5.00 + fees charged by the ATM owner
Ways to Waive ATM Fees: None
Interest Rate on Account Balance: None. This is a non-interest bearing account

Bank of American Advantage Relationship

Advantage Relationship is Bank of America’s top-tier checking account. It charges the highest fee and its main selling point is that your money in this account will earn interest. However, the interest rates are far from compelling.

Personal Check: Yes
Minimum Deposit to Open: You need at least $100 to open this account
Monthly Fee: $25, but there are ways to waive this. See below
Ways to Waive Monthly Fee: To waive the monthly fee:
- Have at least $10,000 average daily balances in savings, checking, CD, and Merrill Lynch brokerage accounts combined
Overdraft Fee: $35. Can be charged up to 4 times per day
ATM Fees: There are 3 tiers of ATM fees
- Bank of America ATMs: Free
- Non-Bank of America ATMs in the US: $2.50 + fees charged by the ATM owner
- Non-Bank of America ATMs outside the US: $5.00 + fees charged by the ATM owner
Ways to Waive ATM Fees: None
Interest Rate on Account Balance: This account pays interests, although the interest rates are very underwhelming
- Balances up to $50,000: 0.01% APY
- Balances of $50,000 to $99,999: 0.02% APY
- Balances over $100,000: 0.02% APY

Chase Secure Checking

Chase Secure Checking is Chase’s entry level checking account. It charges the lowest fee and offers the least perks.

It does not offer personal checks. And unlike Bank of America’s Advantage SafeBalance account, there is no way to waive the $4.95 monthly fee of this account

Personal Check: No. Even though this is advertised as a “checking account”, you cannot write personal checks on this account. For payment, you can only use this account’s debit card
Minimum Deposit to Open: $0. You can open this account with a $0 balance
Monthly Fee: $4.95
Ways to Waive Monthly Fee: None
Overdraft Fee: None. This is a great feature. Instead of charging an overdraft fee, transactions will be declined and returned unpaid when you do not have enough money in your account
ATM Fees: There are 3 tiers of ATM fees
- Chase ATMs: Free
- Non-Chase ATMs in the US: $2.50 + fees charged by the ATM owner
- Non-Chase ATMs outside the US: $5.00 + fees charged by the ATM owner
Ways to Waive ATM Fees: None
Interest Rate on Account Balance: None. This is a non-interest bearing account

Chase Total Checking

Chase Total Checking is Chase’s mid-range checking account. It charges a higher monthly fee than Chase Secure Checking but offers more features.

It allows you to write personal checks. Unlike Chase Secure Checking, it is possible to waive the monthly fee of Chase Total Checking.

Personal Check: Yes
Minimum Deposit to Open: $0. You can open this account with a $0 balance
Monthly Fee: $12, but there are ways to waive this. See below
Ways to Waive Monthly Fee: There are 3 ways to waive the monthly fee
- Have at least 1 qualifying direct deposit of at least $500 for each statement cycle
- Maintain a $1,500 minimum daily balance
- Maintain at least $5,000 average daily balances in savings, checking, CD, and J.P. Morgan brokerage accounts combined
Overdraft Fee: $34. Can be charged up to 3 times per day
ATM Fees: There are 3 tiers of ATM fees
- Bank of America ATMs: Free
- Non-Bank of America ATMs in the US: $2.50 + fees charged by the ATM owner
- Non-Bank of America ATMs outside the US: $5.00 + fees charged by the ATM owner
Ways to Waive ATM Fees: None
Interest Rate on Account Balance: None. This is a non-interest bearing account

Chase Premier Plus Checking

Chase Premier Plus Checking is one of Chase’s top-tier checking accounts, but there are still 2 tiers above it. Its main selling point is that your money in this account will earn interest.

However, the interest rates are far from compelling. It also comes with a free safe deposit box.

Personal Check: Yes
Minimum Deposit to Open: $0. You can open this account with a $0 balance
Monthly Fee: $25, but there are ways to waive this. See below
Ways to Waive Monthly Fee: There are 2 ways to waive the monthly fee
- Maintain at least $15,000 average daily balances in savings, checking, CD, and J.P. Morgan brokerage accounts combined
- Link a qualifying Chase first mortgage enrolled in automatic payments from your Chase account
Overdraft Fee: $34. Can be charged up to 3 times per day
ATM Fees: There are 3 tiers of ATM fees
- Chase ATMs: Free
- Non-Chase ATMs in the US: $2.50 + fees charged by the ATM owner
- Non-Chase ATMs outside the US: $5.00 + fees charged by the ATM owner
Ways to Waive ATM Fees: Non-Chase ATM fees are waived 4 times per statement period
Interest Rate on Account Balance: This account pays interests, although the interest rate is very underwhelming
- 0.01% APY
Safe Deposit Box: Free 3” x 5” Safe Deposit Box

Chase Sapphire Checking

Chase Sapphire Checking is 1 of the 2 premium checking accounts offered by Chase, the other being Chase Private Client Checking.

It charges the same $25 monthly fee as Chase Premier Plus Checking but sets a higher hurdle for waiving that fee. It also offers the same anemic 0.01% APY on its account balance as Chase Premier Plus Checking does.

There are a few additional perks such as no ATM fees worldwide, no overdraft fees for the first 4 overdrafts in 12 months, and a free safe deposit box.

Personal Check: Yes
Minimum Deposit to Open: $0. You can open this account with a $0 balance
Monthly Fee: $25, but there are ways to waive this. See below
Ways to Waive Monthly Fee: To waive the monthly fee:
- Maintain at least $75,000 average daily balances in savings, checking, CD, and J.P. Morgan brokerage accounts combined
Overdraft Fee: No fee on the first 4 overdrafts during the current & prior 12 statement periods. After that, $34 per overdraft & can be charged up to 3 times per day
ATM Fees: No ATM fee worldwide + refund of fees charged by the non-Chase ATM owner
Interest Rate on Account Balance: This account pays interests, although the interest rate is very underwhelming
- 0.01% APY
Safe Deposit Box: Free 3” x 5” Safe Deposit Box

Chase Private Client Checking

Chase Private Client Checking is Chase’s highest-end checking account. Its monthly fee of $35 is the highest of all Chase checking accounts.

It offers the same benefits as Chase Sapphire Checking plus discounted rates on home & auto loans and access to Chase Private Client Arts & Culture Program.

Its interest rate on the account balance is the same microscopic 0.01% APY. Like Chase Sapphire Checking, it comes with a free safe deposit box.

Personal Check: Yes
Minimum Deposit to Open: $250,000. You need to deposit at least $250,000 to open this account
Monthly Fee: $35, but there are ways to waive this. See below
Ways to Waive Monthly Fee: To waive the monthly fee:
- Maintain at least $150,000 average daily balances in savings, checking, CD, and J.P. Morgan brokerage accounts combined
Overdraft Fee: No fee on the first 4 overdrafts during the current & prior 12 statement periods. After that, $34 per overdraft & can be charged up to 3 times per day
ATM Fees: No ATM fee worldwide + refund of fees charged by the non-Chase ATM owner
Interest Rate on Account Balance: This account pays interests, although the interest rate is very underwhelming
- 0.01% APY
Safe Deposit Box: Free 3” x 5” Safe Deposit Box
Discounted Rates on Home & Auto Loans
Access to Chase Private Client Arts & Culture Program