Bank of America vs Chase: Savings Account Comparison

Bank of America and Chase are two of the biggest banks in the US, and they both offer similar types of saving accounts. These are the best savings accounts that Chase and Bank of America have to offer.

Bank of America Advantage Savings

Bank of America offers one savings account. And its interest rates are very forgettable. Advantage Savings is the only savings account offered by Bank of America.

Minimum Deposit to Open: $100. You need at least $100 to open this account
Monthly Fee: $8, but there are ways to waive this. See below
Ways to Waive Monthly Fee: There are 4 ways to waive the monthly fee:
- Maintain a minimum daily balance of $500 or more
- Be enrolled in Preferred Rewards – at least $20,000 average daily balances in savings, checking, CD, and Merrill Lynch brokerage accounts combined
- Link your Advantage Savings account to a Bank of America checking account
- Be a student under 24
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
Monthly Withdrawal Limit: 6. You can make up to 6 withdrawals or transfers out of your account per monthly statement period for free
Withdrawal Limit Fee: $10. You pay $10 for each withdrawal or transfer out of your account over 6 per monthly statement period
Way to Waive Withdrawal Limit Fee: Have a minimum daily balance of at least $20,000
Interest Rate on Account Balance: The interest rate you get on your money depends on what tier you are in. But no matter what tier, the interest rates are very underwhelming
- Standard: less than $20,000 in combined balances in savings, checking, CD, and brokerage accounts: 0.01% APY
- Gold Preferred Rewards: $20,000 to $49,999 in combined balances in savings, checking, CD, and brokerage accounts: 0.02% APY
- Platinum Preferred Rewards: $50,000 to $99,999 in combined balances in savings, checking, CD, and brokerage accounts: 0.03% APY
- Platinum Honors Preferred Rewards: $100,000+ in combined balances in savings, checking, CD, and brokerage accounts: 0.05% APY

Chase Savings

Chase Savings is Chase’s entry-level savings account. Its interest rate is an anemic 0.01% APY.

Minimum Deposit to Open: $25. You need at least $25 to open this account
Monthly Fee: $5, but there are ways to waive this. See below
Ways to Waive Monthly Fee: There are 5 ways to waive the monthly fee:
- Have a minimum daily balance of at least $300
- $25 or more in total Autosave or other repeating automatic transfers from your personal Chase checking account
- Have a Chase College Checking account linked to this account for Overdraft Protection
- Have a linked Chase Better Banking Checking, Chase Premier Checking, Chase Premier Plus Checking, Chase Sapphire Checking, or Chase Private Client Checking account
- Be younger than 18
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
Monthly Withdrawal Limit: 6. You can make up to 6 withdrawals or transfers out of your account per monthly statement period for free
Withdrawal Limit Fee: $5. You pay $5 for each withdrawal or transfer out of your account over 6 per monthly statement period
Way to Waive Withdrawal Limit Fee: None
Interest Rate on Account Balance: Chase Savings offers 1 single interest rate no matter how much money you have
- 0.01% APY

Chase Premier Savings

Chase Premier Savings is Chase’s higher-end savings account. It offers tiered interest rates based on how much money you have

Minimum Deposit to Open: $100. 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: There are 2 ways to waive the monthly fee:
- Have a minimum daily balance of at least $15,000
- Have a linked Chase Premier Plus Checking or Chase Sapphire Checking account
ATM Fees: None
Monthly Withdrawal Limit: 6. You can make up to 6 withdrawals or transfers out of your account per monthly statement period for free
Withdrawal Limit Fee: $5. You pay $5 for each withdrawal or transfer out of your account over 6 per monthly statement period
Way to Waive Withdrawal Limit Fee: Have a minimum daily balance of at least $15,000
Interest Rate on Account Balance: Just like Chase Savings, Chase Premier Savings offers a standard interest rate of just 0.01% APY. But if you link your Chase Premier Savings account to a Chase Premier Plus Checking or Chase Sapphire Checking account, and make at least 5 customer-initiated transactions in a monthly statement period using your linked checking account, you will be qualified for Premier Relationship rates that are higher than the 0.01% standard rate. The Premier Relationship rates are tiered rates based on the size of your account balance
- Standard rate: 0.01% APY
- Premier Relationship rates:
  - Balance of $0 – $49,999: 0.02% APY
  - Balance of $50,000 – $99,999: 0.03% APY
  - Balance of $100,000 – $249,999: 0.04% APY
  - Balance of $250,000 and up: 0.05% APY

Chase Private Client Savings

Chase Private Client Savings is Chase’s top-end savings account. To open this account, you need to have a Chase Private Client Checking account. In other words, you need to deposit at least $250,000.

Even though this account is more premium than Chase Premier Savings, it offers the same interest rates as the Premier Relationship rates of Chase Premier Savings.

Minimum Deposit to Open: $250,000. To open this account, you need to have a Chase Private Client Checking account which requires a $250,000 opening deposit
Monthly Fee: None
ATM Fees: None
Monthly Withdrawal Limit: None
Withdrawal Limit Fee: None
Interest Rate on Account Balance: This account offers the same interest rates as the Premier Relationship rates of Chase Premier Savings
- Balance of $0 – $49,999: 0.02% APY
- Balance of $50,000 – $99,999: 0.03% APY
- Balance of $100,000 – $249,999: 0.04% APY
- Balance of $250,000 and up: 0.05% APY