At a first glance of JPMorgan Chase vs Bank of America, both banks seem very similar to each other, as both are gigantic banks with trillions of dollars of assets and thousands of branches all over the country.
Chase vs Bank of America Comparisons
Let’s examine and compare Chase vs Bank of America based on a few criteria and see how they stack up against each other there. The table below summarizes the main similarities and differences between Bank of America and Chase.
| Bank of America | Chase | |
| Founded | 1784 | 1799 |
| Ranking by Size | No. 2 | No. 1 |
| Assets | $2.16 trillion | $2.87 trillion |
| Too Big To Fail? | Yes | Yes |
| Number of Branches | 4,300 | 4,700 |
| Number of States | 36 + D.C. | 38 + D.C. |
| Number of Free ATMs | 16,000 | 16,000 |
| Checking Accounts | Yes | Yes |
| Savings Accounts | Yes | Yes |
| Money Market | Yes | No |
| Certificates of Deposit | Yes | Yes |
| Credit Cards | Yes | Yes |
| Mortgages | Yes | Yes |
| Home Equity Lines of Credit | Yes | Yes |
| Auto Loans | Yes | Yes |
| Brokerage Accounts | Yes | Yes |
| IRA Accounts | Yes | Yes |
| Mutual Funds | Yes | Yes |
| Personal Loans | No | No |
| Student Loans | No | No |
| Notable Brands | Bank of America Merrill Lynch | Chase J.P. Morgan |
In terms of product offering, Bank of America and Chase are very similar to each other. The main difference is that Chase does not offer money market accounts while Bank of America does.
It is worth pointing out that neither Bank of America nor Chase offer personal loans (personal lines of credit) or student loans.
Bank of America offers investment brokerage accounts through its subsidiary Merrill Lynch. Chase does the same through its subsidiary, J.P. Morgan.
Chase vs Bank of America Size
Chase is the largest bank in the United States as measured by total assets, which amount to $2.87 trillion as of 2020. Total customer deposits are $2.11 trillion.
Bank of America is the second-largest bank in the United States as measured by total assets, which amount to $2.16 trillion as of 2020. Total customer deposits are $1.81 trillion.
Chase vs Bank of America Locations
Chase has close to 4,700 branches in 38 states and the District of Columbia in the US. This is down from the 5,100 branches Chase had in 2016. Just like Bank of America and other brick-and-mortar banks, Chase has been reducing the number of its branches to cut costs. But still, 4,700 branches are about as ubiquitous as banks get.
Bank of America has close to 4,300 branches in 36 states and the District of Columbia in the US. This number is down more than 1,000 from its peak. Like many brick-and-mortar banks, Bank of America has been reducing the number of its branches in an effort to cut costs.
Chase vs Bank of America ATM
Both Chase and Bank of America have a network of more than 16,000 ATMs in the United States. Customers of both banks can use these ATMs for free.
Customers can also use ATMs that are out of their network, but they have to pay a fee for that. For using out-of-network ATMs that are inside the US, Bank of America charges a $2.50 fee.
For using out-of-network ATMs that are outside the US, both Chase and Bank of America charge a $5 fee. These fees are on top of the fees charged by the owners of these out-of-network ATMs.
On the other hand, online banks either do not charge a fee for using out-of-network ATMs, or they normally will reimburse up to a certain amount per billing cycle.
Chase vs Bank of America Services
The main difference between Chase vs Bank of America on products and services is that Chase does not offer money market accounts whereas Bank of America does. On the other hand, Chase’s credit card offering is more comprehensive and popular than that of Bank of America.
Chase Offer:
- Checking Accounts
- Savings Accounts
- Certificates of Deposits
- VIP (Chase Private Client)
- Credit cards
- Mortgages
- Home equity lines of credit
- Auto loans
- Investment accounts and brokerage
- Mutual funds
- Individual Retirement Accounts (IRAs)
Chase Does Not Offer:
- Money Market Accounts
- Personal loans
- Student loans – it stopped offering student loans in 2013
Services Bank of America Offer:
- Checking Accounts
- Savings Accounts
- Money Market Accounts
- Certificates of Deposits
- VIP (Bank of America Private Bank)
- Credit cards
- Mortgages
- Home equity lines of credit
- Auto loans
- Investment accounts and brokerage
- Mutual funds
- Individual Retirement Accounts (IRAs)
Services Bank of America Does Not Offer:
- Personal loans
- Student loans – it stopped offering student loans in 2010
Chase vs Bank of America Pros and Cons
The main advantage of Chase is its extensive network of branches and free ATMs. At the same time, the high cost of maintaining so many branches and ATMs directly leads to the main cons of Chase – high fees and low interests paid on deposits. Below is the Chase vs Bank of America pros and cons for both banks.
Chase Pros
- Too Big to Fail: As the largest bank in the United States with more than $2.8 trillion in assets, Chase is for sure “Too Big to Fail.” Keeping money in Chase is probably one of the safest options you can find anywhere
- Large Network of Branches: With 4,700 branches in 38 states and the District of Columbia, Chase offers one of the largest networks of bank branches in the United States. If you prefer to do your banking in person and are looking for a bank that offers lots of locations, you can’t go wrong with Chase
- Large Network of No-Fee ATMs: Chase owns more than 16,000 ATMs all over the country. No matter where you are, you are likely to find a Chase ATM close to you that you can use for free
- Popular Credit cards: Chase offers some of the most popular credit cards on the market such as Chase Freedom, Chase Sapphire, Ink Business, and Chase Hyatt. Whether you want cash backs, rewards, travel points, or balance transfers, you are likely to find a Chase credit card that suits your needs
Chase Cons
- High Fees: Chase charges a myriad of fees – checking account monthly maintenance fee, savings account monthly maintenance fee, overdraft fees for up to 3 times per day, and more. We will get into these fees in more detail in the sections below. The bottom line is, you can find many other banks that charge no fees or much lower fees
- Low-Interest Rates on Deposits: Chase offers very low rates on both savings and CD. If you have a substantial amount of cash, keeping them in Chase might not be a good idea when it comes to earning interests on your money
- Out-of-Network ATM Fees: While you can use any one of the more than 16,000 ATMs owned by Chase for free, you would have to pay a $2.50 or $5 ATM fee every time you use an ATM that is not owned by Chase. In comparison, many banks offer unlimited refunds for ATM fees so that you could use any ATM for free. However, if you get a higher-tier checking bank account at Chase, you can have this ATM fee waived
Similar to the case with Chase, the main pro of Bank of America is its massive number of branches and ATMs, while its main con is the myriad of fees it charges.
Bank of America Pros
- Too Big to Fail: As the second-largest bank in the United States with more than $2.1 trillion in assets, Bank of America is another case of “Too Big to Fail.” When push comes to shove, the United States government is not going to let Bank of America fail
- Large Network of Branches: With 4,300 branches in 36 states and the District of Columbia, Bank of America operates one of the largest networks of bank branches in the United States. It has slightly fewer locations than Chase does, but Bank of America is still a great choice for anyone who wants to bank in person
- Large Network of No-Fee ATMs: Just like Chase, Bank of America owns more than 16,000 ATMs in the United States. For people who want the convenience of being able to get cash anywhere without paying a fee, this is a big plus
Bank of America Cons
- High Fees: All those branches and ATMs come at a high cost. To pay for that cost, Bank of America charges a lot of fees – checking account monthly fee, savings account monthly fee, overdraft fees for up to 4 times per day, and more. We will get into these fees in more detail in the sections below. If you are looking for banking without fees, Bank of America is probably not what you want
- Low-Interest Rates on Deposits: Bank of America offers very low rates on both savings and CD. Its interest rates are somewhat higher than that of Chase. But they are still very low. If your goal is to earn interest on your money, stay away from Bank of America
- Out-of-Network ATM Fees: Just like Chase, Bank of America charges a $2.50 or $5 ATM fee every time you use an ATM that is not in its ATM network. You can get the ATM fees waived if you are Bank of America’s Preferred Rewards customer. If you want free ATM usage anywhere, there are many banks that provide that. Bank of America is not one of them
Chase vs Bank of America Checking Account
Below are the checking bank accounts for Chase and Bank of America. The basic checking account for Chase is called Secure checking, and the basic checking account for Bank of America is called SafeBalance.
While modern online banks will let you earn interest on checking accounts, Chase and Bank of America do not offer interest on checking accounts.
5 Tiers of Chase Accounts for Checking:
- Chase Secure Checking
- Chase Total Checking
- Chase Premier Plus Checking
- Chase Sapphire Checking
- Chase Private Client Checking
To open a Chase account, you need at least two forms of photo identification, such as a passport or a driver’s license. A utility bill with current address and phone number.
3 Tiers of Bank of America Accounts for Checking:
- Advantage SafeBalance
- Advantage Plus
- Advantage Relationship
To open a Bank of America account, you’ll need to provide your personal information including your mailing address, Social Security number, and account number.
The 3 tables below compare Chase vs Bank of America checking accounts from Bank of America and Chase on the entry-level, mid-tier, and premium level.
Entry Level Checking Accounts Comparison
| Bank of America Advantage SafeBalance | Chase Secure Checking | |
| Personal Checks | No | No |
| Min Opening Deposit | $25 | $0 |
| Monthly Fees | $4.95 | $4.95 |
| Min Combined Balance to Waive Monthly Fee | $20,000 | No |
| Free for Students? | Students under 24 | No |
| Overdraft Fee | None | None |
| In-network ATM | Free | Free |
| Out-of-network ATM – USA | $2.50 | $2.50 |
| Out-of-network ATM – foreign | $5.00 | $5.00 |
| Interests on deposit? | No | No |
Mid-Tier Checking Accounts Comparison
| Bank of America Advantage Plus | Chase Total Checking | |
| Personal Checks | Yes | Yes |
| Min Opening Deposit | $100 | $0 |
| Monthly Fees | $12 | $12 |
| Min Direct Deposit to Waive Monthly Fee | $250 | $500 |
| Min Balance to Waive Monthly Fee | $1,500 | $1,500 |
| Min Combined Balance to Waive Monthly Fee | $20,000 | $5,000 |
| Free for Students? | Students under 24 | No |
| Overdraft Fee | $35 | $34 |
| In-network ATM | Free | Free |
| Out-of-network ATM – USA | $2.50 | $2.50 |
| Out-of-network ATM – foreign | $5.00 | $5.00 |
| Interests on deposit? | No | No |
Premium Level Checking Accounts Comparison
| Bank of America Advantage Relationship | Chase Premier Plus Checking | Chase Sapphire Checking | Chase Private Client Checking | |
| Personal Checks | Yes | Yes | Yes | Yes |
| Min Opening Deposit | $100 | $0 | $0 | $250,000 |
| Monthly Fee | $25 | $25 | $25 | $35 |
| Min Combined Balance to Waive Monthly Fee | $10,000 | $15,000 | $75,000 | $150,000 |
| Overdraft Fee | $35 | $34 | $34 | $34 |
| Overdraft Fee Waived | No | No | 4 times per year | 4 times per year |
| In-network ATM | Free | Free | Free | Free |
| Out-of-network ATM – USA | $2.50 | $2.50 | Free | Free |
| Out-of-network ATM – foreign | $5.00 | $5.00 | Free | Free |
| ATM Fee Waived | No | 4 times per month | Free | Free |
| Interest for Balance < $50,000 | 0.01% | 0.01% | 0.01% | 0.01% |
| Interest for Balance $50,000+ | 0.02% | 0.01% | 0.01% | 0.01% |
| Free Safe Deposit Box | No | Yes | Yes | Yes |
| Discounted home & auto loans | No | No | No | Yes |
More In-Depth Comparison: Chase vs Bank of America Checking
Chase vs Bank of America Savings Account
Here is the comparison of savings bank accounts for Chase and Bank of America.
Chase offers 3 types:
- Chase Savings
- Chase Premier Savings
- Chase Private Client Savings
Bank of America offers just 1 savings account: Advantage Savings.
| Bank of America Advantage Savings | Chase Savings | Chase Premier Savings | Chase Private Client Savings | |
| Min opening deposit | $100 | $25 | $100 | $250,000 |
| Monthly fees | $8 | $5 | $25 | None |
| Min balance to waive monthly fee | $500 | $300 | $15,000 | N/A |
| Autosave from checking to waive monthly fee? | No | Yes – $25 | No | N/A |
| Link to checking accounts to waive monthly fee? | Yes | Yes | Yes | N/A |
| Free for minors? | Yes | Yes | No | N/A |
| Free for students? | Yes – students under 24 | Yes – students under 18 | No | N/A |
| In-network ATM | Free | Free | Free | Free |
| Out-of-network ATM – USA | $2.50 | $2.50 | Free | Free |
| Out-of-network ATM – foreign | $5.00 | $5.00 | Free | Free |
| Monthly Withdrawal Limit | 6 | 6 | 6 | Unlimited |
| Withdrawal Limit Fee | $10 | $5 | $5 | None |
| Min balance to waive withdrawal limit fee | $20,000 | Not waived | $15,000 | N/A |
| Interest for balance < $20,000 | 0.01% | 0.01% | 0.02% | 0.02% |
| Interest for balance $20,000 – $49,999 | 0.02% | 0.01% | 0.02% | 0.02% |
| Interest for balance $50,000 – $99,999 | 0.03% | 0.01% | 0.03% | 0.03% |
| Interest for balance $100,000 – $249,999 | 0.05% | 0.01% | 0.04% | 0.04% |
| Interest for balance > $250,000 | 0.05% | 0.01% | 0.05% | 0.05% |
The interest rates you get from both banks on range from 0.01% APY to 0.05% APY. These rates are atrociously low. And to get to 0.05% APY, you would need a minimum balance of at least $100,000 (Bank of Amica) or $250,000 (Chase.)
More importantly, those rates are much, much lower than what you can get from other banks.
The same $100 in Chase Premier Savings account will only get you an APY of 0.02% while that $100 in Bank of America Advantage Savings account will only garner an APY of 0.01%. That is a yield as much as 66 times lower.
Chase vs Bank of America Certificate of Deposit
| Bank of America CD | Chase CD | |
| Minimum Deposit | $1,000 $10,000 | $1,000 $10,000 |
| Shortest Term | 28 days | 1 month |
| Longest Term | 10 years | 10 years |
| Monthly Fee | None | None |
| Compounding Period | Monthly | Daily |
| Grace Period | 7 days | 10 days |
| Standard Rate APY | 0.03% | 0.01% |
| Special Rates APY | 0.05% | 0.02% 0.05% |
| Highest APY: 1 month, $1,000 | 0.03% | 0.02% |
| Highest APY: 7 months, $1,000 | 0.03% | 0.02% |
| Highest APY: 7 months, $10,000 | 0.05% | 0.05% |
| Highest APY: 10 months, $1,000 | 0.03% | 0.02% |
| Highest APY: 10 months, $10,000 | 0.05% | 0.05% |
| Highest APY: 20 months, $1,000 | 0.03% | 0.02% |
| Highest APY: 20 months, $10,000 | 0.03% | 0.05% |
| Highest APY: 25 months, $1,000 | 0.03% | 0.02% |
| Highest APY: 25 months, $10,000 | 0.05% | 0.05% |
| Highest APY: 37 months, $1,000 | 0.03% | 0.02% |
| Highest APY: 37 months, $10,000 | 0.05% | 0.05% |
| Highest APY: 48 months, $1,000 | 0.03% | 0.02% |
| Highest APY: 48 months, $10,000 | 0.03% | 0.05% |
Certificates of Deposit (CDs): You put your money in a bank and in return the bank pays you interests. You can take out your money anytime you want. With CDs, you are committing to keeping your money in your bank for a fixed period – the term of a CD, which can range from a few weeks to 10 years.
The idea is that in exchange for making this commitment, you will get higher interest rates on your CDs. Unfortunately, that is not the case with Bank of America and Chase, as we will see below.
With both Bank of America and Chase, the interest rates you get on CDs range from 0.01% APY to 0.05% APY. These rates are similar to what you could get from those 2 banks.
Chase Certificate of Deposit
Chase offers CDs with a wide variety of terms and a low minimum deposit. The interest rates on Chase CDs are very bad, sometimes even worse than that on Bank of America CDs.
Chase only requires $1,000 even for its higher “Relationship” rates. To qualify for Bank of America’s higher “Featured” rates, you need a minimum deposit of $10,000.
Also, Chase CDs have a daily compounding period, better than the monthly compounding period of Bank of America CDs.
Chase offers 2 types of CD rates:
- Standard Rate: This is the base level rate that is available to everyone. Unfortunately, it is also exceptionally low: 0.01% APY at the last count
- Relationship Rates: These rates are available to clients who have a linked Chase checking account to their Chase CD. Your Relationship rate depends on the size and the term of your CD deposit. For CDs less than $10,000, the Relationship rate is 0.02% APY. For CDs more than $10,000 with a term of 5 months or less, the Relationship rate is also 0.02% APY. For CDs more than $10,000 with a term of 6 months or more, the Relationship rate is also 0.05% APY
Other details about Chase CDs:
- Minimum Deposits:
- $1,000 for Standard rate (0.01%) and the lowest-tier Relationship rate (0.02% APY)
- $10,000 for the highest-tier Relationship rate (0.05% APY)
- Terms: 1 month to 10 years
- Monthly Fee: None. This is typical for CDs
- Compounding Period: Daily. The compounding period of a CD is how often that CD is accruing compound interests. The more often it is, the more interest you will get. A daily compounding period is better than a monthly compounding period, which is, in turn, better than a quarterly compounding period
- Early Withdrawal Penalty: If you withdraw money out of your CD before its term is up, you would have to pay a penalty based on the term of your CD. Note that your penalty amount could be more than the interests you earn on your CD if you withdraw early enough, i.e., you could end up losing money
- CD term < 6 months: 90 days’ worth of interest on the amount withdrawn
- CD term 6 months – 2 years: 180 days’ worth of interest on the amount withdrawn
- CD term > 2 years: 1 year’s worth of interest on the amount withdrawn
- Grace Period: 10 days. Bank of America CDs automatically renew. After its auto-renewal, you have a grace period of 10 days to withdraw money out of your CD without getting hit by a penalty
- IRA CD: No. You cannot buy a CD within your IRA
- Standard Rate:
- 1 Month: 0.01% APY
- 6 Months: 0.01% APY
- 1 Year: 0.01% APY
- 3 Years: 0.01% APY
- 5 Years: 0.01% APY
- 10 Years: 0.01% APY
- Relationship Rates:
- 1 Month, $1,000+: 0.02% APY
- 7 Months, $1,000 – $9,999: 0.02% APY
- 7 Months, $10,000+: 0.05% APY
- 10 Months, $1,000 – $9,999: 0.02% APY
- 10 Months, $10,000+: 0.05% APY
- 13 Months, $1,000 – $9,999: 0.02% APY
- 13 Months, $10,000+: 0.05% APY
- 20 Months, $1,000 – $9,999: 0.02% APY
- 20 Months, $10,000+: 0.05% APY
- 25 Months, $1,000 – $9,999: 0.02% APY
- 25 Months, $10,000+: 0.05% APY
- 37 Months, $1,000 – $9,999: 0.02% APY
- 37 Months, $10,000+: 0.05% APY
Bank of America Certificate of Deposit
Bank of America offers CDs with a wide variety of terms and a low minimum. However, as seen above, the interest rates on those CDs are much lower than what you could get elsewhere.
Bank of America offers 2 types of CD rates:
- Standard Rates: These are available for CDs with terms ranging from 28 days to 10 years. These CDs have a low minimum deposit requirement: $1,000. Unfortunately, they also have a very low interest rate: 0.03% APY at the last count
- Featured Rates: These are available for “Featured” CDs. In other words, they are promotional rates. They require a higher minimum than the standard term CDs: $10,000. These rates are higher than the standard rate, 0.05% APY as opposed to the standard rate of 0.03% APY
Other details about Bank of America CDs:
- Minimum Deposits:
- $1,000 for Standard Term CD rates
- $10,000 for Featured CD rates
- Terms: 28 days to 10 years
- Monthly Fee: None. This is typical for CDs
- Compounding Period: Monthly. The compounding period of a CD is how often that CD is accruing compound interests. The more often it is, the more interest you will get. A daily compounding period is better than a monthly compounding period, which is, in turn, better than a quarterly compounding period
- Early Withdrawal Penalty: If you withdraw money out of your CD before its term is up, you would have to pay a penalty based on the term of your CD. Note that your penalty amount could be more than the interests you earn on your CD if you withdraw early enough, i.e., you could end up losing money
- CD term < 90 days: Either all interest earned on the amount withdrawn or 7 days’ worth of interest on the amount withdrawn – whichever is more
- CD term 90 days – 1 year: 90 days’ worth of interest on the amount withdrawn
- CD term 1 year – 5 years: 180 days’ worth of interest on the amount withdrawn
- CD term > 5 years: 1 year’s worth of interest on the amount withdrawn
- Grace Period: 7 days. Bank of America CDs automatically renew. After its auto-renewal, you have a grace period of 7 days to withdraw money out of your CD without getting hit by a penalty
- IRA CD: Yes. You can buy a CD within your IRA
- Standard Rates:
- 28 Days: 0.03% APY
- 6 Months: 0.03% APY
- 1 Year: 0.03% APY
- 3 Years: 0.03% APY
- 5 Years: 0.03% APY
- 10 Years: 0.03% APY
- Featured Rates:
- 7 Months: 0.05% APY
- 10 Months: 0.05% APY
- 13 Months: 0.05% APY
- 25 Months: 0.05% APY
- 37 Months: 0.05% APY
Chase vs Bank of America Fees
Both Chase and Bank of America charge the same amount of monthly checking fee starting at $4.95. This is the disadvantage of traditional banks compared to online banks which have no monthly fees.
The table below is a summary of the major fees charged by these 2 banks – checking account monthly fees, savings account monthly fees, ATM fees, overdraft fees, and wire transfer fees.
| Bank of America Fees | Chase Fees | |
| Entry-level Checking Account | $4.95 | $4.95 |
| Mid-tier Checking Account | $12 | $12 |
| Premium Checking Account | $25 | $25 $35 |
| Basic Savings Account | $8 | $5 |
| Premium Savings Account | N/A | $25 |
| In-network ATM | Free | Free |
| Out-of-network ATM – USA | $2.50 | $2.50 |
| Out-of-network ATM – foreign | $5.00 | $5.00 |
| Overdraft | $35 | $34 |
| Incoming wire: domestic | $15 | $15 |
| Outgoing wire: domestic | $30 | $25 |
| Incoming wire: international | $16 | $15 |
| Outgoing wire: international, in foreign currency | $0 | $5 for wires < $5,000 $0 for wires >= $5,000 |
| Outgoing wire: international, in US dollar | $45 | $40 |
Chase vs Bank of America Banking Experience
Chase and Bank of America offer similar banking experiences. They both operate thousands of physical branches in the country. They both have more than 16,000 ATMs available for free to their customers. And they both offer online banking and mobile banking with apps for iOS and Android.
The table below compares Bank of America to Chase in the main areas of banking experiences such as branches, ATMs, and customer services.
| Bank of America | Chase | |
| Number of Branches | 4,300 | 4,700 |
| Number of States | 36 + D.C. | 38 + D.C. |
| Number of Free ATMs | 16,000 | 16,000 |
| IOS App | 4.8 out of 5 Stars | 4.8 out of 5 Stars |
| Android App | 4.7 out of 5 Stars | 4.4 out of 5 Stars |
| Customer Service: Phone, weekdays | 8 am ET – 11 pm ET | 7 am ET – 12 am ET |
| Customer Service: Phone, weekends | 8 am ET – 8 pm ET | 7 am ET – 12 am ET |
| Customer Service on Social Media? | Yes | Yes |
| Customer Service: Live Chat? | Yes | No |
Chase vs Bank of America: Which One is Better?
If you have your heart set on going with a giant bank with thousands of branches and are trying to decide between Bank of America and Chase:
Choose Bank of America if…
- You want slightly better interest rates on savings accounts and CDs
- You want a money market account
- You want live chat customer service
Choose Chase if…
- You want more choices of checking and savings accounts
- You want more choices of credit cards
- You want longer hours of operation for customer service phone line
Chase and Bank of America are as gigantic as they come. As the number 1 and number 2 banks in the United States, they are no doubt “too big to fail.”
They have branches everywhere, perfect for those who prefer banking in person. If you are looking for a large traditional bank, Chase and Bank of America are two of the top choices.
