Is bank of America better than Chase Bank? Whether you’re new to banking or looking to switch banks, you probably know Chase and Bank of America. These are two of the biggest names in the banking industry. Everyone has similar product offerings, from a simple checking account to credit cards with rewards. Also, just like major banks, there are thousands of branches and ATMs across the country for your convenience. So should you choose Chase or Bank of America?
Is Bank Of America Better Than Chase Bank – Should you bank with Chase or Bank of America?
|You might prefer Chase if you:
|You might prefer Bank of America if you:
|Don’t have $100 to open a savings account Want a sign-up bonus for opening a savings account
|Want lower early withdrawal penalties for short CD terms Are looking for a checking account that makes it easier to waive monthly fees
Chase offers a great experience for online and mobile banking, making it perfect for those banking on the go. If you need to personally visit a branch or make a transaction at an ATM, you can do the same with 5,100 branches and 16,000 ATMs in 26 states. Chase’s wide range makes it one of the most convenient sofas to work with.
You can also bank with Chase if you want to keep your many bank accounts in one place. For example, you can open a simple savings account for yourself, a CD to save for a new car, and a checking account for your student with a debit card. You must be willing to pay a monthly maintenance fee for every Chase account you have. However, there are often several ways you can waive these fees, whether you need to maintain a minimum balance or complete certain transactions every month.
In terms of interest rates, Chase doesn’t offer the highest rates, especially when compared to online banks like Ally. As a major bank, Chase deposits tons of money into its branches and ATMs. As a result, the interest rates for the savings account are missing. To guarantee the highest interest rates from the bank, you must open a long-term CD account.
Who should bank with Bank of America?
You can bank with Bank of America for the convenience of 4,500 branches and 16,000 ATMs in 37 states and the District of Columbia. In combination with online and mobile banking, Bank of America offers several ways to manage your accounts.
The bank also offers a variety of bank accounts, from a simple savings account to three checking accounts and four IRAs. Again, you should pay attention to the monthly fees for each account. You can often waive these fees by meeting certain minimum requirements or by completing certain trades.
Bank of America offers more ways to earn at better interest rates. Its standard savings account already earns at four different tiers depending on your premium membership status. His interest-bearing checking account allows those with higher account balances to earn at a better rate. However, the CD rates do not match Chase’s.
Chase vs Bank of America: Bank Accounts
Both major banks offer different bank accounts, so customers can enjoy the convenience of a full suite from one company. You can open two types of savings accounts with Chase – the Chase Savings and Chase Premier savings accounts – while Bank of America currently offers only one savings account. Bank of America is also slightly behind with its three-option checking account offerings, while Chase offers five options, including two student checking accounts. Also, two Chase checking accounts earn interest, while only one Bank of America checking account earns interest. Bank of America offers a Featured CD in addition to its standard term CD accounts.
Bank of America also offers IRAs modeled after a money market account and CDs. The account has a minimum deposit of $100 and offers a more flexible retirement plan than a CD.
Bank of America vs. Chase: Basic checking accounts
|Bank of America Advantage Plus Banking®
|Chase Total Checking®
|$12. 4 ways to waive it
|$12. 3 ways to waive it
|Minimum deposit to open
|ATM fees and network
|About 17,000 free Bank of America ATMs. $2.50 fee for using out-of-network ATMs. $5 fee for using international out-of-network ATMs, plus a foreign debit card transaction fee of 3% of the amount withdrawn.
|About 17,000 free Bank of America ATMs. $2.50 fee for using out-of-network ATMs. $5 fee for using international out-of-network ATMs, plus a foreign debit card transaction fee of 3% of amount withdrawn.
|$100 (expires 12/31/2021);
|$225 (expires 10/18/2021);
Bank of America vs. Chase: Basic savings accounts
|Bank of America Advantage Savings
|0.01% APY on all balances for standard accounts.
|0.01% APY (effective 9/14/2020; rates are variable and subject to change).
|$8. 3 ways to waive it
|$5. 4 ways to waive it
|Minimum deposit to open
Is Bank Of America Better Than Chase Bank: Fees
In general, Bank of America and Chase charge similar fees on their accounts. Bank of America has a higher monthly fee on their savings account. However, most of his checking accounts have much lower monthly fees. This is because the reward levels of Chase’s many checking accounts are increasing, making fees more expensive. For example, the Chase Premier Platinum exam comes with a monthly fee of $35. However, you can waive this fee if you meet any of the account requirements.
No bank charges a management fee for their CD accounts. However, you can expect early repayment penalties if you withdraw some of an account’s principal before the due date.
Also, always consider overdraft fees and fees for foreign ATMs. These are easy to avoid by being responsible with your account and money.
|Chase vs. Bank of America Fees
|Bank of America
|Basic Checking Account
|$12 per month, (three ways to have fee waived)
|$12 per month, (four ways to have fee waived)
|Basic Savings Account
|$5 per month, (four ways to have fee waived)
|$8 per month, (three ways to have fee waived)
|Non-bank ATM in the U.S.
|$2.50 per transaction
|$2.50 per transaction
Chase vs. Bank of America: Rate
Unfortunately, major banks such as Chase and Bank of America cannot compete with online banks and credit unions in terms of interest rates. Chase’s base rate is the lowest you can earn a 0.01% APY. You can earn 0.11% higher interest by opening a Chase Premier Savings Account, linking it to a Chase checking account, and having a minimum balance of $250,000. Bank of America doesn’t start much higher with the standard 0.03% APY rate. However, as a Platinum Honors Preferred Rewards customer, you can earn 0.06% APY.
Each bank’s CD accounts work a little differently. Bank of America offers two types of CDs, including the recommended CD. This account offers a higher interest rate of 0.07% for the 12-month term, while the Standard Term CD earns an APY of 0.05% for the same term. The highest CD rate is 1.00% for accounts between 60 and 120 months. On the other hand, Chase offers CDs from one month to 120 months. Then your exact rate is determined by your account balance after three account balance levels. These rates exceed Bank of America’s CD rates.
Finally, you can also earn interest with a Bank of America Interest Check Account, Chase Premier Plus Check Account, or Chase Premier Platinum Check Account. Neither of these accounts earns at very high rates with both Chase accounts earning an APY of 0.01%. The Bank of America Interest Check Account earns on balance, but the interest rates are 0.01% APY and 0.02% APY.
Bank features comparisons
|Bank of America
|Free ATMs 16,000
|Free ATMs 16,000+
|Mobile app Apple: 4.8/5 Google Play: 4.4/5
|Mobile app Apple: 4.8/5 Google Play: 4.7/5
|Customer support 7 a.m. to 12 a.m. ET
|Customer support M-F, 8 a.m. to 11 p.m. ET; Weekends, 8 a.m. to 8 p.m. ET
The two banks both have strong mobile apps. Neither has 24/7 live customer support, but Chase’s hours are slightly longer than Bank of America’s.
Chase and Bank of America are two of the largest banks in the US, so they both have a large network of branches and free ATMs. Your choice between the two may depend on which branch or ATM is closest to your home.
Is Bank Of America Better Than Chase Bank – Which bank is more reliable?
Is Bank Of America Better Than Chase Bank? There is no one-size-fits-all answer to which bank is more reliable. The Better Business Bureau has announced JPMorgan Chase & Co. (Chase’s parent company) an A Trustworthiness and Bank of America an A+.
A good BBB rating means that a company responds effectively to customer complaints, has fair advertising practices, and is transparent in the way it conducts business.
While both banks have pretty good ratings from the BBB, each has its own story of public scandal. Here are a few of Chase’s conflicts over the years:
- The Justice Department ordered the company to pay $920 million for illegal trade (2020).
- JPMorgan Chase & Co. paid the Securities and Exchange Commission $135 million for mishandling American Depositary Receipts, certificates that allow Americans to invest in foreign stocks (2018).
And here are some issues from Bank of America:
- The Justice Department has sued Bank of America for falsely refusing home loans to adults with disabilities, despite qualifying for the loan. Bank of America paid a total of about $300,000 to people who were denied credit. (2020).
- The Department of Labor has ordered Bank of America to pay $4.2 million to people alleging that the bank discriminated against women, black and Hispanic applicants in its hiring process (2019).
Chase’s recent scandals have focused on trade and investment, while Bank of America is on discrimination. The specifics of each bank’s conflict may influence your choice between the two, or you may choose a bank with a less worrisome history.
Is Bank Of America Better Than Chase Bank – Conclusion
In general, the better option for you will depend on your personal banking needs and preferences when choosing between Chase and Bank of America. Both are large banks with thousands of branches and tens of thousands of ATMs. Chase offers a wider range of accounts, although there is a lack of IRA options. Chase’s website and mobile interfaces are both easy to navigate and packed with useful features. However, Bank of America has an edge when it comes to availability, with branches in 37 states plus D.C. compared to Chase’s 26 states.