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Written by Laura Grace Tarpley, CEPF; edited by Libby Kane; reviewed by Evelyn He
Updated
2023-02-10T22:25:27Z
- Checking Account Comparisons
- Savings Account Comparisons
- CD Comparisons
- Which Bank is More Trustworthy?
Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
Chase and Bank of America are two of the largest national banks in the US, and they offer similar bank accounts. There isn't a clear overall winner between the two, so your choice will likely come down to which types of accounts you want to open.
Below, we've listed the winners for checking, savings, and CDs between Chase and Bank of America. We've also compared each institution's trustworthiness.
Chase vs. Bank of America Checking Account Comparisons
Both Chase and Bank of America have several checking accounts, but we've compared two popular accounts that charge the same monthly fees.
| Chase Total Checking® | Bank of America Advantage Plus | |
| Minimum opening deposit | $0 | $100 |
| Monthly service fee | $12 (with options to waive) | $12 (with options to waive) |
| How to waive monthly fee | One of the following each month:
| One of the following each month:
|
| Sign-up bonus | $200 | $100 |
| Next steps | Open account | Open account |
Chase Total Checking®
3.5/5
3.5 out of 5 Stars
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$0
Fees
$12 monthly service fee
On Chase's website
Chase Total Checking®
3.5/5
3.5 out of 5 Stars
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$0
Fees
$12 monthly service fee
On Chase's website
Chase Total Checking®
On Chase's website
Details
Fees
$12 monthly service fee
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$0
Editor's Rating
3.5/5
Pros & Cons
Pros
No required opening deposit
Over 4,700 branches
$200 sign-up bonus
Free overdraft protection when you link to savings for automatic transfers
Cons
$12 monthly fee unless you meet direct deposit or minimum balance requirements
Fee for non-Chase ATMs
3% foreign transaction fee
$34 overdraft and non-sufficient funds fees (no fee if you're overdrawn by $50 or less at the end of the business day)
Highlights
More Information
- New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and set up direct deposit
- Access to more than 16,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fee if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
- *With Chase Overdraft Assist℠, we won’t charge an Insufficient Funds Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.
Additional Reading
Chase vs. Bank of America Savings Account Comparisons
| Chase Savings | Bank of America Advantage Savings | |
| APY (Annual Percentage Yield) | 0.01% effective as of 2/16/2023. Interest rates are variable and subject to change | 0.01% to 0.04% |
| Minimum opening deposit | $0 | $100 |
| Monthly service fee | $5 or $0 | $8 or $0 |
| How to waive monthly fee | One of the following each month:
| One of the following each month:
|
| Other perks | N/A | Up to 10% cash back |
| Next steps | Learn more | Learn more |
Bank of America Advantage Savings Account
3.25/5
3.25 out of 5 Stars
Annual Percentage Yield (APY)
0.01% to 0.04%
Minimum Deposit Amount
$100
On Bank of America's site. Bank of America, FDIC Insured
Bank of America Advantage Savings Account
3.25/5
3.25 out of 5 Stars
Annual Percentage Yield (APY)
0.01% to 0.04%
Minimum Deposit Amount
$100
On Bank of America's site. Bank of America, FDIC Insured
Bank of America Advantage Savings Account
On Bank of America's site. Bank of America, FDIC Insured
Details
Annual Percentage Yield (APY)
0.01% to 0.04%
Minimum Deposit Amount
$100
Editor's Rating
3.25/5
3.25 out of 5 Stars
Pros & Cons
Pros
New accounts have monthly fee waived for the first 6 months
Multiple ways to waive monthly fee after the first 6 months
No excess withdrawal fee if your balance is at least $20,000, or if you're a Preferred Rewards customer
Cons
Low APY
Compounds interest monthly, not daily
$100 opening deposit
$8 monthly service fee
$10 excess withdrawal fee
Highlights
More Information
- Access to over 4,200 branches and 16,000 ATMs
- Earn slightly higher rates by becoming a Preferred Rewards customer and qualifying for the Gold, Platinum, or Platinum Honors tier
- Earn cash back when you make a debit card or credit card purchase through the BankAmeriDeals® program; Cardholders will automatically be enrolled in the program when setting up online banking and a list of eligible offers and deals will be available through online banking
- Waive $8 monthly service fee by maintaining $500 balance, OR linking to your Bank of America Advantage Relationship Banking® account, OR by becoming a Preferred Rewards customer
- Waive monthly fee if you're a student under age 24
- Interest compounded monthly and paid monthly
- FDIC insured
Additional Reading
Chase vs. Bank of America CD Comparisons
| Chase CD | Bank of America Standard Term CD | |
| Term lengths | 1 month to 10 years | 28 days to 10 years |
| Minimum opening deposit | $1,000 | $1,000 |
| APY | 0.01% to 4.00% (vary by location) | 0.03% |
| Early withdrawal penalties | 90 to 365 days interest | 7 to 365 days interest |
| Next steps | Open account | Learn more |
Chase CD
3.5/5
3.5 out of 5 Stars
Annual Percentage Yield (APY)
0.01% to 4.00% (vary by location)
Minimum Deposit Amount
$1,000
JPMorgan Chase Bank, FDIC Insured
Chase CD
3.5/5
3.5 out of 5 Stars
Annual Percentage Yield (APY)
0.01% to 4.00% (vary by location)
Minimum Deposit Amount
$1,000
JPMorgan Chase Bank, FDIC Insured
Chase CD
JPMorgan Chase Bank, FDIC Insured
Details
Annual Percentage Yield (APY)
0.01% to 4.00% (vary by location)
Minimum Deposit Amount
$1,000
Editor's Rating
3.5/5
3.5 out of 5 Stars
Pros & Cons
Pros
CD terms up to 10 years
Compounds interest daily
Cons
Low APY
$1,000 opening deposit
You must have a checking or savings account to open a CD online
Highlights
More Information
- Terms ranging from 1 month to 10 years
- Early withdrawal penalties ranging from 90 to 365 days interest
- All balances and terms earn a standard rate of 0.01% APY
- You can only open a CD online if you already have a Chase checking or savings account, otherwise visit a branch
- FDIC insured
Additional Reading
Which Bank is More Trustworthy?
There isn't a clear answer on which bank is more trustworthy. The Better Business Bureau has given JPMorgan Chase & Co. (Chase's parent company) an A rating, and Bank of America an A+.
A good BBB rating signifies a company responds effectively to customer complaints, has honest advertising practices, and is transparent in how it handles business.
Although both banks have pretty good scores from the BBB, each has its own history of public scandals. Here are a couple conflicts from Chase over the past few years:
- The Department of Justice required the company topay $920 millionfor wrongful trading (2020).
- JPMorgan Chase & Co.paid the Securities and Exchange Commission $135 millionfor mishandling American Depisitary Receipts, certificates that let Americans invest in foreign stocks (2018).
And here are some issues from Bank of America:
- The Department of Justice charged Bank of America for unfairlydenying home loans to adults with disabilities, even though they qualified for loans. Bank of America paid around $300,000 total to people who were refused loans. (2020).
- The Department of Labor required Bank of America topay $4.2 million to people who claimed the bank discriminated against women, Black, and Hispanic applicants in the hiring process (2019).
Laura Grace Tarpley, CEPF
Personal Finance Reviews Editor
Laura Grace Tarpley (she/her) is a personal finance reviews editor at Insider. She edits articles about mortgage rates, refinance rates, lenders, bank accounts, wealth building, and borrowing and savings tips for Personal Finance Insider. She was a writer and editor for Insider's "The Road to Home" series, which won a Silver award from the National Associate of Real Estate Editors. She is also a Certified Educator in Personal Finance (CEPF). She has written about personal finance for over six years. Before joining the Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at ltarpley@insider.com. Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services »
Evelyn He
Compliance Associate
Evelyn He is a Compliance Associate at Insider who supports the Personal Finance Insider team. Personal Finance Insider is Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Insider readers already know and love. The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Before joining Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries. Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 4-year-old Bichon named Tibber.
Top Offers From Our Partners
UFB Preferred Savings Earn up to 5.02% APY on your savings. No monthly maintenance fees. No minimum deposit required to open an account.
Chase Total Checking: $3.00 for inquiries, transfers and withdrawals while using a non Chase ATM in the US, Puerto Rico and US Virgin Islands. Fees from the ATM owner/network still apply. $5 per withdrawal and $3.00 for any transfers or inquiries at ATMs outside the U.S., Puerto Rico and the U.S. Virgin Islands. Fees from the ATM owner/network still apply.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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