Chase vs. Bank of America: Which Bank Offers the Best Value in 2024?

When choosing between two banking giants like Chase and Bank of America, the decision can be overwhelming. Both banks dominate the industry with extensive offerings in savings and checking accounts, credit cards, CDs, and loans. But how do they stack up against each other? Let’s dive into the details and find out which bank might be the best fit for you.

Chase vs. Bank of America: A Quick Overview

Chase and Bank of America are the top two banks in the U.S., holding the first and second positions in terms of assets. Chase leads with over $3.5 trillion in assets, while Bank of America follows with around $2.5 trillion. Both banks boast thousands of branches and ATMs across the nation and offer a comprehensive range of banking services.

Here’s a snapshot of how they compare:

Basic Checking Accounts: Chase vs. Bank of America

When it comes to basic checking accounts, Chase has the edge. Chase offers a variety of options with no minimum balance requirements, whereas Bank of America has fewer options with minimum balance requirements ranging from $25 to $100.

Chase Total Checking® vs. Bank of America Advantage SafeBalance Banking

Chase Total Checking®

• Minimum Opening Deposit: $0
• Monthly Service Fee: $12 (waived with $1,500 minimum balance, $500 in monthly direct deposits, or $5,000 across linked accounts)
• Interest Earned: No
• Bank Bonuses: Up to $300 for new accounts with qualifying direct deposits

Bank of America Advantage SafeBalance Banking

• Minimum Opening Deposit: $25
• Monthly Service Fee: $4.95 (waived with $500 minimum balance, being under 25, or Preferred Rewards Program enrollment)
• Interest Earned: No
• Bank Bonuses: Up to $200 for new accounts with qualifying activities

Basic Savings Accounts: Which Bank Comes Out on Top?

For basic savings accounts, Chase and Bank of America both offer low yields. However, Chase’s offerings are slightly better for standard savings.

Chase Savings℠ vs. Bank of America Advantage Savings

Chase Savings℠

• APY: 0.01%
• Minimum Opening Deposit: $0
• Monthly Service Fee: $5 (waived with $300 minimum daily balance, automatic transfers, or linked accounts)

Bank of America Advantage Savings

• APY: 0.01% to 0.04%
• Minimum Opening Deposit: $100
• Monthly Service Fee: $8 (waived with $500 minimum daily balance, linked checking account, or Preferred Rewards)

Certificates of Deposit (CDs): Chase vs. Bank of America

CDs are a solid choice for those looking to lock their funds and earn higher interest. Both banks offer CDs with varying term lengths and minimum deposits, but there are differences in yields and penalties.

Chase Relationship CDs vs. Bank of America Featured CDs

Chase Relationship CDs

• Terms: 1 month to 10 years
• APY: 0.02% to 4.25% (balances up to $100,000)
• Minimum Deposit: $1,000
• Withdrawal Penalties: Varies from 90 days’ interest to 365 days’ interest depending on the term

Bank of America Featured CDs

• Terms: 7, 10, 13, 25, and 37 months
• APY: 0.05% to 5.00%
• Minimum Deposit: $1,000
• Withdrawal Penalties: From 90 days’ interest to 365 days’ interest, with some leniency on shorter terms

Business Accounts: What’s the Difference?

For business accounts, Chase offers more options compared to Bank of America. Chase provides three business checking accounts, while Bank of America offers two.

Chase Business Complete Checking® vs. Bank of America Business Advantage Fundamentals™ Banking

Chase Business Complete Checking®

• Minimum Opening Deposit: $0
• Monthly Service Fee: $15 (waived with $2,000 minimum balance, $2,000 in deposits, or linked accounts)
• Interest Earned: No
• Bank Bonuses: $300 bonus with qualifying activities

Bank of America Business Advantage Fundamentals™ Banking

• Minimum Opening Deposit: $100
• Monthly Service Fee: $16 (waived with $5,000 minimum balance or qualifying transactions)
• Interest Earned: No
• Bank Bonuses: $200 cash bonus with qualifying activities

Fees and Charges: Comparing Overdrafts and ATM Fees

Fees can significantly impact your banking experience. Here’s how Chase and Bank of America compare:

• Overdraft Fees: Chase charges $34 per overdraft (up to three per day), while Bank of America charges $10 (up to two per day).
• Out-of-Network ATM Fees: Chase charges $3 domestically and $3 to $5 internationally; Bank of America charges $2.50 domestically and $5 internationally.
• Wire Transfer Fees: Chase fees range from $0 to $50; Bank of America fees range from $15 to $45.

Customer Service: Which Bank Offers Better Support?

Both banks offer 24/7 automated customer service. However, Bank of America provides extended live customer service hours, which may be beneficial if you require direct support outside regular hours.

Conclusion: Which Bank is Right for You?

In the battle of Chase vs. Bank of America, Chase generally offers more competitive options in terms of branch locations, ATMs, and some account features. Chase’s broader branch network and slightly better customer service ratings can be advantageous, especially if you value physical banking locations. However, Bank of America’s offerings might suit those looking for specific features or lower fees on certain services.

Ultimately, the best choice depends on your personal banking needs and preferences. Consider what features are most important to you—whether it’s higher interest rates, lower fees, or better customer service—when making your decision.

Links for More Information:

• Chase Bank Overview: Chase Bank
• Bank of America Overview: Bank of America
• Chase Checking Accounts: Chase Checking
• Bank of America Checking Accounts: Bank of America Checking
• Chase CDs: Chase CDs
• Bank of America CDs: Bank of America CDs