No minimum deposit requirements to open a new account.Pros and Cons of ChaseĬhase has a lot going for it, but the nation’s biggest bank isn’t without its drawbacks. However, you’ll need a fairly large combined balance across your Bank of America accounts to qualify for the Bank of America Preferred Rewards program. While both accounts come with the same APY, Bank of America does offer Preferred Rewards members a slightly higher APY that ranges from 0.02% to 0.04%. There are some differences between the two banks’ savings accounts, however. Despite the recent run-up in savings account interest rates, both still pay savers a paltry 0.01% annual percentage yield (APY). If you want a high-yield savings account, you’ll have to look elsewhere. Chase has an even better deal with fewer restrictions: $300 if you open a Total checking account by Apand receive a qualifying direct deposit of any amount within the first 90 days.
#BANK OF AMERICA INTERNATIONAL TRANSFER PLUS#
Bank of America will pay you $100 if you open an Advantage Plus checking account by Jand receive at least $1,000 in qualifying direct deposits within the first 90 days. At Chase, you’ll need at least $500 in total monthly direct deposits.īoth banks have limited-time bonus promotions for new customers who sign up to open a checking account. To waive the monthly service fee at Bank of America, you’ll need at least one direct deposit per month of $250 or more. You want to minimize fees when choosing a checking account. $1,500 (or at least one monthly direct deposit of $250 or more) $1,500 (or at least $500 in monthly electronic deposits) Here’s a side-by-side comparison of each financial institution’s most popular checking option. Bank of America: Checking AccountsĬhase and Bank of America each offer a selection of checking accounts that ranges from low-fee, limited-feature accounts all the way up to top-shelf accounts with all the bells and whistles-and fees to match. Let’s zoom in on the checking and savings accounts and compare the pros and cons of both banks. It’s worth noting that both of these banks compare poorly to many online banks that often offer low-fee checking and savings accounts with higher interest rates. When it comes to savings accounts, both banks offer the same interest rate, but Chase comes out slightly ahead with no initial deposit requirement and a lower monthly service fee (that’s also easier to get waived). Another consideration is the bonus that both banks are temporarily offering: Chase’s $300 checking account promotion is a sweeter deal than the $100 from Bank of America. That said, Bank of America requires a $100 initial deposit, while Chase does not. Both charge the same monthly fee, but Bank of America makes it slightly easier to get that fee waived. The two banks have comparable checking accounts. Chase has a somewhat larger presence when it comes to branch locations, with just over 4,800 compared to Bank of America’s roughly 3,800. Which Bank Is Better: Chase or Bank of America?īoth Chase and Bank of America have similarly sized ATM networks, with about 16,000 locations each. We’ll compare Chase and Bank of America to help you choose between them.Īccount details and annual percentage yields (APYs) are accurate as of Jan. While they’re similar, there are differences that may make one a better fit for you than the other. If you crave a bank with an extensive physical footprint and deep pockets, these two are worth a look. Plus, each has a top-rated mobile banking app for those who prefer banking on the go. Both banks offer a wide range of financial services, including checking and savings accounts, mortgages, car loans, credit cards and certificates of deposit (CDs) as well as retirement and brokerage accounts. Throughout over 200 years of competition, Chase and Bank of America have built branches and installed ATMs in nearly every nook and cranny of the country. financial institutions, based on total assets. These two behemoths rank first (JPMorgan Chase & Co.) and second (BofA) among U.S. If you believe bigger is better when it comes to banks, deciding where to put your money may come down to a choice between Chase and Bank of America.
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