Table Of Content
When Bank of America Wins?
As expected from a large banking institution, Bank of America does have an impressive line of banking products. In addition to various checking and saving accounts, you’ll find auto loans, home loans, a selection of credit cards, and investment options. This makes it easier to switch over from your existing bank, as you’ll find many familiar products.
Bank of America can be a better choice than Chase if:
You are happy to meet the requirements to waive maintenance fees
You need multiple finance products
You have $1,000 or more to invest in a CD
When Chase Bank Wins?
Chase also has a decent choice of banking products. There are checking and saving accounts, auto loans, home loans, home equity options, and a superb variety of credit cards
Chase can be a better choice than Bank of America if:
You want multiple credit card options to find the best card for your preferences and spending habits
You want to potentially earn better rates on your savings and CDs
You want a welcome bonus for opening your checking account.
Bank of America | Chase | |
|---|---|---|
Savings Accounts | ||
Checking Accounts | ||
CDs | ||
Money Market Account | ||
Debit Card | ||
Credit Cards | ||
Personal Loans | ||
Mortgage | ||
Government Mortgage | ||
Business Loans | ||
Investing Capabilities |
Savings Account
The Bank of America and Chase savings accounts appear quite similar, both offer low APY range interest, while you can get a bit more as a Bank of America Preferred Rewards member. Bank of America monthly fee is higher, and both banks offer multiple ways to waive the fee. Linking an appropriate checking account is the most straightforward, but you can also maintain an account balance of $500 or $300 for Bank of America and Chase respectively.
In terms of features, the similarities continue. Both banks allow you to quickly deposit checks by taking a picture with your smartphone within the bank’s app. Both banks also have some form of auto save feature, which helps you to set regular transfers to help meet your savings goals.
Bank of America | Chase Bank | |
|---|---|---|
APY | 0.01% – 0.04% | 0.01% |
Fees | $8 per month
Can be waived by maintaining a balance of $500+, becoming a Preferred Rewards member or linking to your B of A Advantage Banking account. Fees are also waived for enrolled students aged under 24
| $5 per month
Can be waived if you carry $300 account balance at the start of the month, $25+ autosave or linking a Chase checking account
|
Minimum Deposit | $100 | $25 |
Checking Needed? | No | No |
Main Benefits |
|
|
Checking Account
There is also very little to separate the Bank of America and Chase checking accounts. Neither account is interest bearing, but both have a $12 per month maintenance fee, which you can have waived by meeting one of several requirements.
However, the accounts do have slightly different features. For example, Bank of America allows you to set your overdraft settings to determine how the bank will handle your transactions when you have insufficient funds in the account. There are also smart money management tools including customized rewards, savings goals, and custom alerts.
On the other hand, Chase offers a welcome bonus for new customers and multiple checking account options.
Bank of America | Chase Bank | |
|---|---|---|
APY | 0.01% – 0.02% | 0.01% |
Fees | $12
can be waived by maintaining an account balance of $1,500, qualifying deposit of $250+ per month or enrol in Preferred Rewards
| $12
Can be waived if you maintain a $1,000 minimum daily balance, making direct deposits or Associated SnapDeposits of $500 or more per statement cycle, or holding $2,500 in combined deposit accounts with the same statement cycle date or having a Health Savings Account or investment account
|
Minimum Deposit | $25 – $100 | $0 |
Main Benefits |
|
|
Credit Cards
Bank of America has a superb choice of credit card options. You can choose a card with reward tiers like the Customized Rewards card or Unlimited Rewards which has no spending categories. There is also the travel card offering miles, student cards, and partnership cards with brands such as Free Spirit, Alaska Airlines, and Amtrak.
There is also the BankAmericard that has a 0% introductory rate for the first 18 months and a secured card option to help you build your credit as you’re earning rewards.
Chase also has an excellent variety of credit cards. There are over 20 travel cards, 7 hotel cards, and 7 business cards. The bank has partnerships with brands including United, Southwest, Hyatt, Amazon, Starbucks, and Disney. This allows you to get the best rewards with your preferred brands.
Many of the Chase credit cards have no annual fee, but exceptions include Sapphire Preferred. For an annual fee of $95, you'll earn 5 points per dollar on Chase Ultimate Rewards travel, 3 points per dollar on dining, 2 points per dollar on all other travel purchases, and one point per dollar on all other eligible purchases. Furthermore, through March 2022, you will earn a total of 5 points per dollar spent on Lyft rides.
Mortgage
Bank of America has a decent choice of mortgage and home loan products. There are fixed rate and ARM mortgages along with FHA and VA loans. You can also access home equity lines of credit. Bank of America also offers Preferred Rewards members up to a $600 discount on mortgage origination fees.
Chase also has a variety of mortgages including ARM and fixed rate loans, FHA and Jumbo loans. Chase allows customers to prequalify for mortgages to speed up the purchase process and you can also buy discount points for home purchase or refinancing packages.
Loans
While Bank of America does not offer a conventional personal loan, there are auto loans that have no origination fees. The bank allows you to lock in your rate, so you can comparison shop and you’ll have an approval decision within one minute of applying.
Chase also does not have personal loans, but you can access auto loans to finance your new or used vehicle purchase.
Customer Service
Bank of America may be a large banking institution, but it does not have 24/7 support. You can only access members of the customer service team 8 am to 9 pm on weekdays and 8 am to 8 pm on the weekend. However, you can access the service team via the bank’s social media channels on Facebook or Twitter or on its website.
Chase also doesn’t offer 24/7 support. There are multiple customer service lines that are available on weekdays 7 am to 11 pm on weekdays and 10 am to 7 pm on weekends. There are also Twitter and Facebook accounts and dedicated lines for veterans and military personnel.
However, the consumer review ratings for these banks are a mixed bag. While Bank of America has an impressive 3.5 out of 5 on Trustpilot, Chase has a poor rating of 1.3 out of 5
Online/Digital Experience
Both banks have a decent website, where you can browse products and check the help sections to access the appropriate department if you have a query. This creates a solid digital experience, particularly if you are window shopping to find the products best suited to your needs and preferences.
The banks also have apps that make it easier to manage your accounts on the go. Bank of America’s app is rated 4.8/5 on the Apple Store and 4.6/5 on Google Play, while Chase’s app has similar ratings with 4.8/5 on Apple and 4.4 out of 5 on Google.
Which Bank is The Winner?
To sum up, we’ll need to look at which bank is better, depending on what you’re looking for. Both banks have a good choice of banking products and many of the individual products are quite similar.
Both banks have account maintenance fees that can be waived by meeting one of several requirements. The rates are also quite similar, so which bank is best will come down to what products you’re looking for.
| |  | |
|---|---|---|---|
APY Savings
The annual percentage yield (APY) is a percentage that represents the amount of money or interest earned on your savings account over the course of a year. The APY factored in compound interest. A savings calculator can help you quickly determine how much you'll earn with a given APY.
| 0.01% – 0.04% | 0.01%
| Up to 5.02%
|
Checking Fee
The monthly fee on checking account
| $12
can be waived by maintaining an account balance of $1,500, qualifying deposit of $250+ per month or enrol in Preferred Rewards
| $12
Can be waived if you maintain a $1,000 minimum daily balance, making direct deposits or Associated SnapDeposits of $500 or more per statement cycle, or holding $2,500 in combined deposit accounts with the same statement cycle date or having a Health Savings Account or investment account
| Compare Banking |
Mobile App Rating | 4.8/5 on iOS 4.6/5 on Android | 4.8/5 on iOS 4.3/5 on Android | Various Banks
|
on Bank of America website |
on Chase website |
on our website |
FAQs
Does Bank of America offer promotion?
Yes, Bank of America banking promotion for new accounts and credit cards. For example, the Advantage Banking Account offers new accounts a $100 bonus as of March 2023.
Can I Get a bonus with Chase?
Yes, Chase offers bank promotions for new accounts as well as on a variety of credit cards. As of March 2023 , you can get $100 if you open a new Chase Secure Banking bank account.
Why are Bank of America rates basically low?
When you compare the savings and CD rates with some other banks, you may notice that the rates seem very low. The main reason for this is that many of the higher savings rates are offered by online banks, which don’t need to pay to support a physical branch network.
Can you Be Denied on a Bank of America Checking Account?
The Bank of America checking accounts are subject to approval, so it is possible that your account application may be denied. The bank will check your credit history as part of the application process, so if there are some red flags, it may be reluctant to offer a higher risk product.
In this case, Bank of America may offer you a more basic account that does not have overdraft facilities or has limited features.
What Chase products are inflation proof?
As with most banks, many of Chase products are not particularly inflation proof. However, Chase does have fixed rate home and auto loans. So you can purchase or refinance your home or vehicle without worrying about spiralling finance costs.
You can lock in your rate at the start of your loan term and your monthly payments will remain the same for the duration of the loan. This is a great way to maintain control of your finances even if the rate of inflation significantly increases.
Can you Be Denied on a Chase Checking Account?
As with most banks, Chase will need to check your account application to determine your eligibility. This means that there is a possibility that your application may be declined. Typically, Chase will inform you if your application has been rejected, but you may not receive a specific reason why.
However, Chase does have a basic checking account, which they may recommend if you lack the credit history to qualify for one of its more feature heavy accounts.
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Bank of America vs US Bank
US Bank offers an even more impressive range of banking services. Savings and checking account options, investments, personal loans, mortgage products, and wealth management are all available.
Bank of America offers a wide range of banking services. There are numerous credit cards available, as well as various checking and savings accounts, home loans, investments, and auto loans.
Read Full Comparison: Bank of America vs US Bank: Which is Best For You?
Bank of America vs Aspiration
Bank of America is a nationwide network that offers deposit, loan, and credit card services. There are also increased daily limits on ATM and debit purchases, which is an excellent incentive to improve your financial situation. Aspiration's company was presented in a very different manner than their bank competitors.
One feature that sets them apart from their competitors is that they let their customers decide how much they want to pay for their services. The fee that the customer believes is fair or appropriate for the level of service they receive is set by the customer.
Read Full Comparison: Aspiration vs Bank of America: Which Bank Account Is Better?
Bank of America vs SoFi
Spend and Save is a SoFi savings and checking account hybrid. For the purposes of this comparison, we'll look at the savings features, of which there are a few. The most visible are the savings vaults. These enable you to set up separate funds to work toward different savings goals without the need for multiple accounts. This helps you organize your money, and you can even designate a vault for your round-up funds.
Bank of America offers a more traditional savings account, but it pays far less interest, ranging from 0.01 percent to 0.04 percent depending on your Preferred Rewards status, compared to SoFi's 0.25 percent. In addition, there is a $8 monthly maintenance fee that can be waived by keeping a balance of $500 or more in the account or linking your checking account. By linking your accounts, you can avoid going overdrawn with Balance Connect.
Read Full Comparison: SoFi Money vs Bank of America: Which Is Better For Your Needs?
Bank of America vs Wells Fargo
Wells Fargo's product offering is even more extensive. This bank offers checking accounts, a variety of savings accounts, mortgages, loans, and investment options such as IRAs, 401ks, and wealth management services. This makes switching from another bank even easier because you'll have access to all of your favorite banking products.
Bank of America offers a diverse range of banking services. Checking and savings accounts, auto loans, home loans, credit cards, and investment options are all available.
Read Full Comparison: Bank of America vs Wells Fargo: Which Bank Is Better?
Bank of America vs Capital One
Bank of America has an impressive product lineup, as one would expect from a large banking institution. There are various checking and savings accounts, as well as numerous credit card options, auto loans, home loans, and investments. This makes switching from your current bank a breeze.
Capital One began as a credit company, but it has recently expanded its product line. You can now access checking and savings accounts, auto finance, refinancing, and children's accounts in addition to an impressive selection of credit cards.
Read Full Comparison: Bank of America vs Capital One: Which Bank Wins?
Bank of America vs Discover
Since its inception as a credit card provider, Discover has come a long way.Of course, credit cards are available, but you can also get home loans, personal loans, and a variety of checking and savings products such as retirement accounts, CDs, and money market accounts.
Bank of America offers a far more comprehensive range of banking services. There are numerous credit card options, as well as various savings and checking accounts.
Bank of America also provides mortgages, auto loans, and investments. This makes switching from a traditional bank much easier because you won't have to compromise on your banking products.
Read Full Comparison: Discover vs Bank of America: Compare Bank
Bank of America vs Citi
Bank of America is a large banking institution, and its impressive banking product line reflects this. Aside from savings and checking accounts, there are home loans, auto loans, investment options, and a variety of credit cards. Citi also has a diverse product offering. Credit cards, CDs, personal loans, mortgages, IRAs, investment options, wealth management plans, and checking and savings accounts are all available.
As a result, if you want to switch from your current bank, either bank is a viable option because you won't have to make any compromises in terms of banking products.
Read Full Comparison: Bank of America vs Citi: Which Bank Suits You Best?
Chase vs Discover
The Discover checking account is more traditional. While the account does not pay interest, you can earn 1% cash back on debit card purchases. There are also no fees if you require a replacement debit card, have a deposit item returned, or have insufficient funds in your account.
Chase offers a wide range of banking products, including savings accounts, checking accounts, home loans, home equity options, auto loans, and a wide range of credit cards. In addition, Chase's customer service system is quite extensive.
Read Full Comparison: Discover vs Chase: Which Bank Account Suits You Best?
Chase vs American Express
Although Chase Bank has a modern, trendy image, it is one of the oldest banks in the United States. JP Morgan Chase's consumer division, Chase Bank, is one of the largest banks in the United States. Even though its interest rates aren't particularly competitive when compared to online banks and credit unions, loyal Chase customers who keep a significant amount of money with the bank can earn slightly better rates.
American Express is best known for its credit card business. The financial services firm, on the other hand, has a banking subsidiary that offers high-yield savings and CD accounts. For those looking to save money with a well-known financial institution, the American Express High Yield Savings Account is a popular option.
Read Full Comparison: American Express vs Chase Bank
Chase vs Wells Fargo
Chase and Wells Fargo appear to offer very similar products at first glance, so we need to dig a little deeper. There is little to distinguish the savings accounts, and both banks provide a variety of checking accounts.
While Chase's account maintenance fee is slightly higher, it does have some more interesting features. Chase also has an advantage in terms of CDs, but Wells Fargo is a better option for loans and mortgages.
Read Full Comparison: Chase vs Wells Fargo: Where to Save Your Money?
Chase vs Citi
The Chase and Citi checking accounts both have no minimum deposit and a monthly account maintenance fee of $12. This can also be waived with a balance of $1,500 or more, or with qualifying deposits.
Furthermore, both have a very impressive selection of more than credit card options.
Read Full Comparison: Chase vs Citi: Which Bank Account Wins?
Chase vs PNC Bank
Chase has some great features including a massive selection of credit card options. Both banks also offer some great mortgage packages. PNC also has some innovative credit card options, and you can also access personal loans.
Read Full Comparison: Chase vs PNC Bank: Which Bank Account Is Better?
Chase vs TD Bank
Because both Chase and TD Bank provide a comprehensive range of products, we'll need to summarize the benefits and drawbacks to determine which bank is superior.
Chase offers some novel features, including the possibility of comparable CD rates without the TD Bank's minimum deposit. However, there is little to distinguish the checking accounts, as TD Bank's savings rate is twice that of Chase.
Although Chase has more credit card options, don't discount TD Bank, which has some interesting options.
Read Full Comparison: Chase vs TD Bank: Which Bank Suits You Best?
Chase vs Capital One
Chase and Capital One both have banking product lines that compete with traditional high street banks.
Capital One also has a competitive advantage in terms of checking accounts. The Capital One checking account is not only fee-free, but you can also earn interest on your account balance. Chase's checking account does not pay interest, and you must meet certain requirements to have the $12 monthly fee waived.
However, when you open a qualifying account, Chase will give you a welcome bonus, and its checking account has some nice features such as paperless statements for up to seven years and checking account upgrade options.
Read Full Comparison: Chase vs Capital One: Compare Banking Options
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