Banking » Compare Banks » Bank of America vs Chase: Where to Save Your Money?
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Bank of America vs Chase: Where to Save Your Money?

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.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: June 3, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: June 3, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

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

bank of america logo
bank of america logo

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.

Chase_logo
Chase_logo
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.

BofA Savings account Details
BofA Savings account (Screenshot from Bank Of America app)

 

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
  • Mobile check deposits
  • Automatic transfers
  • Custom alerts
  • Up to 6 transfers or withdrawals, 16,000+ ATMs
  • Quick Deposit checks by taking a picture with your smartphone
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Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 7/24/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an 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 you bring your account balance to overdrawn by $50 or less at the end of the next business day

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Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 
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Checking Account

There is also very little to separate the Bank of America and Chase checking accounts

Chase offers a range of checking accounts tailored to diverse financial needs. The Total Checking account, for instance, provides a straightforward option with no monthly service fees for meeting specific criteria.

The Premier Plus Checking account caters to those maintaining higher balances, offering enhanced benefits like interest and fee waivers. The Chase Sapphire Checking targets high-net-worth individuals, featuring premium perks such as no ATM fees worldwide and dedicated customer service.

Chase compare checking accounts on app
Chase compare checking accounts on app (Screenshot from Chase app)

.

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.

BofA checking cash flow chart
BofA checking cash flow chart (Screenshot from Bank Of America app)

 

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%
None
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
  • Automated savings feature – set your savings goals
  • $35 return item and overdraft item fee.
  • Virtual banking assistant
  • Multiple payment methods – you can use your debit card, Zelle or digital wallet to make payments from your phone.
  • Online secure bill payments through the website or app
  • Introductory welcome bonus if you open a qualified checking account
  • Paperless statements for up to seven years
  • Account alerts

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.

Card
Rewards
Bonus
Annual Fee

Bank of America® Customized Cash Rewards

Bank of America® Customized Cash Rewards credit card
1-3% 3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings, 2% cash back at grocery stores and wholesale clubs and 1% cash back on all other purchases. The 3% and 2% cash back available on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter (then 1%)
$200 $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening
$0

Bank of America® travel rewards

Bank of America® Travel Rewards credit card
1.5X 1.5 points for every $1 you spend on all purchases everywhere, every time and no expiration on points
25,000 points 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening – which can be redeemed for a $250 statement credit toward travel purchases
$0

BankAmericard®

BankAmericard® credit card
N/A
N/A N/A
$0

Bank of America® Premium Rewards®

Bank of America® Premium Rewards® credit card
1.5X – 2X Unlimited 2X points on travel and dining purchases. Unlimited 1.5X points on all other purchases
60,000 points 60,000 online bonus points for spending $4,000 on new purchases in the first 90 days of opening their card account.
$95

Bank of America® Unlimited Cash Rewards Credit Card

Bank of America Unlimited Cash Rewards credit card
1.5% unlimited 1.5% cash back on all purchases
$200 $200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening
$95

Bank of America® Premium Rewards® Elite

Bank of America® Premium Rewards® Elite
1.5x – 2x 2 points for every dollar you spend on travel or dining purchases, with 1.5 points per dollar on all your other purchases
75,000 points 75,000 bonus points if you spend $5,000 or more within 90 days of opening your account
$550

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.

Chase offers a variety of credit cards, each tailored to different consumer needs. The Chase Sapphire Preferred Card is popular for travel enthusiasts, providing valuable rewards points and travel benefits.

Card
Rewards
Bonus
Annual Fee

chase_sapphire_preffered

Chase Sapphire Preferred® Card
2X – 5X 5x total points on travel purchased through Chase Travel, 3x points on dining, online grocery purchases and select streaming services. 2x on other travel purchases. Plus, earn 1 point per dollar spent on all other purchases.
60,000 points 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening
$95
Chase Freedom Flex
Chase Freedom Flex℠ Card
1-5% 5% cash back on up to $1,500 in combined purchases on selected categories each quarter and 5% cash back on travel purchased through Chase Ultimate Rewards®. Also, you can earn 3% cash back on dining at restaurants (including takeout and eligible delivery services), drugstore purchases , and 1% on all other purchases
$200 $200 bonus after you spend $500 on purchases in the first 3 months from account opening
$0

chase freedom unlimited card

Chase Freedom Unlimited®
1.5% – 5% 5% on travel purchased through Chase Ultimate Rewards, 3% on dining at restaurants, including takeout and eligible delivery services, 3% on drugstore purchases and 1.5% cash back on all purchases
$200 Earn a $200 bonus after you spend $500 on purchases in the first 3 months from account opening.
$0

Chase Sapphire Reserve®
1X – 10X

5X total points on air travel and 10X total points on hotels, car rentals and dining when you purchase through Chase Ultimate Rewards®, immediately after earning your $300 annual travel credit. Also, earn 3x points on dining at restaurants and travel (after meeting the $300 travel credit), then 1x points per dollar spent on all other purchases.

60,000 points 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening
$550

Marriott Bonvoy Boundless Card review 2019

Marriott Bonvoy Boundless® Credit Card
1x – 6X 6X points for every $1 spent at over 7,000 hotels participating in Marriott Bonvoy® with the Marriott Bonvoy Boundless® credit card. Plus, earn up to 10X points from Marriott for being a Marriott Bonvoy® member. Plus, earn up to 1X point from Marriott with Silver Elite Status. Earn 3X points for every $1 on the first $6,000 spent in combined purchases each year on grocery stores, gas stations, and dining. Earn 2X points for every $1 you spend on all other purchases.
3 Free Nights 3 Free Nights (each night valued up to 50,000 points) after you spend $3,000 on purchases in your first 3 months from your account opening
$95
united explorer
United Explorer Card
1X – 2X 2x per $1 spent on United purchases, hotel accommodations, restaurants & eligible delivery services and 1x per $1 spent on all other purchases
50,000 miles 50,000 miles after you spend $3,000 on purchases in the first 3 months your account is open.
$95 ($0 first year)

The Chase Freedom Flex and Chase Freedom Unlimited cards focus on cash back, offering rotating bonus categories and unlimited cash back, respectively. For premium benefits, the Chase Sapphire Reserve stands out with its elevated rewards, airport lounge access, and travel credits.

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.

BofA Mortgage options and rates
BofA Mortgage options and rates (Screenshot from Bank Of America app, rates are not updated)

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. 

The digital assistant can be helpful in many cases, but it's still a bit and not a human support:

Chase digital assistant chatbot
Close account with Chase digital assistant (Screenshot from Chase app)

 

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

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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.

Bank_of_America

Chase_logo

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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
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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
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on Bank of America website
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on Chase website
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on our website

FAQs

Yes, Bank of America banking promotion for new accounts and credit cards. For example, the Advantage Banking Account offers new accounts a $200 bonus as of June 2024.

Yes, Chase offers bank promotions for new accounts as well as on a variety of credit cards.  As of June 2024 , you can get $100 if you open a new Chase Secure Banking bank account.

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.

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.

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.

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.

The Smart Investor Banking Comparison Methodology

In our detailed comparison, The Smart Investor team thoroughly looked in five main areas:

  1. Checking Accounts (30%): We checked things like direct deposit, debit card availability, monthly fees, ATM and branch access, check deposit, bill pay options, and account alerts. We also considered any special offers for customers.

  2. Savings Accounts including CDs (20%): We focused on important stuff like how much interest you can earn (APY), the smallest amount you need to open an account, how flexible the accounts are, and if they're insured by FDIC. We also looked at special savings offers, different types of CDs, and any fees for taking money out early.

  3. Credit Cards (15%): We looked at what rewards you get, how much the card costs each year, any bonuses you get for signing up, perks for traveling, how much interest you pay on balances, and if you can transfer balances from other cards.

  4. Lending Options (15%): We checked out the different kinds of loans they offer, like personal loans, student loans, mortgages, and loans where you use your home as collateral.

  5. Customer Experience And Bank Reputation (20%): We looked into how easy it is to use their online and mobile banking, how helpful their customer support is, what people say about them online, any awards they've won, and how stable they are financially. This gave us a good idea of what it's like to be a customer and how much people trust them.

Compare Chase Versus Alternative Banks

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 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?

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?

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 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?

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 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

While Chase and U.S. Bank offer many banking services, Chase Bank is our winner in this competition. Here's why – and what else to know:

Chase vs. U.S. Bank: Which Bank Account Is Better?

While Truist is a full service bank where you can find almost any financial product, Chase is our winner. Here's why – and what else to know:

Chase vs. Truist Bank: Which Bank Account Is Better?

We'll explore Chase and BMO Bank savings accounts, checking accounts, CDs, credit cards, and lending products. Here's our winner:

In our opinion, Chase is the preferred option in this battle. But, there are significant differences between products. Here's our comparison:

In our opinion, Chase is the preferred option in this battle. But, there are significant differences between products. Here's our comparison.

Chase vs. M&T Bank: Which Bank Account Is Better?

We believe Chase is the preferred option in this battle. But, there are significant differences to know. Here's our comparison: Chase vs. Fifth Third Bank

While Huntington Bank offers some better conditions when it comes to CDs and lending options, Chase is our winner. Here's why: Chase vs. Huntington Bank

Even though Regions Bank has better terms for CDs and loans, we're leaning towards Chase. Here's why, and our complete banking comparison: Chase vs. Regions Bank

Chase is the largest brick-and-mortar bank, while Ally Bank is among the best online banks. Here's our comparison and our winner: Chase vs. Ally Bank

Chase Bank is our winner, while Amex and Chase offer great banking services and credit card portfolios. Here's our side-by-side comparison: American Express Bank vs. Chase Bank

Chase is our winner as it is a better fit for most consumers than HSBC bank. But, there are important things to consider when comparing them: Chase Bank vs. HSBC Bank

Both Chase and Barclays offer a significant portfolio of banking services for US-based customers, but Chase is our winner. Here's why: Chase Bank vs. Barclays Bank

Chase Bank is our winner with a complete package of banking services. SoFi is best for savings rates, online experience, and lending options.

Chase vs. SoFi: Which Bank Account Is Better?

Compare BofA With Alternative Banks

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 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?

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?

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 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?

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?

Both banks have a decent selection of banking products, but there are some gaps in each line up. If you’re looking for the best returns, Capital One does have the edge in terms of CD and savings rates.

Bank of America vs Capital One: Which Bank Wins?

There is no clear winner as to whether Truist Bank or Bank of America is a better choice, but we prefer the latter. Here's why.

Truist Bank vs. Bank Of America: Which Bank Account Is Better?

Bank of America and PNC Bank offer various banking products, but which is a better fit for you? Let's compare and see our winner: PNC Bank vs. Bank Of America

We'll explore Bank Of America and TD Bank savings accounts, checking accounts, CDs, credit cards, and lending products. Here's our winner: TD Bank vs. Bank Of America

BMO is the winner when it comes to savings products, while Bank Of America offers many more credit card options. Here's our winner: Bank of America vs. BMO Bank

There is no clear-cut winner, but we prefer Bank Of America. But, there are cases when Citizens is best. Here's our comparison: Bank of America vs. Citizens Bank

While Bank of America and Fifth Third Bank offer a range of banking services, Fifth Third is our winner in this competition. Here's why.

Bank of America vs. Fifth Third Bank: Which Bank Account Is Better?

We'll explore Bank of America and M&T Bank savings accounts, checking accounts, CDs, credit cards, and lending products. Here's our winner: Bank of America vs. M&T Bank

We believe Bank Of America is the preferred option in this battle. But, there are significant differences to know. Here's our comparison: Bank of America vs. KeyBank

While Regions Bank offers better checking accounts, Bank of America wins in credit cards and CDs. Here's our side by side comparison: Regions Bank vs. Bank of America

If you feel comfortable with online-only banking and depending on your needs – Ally may be a better option than Bank Of America. Here's why.

Ally Bank vs. Bank of America: Which Bank Account Is Better?

For most consumers, Bank of America may be a better option. American Express is a solid option for customers with higher wealth. Here's why.

American Express Bank vs. Bank of America: Which Bank Account Is Better?

Banking Reviews

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Lorraine Smithills

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
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