February 23, 2024

Chase and Financial institution of America are two of the most important banks in America. Each are full-service banks, providing a full vary of private and enterprise banking companies.

In our head-to-head comparability of the 2 banking giants, we’re going to give attention to 4 particular account sorts: checking accounts, financial savings accounts, certificates of deposit (CDs), and cash market accounts.

Our protection won’t embody each checking and financial savings account provided by the 2 banks, however moderately the preferred accessible at every.

Checking account comparability  

Right here we are going to do a side-by-side comparability of two of the preferred checking accounts provided by every financial institution, Chase Complete Checking® vs. Financial institution of America Benefit Plus Checking.

The 2 accounts have comparable month-to-month charges, however Financial institution of America expenses barely much less for home out-of-network ATM charges. Nevertheless, you want a minimal of $100 to open a Financial institution of America Benefit Plus Checking account, whilst you can open a Chase Complete Checking® account with no cash in any respect.

Financial institution of America Benefit Plus Checking

  • Month-to-month: $12
  • ATM*: $3 home; $5 international
  • Month-to-month: 12
  • ATM*: $2.50 home; $5 international

$200 with qualifying actions

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*Applies to out-of-network charges for ATM transactions.

You’ll be able to waive the month-to-month charge on the Chase Complete Checking® with any of the next:

Chase Complete Checking®

Account

Chase Complete Checking®

Charges

  • Month-to-month: $12
  • ATM*: $3 home; $5 international
  • Digital deposits totaling $500 or extra per 30 days.
  • A minimal day by day starting stability of $1,500.
  • A mean starting day by day stability of $5,000 or extra in Chase Complete Checking® together with a qualifying deposit or funding account.

You’ll be able to waive the month-to-month charge on the Financial institution of America Benefit Plus Checking with any of the next:

Financial institution of America Benefit Plus Checking

Account

Financial institution of America Benefit Plus Checking

Charges

  • Month-to-month: 12
  • ATM*: $2.50 home; $5 international
  • Have at the least one qualifying direct deposit of $250 or extra every month.
  • Preserve a minimal day by day stability of at the least $1,500.
  • Enroll in Financial institution of America Most well-liked Rewards. 

Financial savings account comparability  

Right here the comparability is between the Chase Premier Financial savings account and the Financial institution of America Benefit Financial savings account. Financial institution of America pays barely larger curiosity in your account stability. It additionally has a decrease month-to-month charge and extra choices to have it waived.

Whereas the comparability between the 2 banks’ checking accounts stacks up as a draw, the clear winner amongst financial savings accounts is Financial institution of America Benefit Financial savings.

Financial institution of America Benefit Financial savings

0.01% to 0.02% on all balances

0.01% to 0.04% on all balances

The month-to-month charge on Chase Premier Financial savings might be waived with both of the next:

Chase Premier Financial savings

APY*

0.01% to 0.02% on all balances

  • A minimal day by day stability of $15,000.
  • With a linked Chase Premier Plus Checking or Chase Sapphire Checking account.

The month-to-month charge on Financial institution of America Benefit Financial savings might be waived with any of the next:

Financial institution of America Benefit Financial savings

Financial institution of America Benefit Financial savings

APY*

0.01% to 0.04% on all balances

  • Preserve a minimal day by day stability of $500.
  • Hyperlink your Financial institution of America Benefit Financial savings to your Financial institution of America Benefit Relationship Banking account.
  • If you end up a Financial institution of America Most well-liked Rewards member.
  • The account proprietor is beneath 18 years outdated, or beneath age 25 and qualifies as a scholar.

CD comparability  

The CD comparability between the 2 banks is inexact, owing to the truth that Financial institution of America makes use of odd-month phrases. For comparability sake, we’ve matched comparable—however not similar—CD phrases between the 2 banks.

Among the many CD phrases, Chase stands out in two classes. First, its six-month CD pays a 4.50% APY, however solely on balances of $100,000 or extra (in any other case the APY is 4.00%). Second, it gives CDs with phrases of 30 months or better, paying a 1.50% APY on all phrases and balances.

Financial institution of America additionally stands out in two classes. Its seven-month and 13-month CDs pay a 4.75% APY on all balances. Second, its 25-month CD pays 2.85% on all balances.

Which financial institution would be the higher place to park your CDs will rely on the time period you choose.

  • 6 mos: 4.00%–4.50%
  • 12 mos: 3.00%–3.75%
  • 24 mos: 2.00%
  • 36 mos: 2.00%
  • 7 mos: 4.70%
  • 13 mos: 4.70%
  • 25 mos: 3.20%
  • 37 mos: 0.05%

Should be linked to a Chase private checking account

Chase’s early withdrawal penalties on CDs of varied phrases are as follows:

  • Lower than six months: 90 days curiosity.
  • Six months to lower than 24 months: 180 days curiosity.
  • 24 months or extra: one year curiosity.

In every case, the penalty won’t exceed the quantity of curiosity earned on the certificates.

Financial institution of America’s early withdrawal penalties on CDs of varied phrases are as follows:

  • Lower than 90 days: the better of all curiosity earned on the quantity withdrawn or an quantity equal to seven days of curiosity on the quantity withdrawn.
  • 90 days as much as 12 months: 90 days’ curiosity on the quantity withdrawn.
  • 12 months as much as 60 months: 180 days’ curiosity on the quantity withdrawn.
  • 60 months or longer: one year’ curiosity on the quantity withdrawn.

Cash market account comparability 

Financial institution of America comes up because the winner right here due to its Financial institution of America Rewards Cash Market Financial savings. Chase doesn’t provide a cash market account.

Financial institution of America Rewards Cash Market Financial savings

Should be enrolled in Most well-liked Rewards or Banking Rewards to earn the best charges*

* Financial institution of America Rewards Cash Market Financial savings is topic to a month-to-month service charge of $12, which might be waived with any of the next:

  • Preserve a minimal day by day stability of $2,500.
  • Hyperlink the account to a Financial institution of America Curiosity Checking or Benefit account.
  • Enroll within the Most well-liked Rewards1 program.

Different accounts and companies provided by Chase and Financial institution of America

Each Chase and Financial institution of America are full-service business banks providing very comparable product strains. Different services and products provided by the 2 banks are listed within the desk under:

Variety of department places

Variety of in-network ATMs

TIME Stamp: Chase vs. Financial institution of America is a tie 

Usually, when evaluating rivals, it’s potential to declare a winner. However between Chase and Financial institution of America, that isn’t potential. The 2 banking giants are about as carefully matched as any two rivals in any trade.

Your option to go along with one or the opposite will possible come right down to which particular account—checking, financial savings, or CDs—you like between the 2. If it’s a cash market account you need, Financial institution of America is, in fact, your solely alternative.

It might even be a matter of comfort. Chances are you’ll select the financial institution with the closest department location. 

Steadily requested questions (FAQs)

Which financial institution is probably the most handy—Chase or Financial institution of America?

That would come down to precisely the place you reside—and the way you financial institution. Chase has nearly 1,000 extra department places, however Financial institution of America has 1,000 extra in-network ATMs.

Which financial institution do prospects like higher?

In response to the American Buyer Satisfaction Index, Chase and Financial institution of America are in a useless warmth. Their rating is 77—one level under Citibank and one above Wells Fargo. The quantity relies on 12 elements, together with the standard of their cell act and their name facilities.

Which financial institution do shoppers belief most?

Within the Lifestory Analysis 2022 America’s Most Trusted® Financial institution examine, Chase got here out #1 general as probably the most trusted retail financial institution. Financial institution of America ranked sixth. Its score was 101.3, in comparison with 88.2 for BOA. Opinions for the 2022 examine got here from 17,614 individuals.

The knowledge introduced right here is created independently from the TIME editorial workers. To study extra, see our About web page.

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