Chase vs. Bank of America: Which Bank is Better?

Did you know that the average American maintains a relationship with their primary bank for over 16 years? Choosing a financial institution is one of the most consequential yet overlooked decisions in personal finance—one that affects everything from your daily money management to your long-term financial growth.

Chase and Bank of America stand as two banking titans in the United States, together serving nearly one-third of the American population. While both offer comprehensive financial services and nationwide branch networks, they differ significantly in their account offerings, fee structures, digital capabilities, and customer service approaches.

In this detailed comparison, we’ll examine how Chase and Bank of America compete across crucial banking dimensions including checking and savings accounts, fees, interest rates, physical presence, digital banking tools, and overall customer experience. By analyzing the strengths and weaknesses of each institution, we’ll help you determine which bank might better align with your specific financial needs and preferences in 2025.

Bank Overviews: Understanding the Giants

JPMorgan Chase: The Nation’s Largest Bank

JPMorgan Chase & Co. represents the banking arm of the largest financial institution in the United States with:

• $3.9 trillion in assets
• Approximately 5,000 branches across the country
• Over 16,000 ATMs nationwide
• 66 million U.S. customers
• A full suite of banking, investment, and lending products
• Strong business and commercial banking divisions

Founded through a series of mergers with origins dating back to 1799, Chase has built a reputation for financial strength, innovative digital tools, and comprehensive product offerings designed to serve customers across the economic spectrum.

Bank of America: Banking Pioneer with Deep Market Penetration

Bank of America Corporation stands as the second-largest U.S. bank with:

• $3.2 trillion in assets
• Approximately 4,100 branches nationwide
• Over 16,000 ATMs across the country
• 67 million consumer and small business clients
• Extensive wealth management through Merrill
• Strong focus on environmental and social initiatives

With roots tracing back to 1904, Bank of America has pioneered many banking innovations throughout its history while maintaining a strong physical presence in major markets, particularly on the East and West coasts.

Account Offerings: Meeting Your Banking Needs

Checking Account Comparison

Chase Checking Accounts:

Chase offers a tiered approach to checking with increasing benefits at higher levels:

• Chase Total Checking: Basic account with direct deposit options for fee waivers
• Chase Secure Banking: Low-fee account with no overdrafts
• Chase Premier Plus Checking: Mid-tier account with some fee waivers and interest
• Chase Sapphire Banking: Premium relationship account with extensive fee waivers
• Chase Private Client Checking: Ultra-premium banking with personalized service

Key Chase checking advantages include:

• Substantial new account bonuses ($200-$600 typically)
• Integration with popular Chase credit cards and rewards
• Availability of physical checks at all account levels
• QuickDeposit ATM limits up to $5,000 per day

Bank of America Checking Accounts:

Bank of America structures its checking accounts with an emphasis on relationship rewards:

• Bank of America Advantage SafeBalance: Entry-level account with no overdraft fees
• Bank of America Advantage Plus: Standard checking with multiple fee waiver options
• Bank of America Advantage Relationship: Interest-bearing premium account
• Bank of America Preferred Rewards clients: Enhanced benefits across all account types

Key Bank of America checking advantages include:

• Preferred Rewards program offering significant relationship benefits
• Keep the Change automated savings program
• Extensive Erica virtual assistant functionality
• Higher mobile check deposit limits for established customers

“The distinction between Chase and Bank of America’s checking accounts often comes down to how customers prefer to qualify for fee waivers,” explains Maria Gonzalez, banking analyst at Financial Services Review. “Chase emphasizes direct deposit amounts, while Bank of America offers more diverse pathways to avoid monthly maintenance fees.”

Savings and Money Market Account Comparison

Chase Savings Options:

• Chase Savings: Basic savings account with limited features
• Chase Premier Savings: Higher-tier savings with relationship rates
• Chase Private Client Savings: Highest rates for premium clients

Chase savings accounts generally feature:

• Modest interest rates even at premium tiers
• Integration with Chase’s automated savings tools
• Easy transfers between Chase accounts
• Limited monthly transactions (typically 6 per month)

Bank of America Savings Options:

• Bank of America Advantage Savings: Standard savings account
• Preferred Rewards savings rate boosts: Up to 10% interest rate boost for relationship customers
• Minor Savings Accounts: Specialized accounts for children

Bank of America savings accounts typically offer:

• Competitive base rates enhanced by relationship bonuses
• Keep the Change program for automated savings
• Integration with Bank of America’s financial planning tools
• Limited monthly transactions (typically 6 per month)

While neither bank offers industry-leading interest rates on deposit accounts compared to online banks, Bank of America’s Preferred Rewards program can significantly enhance yields for customers with larger balances.

Certificate of Deposit (CD) Offerings

Chase CD Options:

• Terms ranging from 1 month to 10 years
• Minimum deposits starting at $1,000
• Standard, relationship, and promotional rates available
• CD laddering tools and guidance

Bank of America CD Options:

• Terms ranging from 28 days to 10 years
• Minimum deposits as low as $1,000
• Featured CD rates for Preferred Rewards members
• Specialized CD options like Trade Up CDs

Both banks typically offer CD rates below the national average, with Bank of America generally providing slightly higher yields enhanced through relationship bonuses.

Fee Structures and Minimums: Understanding the Costs

Monthly Maintenance Fees

Chase Monthly Account Fees:

• Chase Total Checking: $12 (waivable)
• Chase Secure Banking: $4.95 (non-waivable)
• Chase Premier Plus Checking: $25 (waivable)
• Chase Sapphire Banking: $25 (waivable)
• Chase Savings: $5 (waivable)

Common Chase fee waiver methods include:

• Monthly direct deposits totaling $500+ (Total Checking)
• Maintaining minimum daily balances ($1,500 for Total Checking)
• Having qualifying linked accounts
• Meeting relationship balance requirements

Bank of America Monthly Account Fees:

• Advantage SafeBalance: $4.95 (waivable)
• Advantage Plus: $12 (waivable)
• Advantage Relationship: $25 (waivable)
• Advantage Savings: $8 (waivable)

Common Bank of America fee waiver methods include:

• Monthly direct deposits of $250+ (Advantage Plus)
• Maintaining minimum daily balances ($1,500 for Advantage Plus)
• Enrollment in Preferred Rewards program
• Student status for eligible customers

Bank of America offers slightly more pathways to waive fees, particularly through its Preferred Rewards program which can eliminate fees across multiple accounts with a qualifying relationship balance.

Overdraft Fee Policies

Chase Overdraft Fees:

• Standard overdraft fee: $34
• Maximum of 3 overdraft fees per day
• No overdraft fees if account is overdrawn by $50 or less
• Overdraft Protection available through linked accounts
• Chase Secure Banking offers no overdrafts

Bank of America Overdraft Fees:

• Standard overdraft fee: $35
• Maximum of 2 overdraft fees per day
• No overdraft fees for transactions under $1
• Balance Connect for overdraft protection
• SafeBalance account with no overdraft fees

Both banks have implemented more consumer-friendly overdraft policies in recent years, including grace periods, elimination of NSF fees, and accounts designed to prevent overdrafts entirely.

ATM Fees and Access

Chase ATM Network:

• Free access to 16,000+ Chase ATMs nationwide
• $3 fee for non-Chase ATMs in the US
• $5 fee for international ATM withdrawals
• No reimbursement for other banks’ ATM surcharges
• Higher-tier accounts may receive limited fee waivers

Bank of America ATM Network:

• Free access to 16,000+ Bank of America ATMs
• $2.50 fee for non-Bank of America ATMs domestically
• $5 fee for international ATM withdrawals
• No standard ATM fee reimbursements
• Preferred Rewards members at higher tiers receive some ATM fee reimbursements

Both banks offer extensive ATM networks but provide limited relief from out-of-network fees compared to online banks that typically offer more generous reimbursement policies.

Physical Presence and Branch Experience

Branch Network Analysis

Chase Branch Network:

• Approximately 5,000 branches across 48 states
• Strongest presence in New York, California, Illinois, and Texas
• Continuing expansion into new markets like North Carolina and Minnesota
• Recent focus on modern branch designs with more technology
• Extended hours at many locations with some Sunday availability

Bank of America Branch Network:

• Approximately 4,100 branches across 37 states
• Heaviest concentration in California, Florida, and Texas
• Strong East and West Coast presence
• Implementation of advanced technology centers
• Varying hours with limited weekend availability in some markets

Chase holds an advantage in overall branch count and geographic coverage, while Bank of America maintains deeper penetration in its core markets.

Branch Services and Experience

Chase Branch Experience:

• Full-service banking representatives
• Small business specialists in many locations
• Private Client centers for affluent customers
• Financial advisors available by appointment
• Generally positive customer service ratings

Bank of America Branch Experience:

• Universal bankers trained across multiple disciplines
• Better Business Financial Centers for business clients
• Merrill financial professionals in many locations
• Appointment scheduling through mobile app
• Mixed customer service reviews depending on location

Both banks have invested significantly in modernizing branches, though customer experiences can vary substantially based on specific locations and staffing.

Digital Banking Capabilities

Mobile Banking App Comparison

Chase Mobile App Features:

• Zelle integration for person-to-person payments
• QuickDeposit for mobile check deposits
• Digital account opening and loan applications
• Spend tracking and budget categorization
• Card lock/unlock and travel notifications
• Credit score access through Credit Journey
• High app store ratings (4.8/5 on iOS, 4.6/5 on Android)

Bank of America Mobile App Features:

• Zelle integration for transfers
• Mobile check deposits with higher limits for established customers
• Erica virtual financial assistant with predictive capabilities
• BankAmeriDeals cash back offers
• Spending and budgeting tools
• Digital Wallet integration
• Strong app ratings (4.8/5 on iOS, 4.7/5 on Android)

Bank of America’s Erica virtual assistant provides an edge in proactive financial insights and natural language processing, while Chase offers more seamless integration with its popular credit card ecosystem.

Online Banking Platform

Chase Online Banking:

• Comprehensive account dashboard
• Bill pay and account management
• Automated savings tools
• Investment account integration
• Document center for statements and notices
• Financial education resources
• Strong security features including two-factor authentication

Bank of America Online Banking:

• MyPortfolio overview of accounts
• Bill pay with eBills
• Life Plan financial goal setting tool
• Better Money Habits financial education
• Customizable dashboard
• Merrill investment account integration
• Advanced security features with SafePass

Bank of America’s Life Plan tool offers more robust goal-setting features, while Chase provides a somewhat more streamlined user experience according to most third-party reviews.

Digital Innovation and Technology

Chase Digital Innovations:

• Digital Account Opening in minutes
• QuickPay with Zelle
• Chase Business Complete Banking digital tools
• Chase Digital Assistant
• Advanced fraud monitoring systems
• Voice banking capabilities
• API marketplace for developers

Bank of America Digital Innovations:

• Digital Mortgage Experience
• Erica virtual assistant with over 20 million users
• CashPro digital platform for businesses
• Digital Wealth Overview
• Predictive banking insights
• Cardless ATM access
• Open banking API platform

Bank of America has received numerous awards for digital banking innovation, particularly for its Erica virtual assistant technology, while Chase maintains an edge in integration with payment technologies and merchant services.

Interest Rates and Rewards

Deposit Account Interest Rates

While rates fluctuate based on market conditions, some general patterns persist:

Chase Interest Rates (as of publication):

• Savings accounts: 0.01% to 0.05% APY (higher for relationship tiers)
• Interest-bearing checking: 0.01% to 0.03% APY
• 1-year CD: 0.05% to 0.25% APY depending on balance and relationship
• Money Market accounts: 0.05% to 0.15% APY

Bank of America Interest Rates (as of publication):

• Savings accounts: 0.01% to 0.07% APY (before Preferred Rewards boosts)
• Interest-bearing checking: 0.01% to 0.04% APY
• 1-year CD: 0.05% to 0.30% APY depending on balance and relationship
• Preferred Rewards members can receive up to 10% interest rate boosts

Neither bank competes with high-yield online savings accounts, but Bank of America’s Preferred Rewards interest rate boosts provide a meaningful advantage for relationship customers.

Rewards Programs and Perks

Chase Rewards Ecosystem:

• New account opening bonuses ($200-$600)
• Ultimate Rewards points system with credit cards
• Chase Offers cash back deals
• Relationship rates on loans and deposits
• Special event access for premium clients
• Mortgage rate discounts for relationship customers

Bank of America Rewards Ecosystem:

• Account opening bonuses ($100-$500, typically)
• Preferred Rewards program with three tiers:
  • Gold (requires $20,000+ in combined balances)
  • Platinum (requires $50,000+ in combined balances)
  • Platinum Honors (requires $100,000+ in combined balances)
• BankAmeriDeals cash back offers
• Credit card rewards boosts for Preferred Rewards members
• Loan discount rates
• Museums on Us program for free museum access

Bank of America’s Preferred Rewards program offers more comprehensive relationship benefits across banking, credit cards, investments, and loans, while Chase typically provides larger upfront account opening bonuses and better credit card rewards for everyday spending.

Customer Service and Satisfaction

Service Channel Availability

Chase Customer Support:

• Branch availability: Typically 9am-5pm weekdays, 9am-1pm Saturdays, with some locations offering extended hours
• Phone support: 24/7 for most banking services
• Chat support: Available during extended business hours
• Secure messaging through online and mobile banking
• Social media response team
• Dedicated relationship managers for premium clients

Bank of America Customer Support:

• Branch availability: Generally 9am-5pm weekdays, 9am-1pm Saturdays, varied by location
• Phone support: 24/7 for general banking
• Virtual chat assistant with handoff to live agents when needed
• Secure online messaging
• Social media customer care
• Wealth management advisors for qualified customers

Both banks provide multi-channel support, though wait times can be significant during peak periods. Chase typically receives slightly higher ratings for phone support quality, while Bank of America’s Erica virtual assistant provides more immediate automated assistance.

Customer Satisfaction Ratings

According to J.D. Power’s 2024 U.S. Retail Banking Satisfaction Study and other industry surveys:

Chase Customer Satisfaction:

• Overall satisfaction score: Above industry average
• Mobile banking satisfaction: Among industry leaders
• Problem resolution: Above average ratings
• Branch experience: Generally positive ratings
• Common complaints: Complicated fee structures, account access issues

Bank of America Customer Satisfaction:

• Overall satisfaction score: Slightly below industry average
• Mobile banking satisfaction: Above average ratings
• Problem resolution: Below average ratings
• Branch experience: Mixed reviews by region
• Common complaints: Service consistency, account restrictions

“The difference in customer experience often relates to how problems are resolved rather than day-to-day banking,” notes customer experience analyst Robert Johnson. “Chase tends to perform better in resolving complex issues, while Bank of America excels in preventing problems through its digital platform.”

Specialized Banking Services

Business Banking Comparison

Chase Business Banking:

• Business Complete Banking with integrated merchant services
• Business credit cards with robust rewards
• Chase Payment Solutions for merchant processing
• Business loans and lines of credit
• Industry-specific solutions for healthcare, retail, and other sectors
• Chase for Business mobile app
• Business checking with higher transaction limits
• Ink Business credit card line with popular rewards

Bank of America Business Banking:

• Business Advantage accounts with scalable features
• Merchant services and payment processing
• Cash Flow Monitor tools
• Business credit cards and rewards
• Small business loans and financing
• Cash management solutions
• Business Capital connection tool
• CashPro platform for mid-sized businesses

Chase generally offers stronger rewards for business credit cards and more integrated merchant services, while Bank of America provides better cash management tools and industry-specific expertise in certain sectors.

Premium Banking Services

Chase Premium Banking:

• Chase Private Client (requires $150,000 in deposits/investments)
• J.P. Morgan Premier Banking (higher wealth tiers)
• Dedicated bankers and advisors
• Higher transaction limits and fee waivers
• Exclusive events and experiences
• J.P. Morgan investment opportunities
• Arts and Culture program

Bank of America Premium Banking:

• Preferred Rewards Platinum and Platinum Honors
• Bank of America Private Bank (for ultra-high-net-worth clients)
• Dedicated Merrill financial advisors
• Better mortgage rates and auto loan discounts
• Banking fee waivers and higher interest rates
• Investment guidance and portfolio management
• Art banking services for collectors

Bank of America’s integration with Merrill creates a more seamless wealth management experience, while Chase Private Client offers more exclusive perks and experiences for affluent clients.

Making Your Decision: Finding Your Better Banking Match

When determining which bank better suits your needs, consider these key factors:

When Chase May Be the Better Choice:

Chase might be the preferable option if you:

1. Value geographic reach and need branch access across most states
2. Are attracted to upfront bonuses for new account opening
3. Already use Chase credit cards and want to consolidate rewards
4. Prefer streamlined digital experiences with less complexity
5. Need business merchant services that integrate with your banking
6. Frequently use ATMs across different regions of the country
7. Value private banking services at relatively lower wealth thresholds

“After comparing both banks, I chose Chase primarily because their branch network better matched my travel patterns for work, and their mobile app integrated perfectly with my existing Chase credit cards,” explains Taylor Hughes, a management consultant who banks with Chase.

When Bank of America May Be the Better Choice:

Bank of America might serve you better if you:

1. Maintain higher balances that qualify for Preferred Rewards benefits
2. Invest with Merrill or want integrated wealth management
3. Appreciate proactive digital insights through tools like Erica
4. Want relationship benefits across multiple financial products
5. Value educational resources like Better Money Habits
6. Live in areas with strong Bank of America presence
7. Prefer more pathways to waive monthly account fees

“The Preferred Rewards program was the deciding factor for me,” shares Elena Rodriguez, a Bank of America customer for eight years. “The combination of higher interest rates, no fees, and credit card rewards boosts creates real value that outweighs the slightly fewer branches in my area.”

Conclusion: Finding Your Banking Fit

Both Chase and Bank of America offer comprehensive banking services with nationwide reach, robust digital tools, and full product suites that can meet most consumers’ banking needs. Neither bank consistently dominates across all categories, with each offering distinct advantages that appeal to different customer priorities.

Chase provides a slight edge for customers who prioritize widespread branch access, straightforward rewards, strong merchant services for businesses, and a generally consistent banking experience across regions. Its larger branch network and slightly higher customer service ratings make it appealing for those who value in-person banking and straightforward account structures.

Bank of America delivers greater value for relationship customers with significant combined balances, those who appreciate advanced digital assistance, and clients seeking integrated banking and investment management. Its Preferred Rewards program offers particularly compelling benefits for customers who can maintain higher balances across Bank of America and Merrill accounts.

For many consumers, the better choice ultimately depends on specific individual needs rather than overall bank superiority. Consider your geographic location, typical account balances, digital banking preferences, and whether you value relationship rewards or upfront bonuses more highly when making your selection.

Regardless of which institution you choose, both Chase and Bank of America continue to invest heavily in both their physical and digital infrastructures, ensuring that customers can expect evolving services and capabilities as the banking landscape continues to transform in 2025 and beyond.

Frequently Asked Questions

Which bank offers better protection against fraud?

Both banks offer similar fraud protection including zero liability policies, account monitoring, and instant card freezing. Chase’s Credit Journey provides more robust credit monitoring, while Bank of America’s customizable card alerts offer more granular control over transaction notifications.

Can I avoid monthly fees with either bank?

Yes, both banks offer multiple ways to avoid monthly maintenance fees. Chase typically requires direct deposits or minimum daily balances, while Bank of America provides additional pathways including Preferred Rewards membership and linked account relationships.

Which bank has better rates for mortgages and loans?

Rates vary based on market conditions and individual creditworthiness, but Bank of America tends to offer slightly better relationship discounts through Preferred Rewards (up to 0.50% on mortgages and 0.50% on auto loans). Chase provides competitive relationship rates but with generally smaller discounts.

Is it easy to switch from one bank to the other?

Both banks offer switch kits to facilitate transfers, but the process requires careful planning. Direct deposits, automatic payments, and linked accounts must all be updated. Neither bank currently offers a comprehensive switch service that manages all aspects of the transition.

Which bank better accommodates international travelers?

Chase generally offers better international services with no foreign transaction fees on certain accounts, Global ATM Alliance participation, and better currency exchange rates. Bank of America’s international wire transfer services are more streamlined, but their foreign transaction fees tend to be higher.

Do both banks offer student accounts?

Yes, both banks offer specialized accounts for students. Chase provides College Checking with fee waivers for students, while Bank of America offers Advantage Banking accounts with student waiver options and specialized campus cards at partner universities.

Resources:

• Chase Official Website
• Bank of America Official Website
• Chase vs Bank of America – NerdWallet Comparison
• Best U.S. Banks Compared – Forbes Advisor