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Chase and Bank of America are two of the best national banks in the US, and they offer similar bank accounts. There isn't a clear overall winner between the two, so your choice will likely come down to which types of accounts you want to open.
Below, we've listed the winners for checking, savings, and CDs between Chase and Bank of America. We've also compared each institution's trustworthiness.
Chase vs. Bank of America Checking Account Comparisons
Both Chase and Bank of America have several checking accounts, but we've compared two popular accounts that charge the same monthly fees.
| Minimum opening deposit | ||
| Monthly service fee | $12 (with options to waive) | $12 (with options to waive) |
| How to waive monthly fee | One of the following each month:
| One of the following each month:
|
| Bonus | $200 | $100 |
| Next steps |
Both checking accounts charge a $12 monthly service fee, but it's possible to waive it with each bank. Your choice between the two could come down to whether you qualify to avoid the monthly fee.
To earn the
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Chase vs. Bank of America Savings Account Comparisons
| APY (Annual Percentage Yield) | ||
| Minimum opening deposit | ||
| Monthly service fee | $5 or $0 | $8 or $0 |
| How to waive monthly fee | One of the following each month:
| One of the following each month:
|
| Other perks | N/A | Up to 10% cash back |
| Next steps |
Chase and Bank of America savings rates are low across the board. You can earn significantly better rates online with the best high-yield savings accounts.
Bank of America's cash-back system does give it an advantage, though. Through Bank of America online banking or the mobile app, you can select a cash-back deal that kicks in when you make a purchase with your debit card. You'll also select which Bank of America account you want the cash earned to go into. If you choose for cash to deposit into the savings account, this can be a good way to save extra money.
Chase vs. Bank of America CD Comparisons
At Chase, you'll earn a higher relationship rate if you have a Chase checking account (Otherwise, you'll only earn 0.01% APY). Meanwhile, Bank of America Fixed Term rates vary depending on the CD term you choose.
| Term lengths | 1 month to 10 years | 28 days to 10 years |
| Minimum opening deposit | ||
| APY | ||
| Early withdrawal penalties | 90 to 365 days interest | 7 to 365 days interest |
| Next steps |
Bank of America CD rates and Chase CD rates are low for most terms, with a few exceptions. Bank of America pays relatively high rates on 3-month, 4-month, and 5-month terms. It also has a
There's also a
Meanwhile, Chase's only competitive rates are on 3-month, 6-month, and 12-month terms, and rates vary depending on where you live.
Which Bank is More Trustworthy?
There isn't a clear answer on which bank is more trustworthy. The Better Business Bureau has given JPMorgan Chase & Co. (Chase's parent company) an A+ rating, and Bank of America an A- rating.
A good BBB rating signifies a company responds effectively to customer complaints, has honest advertising practices, and is transparent in how it handles business.
Although both banks have great scores from the BBB, each has its own history of public scandals. Here are a couple conflicts from Chase over the past few years:
- In 2020, JP Morgan Chase & Co. paid the Department of Justice $920 million in a settlement that said the bank was involved in wrongful trading.
- In the same year, the US Department of Labor also required Chase to pay $800,000 in back wages in a settlement that accused the bank of underpaying women.
And here are some issues from Bank of America:
- In 2022, the Consumer Financial Protection Bureau fined Bank of America for freezing customers' accounts because its automatic fraud filter incorrectly detected fraud on accounts. The CFPB claimed that the bank made it difficult for customers to un-freeze their accounts.
- The Department of Justice charged Bank of America in 2020 when it accused the bank of unfairly denying home loans to adults with disabilities, even though they qualified for loans. Bank of America paid around $300,000 total to people who were refused loans.