Logos by Chase and Financial institution of America; Illustration by Hunter Newton/Bankrate
Chase and Financial institution of America are the biggest banks within the U.S. measured by whole property. As such, each banks boast massive department networks that embody many of the nation and a variety of deposit accounts, together with certificates of deposit, checking and financial savings accounts.
However whereas Chase and Financial institution of America share many commonalities, their deposit account choices may be vastly completely different. Right here’s a breakdown of Chase and Financial institution of America, in contrast by account kind.
Chase vs. Financial institution of America: Overview
| Chase | Financial institution of America | |
|---|---|---|
| General Bankrate rating | 3.5 | 3.8 |
| Overview | If you happen to get pleasure from fast entry to branches and ATMs, Chase has a banking presence in almost each state. The app and web site may help you simply ship cash to anybody, pay your payments, create a funds and extra. However if you happen to’re on the lookout for the very best financial savings charges, higher choices can be found. | Financial institution of America might be a match for shoppers wanting entry to a neighborhood department, a extremely rated app and loads of ATMs. However, like many massive banks, it presents low charges of return in comparison with different monetary establishments. |
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Chase vs. Financial institution of America: Evaluating financial savings accounts
Each Chase and Financial institution of America provide paltry yields on their financial savings accounts, which means these accounts gained’t do a lot to assist develop your financial savings. That mentioned, the banks have a variety of choices with many variations for every account.
Chase presents two essential financial savings accounts: Chase Financial savings and Chase Premier Financial savings.
Financial institution of America has only one financial savings account referred to as Benefit Financial savings. The account is considerably tiered — which means the extra you deposit, the upper yield you’ll earn — however the greater tiers require you to grow to be a Most well-liked Rewards member. You possibly can qualify you probably have an eligible Financial institution of America private checking account and a three-month mixed common day by day stability of $20,000. You may as well qualify you probably have $20,000 or extra in qualifying Merrill funding accounts.
| Chase Financial savings | Financial institution of America Benefit Financial savings | |
|---|---|---|
| Bankrate rating | 2.9 | 2.7 |
| APY | 0.01% | 0.01% – 0.04% |
| Month-to-month charges | $5 or $0 when necessities are met | $8or $0 when necessities are met |
| Minimal deposit to open | $0 | $100 |
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Word: Annual proportion yields (APYs) proven are as of June 25, 2024, and should range by area for some merchandise.
Chase vs. Financial institution of America: Evaluating certificates of deposit
Each Chase and Financial institution of America provide a wide range of CDs with varied phrases and yields. Chase presents normal CDs, however you possibly can earn extra if you happen to qualify for a relationship fee. Financial institution of America presents featured CDs with extra aggressive yields along with normal CDs, which typically provide low yields.
| Chase CDs | Financial institution of America CDs | |
|---|---|---|
| Bankrate rating | 2.8 | 4.2 |
| Time period lengths | 1 month to 10 years | 1 month to 10 years |
| Minimal deposit to open | $1,000 | $1,000 |
| APY for one yr | 2.00% | 0.03% |
| APY for 3 years | 2.00% | 0.03% |
| APY for 5 years | 2.50% | 0.03% |
| IRA CDs | None out there | None out there |
| Specialty CDs | None out there | None out there |
| Featured CDs | Obtainable: 3.00% – 4.75% APY* | Obtainable: 0.05% – 4.75% APY |
*To earn the very best APY for some phrases, you have to have a linked eligible Chase checking account and $100,000 in deposits.
Word: Annual proportion yields (APYs) proven are as of June 25, 2024, and should range by area for some merchandise.
Chase vs. Financial institution of America: Evaluating checking accounts
Each Chase and Financial institution of America have a bunch of checking account choices that may enchantment to a variety of shoppers, relying on particular person wants. The 2 we’ve reviewed listed here are Chase Complete Checking and Financial institution of America Benefit Plus Checking. The accounts are very related, however you’ll need to be careful for charges, which may be drastically completely different relying on the account.
| Chase Complete Checking | Financial institution of America Benefit Plus Checking | |
|---|---|---|
| Bankrate rating | 3.8 | 3.7 |
| Month-to-month charges | $12 or $0 when necessities are met | $12 |
| Minimal deposit to open | $0 | $100 |
| APY | None | None |
| Overdraft price | $34 | $10 |
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Chase vs. Financial institution of America: Banking expertise
You’ll get the same expertise whether or not you financial institution at Chase or Financial institution of America. They’re the biggest banks within the U.S., so that you’ll discover loads of ATMs and branches scattered throughout the nation. Furthermore, each banks have extremely rated cellular apps that aid you observe and handle your cash.
| Chase | Financial institution of America | |
|---|---|---|
| Branches | 4,700+ | 3,700+ |
| Customer support | Obtainable by cellphone, mail and in particular person. Customer support hours over the cellphone are usually not prominently listed on Chase’s web site. | Obtainable by cellphone, mail and in particular person. Cellphone hours are Monday via Friday from 8 a.m. to 11 p.m. ET, Saturday from 8 a.m. to eight p.m. ET and Sunday from 8 a.m. to five p.m. ET. |
| ATM community | Roughly 16,000 ATMs | Roughly 15,000 ATMs |
| Cellular app ranking | iOS: 4.8Android: 4.4 | iOS: 4.8Android: 4.6 |
| Philanthropy | JPMorgan Chase Basis | Financial institution of America Charitable Basis |
