When comparing big national banks like Bank of America and JPMorgan Chase, it can be tough at first to see much of a difference. Each has lots of branches and ATMs, a variety of accounts, and good technology.
We looked them over top to bottom, though, and here’s whose services prevailed.
Who wins
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In nearly every category we examined, Chase came out ahead. It wasn’t by much, but each time it was enough. As an all-around national bank, Chase is difficult to top.
But the details matter, of course. Here’s a closer look at how these two banking behemoths compare.
Checking accounts
| Bank of America Core Checking | Chase Total Checking | |
|---|---|---|
| Monthly fee | $12. This is waived if you meet one of these criteria: • Receive direct deposits of at least $250 each month • Maintain an average daily balance of $1,500 • Are a Bank of America Preferred Rewards client • Are a student under the age of 23 |
$12. This is waived if you meet one of these criteria: • Receive direct deposits of at least $500 each month • Maintain an average daily balance of $1,500 • Maintain a balance of at least $5,000 between all linked Chase accounts |
| Minimum opening deposit | $25 | $25 |
| Interest on balances | None | None |
| ATM network | 16,000 free Bank of America ATMs $2.50 fee for using out-of-network ATMs $5 fee for using international out-of-network ATMs |
15,500 free Chase ATMs $2.50 fee for using out-of-network ATMs $5 fee for using international out-of-network ATMs |
| Sign-up bonus | None | $150, when you set up direct deposit. (Offer good through July 18, 2016.) |
Analysis
The only thing separating the banks’ most basic checking accounts is the bonus you can get with Chase. Otherwise, both have relatively low minimum opening deposit requirements, give customers several ways to avoid monthly fees and offer large free ATM networks, and neither one earns interest.
Chase offers two advanced checking options: the Premier Plus and Premier Platinum accounts. Both come with APYs of 0.01%, as well as perks like waiving charges from non-Chase ATMs. But they also come with steep fees that can be dodged only by keeping a large balance or taking out a mortgage with Chase.
Bank of America offers one other type of checking account. Balances above $50,000 earn an APY of 0.02% while those below earn a 0.01% return. This interest-bearing account has a $25 monthly maintenance fee, which you can avoid by maintaining a balance above $10,000 or being a Preferred Rewards client.
» MORE: NerdWallet’s best checking accounts and debit cards
Savings accounts
| Bank of America Regular Savings | Chase Savings | |
|---|---|---|
| Monthly fee | $5. This is waived if you meet one of these criteria: • Maintain a daily balance of $300 • Have a repeating automatic transfer of at least $25 each month from your Bank of America checking account • Have a linked Bank of America Interest Checking account • Are a Preferred Rewards client |
$5. This is waived if you meet one of these criteria: • Maintain a daily balance of $300 • Have a repeating automatic transfer of at least $25 each month from your Chase checking account • Have a linked Chase Premier Plus Checking, Chase Premier Platinum Checking or Chase Private Client Checking account • Are under age 18 |
| Interest on balances | 0.01% | 0.01% |
| Minimum opening deposit | $25 | $25 |
| Automatic transfer from linked checking? | Yes | Yes |
Analysis
The banks’ most basic savings accounts are nearly identical, and you could go so far as to say they are identically disappointing. At 0.01%, the APYs are below the already-dismal national average of 0.06%. The good news is that it’s fairly easy to avoid monthly fees, so if you simply need a place to park your savings, either account could serve you just fine. If you’re looking to maximize your return, though, you’d be better served by an online savings account, as these typically come with significantly higher APYs.
Apart from its basic savings account, Bank of America offers a Rewards Money Market account with a 0.03% APY. And Preferred Rewards clients can earn up to 0.06%. Chase’s Plus Savings account has an APY of 0.06%, but you’ll need a lot of cash to qualify for that rate, and you’ll be able to dodge the $20 monthly fee only by keeping a balance of $20,000, having a linked Premier Plus or Premier Platinum Checking account, or being a Chase Private Client Checking account holder.
» MORE: NerdWallet’s best savings accounts
Certificates of deposit
| Bank of America | Chase | |
|---|---|---|
| Minimum opening deposit | $1,000 | $1,000 |
| APY on 1-year term | 0.03% on all balances | 0.02% ($0-$99,999.99) 0.05% ($100,000+) |
| APY on 3-year term | 0.12% on all balances | 0.15% ($0-$9,999.99) 0.35% ($10,000-$99,999.99) 0.40% ($100,000+) |
| APY on 5-year term | 0.15% on all balances | 0.35% ($0-$9,999.99) 0.55% ($10,000-$99,999.99) 0.60% ($100,000+) |
Analysis
A $1,000 minimum opening deposit requirement is high, but at least Chase offers a tiered-rate structure, which Bank of America does not. Plus, Chase’s five-year CDs have rates that are twice as high as those of Bank of America. When it comes to standard CDs, Chase is the clear winner. Unlike Chase, though, Bank of America offers a couple of different types of CDs, such as one for which customers don’t have to pay early withdrawal fees if they need their cash before the certificate matures. But at 0.04%, the rate is low, and you’ll need to cough up $5,000 just to open it. With that kind of money, you’d be better served by going to an online bank or credit union, which typically have stronger rates and lower minimum deposit requirements.» MORE: What is a CD?
Customer experience
Bank of America’s website features an excellent FAQ section, and its Checking Clarity Statements provide clear overviews of what each account offers and what the associated fees are. The bank also has several helpful budgeting and savings tools and a reliable money transfer service. Bank of America and Chase both let customers make quick side-by-side comparisons of their respective checking and savings accounts, and fees and rates are fairly easy to spot.
Bank of America has an online chat feature that comes with estimated wait times, a service not offered by Chase. However, both have Twitter accounts meant to answer customers’ questions.
A note for frequent travelers: Bank of America has branches in 35 states, while Chase serves 25 states, according to the FDIC’s BankFind tool. Both have branches in the District of Columbia. Chase has a total of 5,300 branches across the country; Bank of America has just under 5,000.
Other fees
Neither bank is especially forward-thinking when it comes to overdraft fees. Bank of America’s is $35, and you can be charged up to four times in a day. At Chase, it’s $34 and up to three times a day. Both offer overdraft protection, for which they will move funds from a savings account or credit card to cover you, but at a cost of $12 at BofA, $10 at Chase. And fees for wire transfers and cashier’s checks are standard.
In short, what you gain in convenience you give up in an unforgiving fee structure.
Next steps
If nothing here has caught your eye, check out our roundup of the best national banks. And if you find yourself curious about how a credit union would compare, take a look at our selection of the best credit unions in the country. Between the two, you should be able to find something that suits your needs.
Tony Armstrong is a staff writer at NerdWallet, a personal finance website. Email: tony@nerdwallet.com. Twitter: @tonystrongarm.
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