Neither bank is universally "better" — it depends on what you need from a checking account, savings account, or credit card

Bank of America and Chase are both large national banks with thousands of branches and ATMs. Both offer checking accounts, savings accounts, and credit cards. The real question is not which is better overall, but which one matches your specific situation: how often you visit a branch, what fees matter most to you, whether you want rewards, and what kind of customer service you prefer.

This guide walks through the actual differences so you can see which one makes sense for you. We are not recommending one over the other — we are laying out what each one does, so you can decide.

Key Takeaways

  • Chase and Bank of America both waive monthly fees on basic checking if you maintain a minimum balance or set up direct deposit, though the amounts differ.
  • Chase has more ATMs nationwide (about 16,000), while Bank of America has about 4,600, which matters if you withdraw cash regularly.
  • Both banks charge overdraft fees and out-of-network ATM fees, so the cost of a mistake is similar at either bank.
  • Chase's credit cards tend to offer more rewards points, while Bank of America's rewards are simpler but lower.
  • The best choice depends on whether you value branch access, ATM availability, rewards, or low fees — not on one bank being objectively superior.

Monthly fees and how to avoid them

Both banks charge a monthly maintenance fee on their basic checking accounts, but both let you avoid it. At Chase, the fee is waived if you keep a $500 minimum balance in the account or set up direct deposit of your paycheck. At Bank of America, the fee is waived if you keep a $1,500 minimum balance or set up direct deposit.

If you get paid by direct deposit — meaning your employer deposits your paycheck straight into your account — you will not pay a monthly fee at either bank, even if your balance drops to zero. If you do not get direct deposit, Chase's $500 threshold is easier to meet than Bank of America's $1,500 threshold. That said, if you are paid in cash or by check, you may want to look at banks that do not require a minimum balance at all.

Both banks also offer savings accounts with monthly fees. At Chase, the basic savings account has no monthly fee. At Bank of America, the basic savings account also has no monthly fee. Neither bank pays much interest on savings — both offer less than 0.01% on basic accounts — so if you are saving money, you will earn almost nothing either way.

ATM access and branch locations

Chase has roughly 16,000 ATMs in the United States. Bank of America has roughly 4,600. If you withdraw cash regularly and do not want to pay out-of-network fees, Chase's larger ATM network is a real advantage. You are more likely to find a Chase ATM near you without paying a fee.

For branch locations, the numbers are closer. Chase has about 4,700 branches, and Bank of America has about 3,600. If you need to speak to someone in person — to deposit a check, resolve a problem, or open a new account — both banks have reasonable coverage in most cities. However, if you live in a rural area, neither bank may have a branch nearby, and you may be better served by a local bank or credit union.

Both banks charge $2.50 to $3.50 per transaction when you use an ATM that is not theirs. If you use out-of-network ATMs frequently, those fees add up quickly.

Overdraft fees and other charges

Both Chase and Bank of America charge overdraft fees when you spend more money than you have in your account. Chase charges $35 per overdraft. Bank of America charges $35 per overdraft as well. Both banks also charge a fee if you overdraft multiple times in a single day — usually capping the total at $105 to $140 per day.

Both banks offer overdraft protection, which links your checking account to a savings account or credit line. If you overdraft, the bank transfers money from the linked account instead of charging you a fee. This costs nothing if you use it, but you have to set it up in advance.

Both banks also charge fees for things like wire transfers, cashier's checks, and stopping a check payment. These fees are similar at both banks and are usually $10 to $30 per transaction.

Credit cards and rewards

Chase and Bank of America both issue credit cards with rewards, but the rewards structure is different. Chase's credit cards typically offer 1 to 5 points per dollar spent, depending on the card and the category. Bank of America's credit cards typically offer 1 to 3 points per dollar spent. When you redeem points, Chase usually lets you convert them to cash at a rate of 1 point = 1 cent, while Bank of America's conversion rate is similar.

Chase's rewards cards tend to be more generous, especially if you spend a lot in specific categories like travel or dining. Bank of America's rewards cards are simpler — they offer the same rewards rate on all purchases — which some people prefer because there is no category to track.

Both banks charge annual fees on some of their premium credit cards. If you are just starting out with credit, you may want to look at their basic cards, which usually have no annual fee.

Customer service and online banking

Both Chase and Bank of America offer online banking and mobile apps. Both let you check your balance, transfer money, pay bills, and deposit checks by taking a photo. Both have customer service phone lines available 24/7.

Chase's app and website are generally considered easier to navigate, though this is subjective and depends on what you are used to. Bank of America's app and website are also functional, but some users find them less intuitive. If you are new to online banking, you may want to try both banks' apps before deciding.

Both banks have been criticized for customer service wait times during busy periods. If you need to speak to someone quickly, calling early in the morning or mid-week is usually faster than calling on Friday afternoon.

Which bank should you choose

Choose Chase if you withdraw cash regularly and want to avoid out-of-network ATM fees, or if you want a credit card with higher rewards. Chase's larger ATM network and more generous rewards make it a good fit for people who value those things.

Choose Bank of America if you prefer a lower minimum balance requirement for checking, or if you already have accounts there and do not want to switch. Bank of America's $1,500 minimum is higher than Chase's $500, but if you can meet it, the account works fine.

Choose neither if you are new to banking and want to avoid monthly fees entirely. Credit unions and online banks like Ally, Charles Schwab, and Chime offer checking accounts with no monthly fees and no minimum balance. These banks may be a better fit if you are building credit or do not have much money to keep in savings.

Frequently Asked Questions

Can I have accounts at both Chase and Bank of America?

Yes. Many people have checking at one bank and savings at another, or accounts at multiple banks for different purposes. There is no rule against it. Having multiple accounts can actually be helpful — you can use one bank for everyday spending and another for savings, or keep a backup account if one bank has a problem.

Which bank is safer?

Both banks are insured by the Federal Deposit Insurance Corporation (FDIC), which means your money is protected up to $250,000 per account type. Your deposits are equally safe at either bank. The FDIC may provide is the same regardless of which bank you choose.

Do I need to keep a certain amount of money in my account to avoid fees?

Only if you do not have direct deposit. If your paycheck goes straight into your account, both banks waive the monthly fee. If you do not get direct deposit, Chase requires $500 and Bank of America requires $1,500 to avoid the fee.

What happens if I switch banks — will I lose my money?

No. Your money stays yours. When you switch banks, you close the old account and open a new one. You can transfer your money electronically, or the old bank will send you a check. Your money is never at risk during a switch.

Which bank has better interest rates on savings?

Neither. Both Chase and Bank of America pay very little interest on basic savings accounts — less than 0.01% per year. If you are saving money and want to earn interest, online banks and credit unions typically pay much higher rates, sometimes 4% to 5% or more on savings accounts.