The choice depends on what you actually use your account for

Chase and Bank of America are both large national banks with similar core services—checking, savings, credit cards, mortgages, investment accounts. Neither is objectively "better." Chase tends to offer higher rewards on credit cards and more competitive checking account rates in some regions. Bank of America has more physical branches in most states and stronger integration with investment services if you already use Merrill Edge. The real difference is in the specific products you need, the fees you'll pay, and whether the branch network matters to you.

Both banks charge monthly maintenance fees on checking accounts unless you meet their requirements—usually a minimum balance or direct deposit. Both offer ways to waive those fees. The question is which bank's requirements and fee structure align with how you actually bank.

Key Takeaways

  • Chase's checking accounts waive monthly fees with a $500 minimum balance or direct deposit; Bank of America requires $1,500 minimum balance or $250 direct deposit, making Chase cheaper if you carry lower balances.
  • Bank of America has more branches in most states and better ATM access through its network; Chase has fewer physical locations but a larger ATM network through its partnerships.
  • Chase credit cards typically offer higher cash back and travel rewards; Bank of America's cards offer lower rewards but may suit people who want simplicity over maximization.
  • Bank of America integrates directly with Merrill Edge brokerage; Chase requires a separate account if you want to trade stocks.
  • Both banks charge overdraft fees and out-of-network ATM fees, and both have faced criticism for customer service response times.

Checking account fees and balance requirements

Chase's Chase Total Checking account waives the $12 monthly fee if you maintain a $500 minimum daily balance or receive direct deposit. If you fall below $500 and have no direct deposit, you pay the fee. Many people can hit $500 without effort, making this the cheaper option for average account holders.

Bank of America's Advantage Checking account waives the $12 monthly fee if you maintain a $1,500 minimum daily balance or receive a direct deposit of at least $250 per month. The $1,500 threshold is three times Chase's requirement. If you typically carry less than $1,500 in checking, you'll pay the monthly fee unless you have direct deposit set up.

Both banks offer savings accounts with no monthly fees, though interest rates on savings are low at both institutions—typically under 0.05% annual percentage yield. If you're looking for higher savings rates, online banks like Marcus or Ally offer substantially more.

Branch and ATM access

Bank of America operates roughly 4,300 branches across the United States, with particularly strong presence on the East Coast and in California. If you regularly need to deposit cash, withdraw large amounts, or speak to someone in person, Bank of America's footprint is an advantage in most regions.

Chase has approximately 4,700 branches, but they're concentrated in urban and suburban areas. If you live in a rural area or travel frequently to smaller towns, you may find Bank of America's branch network more useful. Chase's strength is its ATM network—through partnerships with other banks, Chase customers can use roughly 60,000 ATMs without fees. Bank of America customers can use about 16,000 ATMs without fees, but Bank of America's own branch network partly compensates.

Both banks charge $3.50 per transaction if you use an out-of-network ATM. If you travel or move frequently, Chase's larger ATM network could save you money.

Credit card rewards and benefits

Chase's credit card lineup emphasizes cash back and travel rewards. The Chase Freedom Unlimited card offers 1.5% cash back on all purchases with no annual fee. The Chase Sapphire Preferred offers 2x points on travel and dining, with an annual fee of $95. These cards are designed for people who want to maximize rewards and are willing to track bonus categories or pay annual fees for higher returns.

Bank of America's cards tend toward simplicity. The Bank of America Cash Rewards card offers 1% cash back on all purchases with no annual fee and no bonus categories to track. Bank of America also offers the Premium Rewards card with 2x points on travel and dining, but it carries a $95 annual fee and is less generous than Chase's equivalent.

If you spend heavily on travel or dining and want to maximize rewards, Chase's cards typically offer more value. If you prefer a single flat rate with no annual fee and no category tracking, Bank of America's cards are simpler.

Investment and brokerage services

Bank of America owns Merrill Edge, its brokerage platform. If you have a Bank of America checking account, you can link directly to Merrill Edge and trade stocks, bonds, and mutual funds without setting up a separate account. Bank of America also offers wealth management services through Merrill Wealth Management for customers with higher balances.

Chase does not own a brokerage. If you want to invest through Chase, you must open a separate account with an outside broker like Fidelity or Charles Schwab. This adds a step but also means you're not locked into Chase's investment platform if you later want to switch.

For most people, this difference matters only if you plan to actively trade stocks or work with a financial advisor. If you're buying index funds through a 401(k) or IRA, both banks can help you set those up through their partners.

Overdraft fees and other charges

Both Chase and Bank of America charge $35 per overdraft transaction if you spend more than your available balance. Both allow you to link a savings account or external account to cover overdrafts automatically, which avoids the fee. Both also offer overdraft protection for a small monthly fee, though this is rarely worth it compared to straightforward linking another account.

Wire transfer fees are $15 for domestic wires at both banks. ACH transfers (the slower, free method) take one to three business days. If you need to move money quickly and frequently, the wire fee adds up.

Neither bank stands out as significantly cheaper or more expensive on these secondary fees. The difference is usually in the checking account fee structure and the rewards you earn on credit cards.

Customer service and mobile banking

Both Chase and Bank of America offer mobile apps with deposit by photo, bill pay, and account transfers. Both allow you to open accounts online. Both have 24/7 phone support, though wait times vary by time of day and season.

Chase's app is generally considered more intuitive, with faster load times and clearer navigation. Bank of America's app is functional but has received more complaints about slowness and confusing menu structures. Neither bank offers live chat support through their website—you must call or use the app's messaging feature, which can take hours to receive a response.

If you bank primarily through your phone and rarely call, the difference in app quality may matter. If you visit branches regularly, app quality is less important.

Which bank to choose based on your situation

Choose Chase if: You carry less than $1,500 in your checking account and want to avoid monthly fees. You spend heavily on travel or dining and want to maximize credit card rewards. You travel frequently and want access to a large ATM network. You prefer a cleaner mobile app experience.

Choose Bank of America if: You live in an area with strong Bank of America branch presence and value in-person banking. You want to trade stocks or work with a financial advisor and prefer integrated services. You want a straightforward, flat-rate credit card with no annual fee and no bonus categories. You carry higher balances and don't mind the $1,500 minimum to waive monthly fees.

Neither bank is universally better. The right choice depends on your specific needs, where you live, and how you prefer to bank.

Frequently Asked Questions

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

Yes. Many people maintain accounts at multiple banks to take advantage of different features—for example, a Chase checking account for the lower fee threshold and a Bank of America investment account for Merrill Edge access. There's no rule against it, and it can actually reduce your overall banking costs if you structure it strategically.

Which bank has better customer service?

Both banks have received complaints about long phone wait times and slow response to messages. Neither has a clear advantage. If customer service is your priority, smaller regional banks or online banks often have faster response times, though they may not offer the same branch network or product range.

Do either bank offer better savings account rates?

No. Both Chase and Bank of America offer savings accounts with interest rates below 0.05% annually, which is well below inflation. If you're saving money and want it to earn interest, online banks like Marcus, Ally, or American Express offer rates above 4% on savings accounts. Traditional banks prioritize checking accounts and loans over savings rates.

What happens if I switch from one bank to the other?

You can open a new account at the second bank and transfer your money using an ACH transfer, which is free and takes one to three business days. You'll need to update your direct deposit and any automatic payments. You can keep your old account open or close it—closing it doesn't affect your credit score. Most people close the old account once the transition is complete.

Are there fees for closing an account?

Neither Chase nor Bank of America charges a fee to close a checking or savings account. Some banks charge early closure fees if you close within a certain period, but these two do not. You can close an account online, by phone, or in person.