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Chase Bank vs. Bank of America [2025]: Which One Should You Choose?

Bank of America and Chase are both great banks, but we recommend Chase for most banking but Bank of America for loyalty perks.

By Christopher Murray
and Lisa Dammeyer

Edited by Melinda Sineriz, ABFP™

Updated June 2, 2025

Our view

Chase Bank and Bank of America are two of the biggest brick-and-mortar banks in the U.S., with more branch locations than many institutions and a wide variety of account types between them. Both banks provide comparable digital banking experiences and customer service, a few similar accounts, and strong in-person banking access. But which is better for you?

When comparing Bank of America and Chase closely, Chase Bank edges out Bank of America in nearly every category, especially when you look at account variety and the availability of specialty accounts. We'd pick Chase for you if you're looking for banking for teens or students or simply want more checking options to choose from.

But while Chase Bank may be a better option for many families, Bank of America could be more beneficial to people looking to open multiple accounts in one place (thanks to its loyalty rewards program). See how the two compare in this Chase vs. Bank of America review.

How we evaluate products

Chase Bank vs. Bank of America comparison

	Chase Bank	Bank of America
Year founded	1877	1904
Number of branches	Over 4,700	Around 3,700
Number of fee-free ATMs	Around 15,000	Around 15,000
Checking accounts	Chase Total Checking Chase Secure Banking Chase Premier Plus Checking Chase First Banking Chase High School Checking Chase College Checking Chase Sapphire Banking Chase Private Client Checking℠	Bank of America Advantage SafeBalance Banking® SafeBalance Banking® for Family Banking Bank of America Advantage Plus Banking® Bank of America Advantage Relationship Banking®
Savings accounts	Chase Savings Chase Premier Savings	Bank of America Advantage Savings
CDs	CDs ranging from one to 120 months	Featured CDs Fixed Term CDs Flexible CDs
FDIC	Member FDIC (Cert. #628)	Member FDIC (Cert. #3510)
	Read our Chase Bank review	Read our Bank of America Advantage Banking review

4.2

Enjoy $300 as a new Chase checking customer

When you open a new Chase Total Checking® account with qualifying activities.¹ FDIC Insured. Offer valid through 7/16/2025.

Open Account

4.2

Bank of America Advantage Banking

$300 bonus offer. Bank of America, N.A. Member FDIC. Click ‘Learn More' for more details.

Learn More

Which bank is better for you?

When you should choose Chase Bank

Chase Bank might be a better choice for you than Bank of America if you fit into any of the following categories:

You're young and looking for fee-free accounts you can upgrade later.
You want to avoid minimum opening deposit requirements.
You could easily access Chase branches.

We recommend Chase most for younger consumers who can use one of the bank's accounts for kids, teens, or students. If I were setting up a checking or savings account for someone less experienced with managing their money, I would consider one of Chase's many account offerings. In general, Chase stands out from other banks for providing more specialized checking options than many institutions, including choices for people of different age groups.

This bank account variety, and the fact that many of these accounts have no minimum opening deposit requirements, gives Chase an edge over Bank of America. And of course, if you already know a Chase branch is in your neighborhood and easy to get to, this could be the more convenient choice for those times when walking into a branch feels more comfortable than getting help through an app or online platform.

When you should choose Bank of America

While Chase wins in many regards, Bank of America may be our pick for you if any of the following are true:

You currently have a Bank of America credit card and can qualify for Preferred Rewards perks.
You could easily access Bank of America branches.

Bank of America also offers a variety of accounts but really works best for Bank of America loyalists. If you have other Bank of America accounts or credit cards, you'll reap the most rewards through Bank of America's Preferred Rewards program. This loyalty or relationship program offers exclusive perks to qualifying account holders, including interest rate boosts or discounts and credit card rewards bonuses, with tiers determined by your overall balance with the bank.

And in some cases or places, Bank of America could be more easily accessible for in-person banking than Chase.

Chase vs. Bank of America checking

Chase and Bank of America have numerous checking accounts, each meant for a different type of customer. While nearly every one of these accounts at both banks requires a monthly fee, each holds different features that make these fees worthwhile, or easy to avoid.

Chase Bank checking accounts

Bank of America checking accounts

Chase's accounts come with monthly service fees, some of which can be waived if you meet certain requirements² $12 Monthly Service Fee OR $0 with one of the following, each monthly statement period: Electronic deposits made into this account totaling $500 or more, such as payments from payroll providers or government benefit providers, by using (i) the ACH network, (ii) the Real Time Payment network, or (iii) third party services that facilitate payments to your debit card using the Visa® or Mastercard® network, OR a balance at the beginning of each day of $1,500 or more in this account, OR an average beginning day balance of $5,000 or more in any combination of this account and linked qualifying Chase checking, savings, and other balances. ³ Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. Person to Person payments (such as Zelle®) are not considered a direct deposit. Micro-deposits do not qualify as a direct deposit for the bonus. Micro-deposits are small deposits, typically less than $1, that are sent to your account to verify it is the correct account.
Some accounts come with overdraft protection⁴ With Chase Overdraft Assist℠, we won’t charge an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.
No minimum deposit requirements
Kids, high school, and college checking accounts are available

Accounts have maintenance fees that can be waived if you meet certain requirements
Overdraft protection available on certain accounts
Most accounts require a minimum opening deposit of $25 to $100
Accounts for students

Chase First Banking includes debit cards for kids and parental controls like spending limits and chores, plus the ability to set savings goals. Bank of America's SafeBalance Banking® for Family Banking also includes debit cards for kids, with similar features, controls, and protections, but is tailored to kids under the age of 16 rather than kids under 17.

4.2

Enjoy $300 as a new Chase checking customer

When you open a new Chase Total Checking® account with qualifying activities.¹ FDIC Insured. Offer valid through 7/16/2025.

Open Account

4.2

Bank of America Advantage Banking

$300 bonus offer. Bank of America, N.A. Member FDIC. Click ‘Learn More' for more details.

Learn More

Chase vs. Bank of America savings

While you won't earn much in the way of interest with either company's savings account, Chase and Bank of America have different advantages within their savings accounts. Chase specializes in keeping minimum deposits low, while Bank of America prioritizes higher interest rates for Preferred Rewards members.

Chase Bank savings accounts	Bank of America savings accounts
Most savings accounts have monthly fees, and some can be waived under certain conditions Autosave features available on all accounts No minimum initial deposit Low interest rate of 0.01% (as of 04/04/25) APY for basic Chase savings account	Have monthly fees that can be waived Offers round-ups through its Keep the Change program that can add to savings Preferred Rewards members earn better rates and rewards $100 minimum deposit needed to open an account Low interest rate of 0.01% (as of 05/02/25) APY

High-yield savings accounts offer significantly more interest. Many of the best high-yield savings accounts without minimums are offered by online banks and credit unions.

CDs compared

Both Chase and Bank of America offer various CD types and terms. Each has the same minimum deposit requirements, but Chase offers the highest annual percentage yield (APY) to customers with a qualifying checking account.

Chase Bank CDs	Bank of America CDs
CD terms range from 1 month to 10 years $1,000 minimum required to open any CD Best rates come from having a linked Chase checking account	CD terms range from 28 days to 10 years $1,000 minimum required to open a Bank of America CD

Strengths of both banks

Variety of account options

Both banks offer multiple checking, savings, and CD options. Chase organizes its accounts by customer type, with multiple options for students, everyday users, and investors. Bank of America also offers a variety of account options with a focus on different customer types, such as students, current Bank of America members, and average users. However, the number of different Chase accounts for kids and teens stands out to me as compared to Bank of America's options.

Autosave features

Both banks reward your business by offering savings features when you have a linked checking or savings account with the bank. Chase's checking accounts allow you to set up recurring savings goals when you have a linked Chase savings account.

Bank of America allows you to round up your debit card purchases if you have both a savings and a checking account. You can transfer the difference to your savings account automatically.

Fee waivers

While both banks charge monthly fees for nearly all of their accounts, if you meet certain requirements, these fees may be waived. For example, most student accounts for both Chase and Bank of America have waived fees. Additionally, if you meet certain minimum balance requirements, your fees get waived. This is how I avoid fees at Bank of America.

Student accounts

Not all banks are built with younger customers in mind, so it's refreshing to see that both Bank of America and Chase have multiple options for kids, teens, and college students.

Bank of America offers checking accounts with no fees (as long as you're under 25) and no overdraft fees. Students can also qualify for Bank of America's Advantage Savings, which also has a waived fee and includes cashback rewards and personalized financial planning through the Bank of America Life Plan.

Chase offers more options than Bank of America when it comes to accounts for younger account holders. There are parent-connected accounts for kids between ages six and 12, high school students, and college students. None of these accounts come with fees, and most of them give you online banking access, autosave features, and quick mobile deposits.

3 important differences between Chase Bank and Bank of America

1. Minimum deposit requirements

Both Bank of America and Chase have minimum deposits for their CDs, each requiring $1,000 to get the ball rolling, which is not uncommon for CD accounts. But Bank of America requires an initial deposit for most of its checking and savings accounts, while Chase doesn't.

Bank of America requires $100 for some of its checking accounts and savings accounts. Chase, on the other hand, has no minimum requirement for any of its accounts. This reason alone might be enough to push me toward Chase if I was setting up my accounts for the first time.

Winner: Chase, as it has no minimum requirements.

2. Loyalty perks

Chase offers rewards specifically through its CDs. You may qualify for a higher interest rate if you have a Chase checking account.

Bank of America, on the other hand, has a loyalty program that offers credit card rewards, discounted rates on loan products, and no fees on certain accounts. You do have to maintain a high balance across all accounts to access these perks. The lowest Preferred Rewards tier starts with a $20,000 balance, while the highest requires over $1 million.

Winner: Bank of America, thanks to its Preferred Rewards program that offers rewards like a $200 reduction in origination fees for mortgages and up to 0.25% off your auto loan rate, even at its lowest tier.

3. Cash back

Chase sometimes offers bonuses for opening certain accounts. Bank of America goes a little further in its cashback offerings.

If you use the mobile app, you can see all of the cash back deals you're eligible for. Every time I log on, there is a wide variety of rewards available, offering between 1% and 20% cash back at popular retailers. For example, I've saved offers to earn 5% cash back at Sephora, 10% back at Safelite, and even 20% back for travel booked through Expedia.

You can use eligible Bank of America credit cards or debit cards to earn rewards.

Winner: Bank of America since its offerings are more diverse.

FAQ

Is Chase Bank better than Bank of America?

Both Chase and Bank of America are powerhouses in the banking industry, so neither is inherently better than the other. To decide which one works better for your needs, browse through each bank's offerings and compare account features.

What is the difference between Chase Bank and Bank of America?

Chase Bank and Bank of America are two of the largest banks in the U.S. Both have branches and ATM networks all over the country, but their checking, savings, and CD offerings differ from each other.

Bank of America focuses on offering cash rewards and extra features to its Preferred Rewards members. Chase Bank instead prioritizes offering a large number of account types across the board. From kids to students to average consumers and high-net-worth investors, Chase has an account that fits.

What is the best bank to have?

The best type of bank for you depends on your financial habits and needs. Those with little need to visit a branch should concentrate on online-based banks with few fees and an easy-to-use mobile app.

If you're looking for a personalized experience, go with banks with a large network of branches that prioritize customer service. Either way, the best banks have a strong reputation, make the banking process easy, and keep their fees low.

Open a New Checking Account With Chase

4.2

Chase Total Checking® Benefits

Get a $300 bonus when you open a Chase Total Checking® account with qualifying activities; offer valid through 7/16/2025¹ Offer not available to existing Chase checking customers, or those whose accounts have been closed within 90 days or closed with a negative balance within the last 3 years. You can receive only one new checking account opening related bonus every two years from the last coupon enrollment date and only one bonus per account. Coupon is good for one-time use. To receive the bonus: 1) Open a new Chase Total Checking account, which is subject to approval; AND 2) Have your direct deposits totaling $500 or more made to this account within 90 days of coupon enrollment. Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. Person to Person payments (such as Zelle®) are not considered a direct deposit. Micro-deposits do not qualify as a direct deposit for the bonus. Micro-deposits are small deposits, typically less than $1, that are sent to your account to verify it is the correct account. After you have completed all the above requirements, we'll deposit the bonus in your new account within 15 days. To receive this bonus, the enrolled account must not be closed or restricted at the time of payout. Eligibility may be limited based on account ownership. Bonus is considered interest and will be reported on IRS Form 1099-INT (or Form 1042-S, if applicable). Offer availability subject to change. Other Chase checking bonus offers may exist concurrently.
Access to more than 15,000 ATMs and more than 4,700 branches
Manage all your accounts from the Chase Mobile® app
Monthly Service Fee as low as $0 when you meet qualifying electronic deposits or account balance minimums² $12 Monthly Service Fee OR $0 with one of the following, each monthly statement period: Electronic deposits made into this account totaling $500 or more, such as payments from payroll providers or government benefit providers, by using (i) the ACH network, (ii) the Real Time Payment network, or (iii) third party services that facilitate payments to your debit card using the Visa® or Mastercard® network, OR a balance at the beginning of each day of $1,500 or more in this account, OR an average beginning day balance of $5,000 or more in any combination of this account and linked qualifying Chase checking, savings, and other balances.
Member FDIC

4.2

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