<h3><img src="https://static5.businessinsider.com/image/5f490dcbdb1ed00029714778-1667/Chase%20vs%20Bank%20of%20America%204x3.png" border="0" alt="Chase vs. Bank of America 4x3" data-mce-source="Chase; Bank of America; Alyssa Powell/Business Insider"></h3><bi-shortcode id="disclaimer" class="mceNonEditable" data-type="pfi"></bi-shortcode><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><ul class="summary-list"><li>Chase and Bank of America are two of the largest banks in the US.</li><li>Chase offers a $150 bonus for opening a savings account, while BofA doesn't have a savings bonus.</li><li></li><li><a href="https://www.businessinsider.com/personal-finance/best-national-banks" target="_blank" rel="noopener">See Insider's picks for the best national banks </a></li></ul><h2>Should you bank with Chase or Bank of America'</h2><table style="height: 42px; width: 100%; border-collapse: collapse;" border="1" cellpadding="10px"><tbody><tr style="height: 21px;"><td style="width: 50%; height: 21px; text-align: center;"><strong>You might prefer Chase if you:</strong></td><td style="width: 50%; height: 21px; text-align: center;"><strong>You might prefer Bank of America if you:</strong></td></tr><tr style="height: 21px;"><td style="width: 50%; height: 21px;"><ul><li>Don't have $100 to open a savings account</li><li>Want a bigger sign-up bonus for opening a checking account</li><li>Want a sign-up bonus for opening a savings account</li></ul></td><td style="width: 50%; height: 21px;"><ul><li>Want lower early withdrawal penalties for short CD terms</li><li>Are looking for a checking account that makes it easier to waive monthly fees</li></ul></td></tr></tbody></table><aside class="quick-tip headline-regular"><p><strong>The bottom line:</strong> You might like Chase if you qualify for its cash bonuses for opening a checking or savings account. But Bank of America could be better if you don't qualify to waive monthly fees with Chase, because BofA makes it easier to waive fees.</p></aside><div><style> #div-gpt-ad-1579713650634-0 > div > iframe { width: 100% !important; min-width: 300px; max-width: 595px; } </style><script async src="https://securepubads.g.doubleclick.net/tag/js/gpt.js"></script><script> window.googletag = window.googletag || { cmd: [] }; googletag.cmd.push(function () { googletag.defineSlot('/1035677/Business_Insider_', [[1, 1], [300, 139], [595, 139], [300, 250], [595, 250], [300, 360], [595, 360], [300, 475], [595, 475]], 'div-gpt-ad-1579713650634-0') .addService(googletag.pubads()); googletag.pubads().enableSingleRequest(); googletag.pubads().setTargeting('category', ["Banking"]).setTargeting('subcat', ["Savings Accounts"]).setTargeting('post_id', []) .setTargeting('post_url', []) .setTargeting('keyword', ["BOA Checking"]) .setTargeting('company-product', []) .setTargeting('post_title', []); googletag.enableServices(); }); </script><!-- /1035677/Business_Insider_ --><div id="div-gpt-ad-1579713650634-0"> <script> googletag.cmd.push(function () { googletag.display('div-gpt-ad-1579713650634-0'); }); </script></div></div><bi-shortcode id="table-of-contents-sticky" class="mceNonEditable" data-type="h2">Table of Contents: Masthead Sticky</bi-shortcode><h2>Savings account comparisons</h2><table style="width: 100%; border-collapse: collapse;" border="1" cellpadding="5px"><tbody><tr><td style="width: 50%; text-align: center;"><strong><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="product_editorial_name" data-customtext="" data-shouldlink="true" data-pid="5efca81d988ee3411764de87">Chase Savings </bi-inline-shortcode></strong></td><td style="width: 50%; text-align: center;"><strong><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="product_editorial_name" data-customtext="" data-shouldlink="true" data-pid="5f296d9a19182467263afea7">Bank of America Advantage Savings</bi-inline-shortcode></strong></td></tr><tr><td style="width: 50%; text-align: center;"><p><strong>APY</strong></p><p>0.01% to 0.05% APY</p></td><td style="width: 50%; text-align: center;"><p><strong>APY</strong></p><p><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="annual_percentage_yield_apy_display" data-customtext="" data-shouldlink="false" data-pid="5f296d9a19182467263afea7">0.01% to 0.05% APY</bi-inline-shortcode></p></td></tr><tr><td style="width: 50%; text-align: center;"><p><strong>Sign-up bonus</strong></p><p>$150</p></td><td style="width: 50%; text-align: center;"><p><strong>Sign-up bonus</strong></p><p>None</p></td></tr><tr><td style="width: 50%; text-align: center;"><p><strong>Minimum opening deposit</strong></p><p>$0</p></td><td style="width: 50%; text-align: center;"><p><strong>Minimum opening deposit</strong></p><p>$100</p></td></tr><tr><td style="width: 50%; text-align: center;"><p><strong>Monthly service fee</strong></p><p>$5 or $0</p></td><td style="width: 50%; text-align: center;"><p><strong>Monthly service fee</strong></p><p>$8 or $0</p></td></tr><tr><td style="width: 50%; text-align: center;"><p><strong><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="brand,name" data-customtext="Open an account" data-shouldlink="true" data-pid="5efca81d988ee3411764de87">Chase Chase Savings </bi-inline-shortcode></strong></p></td><td style="width: 50%; text-align: center;"><p><strong><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="brand,name" data-customtext="Open an account" data-shouldlink="true" data-pid="5f296d9a19182467263afea7">Bank of America Bank of America Advantage Savings Account</bi-inline-shortcode></strong></p></td></tr></tbody></table><bi-shortcode id="related-article-module" class="mceNonEditable" data-type="5da935af4af9095f0241a272" data-title="The best online high-yield savings accounts of August 2020" data-url="https://www.businessinsider.com/personal-finance/best-high-yield-savings-accounts-rates-right-now" data-thumbnail="https://i.insider.com/5de159ccfd9db25f300616b6" data-shortcode-display-text="Related Article Module: The best online high-yield savings accounts of August 2020"></bi-shortcode><p>Chase is the better option if you don't have much money to open an account. Both banks make it pretty easy to waive their monthly fees, but if you don't qualify to waive charges with either institution, then you may prefer Chase's lower fee.</p><p>Both banks pay very low rates, though. So if you're searching for a high APY, you'll want to look elsewhere.</p><h2>Checking account comparisons</h2><table style="width: 100%; border-collapse: collapse;" border="1" cellpadding="5px"><tbody><tr><td style="width: 50%; text-align: center;"><strong><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="product_editorial_name" data-customtext="" data-shouldlink="true" data-pid="5ec800d3988ee36fe76d4944">Chase Total Checking</bi-inline-shortcode></strong></td><td style="width: 50%; text-align: center;"><strong><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="product_editorial_name" data-customtext="" data-shouldlink="true" data-pid="60357a7326a919001103d282">Bank of America Advantage Plus Checking Account</bi-inline-shortcode></strong></td></tr><tr><td style="width: 50%; text-align: center;"><p><strong>Sign-up bonus</strong></p><p>$200</p></td><td style="width: 50%; text-align: center;"><p><strong>Sign-up bonus</strong></p><p>$100</p></td></tr><tr><td style="width: 50%; text-align: center;"><p><strong>Minimum opening deposit</strong></p><p>$0</p></td><td style="width: 50%; text-align: center;"><p><strong>Minimum opening deposit</strong></p><p>$100</p></td></tr><tr><td style="width: 50%; text-align: center;"><p><strong>Monthly service fee</strong></p><p>$12 or $0</p></td><td style="width: 50%; text-align: center;"><p><strong>Monthly service fee</strong></p><p>$12 or $0</p></td></tr><tr><td style="width: 50%; text-align: center;"><p><strong>Overdraft fee</strong></p><p>$34, up to 3 times/day</p></td><td style="width: 50%; text-align: center;"><p><strong>Overdraft fee</strong></p><p>$35, up to 4 times/day</p></td></tr><tr><td style="width: 50%; text-align: center;"><p><strong><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="brand,name" data-customtext="Open an account" data-shouldlink="true" data-pid="5ec800d3988ee36fe76d4944">Chase Chase Total Checking</bi-inline-shortcode></strong></p></td><td style="width: 50%; text-align: center;"><p><strong><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="name" data-customtext="Open an account" data-shouldlink="true" data-pid="60357a7326a919001103d282">Bank of America Advantage Plus Checking Account</bi-inline-shortcode></strong></p></td></tr></tbody></table><bi-shortcode id="related-article-module" class="mceNonEditable" data-type="5ed7fc153ad861242a46bc2f" data-title="Here are the best checking accounts available right now" data-url="https://www.businessinsider.com/personal-finance/best-checking-accounts" data-thumbnail="https://i.insider.com/5ed92909aee6a86e94137448" data-shortcode-display-text="Related Article Module: Here are the best checking accounts available right now"></bi-shortcode><p>Chase and Bank of America have very similar checking account offerings. Your choice could come down to the sign-up bonus and/or the monthly fees. Chase pays a higher sign-up bonus, and it's easier to qualify. But Bank of America makes it a little easier to waive monthly service fees.</p><h2>CD comparisons</h2><table style="width: 100%; border-collapse: collapse;" border="1" cellpadding="5px"><tbody><tr><td style="width: 50%; text-align: center;"><strong><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="product_editorial_name" data-customtext="" data-shouldlink="true" data-pid="5eeb9ae53ad86107ba27b4f5">Chase CD</bi-inline-shortcode></strong></td><td style="width: 50%; text-align: center;"><strong><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="product_editorial_name" data-customtext="" data-shouldlink="true" data-pid="5f1b4ab95af6cc19db2ad72f">Bank of America Standard Term CD</bi-inline-shortcode></strong></td></tr><tr><td style="width: 50%; text-align: center;"><p><strong>APY</strong></p><p><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="annual_percentage_yield_apy_display" data-customtext="" data-shouldlink="false" data-pid="5eeb9ae53ad86107ba27b4f5">0.01% - 0.05% APY</bi-inline-shortcode></p></td><td style="width: 50%; text-align: center;"><p><strong>APY</strong></p><p><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="annual_percentage_yield_apy_display" data-customtext="" data-shouldlink="false" data-pid="5f1b4ab95af6cc19db2ad72f">0.03% APY</bi-inline-shortcode></p></td></tr><tr><td style="width: 50%; text-align: center;"><p><strong>Minimum deposit</strong></p><p>$1,000</p></td><td style="width: 50%; text-align: center;"><p><strong>Minimum deposit</strong></p><p>$1,000</p></td></tr><tr><td style="width: 50%; text-align: center;"><p><strong>Early withdrawal penalties</strong></p><p>90 to 365 days interest</p></td><td style="width: 50%; text-align: center;"><p><strong>Early withdrawal penalties</strong></p><p>7 to 365 days interest</p></td></tr><tr><td style="width: 50%; text-align: center;"><strong><strong><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="brand,name" data-customtext="Open an account" data-shouldlink="true" data-pid="5eeb9ae53ad86107ba27b4f5">Chase Chase Certificate of Deposit (CD)</bi-inline-shortcode></strong></strong></td><td style="width: 50%; text-align: center;"><p><strong><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="brand,name" data-customtext="Open an account" data-shouldlink="true" data-pid="5f1b4ab95af6cc19db2ad72f">Bank of America Bank of America Standard Term Certificate of Deposit</bi-inline-shortcode></strong></p></td></tr></tbody></table><p>Chase and Bank of America have similar CD offerings. You'll need $1,000 to open a CD with either bank, and they both have terms up to 10 years, which is a longer term than most banks have.</p><bi-shortcode id="related-article-module" class="mceNonEditable" data-type="5dd312be3afd37342b479224" data-title="The best CD rates of August 2020" data-url="https://www.businessinsider.com/personal-finance/who-has-the-best-cd-rates-right-now" data-thumbnail="https://i.insider.com/5dde8f85fd9db257724a8fd4" data-shortcode-display-text="Related Article Module: The best CD rates of August 2020"></bi-shortcode><p>The penalties for withdrawing funds before your CD matures are comparable for the most part. But if your term is under 90 days, the penalty is less harsh with a Bank of America CD.</p><p>Both banks pay very low rates, though. If you're searching for a competitive APY, then you may want to consider an online bank.</p><h2>Bank features comparisons</h2><table style="width: 100%; border-collapse: collapse;" border="1" cellpadding="5px"><tbody><tr><td style="width: 50%; text-align: center;"><strong>Chase</strong></td><td style="width: 50%; text-align: center;"><strong>Bank of America</strong></td></tr><tr><td style="width: 50%; text-align: center;"><p><strong>Branches</strong></p><p>4,900</p></td><td style="width: 50%; text-align: center;"><p><strong>Branches</strong></p><p>4,200</p></td></tr><tr><td style="width: 50%; text-align: center;"><p><strong>Free ATMs</strong></p><p>16,000</p></td><td style="width: 50%; text-align: center;"><p><strong>Free ATMs</strong></p><p>16,000</p></td></tr><tr><td style="width: 50%; text-align: center;"><p><strong>Mobile app</strong></p><p>Apple: 4.8/5</p><p>Google Play: 4.4/5</p></td><td style="width: 50%; text-align: center;"><p><strong>Mobile app</strong></p><p>Apple: 4.8/5</p><p>Google Play: 4.7/5</p></td></tr><tr><td style="width: 50%; text-align: center;"><p><strong>Customer support</strong></p><p>7 a.m. to 12 a.m. ET</p></td><td style="width: 50%; text-align: center;"><p><strong>Customer support</strong></p><p>M-F, 8 a.m. to 11 p.m. ET; Weekends, 8 a.m. to 8 p.m. ET</p></td></tr><tr><td style="width: 50%; text-align: center;"><strong><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="brand,name" data-customtext="Open an account" data-shouldlink="true" data-pid="5ec800d3988ee36fe76d4944">Chase Chase Total Checking</bi-inline-shortcode></strong></td><td style="width: 50%; text-align: center;"><strong><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="brand,name" data-customtext="Open an account" data-shouldlink="true" data-pid="5eda9f722618b90ffc249c32">Bank of America Bank of America Advantage SafeBalance Banking Account</bi-inline-shortcode></strong></td></tr></tbody></table><p>The two banks both have strong mobile apps. Neither has 24/7 live customer support, but Chase's hours are a little longer than Bank of America's hours.</p><p>Chase and Bank of America are two of the largest banks in the US, so they both have a large network of branches and free ATMs. Your choice between the two could come down to which has a branch or ATM closer to your home.</p><h2>Which bank is more trustworthy'</h2><p>There isn't a clear answer on which bank is more trustworthy. The Better Business Bureau has given JPMorgan Chase & Co. (Chase's parent company) an A- in trustworthiness, and Bank of American an A+.</p><p>A good BBB rating signifies a company responds effectively to customer complaints, has honest advertising practices, and is transparent in how it handles business.</p><p>Although both banks have pretty good scores from the BBB, each has its own history of public scandals. Here are a couple conflicts from Chase over the past few years:</p><ul><li>The Department of Justice required the compan to <a href="https://www.justice.gov/opa/pr/jpmorgan-chase-co-agrees-pay-920-million-connection-schemes-defraud-precious-metals-and-us" target="_blank" rel="noopener">pay $920 million</a> for wrongful trading (2020).</li><li>JPMorgan Chase & Co. <a href="https://www.sec.gov/news/press-release/2018-306#:" target="_blank" rel="noopener">paid the Securities and Exchange Commission $135 million</a> for mishandling American Depisitary Receipts, certificates that let Americans invest in foreign stocks (2018).</li></ul><p>And here are some issues from Bank of America:</p><ul><li>The Department of Justice charged Bank of America for unfairly <a href="https://www.justice.gov/opa/pr/justice-department-reaches-settlement-bank-america-resolve-claims-disability-discrimination" target="_blank" rel="noopener">denying home loans to adults with disabilities</a>, even though they qualified for loans. Bank of America paid around $300,000 total to people who were refused loans. (2020).</li><li>The Department of Labor required Bank of America to <a href="https://www.dol.gov/newsroom/releases/ofccp/ofccp20190927#:~:text=CHARLOTTE%2C%20NC%20%E2%80%93%20Bank%20of%20America,Contract%20Compliance%20Programs%20(OFCCP)." target="_blank" rel="noopener">pay $4.2 million</a> to people who claimed the bank discriminated against women, Black, and Hispanic applicants in the hiring process (2019).</li></ul><p>Chase's recent scandals revolve around trading and investments, while Bank of America's are about discrimination. The specifics of each bank's conflicts may affect your choice between the two, or you may decide to go with a bank with a less worrisome history.</p><bi-shortcode id="related-content-module" class="mceNonEditable" data-type="more-savings-coverage" data-sheetname="More Savings Coverage">Related Content Module: More Savings Coverage</bi-shortcode><p><a href="https://www.businessinsider.com/personal-finance/chase-vs-bank-of-america#comments">Join the conversation about this story »</a></p>
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