Banks on the Battlefield: Titans of U.S. Finance
Ranked among the top for total assets in the United States, Chase and Bank of America stand tall, each boasting expansive branch footprints that stretch coast to coast. Their deposit portfolios span a broad spectrum, including certificates of deposit (CDs), savings, and checking accounts, tailored to suit a wide audience.
Though these banking behemoths share some DNA, their deposit products diverge significantly. Below, we unravel the nuances between Chase and Bank of America by diving into their core account offerings.
Snapshot: Chase vs. Bank of America in Numbers
| Bankrate Overall Score | 3.5 | 3.8 |
| Branch Footprint | 4,700+ locations | 3,700+ locations |
| ATM Count | ~16,000 ATMs | ~15,000 ATMs |
| Mobile App Rating (iOS/Android) | 4.8 / 4.4 | 4.8 / 4.6 |
As of June 2024, these performance metrics reflect the latest evaluations across banking platforms and customer satisfaction surveys.
Key Strengths and Weaknesses
- Chase: With a sprawling network exceeding 4,700 branches and 16,000 ATMs, Chase excels in accessibility. Its app consistently earns rave reviews, and new customers can often snag enticing bonuses. The $10 overdraft fee per incident is among the lowest in its class.
- Bank of America: While branches have slimmed down to around 3,700, this bank counterbalances with a highly regarded app featuring an AI assistant named Erica, enhancing budgeting and expense tracking. However, the bank’s yield rates often trail behind competitors, and fees can pile up if account requirements aren’t met.
Savings Accounts: Growth Potential or Pitiful Payouts?
Both Chase and Bank of America disappoint with negligible interest gains on savings accounts, leaving little hope for eager savers looking to beef up their nests. Yet their product portfolios have distinct flavors, worthy of closer inspection.
Chase Savings Options
- Chase Savings: No minimum deposit is needed to open, with a $5 monthly fee that can be waived through certain criteria. Automatic transfers from linked checking accounts smooth the saving process. Features like no outgoing domestic wire fees for Private Client customers and overdraft protection are notable perks.
- Chase Premier Savings: Offers premier rates for account holders who maintain eligible linked checking accounts and perform at least five monthly transactions, further sweetening the deal.
Bank of America’s Advantage Savings
- Starting at $100 for opening deposits, monthly fees of $8 can be sidestepped by meeting specific conditions. The tiered interest structure rewards high rollers – Preferred Rewards members with $20,000+ across eligible accounts earn improved yields.
- Overdraft protection and custom alerts add to the user-friendly experience, though watch out: exceeding six monthly withdrawals triggers a $10 fee per additional transaction.
Things to Keep an Eye On
- Chase savings accounts miss out on Zelle integration, online bill pay, check writing, and debit card access, although ATM cards can be requested.
- Bank of America’s tier benefits hinge on qualifying accounts and balances, requiring savvy navigation to reap full rewards.
Certificates of Deposit: Locked-In Gains or Lackluster Returns?
Both banks serve up a smorgasbord of CDs spanning 1 month to 10 years, but the yield landscape paints different pictures. Chase provides standard CDs with relationship rates that can boost returns if you qualify. Bank of America highlights featured CDs with slightly better yields beyond their generally modest standard offerings.
| Bankrate Score | 2.8 | 4.2 |
| Term Range | 1 month – 10 years | 1 month – 10 years |
| Minimum Opening Deposit | $1,000 | $1,000 |
| 1-Year APY | 2.00% | 0.03% |
| 3-Year APY | 2.00% | 0.03% |
| 5-Year APY | 2.50% | 0.03% |
| IRA CDs | Unavailable | Unavailable |
| Specialty CDs | Not offered | Not offered |
| Featured CD Yield Range | 3.00% – 4.75% APY* | 0.05% – 4.75% APY |
*Top-tier APYs at Chase require an eligible checking account linked along with a hefty $100,000 in combined deposits.
Checking Accounts: Convenience Meets Cost
Whether you prefer Chase or Bank of America, multiple checking options cater to varied lifestyles. Focusing on Chase Total Checking and Bank of America Advantage Plus Checking reveals close parallels, with fees and perks being the deciding factors for many.
| Bankrate Score | 3.8 | 3.7 |
| Monthly Fee | $12 or waived with qualifying activity | $12 flat fee |
| Minimum Deposit | $0 | $100 |
| APY | None | None |
| Overdraft Fee | $34 per incident | $10 per transaction |
Features Worth Noting
- Chase Total Checking: The mobile app empowers users to manage funds, pay bills, deposit checks remotely, and send money with Zelle. Chase provides Zero Liability Protection, reimbursing unauthorized card transactions. Overdraft protection is also built-in.
- Bank of America Advantage Plus Checking: Their AI-powered assistant Erica transforms budgeting, while the app supports Zelle payments. Overdraft fees are capped at $10 per incident, with a daily limit of two occurrences, helping keep charges manageable.
Potential Pitfalls
- Chase’s $34 overdraft fee looms large for uncovered transactions, and ATM use outside the network costs $3 domestically, plus $5 internationally.
- Bank of America charges $2.50 for out-of-network ATM withdrawals and $5 for international ATM usage.
The Banking Journey: User Experience & Support
Despite their rivalry, the daily banking grind at Chase and Bank of America feels fairly alike. Both giants offer plenty of brick-and-mortar locations and thousands of ATMs nationwide, ensuring access is rarely an issue. On the digital front, their apps rank among the best, efficiently helping customers keep tabs on their finances.
| Branches | 4,700+ | 3,700+ |
| Customer Service Availability | Accessible via phone, mail, and in person; phone hours not clearly detailed online | Phone support Mon-Fri 8 a.m.–11 p.m. ET, Sat 8 a.m.–8 p.m. ET, Sun 8 a.m.–5 p.m. ET, plus mail and in-person options |
| ATM Network | About 16,000 machines | Roughly 15,000 machines |
| Mobile App Ratings (iOS/Android) | 4.8 / 4.4 | 4.8 / 4.6 |
Corporate Social Responsibility
Both banks invest in philanthropy through their foundations: JPMorgan Chase Foundation and Bank of America Charitable Foundation, respectively, channeling resources into community development and social initiatives.