If you’re looking for a bank that offers a full range of personal and business banking services, both Chase and Bank of America are top choices. But which one is the better option for you? In this article, we will compare the two banking giants in four specific account types: checking accounts, savings accounts, certificates of deposit (CDs), and money market accounts.
Checking Account Comparison
Let’s start by comparing two popular checking accounts offered by each bank: Chase Total Checking® and Bank of America Advantage Plus Checking. While both accounts have similar monthly fees, Bank of America charges slightly less for domestic out-of-network ATM fees. However, with Chase Total Checking®, you can open an account with no money at all. Plus, new Chase checking customers can enjoy a $300 bonus.
Savings Account Comparison
Moving on to savings accounts, the clear winner is Bank of America Advantage Savings. Not only does it pay slightly higher interest on your account balance, but it also has a lower monthly fee and more options to have it waived.
CD Comparison
When it comes to CDs, both banks offer competitive rates. Chase stands out with its high APY on a six-month CD for balances of $100,000 or more, while Bank of America offers attractive rates on its seven-month and 13-month CDs. The better choice will depend on the specific CD term you prefer.
Money Market Account Comparison
Bank of America takes the lead in the money market account category with its Bank of America Rewards Money Market Savings. Unfortunately, Chase does not offer a money market account.
Other Accounts and Services
Both Chase and Bank of America offer a wide range of other accounts and services, such as credit cards, loans, and investment options. The number of branch locations and in-network ATMs may vary depending on your location and banking preferences.
Which Bank Is Right for You?
Choosing between Chase and Bank of America can be a tough decision, as both banks have their own strengths. It ultimately comes down to your personal preferences and banking needs. Consider factors such as account fees, interest rates, branch locations, and convenience.
Frequently Asked Questions (FAQs)
- Which bank is the most convenient — Chase or Bank of America? The answer may vary depending on your location and banking habits. Chase has more branch locations, while Bank of America has more in-network ATMs.
- Which bank do customers like better? According to the American Customer Satisfaction Index, both banks have similar customer satisfaction ratings.
- Which bank do consumers trust most? In the Lifestory Research 2022 America’s Most Trusted® Bank study, Chase ranked as the most trusted retail bank, while Bank of America ranked 6th.
Remember, when making financial decisions, it’s important to consider your personal circumstances and preferences. Use this information as a guide, but always conduct thorough research and consult with a financial advisor if needed.