Chase and Bank of America are different banks with different strengths—neither is universally "better"

Chase and Bank of America are the two largest banks in the United States by assets, but they serve different customers well. Chase is stronger if you want a large branch network with competitive checking accounts and solid rewards on credit cards. Bank of America is stronger if you need robust investment services, prefer a bank with more international locations, or want to bundle accounts for fee waivers. The right choice depends on what you actually use a bank for—checking, savings, credit cards, loans, or investments—and how much you value convenience versus cost.

Both banks charge monthly fees on many accounts, but both waive those fees if you meet balance or deposit requirements. Both offer mobile apps, fraud protection, and access to millions of ATMs through shared networks. The real differences show up in specific products, fee structures, and how each bank handles customer service.

Key Takeaways

  • Chase has more U.S. branches (4,700+) than Bank of America (3,600+), making it easier to deposit cash or speak to someone in person if that matters to you.
  • Bank of America's Preferred Rewards program can waive monthly fees and boost credit card rewards if you maintain higher balances across accounts, while Chase requires separate actions for each account.
  • Chase's checking accounts generally have lower minimum balance requirements to avoid fees, making them more accessible if you carry smaller balances.
  • Bank of America offers more investment and wealth management services through Merrill Edge, which may matter if you plan to invest beyond basic savings.
  • Both banks charge overdraft fees and foreign transaction fees on debit cards, so neither has a clear advantage on those costs.

Checking accounts and monthly fees

Chase offers several checking options. The Chase Total Checking account has no monthly fee if you maintain a $500 minimum balance, set up direct deposit, or maintain a linked savings account with $300. The Chase Premier Plus Checking requires a $25,000 minimum balance but waives fees on multiple Chase products and earns interest. For most people, the $500 threshold is reachable.

Bank of America's checking accounts start with the Basic Checking account, which charges $12 per month unless you maintain a $1,500 minimum balance or set up direct deposit of $250 or more per month. The Advantage Plus Checking charges $15 per month but waives the fee if you maintain $2,000 or use Bank of America credit cards. Bank of America's Preferred Rewards program can waive these fees entirely if you maintain higher total balances across all your accounts with them—typically $20,000 to $100,000 depending on the tier.

Chase's approach is simpler: each account has its own fee waiver path. Bank of America's approach rewards customers who keep more money in the bank overall, which can work in your favor if you already bank there, but penalizes you if you're just opening a checking account.

Savings accounts and interest rates

Chase's regular savings account earns minimal interest—typically well below 0.01% annually. Chase does offer a Chase Savings account with slightly better rates for customers who maintain higher balances, but the difference is small. If you're saving money and want interest, Chase is not the place to park it.

Bank of America's savings accounts also earn very low interest rates, typically around 0.01% or less. Like Chase, Bank of America is not competitive for savings. Neither bank is a good choice if earning interest on savings is your priority—online banks and credit unions offer rates 10 to 50 times higher.

Both banks are better for checking and spending than for saving. If you need a savings account, open it at a different institution and keep your checking at whichever bank has better branch access or checking benefits for you.

Credit cards and rewards

Chase has a larger credit card portfolio and more competitive rewards. The Chase Freedom Unlimited card earns 1.5% cash back on all purchases with no annual fee. The Chase Sapphire Preferred earns 2x points on travel and dining, 1x on everything else, and costs $95 per year—but the points are worth more if you redeem them for travel. Chase's rewards ecosystem is well-developed, and the bank frequently offers sign-up bonuses worth $200 to $500 in value.

Bank of America's credit cards are less generous. The Bank of America Cash Rewards card earns 1% cash back on all purchases with no annual fee, but that's lower than Chase's 1.5%. Bank of America does offer a premium card (the Preferred Rewards American Express) that earns higher rewards if you're a Preferred Rewards member, but you need to maintain high balances to may have access to for that program.

If credit card rewards matter to you, Chase has better options. Bank of America's cards are adequate but not competitive with Chase or other issuers.

ATM access and branch locations

Chase has 4,700+ branches in the United States, concentrated in urban and suburban areas. Bank of America has 3,600+ branches, also concentrated in populated areas. Both banks participate in shared ATM networks, so you can withdraw cash at many ATMs outside their own networks without a fee—but those networks vary by region.

If you live in a major city, both banks have good branch access. If you live in a rural area or travel frequently, check which bank has more branches or ATMs near you before deciding. Chase's larger branch count gives it a slight edge for in-person convenience, but the difference matters only if you use branches regularly.

Bank of America has more international locations (4,600+ branches worldwide), which matters only if you travel internationally and want to visit a physical branch abroad.

Fraud protection and dispute resolution

Both Chase and Bank of America offer standard fraud protection: zero liability for unauthorized transactions if you report them promptly. Both monitor accounts for suspicious activity and can freeze or replace cards quickly. Both allow you to dispute transactions through their mobile apps or by calling customer service.

Chase's fraud team is generally faster at resolving disputes—most are resolved within 5 to 10 business days. Bank of America's process takes longer, often 10 to 20 business days. If you're frequently disputing transactions or have been a victim of fraud, Chase's faster resolution may matter.

Neither bank stands out as significantly safer than the other. Both use encryption, two-factor authentication, and fraud monitoring. Your own security habits—using strong passwords, not sharing login information, checking statements regularly—matter more than which bank you choose.

Investment and wealth management services

Bank of America owns Merrill Edge, a brokerage platform that integrates with your Bank of America accounts. If you want to invest in stocks, ETFs, or mutual funds, you can do so through Merrill Edge without leaving Bank of America. Preferred Rewards members get discounts on trading fees and advisory services.

Chase does not own a major brokerage. You can link external investment accounts to your Chase checking account, but you cannot invest directly through Chase. If you want to invest, you'll need to open an account elsewhere—Fidelity, Vanguard, Charles Schwab, or another broker.

If you want to keep banking and investing in one place, Bank of America has an advantage. If you're comfortable managing investments separately, this doesn't matter.

Customer service and support

Chase offers phone support 24/7, live chat during business hours, and in-branch support at all locations. Response times are generally quick, though wait times spike during peak hours. Chase's mobile app is intuitive and handles most common tasks.

Bank of America also offers 24/7 phone support and in-branch service, plus a chatbot that handles routine questions. Bank of America's app is similarly functional. Both banks have comparable customer service quality—neither is notably better or worse.

If you have complex issues or need specialized help, visiting a branch in person is faster at both banks. Phone wait times are similar at both.

Frequently Asked Questions

Which bank has lower overdraft fees?

Both Chase and Bank of America charge $35 per overdraft transaction, with a limit of three overdraft fees per day. Neither bank has an advantage. If you want to avoid overdraft fees entirely, use a bank that doesn't charge them—many online banks and credit unions offer overdraft protection or no overdraft fees at all.

Can I switch from one bank to the other without losing my account history?

Yes. Both banks can help you set up a new account and transfer recurring payments (direct deposits, bill payments) to your new account. Your old account will remain open unless you close it, so your transaction history stays with your old bank. The switch typically takes one to two weeks for all recurring payments to update.

Which bank is better if I travel internationally?

Bank of America has more branches worldwide, which helps if you need to visit a physical location. However, both banks charge foreign transaction fees on debit cards (typically 1% to 3%). For international travel, use a credit card with no foreign transaction fees instead—Chase and other issuers offer them. Neither bank is ideal for frequent international travelers.

Do I have to keep a minimum balance to avoid fees?

Yes, at both banks. Chase requires $500 minimum balance or direct deposit. Bank of America requires $1,500 minimum balance or $250 monthly direct deposit. If you can't meet either threshold, look for online banks or credit unions that offer free checking with no minimum balance.

Which bank is better for saving money?

Neither. Both offer savings accounts with interest rates below 0.01% annually. If you want to earn interest on savings, open a high-yield savings account at an online bank like Marcus, Ally, or American Express Personal Savings, where rates are typically 4% to 5%. Use Chase or Bank of America for checking only.