Chase Vs. Bank Of America – Forbes Advisor

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If you think bigger is better when it comes to banks, deciding where to put your money may come down to a choice between Chase and Bank of America. These two giants rank first (JPMorgan Chase & Co.) and second (BofA) among US financial institutions, based on total assets.

Throughout more than 200 years of competition, Chase and Bank of America have built branches and installed ATMs in nearly every nook and corner of the country. Both banks offer a wide range of financial services, including checking and savings accounts, mortgages, car loans, credit cards and certificates of deposit (CDs), as well as retirement and brokerage accounts. . Plus, each has a top-notch mobile banking app for those who prefer banking on the go.

If you fancy a bank with an expansive physical footprint and deep pockets, these two are worth checking out. Although they are similar, there are differences that may make one a better fit for you than the other. We’ll compare Chase and Bank of America to help you decide between them.

Account details and annual percentage returns (APY) are accurate as of October 17, 2022.

Which bank is better: Chase or Bank of America?

Chase and Bank of America have similarly sized ATM networks, with around 16,000 locations each. Chase has a somewhat larger presence when it comes to branches, with 4,861 compared to Bank of America’s 3,919.

Both banks have comparable current accounts. Both charge the same monthly fee, but Bank of America makes it slightly easier to waive that fee. That said, Bank of America requires an initial deposit of $100, unlike Chase. Another consideration is the bonus that both banks are temporarily offering: Chase’s $300 checking account promotion is a better offer than Bank of America’s $100.

When it comes to savings accounts, both banks offer the same interest rate, but Chase comes out slightly ahead with no initial deposit requirement and lower monthly service fees (it’s also easier to get a waiver).

It’s worth noting that both of these banks compare poorly to many online banks that often offer low-cost checking and savings accounts with higher interest rates.

Chase vs. Bank of America

Let’s zoom in on checking and savings accounts and compare the pros and cons of the two banks.

Chase vs. Bank of America: Account Verification

Chase and Bank of America each offer a selection of checking accounts ranging from low-cost, limited-feature accounts to premium accounts with all the bells and whistles to match. Here’s a side-by-side comparison of each financial institution’s most popular verification option.

You want to minimize fees when choosing a checking account. To waive monthly service fees at Bank of America, you’ll need at least one direct deposit per month of $250 or more. At Chase, you’ll need at least $500 in total monthly direct deposits.

Both banks have time-limited bonus promotions for new customers who sign up for a checking account. Bank of America will pay you $100 if you open an Advantage Plus checking account by December 31, 2022 and receive at least $1,000 in qualifying direct deposits within the first 90 days. Chase has an even better offer with fewer restrictions: $300 if you open a Total checking account before January 25, 2023 and receive an eligible direct deposit of any amount within the first 90 days.

Chase vs. Bank of America: savings accounts

If you want a high-yield savings account, you’ll have to look elsewhere. Despite the recent spike in savings account interest rates, both are still paying savers a meager annual percentage yield (APY) of 0.01%. There are, however, some differences between the savings accounts of the two banks. Here is a comparison of the main features.

While both accounts come with the same APY, Bank of America offers Preferred Rewards members a slightly higher APY ranging from 0.02% to 0.04%. However, you will need a large enough combined balance in your Bank of America accounts to qualify for the Bank of America Preferred Rewards program.

Advantages and disadvantages of Chase

Chase has a lot to offer, but the nation’s largest bank is not without its downsides.

Advantages

  • More branches
  • No minimum deposit requirement to open a new account
  • Reduced monthly savings account fees
  • Higher Current Account Welcome Bonus (for a limited time)

The inconvenients

  • Low interest rates on savings accounts
  • $500 monthly direct deposit to avoid checking account fees

Advantages and disadvantages of Bank of America

Bank of America also has its strengths and weaknesses.

Advantages

  • Monthly direct deposit of $250 to avoid checking account fees
  • Opportunity to earn a higher interest rate on savings accounts for Preferred Rewards members

The inconvenients

  • Current Account Welcome Bonus Reduction (for a limited time)
  • Higher monthly savings account fees
  • Minimum deposit of $100 to open a new account

How to Transfer Money from Chase to Bank of America

There are several ways to transfer money from a Chase account to a Bank of America account. One way is to write a check from your Chase account and deposit it in your Bank of America account. You can use the Bank of America app mobile check deposit to deposit the check without stopping at the bank.

You can also use Zelle to send money instantly and free of charge from Chase to Bank of America. Simply use the email address or phone number associated with your Bank of America account to send the funds.

With a little more effort, you can have Chase transfer funds directly between accounts. First, log into your Chase account and select “Pay & Transfer”. Add your Bank of America account information to link accounts, verify account details, and schedule a transfer. It may take one to three days to verify the added account before you can start transferring money.

How to transfer money from Bank of America to Chase

One way to transfer money from a Bank of America account to a Chase account is to write yourself a check from your Bank of America account. Then deposit that check into your Chase account at a branch or ATM or using the Chase mobile app.

Zelle will also make the transfer instantly and free of charge. All you need is the email address or phone number associated with your Chase account.

You can also transfer money directly between Bank of America and Chase accounts. For this you will need the account number and routing number of your Chase bank account. You may need to wait one to three days for external account verification before making transfers.

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Frequently Asked Questions (FAQ)

Are my deposits protected at both Chase and Bank of America?

Yes. Like most banks, Chase and Bank of America are members of the Federal Deposit Insurance Corp. The FDIC is a government agency that insures deposit accounts, including checking accounts and savings accounts. Accounts are insured up to $250,000 per depositor and per institution.

Are there financial services that Chase and Bank of America do not provide?

Yes. Neither bank offers personal loans.


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