Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our partners, however, our opinions are our own. Terms apply to offers listed on this page.
Chase and Bank of America are two of the largest national banks in the US, and they offer similar bank accounts. There isn’t a clear overall winner between the two, so your choice will likely come down to which types of accounts you want to open.
Below, we’ve listed the winners for checking, savings, and CDs between Chase and Bank of America. We’ve also compared each institution’s trustworthiness.
Checking account comparisons
Both Chase and Bank of America have several checking accounts, but we’ve compared two popular accounts that charge the same monthly fees.
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$0
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$0
Details
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$0
Pros & Cons
Highlights
Additional Reading
Savings account comparisons
Bank of America Advantage Savings Account
Annual Percentage Yield (APY)
0.01% to 0.04%
Minimum Deposit Amount
$100
Bank of America Advantage Savings Account
Annual Percentage Yield (APY)
0.01% to 0.04%
Minimum Deposit Amount
$100
On Bank of America’s website
Details
Annual Percentage Yield (APY)
0.01% to 0.04%
Minimum Deposit Amount
$100
Pros & Cons
Highlights
Additional Reading
CD comparisons
Chase Certificate of Deposit (CD)
Annual Percentage Yield (APY)
0.01% to 3.00% (vary by location)
Minimum Deposit Amount
$1,000
Chase Certificate of Deposit (CD)
Annual Percentage Yield (APY)
0.01% to 3.00% (vary by location)
Minimum Deposit Amount
$1,000
Details
Annual Percentage Yield (APY)
0.01% to 3.00% (vary by location)
Minimum Deposit Amount
$1,000
Pros & Cons
Highlights
Additional Reading
Which bank is more trustworthy?
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 rating, and Bank of America an A+.
A good BBB rating signifies a company responds effectively to customer complaints, has honest advertising practices, and is transparent in how it handles business.
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:
And here are some issues from Bank of America:
- The Department of Justice charged Bank of America for unfairly denying home loans to adults with disabilities, even though they qualified for loans. Bank of America paid around $300,000 total to people who were refused loans. (2020).
- The Department of Labor required Bank of America to pay $4.2 million to people who claimed the bank discriminated against women, Black, and Hispanic applicants in the hiring process (2019).
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Related Post
Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our partners, however, our opinions are our own. Terms apply to offers listed on this page.
Chase and Bank of America are two of the largest national banks in the US, and they offer similar bank accounts. There isn’t a clear overall winner between the two, so your choice will likely come down to which types of accounts you want to open.
Below, we’ve listed the winners for checking, savings, and CDs between Chase and Bank of America. We’ve also compared each institution’s trustworthiness.
Checking account comparisons
Both Chase and Bank of America have several checking accounts, but we’ve compared two popular accounts that charge the same monthly fees.
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$0
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$0
Details
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$0
Pros & Cons
Highlights
Additional Reading
Savings account comparisons
Bank of America Advantage Savings Account
Annual Percentage Yield (APY)
0.01% to 0.04%
Minimum Deposit Amount
$100
Bank of America Advantage Savings Account
Annual Percentage Yield (APY)
0.01% to 0.04%
Minimum Deposit Amount
$100
On Bank of America’s website
Details
Annual Percentage Yield (APY)
0.01% to 0.04%
Minimum Deposit Amount
$100
Pros & Cons
Highlights
Additional Reading
CD comparisons
Chase Certificate of Deposit (CD)
Annual Percentage Yield (APY)
0.01% to 3.00% (vary by location)
Minimum Deposit Amount
$1,000
Chase Certificate of Deposit (CD)
Annual Percentage Yield (APY)
0.01% to 3.00% (vary by location)
Minimum Deposit Amount
$1,000
Details
Annual Percentage Yield (APY)
0.01% to 3.00% (vary by location)
Minimum Deposit Amount
$1,000
Pros & Cons
Highlights
Additional Reading
Which bank is more trustworthy?
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 rating, and Bank of America an A+.
A good BBB rating signifies a company responds effectively to customer complaints, has honest advertising practices, and is transparent in how it handles business.
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:
And here are some issues from Bank of America:
- The Department of Justice charged Bank of America for unfairly denying home loans to adults with disabilities, even though they qualified for loans. Bank of America paid around $300,000 total to people who were refused loans. (2020).
- The Department of Labor required Bank of America to pay $4.2 million to people who claimed the bank discriminated against women, Black, and Hispanic applicants in the hiring process (2019).
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