Bank of America vs. Chase: Whom to trust to take care of your money?

Bank of America Core Checking
Minimum opening deposit: $25
Interest rate: Any
Monthly fee: $12
- No fee at Bank of America ATMs;
- $2.50 fee while using Non-Bank American ATMs;
- $5 fee while using Non-Bank American ATMs abroad.
Minimum opening deposit: $25
Interest rate: Any
Monthly fee: $12
- No fee at Bank of America ATMs;
- $2.50 fee while using Non-Bank American ATMs;
- $5 fee while using Non-Bank American ATMs abroad.
Bank of America Rewards Savings
Interest rate: 0.03% APY (effective 3/27/18; rates are variable and subject to change)
Required Opening Deposit: $100
Withdrawal limit fee: $10
Monthly fee: $8
- Maintain a daily balance of at least $500;
- Have a linked Bank of America Interest Checking account;
- Are a Preferred Rewards client.

Chase Total Checking
Minimum opening deposit: $25
Interest rate: Any
Monthly fee: $12
- No fee at Chase ATMs;
- $2.50 fee while using Non-Bank American ATMs;
- $5 fee while using Non-Bank American ATMs abroad.
Minimum opening deposit: $25
Interest rate: Any
Monthly fee: $12
- No fee at Chase ATMs;
- $2.50 fee while using Non-Bank American ATMs;
- $5 fee while using Non-Bank American ATMs abroad.
Chase SavingsSM
Interest rate: 0.01% APY (effective 2/16/18; rates are variable and subject to change)
Required Opening Deposit: $25
Withdrawal limit fee: $5
Monthly fee: $5
- Maintain a daily balance of at least $300;
- Have a repeating automatic transfer of at least $25 each month from your Chase checking account;
- Have a linked Chase Premier PlusSM, Premier PlatinumSM or Private ClientSM checking account;
- Are under 18.
What does the collaboration with Chase offer?
When it comes to interest rates, though, Chase doesn’t have pretty much to show in that respect. Its policy is more focused on investing in its branches and ATMs improvement rather than caring for the interest – rate hike. Mostly, you are likely to earn only 0.01% APY effective as of 3/16/18. Interest rates are variable and subject to change.
One of the most prominent positive features – online banking – makes Chase a truly convenient bank to collaborate with. Chase offers a wide range of strong mobile banking tools. Its user – friendly website is simply designed from mere browsing transactions to setting up card payments like paying rent, mortgage, utilities, credit cards and other bills. Thus, Chase Mobile App serves an excellent alternative for those being always on the go.
What does the collaboration with Bank of America offer?
For those looking for high earning interest, Bank of America has many more opportunities to offer. For example, opening a standard savings account, the bank sets 0.03% APY on all balances that is 0,02% more compared to Chase. In terms of its CD rates, the same case is observed. While starting a standard term CD account, Bank of America offers 0,03 – 0,75% APY depending on term and balance which is higher than Chase’s rate, anyway.
The variety of credit cards specially designed to satisfy every customer’s needs is one of the perks while cooperating with Bank of America. Taking into account your preferences, the bank offers cash back credit cards, zero percent credit cards, airline credit cards, student credit cards, low – interest credit cards etc. So, depending on your need, you are certain to find the right card fulfilling your requirements.
Bank of America Certificates of deposit
Minimum opening balance: $1,000
APY: 0,03 – 0,75% (depending on term and balance)
Monthly fee: $0
Chase CDs Certificates of deposit
Minimum opening balance: $1,000
APY: 0,02 – 1,30% (depending on term and balance)
Monthly fee: $0
Chase vs. Bank of America: What should you consider when opening a bank account?
In addition, Bank of America offers three various options of IRAs having a flexible retirement savings plan with $100 minimum opening deposit.
The tables depicted below are just for you to watch a detailed comparison of Chase and Bank of America basic accounts with their terms and conditions and make a conclusion of yours.
Bank of America
Long lines
Long – term fix of issues
No opportunity to make an appointment (some branches)
Slow service
Frequent extra charges
Rude customer service reps (some branches)
Chase
Long lines
Long – term fix of issues
No opportunity to make an appointment (some branches)
Slow service
Frequent extra charges
Rude customer service reps (some branches)
Pros and Cons of banking with Bank of America
Pros of Bank of America
A wide network of ATMs set up in 37 states
Constant access to the bank account – well – established online banking
Automatic savings
Monthly maintenance fee can be avoided
Cons of Bank of America
A small number of checking accounts
A grace period isn’t given for overdraft fees
Low interest rates as compared to other banks
High overdraft fees
Pros and Cons of banking with Chase
Pros of Chase
User – friendly banking website
Brilliant online and mobile tools
Reliable fraud detection
Permanent promotions
Cons of Chase
No free checking accounts for military veterans
High fees
Very low interest rates
Only one kind of CDs