Bank of America vs. Chase: Whom to trust to take care of your money?
In a today’s fast – developing world where we seem to be experts in nearly all areas the realm of finances is still a bit of a sore point for plenty of people. Every one of us is in the constant search of the so – called ‘shelter for money’ as getting your money organized is not the last thing. Thus, it is next to impossible to imagine a present – day life without a banking industry. There are two powerful banking giants – JPMorgan Chase and Bank of America – assisting millions of Americans with their financial matters. So, what convenience does each of them offer and which of the above can you trust to take care of your money? Let’s sort it out together.
Bank of America Core Checking
Minimum opening deposit: $25
Interest rate: Any
Monthly fee: $12
Ways to Waive it:
- 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
Ways to Waive it:
- 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
Ways to Waive it:
- 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
Ways To Waive It:
- 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
Ways To Waive It:
- 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
Ways To Waive It:
- 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?
Chase being the largest bank in the United States assists customers with a broad spectrum of financial services, namely personal banking, business banking, credit card services, various types of financing, mortgages, investment assistance, small business loans etc. More importantly, the bank offers an immense system of ATMs and branches scattered across 26 states. There are 5,100 branches designed for you to stop by when you need assistance from well – educated staff and 16, 000 ATMs providing access to your account at any time.
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?
Bank of America offers financial services through 4, 500 branch offices that is, in fact, 10% less than the number of Chase branches and approximately 16,000 ATMs providing convenience for people in 37 states and the District of Columbia. Along with its well – established online banking system, Bank of America offers an impressive mix of banking, investing, asset management and many other financial products and services.
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?
Whether you open a bank account to simply make everyday purchases, book flights, engage in investing or you firmly search for earning interest, Bank of America and Chase alike are at your disposal with plenty of advantageous offers. If your card is mainly intended for paying bills or some other financial transactions, Chase is more likely to fit your needs. As compared to Bank of America having only two checking account offers, Chase is more beneficial in this regard offering three options plus two student checking accounts. Now if you are excited about accrued interest Bank of America services are certain to meet your needs. Although, you can open only one savings account with Bank of America in contrast to Chase’s two, the interest rate out there is much higher. Besides, in terms of CD rates, Bank of America has got two supplies – a Standard term CD and Term CD accounts, unlike Chase having a basic one.
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
The Bottom Line
By and large, both competitive banks have been in demand for years still engaging more and more customers in the banking industry nowadays. Deciding what bank – Chase or Bank of America is going to meet your expectations starts with clear understanding of your own needs and preferences. Are you going to take out a house loan or are you a frequent flyer interested in getting a travel credit card? Are you stay-at-home mom always paying the bills seeking for low overdraft fees? Or you need business start – up financial assistance? Bank of America and Chase alike are empowered with a lot of opportunities noted above to help you but, then again, it all depends on your goal of the collaboration.
Contents
- 1 Bank of America vs. Chase: Whom to trust to take care of your money?
- 1.1 Bank of America Core Checking
- 1.2 Minimum opening deposit: $25
- 1.3 Interest rate: Any
- 1.4 Monthly fee: $12
- 1.5 Minimum opening deposit: $25
- 1.6 Interest rate: Any
- 1.7 Monthly fee: $12
- 1.8 Bank of America Rewards Savings
- 1.9 Interest rate: 0.03% APY (effective 3/27/18; rates are variable and subject to change)
- 1.10 Required Opening Deposit: $100
- 1.11 Withdrawal limit fee: $10
- 1.12 Monthly fee: $8
- 1.13 Chase Total Checking
- 1.14 Minimum opening deposit: $25
- 1.15 Interest rate: Any
- 1.16 Monthly fee: $12
- 1.17 Minimum opening deposit: $25
- 1.18 Interest rate: Any
- 1.19 Monthly fee: $12
- 1.20 Chase SavingsSM
- 1.21 Interest rate: 0.01% APY (effective 2/16/18; rates are variable and subject to change)
- 1.22 Required Opening Deposit: $25
- 1.23 Withdrawal limit fee: $5
- 1.24 Monthly fee: $5
- 2 What does the collaboration with Chase offer?
- 3 What does the collaboration with Bank of America offer?
- 4 Chase vs. Bank of America: What should you consider when opening a bank account?
- 4.1 Bank of America
- 4.2 Long lines
- 4.3 Long – term fix of issues
- 4.4 No opportunity to make an appointment (some branches)
- 4.5 Slow service
- 4.6 Frequent extra charges
- 4.7 Rude customer service reps (some branches)
- 4.8 Chase
- 4.9 Long lines
- 4.10 Long – term fix of issues
- 4.11 No opportunity to make an appointment (some branches)
- 4.12 Slow service
- 4.13 Frequent extra charges
- 4.14 Rude customer service reps (some branches)
- 5 Pros and Cons of banking with Bank of America
- 5.1 Pros of Bank of America
- 5.2 A wide network of ATMs set up in 37 states
- 5.3 Constant access to the bank account – well – established online banking
- 5.4 Automatic savings
- 5.5 Monthly maintenance fee can be avoided
- 5.6 Cons of Bank of America
- 5.7 A small number of checking accounts
- 5.8 A grace period isn’t given for overdraft fees
- 5.9 Low interest rates as compared to other banks
- 5.10 High overdraft fees
- 6 Pros and Cons of banking with Chase
- 7 The Bottom Line