Is it better to bank with Chase or Bank of America?
Bank of America pays slightly higher interest on your account balance. It also has a lower monthly fee and more options to have it waived. While the comparison between the two banks' checking accounts stacks up as a draw, the clear winner among savings accounts is Bank of America Advantage Savings.
- Low interest rates on CDs, savings and checking accounts.
- Monthly fees with most accounts if you don't qualify for waivers.
- Out-of-network ATM fees with Chase's basic accounts.
Bank of America pros and cons
Bank of America has approximately 4,300 branch locations and 17,000 ATMs, so you'll always have access to your money. The minimums to open a checking account are relatively low, so it's fairly easy to switch banks. If you can qualify for their Preferred Rewards program, it's worth it.
Our Bank of America Ratings
The bank largely stands out because of its long-standing reputation and the accessibility of its branch locations and ATMs in much of the country. However, Bank of America receives lower ratings for its savings accounts and CDs because most options have low annual percentage yields (APYs).
- High monthly maintenance fees.
- Interest rates for savings and CD accounts lag behind other banks.
- $10 overdraft fee can be charged up to two times daily.
- High account balances are required to qualify for Preferred Rewards status.
Best for: Customers who want access to a large number of branches, are not looking for the highest interest rates and can keep a large enough balance to avoid a monthly fee. Large branch network. Large, free, nationwide ATM network. Early direct deposit.
- Capital One 360 Checking: Best online checking account.
- Chase Total Checking®: Best for a large branch network.
- Axos Bank Rewards Checking: Best for online account options.
- Discover® Bank: Best for doing all of your banking at one place.
- Synchrony Bank: Best high-yield savings account.
- State Bank of India (SBI) Savings Account. Balances less than Rs. 10 Crore - 2.70% p.a. ...
- HDFC Bank Savings Account. ...
- Kotak Mahindra Bank Savings Account. ...
- DCB Bank Savings Account. ...
- RBL Bank Savings Account. ...
- IndusInd Bank Savings Account. ...
- ICICI Savings Bank Account. ...
- Axis Bank Savings Account.
Bank | Forbes Advisor Rating | Products |
---|---|---|
Chase Bank | 5.0 | Checking, Savings, CDs |
Bank of America | 4.2 | Checking, Savings, CDs |
Wells Fargo Bank | 4.0 | Savings, checking, money market accounts, CDs |
Citi® | 4.0 | Checking, savings, CDs |
Among the safest US banks, according to Global Finance's November 2022 rankings, are AgriBank, US Bank, CoBank, AgFirst Bank, and Farm Credit Bank of Texas, primarily for those in the agricultural sector.
What Bank should I choose in USA?
Bank desc asc Close Sort by column for easier option comparison. | Category desc asc | Best For desc asc |
---|---|---|
U.S. Bank | National Bank | Low Fees, Military |
USAA | National Bank | Sign-up Bonus |
Vio Bank | Online Bank | Money Market Account |
Wells Fargo | National Bank | Best Rate (Checking) |
Bank of America Advantage SafeBalance Banking Fees
The SafeBalance Banking account has a monthly maintenance fee of $4.95 that is waived for account owners under age 25 and customers enrolled in Bank of America's Preferred Rewards program. It's also waived if you maintain an account balance of at least $500.
Pros | Cons |
---|---|
Large bank with 3,900 branches around the US Possible to waive monthly fees Free overdraft protection | Low interest rates on savings and CDs Monthly fees on accounts |
Ranking | Bank | Headquarters |
---|---|---|
1 | JPMorgan Chase | New York, NY |
2 | Bank of America | Charlotte, North Carolina |
3 | Wells Fargo | San Francisco, California |
4 | Citibank | New York, New York |
Though it has a large branch network, it offers all the tools you need to bank online if you prefer. Its interest rates fall far short of what you can find with online banks, but loyal Chase customers who keep a lot of money in the bank can earn slightly better rates as well as discounted fees and other perks.
Which Bank Has the Most Complaints? In terms of sheer numbers, Bank of America tops the list with 128,404, which is the most complaints issued overall. However, when it comes to the most complaints per $1 billion deposited, Discover has the highest rate at 247.37 complaints.
CFPB Takes Action Against Bank of America for Illegally Charging Junk Fees, Withholding Credit Card Rewards, and Opening Fake Accounts | Consumer Financial Protection Bureau.
The primary risks faced by Bank of America are credit risk, market risk, and operational risk. Credit risk is the risk that the bank's borrowers may not be able to repay their loans. Bank of America has a diverse loan portfolio, which helps mitigate the risk of default.
Why it wins: When it comes to easy accessibility, you can't top Chase. The bank offers access to more than 16,000 ATMs across the country and operates nearly 5,000 branches that are open, on average, more than 50 hours a week. Only T.D. Bank clocks in more time, according to Yelp.
The Probability of Bankruptcy of JPMorgan Chase & Co (JPM) is 3.3% . This number represents the probability that JPMorgan will face financial distress in the next 24 months given its current fundamentals and market conditions.
Is Chase a good bank to save with?
In fact, Chase was named the Best Bank for Branch Access as part of the 2024 Bankrate Awards. Chase earned 3.5 out of 5 stars in Bankrate's review across its deposit products, while its savings accounts scored 3.0 out of 5 stars.
Following one of the most successful years in United's long history, United Bank has been named the Most Trustworthy Bank in America by Newsweek for 2023. Across 23 industries evaluated, United joined the list of the “Most Trustworthy Companies in America,” earning the No. 1 spot in the Banks category.
Money coach and certified financial planner Ohan Kayikchyan says it can make sense for a household to maintain four accounts: one checking account for monthly recurring bills and another for variable expenses, plus one savings account for emergency funds and a second for other savings goals.
Which Bank Gives 7% Interest Rate? Currently, no banks are offering 7% interest on savings accounts, but some do offer a 7% APY on other products. For example, OnPath Federal Credit Union currently offers a 7% APY on average daily checking account balances up to and under $10,000.
When comparing banks, consider the fees an institution might charge that could nickel and dime you out of your savings. You'll also want to make sure you can access your funds conveniently and receive adequate customer support. Beyond that, deciding how to choose a bank depends on your personal needs and preferences.