Who is better Chase or Bank of America?
Overall, if you're choosing between Chase and Bank of America, the better option for you will really depend on your personal banking needs and preferences. Both are big banks with thousands of branches and tens of thousands of ATMs. Chase offers a wider variety of accounts, though it is lacking in IRA options.
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.
Chase has a good basic checking account but its savings rates are low, and some fees are high and hard to avoid. 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.
With an annual net income growth of 18.28%, JPMorgan significantly outperforms BofA's 11.22% and surpasses the stagnant growth of Wells Fargo at -2.88%. Concerning net income margin, JPMorgan closely aligns with BofA, as JPMorgan's margin stands at 35.98% compared to BofA's 31.52%.
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.
- 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.
Two drawbacks of the Chase Savings account are that it earns a low APY and isn't eligible for higher relationship rates.
- 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.
Chase is not only the largest bank by asset size but it also takes the lead with the most domestic branches. It has over 4,800 branches sprinkled across the lower 48 states. Wells Fargo and Bank of America follow closely behind, with over 4,400 and 3,700 branches, respectively.
Why is Bank of America better than Chase?
On the whole, Bank of America and Chase charge similar fees for their accounts. Bank of America has a higher monthly fee for its savings account. However, most its checking accounts have much lower monthly fees. This is due to Chase's many checking accounts increasing in rewards levels, making the fees more expensive.
Bank of America typically pays its employees slightly less than JPMorgan Chase. In 2023, the average salary for a Bank of America employee is $115,000. The bank also offers a comprehensive benefits package, including health insurance, dental insurance, vision insurance, paid time off, and a retirement savings plan.
Chase is one of the best national banks out there, and it offers multiple checking accounts. Your best fit could come down to what perks you want and whether you can waive the monthly fee. Chase is a good option if you're looking for a cash bonus — it offers some of the best best checking account bonuses out there.
Bank of America could be a good fit for consumers who want access to a local branch, plenty of ATMs and a highly rated app. But, like many big banks, it generally offers low rates of return compared with what other financial institutions are paying out.
Bank of America is one of the world's leading financial institutions, serving individuals, small- and middle-market businesses, large corporations, and governments with a full range of banking, investment management and other financial and risk management products and services.
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services.
| Bank | Forbes Advisor Rating | Learn More |
|---|---|---|
| Chase Bank | 5.0 | Learn More Read Our Full Review |
| Bank of America | 4.2 | |
| Wells Fargo Bank | 4.0 | Learn More Read Our Full Review |
| Citi® | 4.0 |
JPMorgan Chase is the top largest bank in the US, with a balance sheet total of $3.31 trillion.
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.
Chase checking accounts are generally a solid bet if you have easy access to their ATMs and can avoid the monthly fees. If you're not in the Chase branch network, can't avoid the monthly fees or are looking to earn interest on your checking, check out NerdWallet's best credit unions and top online banks.
Which bank should I open my account?
| Sr.No. | Bank Name | Rates of Interest(p.a.) |
|---|---|---|
| 1 | State Bank of India | 2.70% - 3.00% |
| 2 | Union Bank of India | 2.75% - 3.55% |
| 3 | HDFC Bank | 3.00% - 3.50% |
| 4 | ICICI Bank | 3.00% |
Asset-heavy, diversified and regulated banks like JPMorgan Chase, Wells Fargo, PNC Bank and U.S. Bank are among the safest banks in the U.S. and should be considered if you are weighing your options.
All deposit accounts held with Chase Bank are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 per depositor.
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.
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.
