Chase Vs Bank of America Business Account

Both Chase and Bank of America are banks that offer customers the possibility of having a commercial checking account to have all the finances of businessmen or workers under control.

On the other hand, the two banks have several options for users to access a wide range of benefits, which they will enjoy by opening a new account in the bank. The idea of the banks is to help businesses and entrepreneurs grow.

Which are the types of Chase business accounts?

Chase has three commercial accounts to meet each client’s needs, with different amounts, commissions, fees, and other points to consider when opening one of these accounts.

If you create a Chase business bank account, Chase offers new customers a $300 sign-up bonus as a welcome gesture. The three types of funds provided by Chase are as follows:

• Chase Business Complete Checking: This account is the most basic and allows for low-dollar monthly transactions.
• Chase Performance Business Checking: This account belongs to the medium level since it allows its customers to make approximately 250 monthly transactions.
• Chase Platinum Business Checking: This account is the highest (premium level), allowing approximately 500 monthly transactions of up to $25,000.

What are Bank of America business accounts?

Bank of America has two business accounts that allow for different types of monthly transactions and deposits, depending on the account the customer chooses. Just as Chase gives a welcome bonus, so does Bank of America, which is between $100 to $500, depending on the business account requested. 

• Business Advantage Fundamentals Banking: This account allows monthly deposits of up to $7,500 and up to 200 transactions.
• Business Advantage Relationship Banking: With this account, customers can make deposits of up to $20,000 and up to 500 transactions per month.

One of the essential features of Bank of America is that customers can switch from one account to another whenever they want, without restrictions, which allows flexibility when updating the finances of the company or business.

What are the advantages and disadvantages of Chase?

Advantages

• Digital channels: Like most banks, which have implemented this modality in recent years, Chase has its mobile and desktop application, which allows you to access your account information and make transactions without needing a physical card at hand.
• Variety of personal banking: Chase offers a wider variety of checking and savings so that the user can carry out his or her banking operations from one place.
• Lower initial deposit rate and monthly fee: Chase has a lower initial deposit rate than Bank of America, and the initial requirements are affordable.
• Sign-up Bonus: Chase Total Checking gives new customers a $200 sign-up bonus for opening an account, while for Chase College Checking, the bank provides a $100 bonus.
• Chase has more than 16,000 ATMs and nearly 5,000 branches.
• Cancellation of service fees can be requested for each month.

Cons

• Low-interest rates: Chase’s interest rates are lower than Bank of America’s.
• Chase has branches in only 26 states.
• No rewards program: You do not earn any rewards when you purchase Chase’s services.
• Little variety of banking products: Chase has more types of checking and savings accounts than Bank of America, although the CD and IRA are lower.

What are the advantages and disadvantages of Bank of America

Advantages

• More branches: Bank of America has more units in the United States than Chase. It has 4,200 branches with more than 16,000 ATMs in 37 states (11 more than Chase).
• High-interest rates: BofA (Bank of America) has higher interest rates than Chase, although the difference is not much. Savings accounts are capped at 0.06%, and CDs (certificate of deposit) at 2.10%.
• IRA: BofA offers more IRAs but cannot be opened directly.
• Opening bonus: Bank of America gives new checking account customers a $100 bonus as a welcome gift.
• Rewards Program: Customers can access rewards programs by purchasing personal products from the bank belonging to Preferred and BankAmeriDeals.
• Monthly service fees may be waived.
• Cash back rebates may be requested with AmeriDeals.

Disadvantages

• Low-interests rates for savings accounts.
• No money market account.
• Additional fees are charged for checking and savings account holders.
• The variety of checking and savings accounts is not as comprehensive as at Chase.
• High monthly fees: Those who do not meet the fee waiver requirements will be charged more than they would be with Chase.
• Higher initial deposit: BofA requires a higher initial deposit than Chase requires to open a savings or checking account.
• Lower opening bonuses: The bonuses BofA gives its customers for opening accounts are lower than those offered by Chase.

Bank of America vs. Chase: Basic Savings Accounts

Bank of America vs. Chase: Basic Checking Accounts

References

• Au, Stephen. “Chase vs. Bank of America Credit Cards – Which Is Best? [2022].” Com, https://www.facebook.com/upgradedpoints/, 23 Aug. 2022, https://upgradedpoints.com/credit-cards/chase-vs-bank-of-america/.
• Grace, Laura. “Bank of America Savings Rates: Low APY but Similar to Other Big Banks.” Business Insider, Insider, 26 Oct. 2022, https://www.businessinsider.com/personal-finance/bank-of-america-savings-rates.
• “Chase Savings Review: Easy to Waive $5 Monthly Fee, Low Savings Rate.” Business Insider, Insider, 3 Sept. 2021, https://www.businessinsider.com/personal-finance/chase-savings-review.
• Henricks, Mark. “Chase Vs. Bank Of America – Forbes Advisor.” Forbes Advisor, 17 Oct. 2022, https://www.forbes.com/advisor/banking/chase-vs-bank-of-america/.