Bank of America vs Chase Business Accounts: Which Is Right for You?
Jordan is a financial analyst with over two years of experience in the mortgage industry. He brings his expertise to Fit Small Business’s credit card and bank account content.
This article is part of a larger series on Business Banking.
Bank of America offers two business checking accounts: Business Fundamentals Checking and Business Advantage Checking. Meanwhile, Chase offers three accounts: Total Business Checking, Performance Business Checking, and Platinum Business Checking. Each account provides a different monthly allowance of free transactions and cash deposits. The right account for you typically depends on the number of monthly transactions and cash deposits your business makes.
To help narrow down which of these five small business checking accounts is best for your company, we put together a series of questions. These questions will provide you with a personalized answer that caters to your specific monthly needs.
Answer a few questions about your business, and we'll give you a personalized product match.
When to Choose Each Type of Account
Major banks typically offer different levels, or tiers, of business bank accounts. Each account tier caters to different business needs, such as the number of free transactions or cash deposits per month. Bank of America and Chase both offer a basic and midtier account. However, Chase also offers a premium account while Bank of America does not.
Learn about each tier to make an informed decision when choosing an account:
- Basic account: Best for up to 250 monthly transactions and cash deposits of up to $7,500
- Midtier account: Best for less than 500 monthly transactions and cash deposits of up to $20,000
- Premium account: Best for up to 500 monthly transactions and cash deposits of up to $25,000
After reviewing each account tier, continue reading the article for an in-depth comparison of the account tier that best fits your needs. However, if you want the most affordable account, skip to the cost comparison calculator to find the account with the lowest overall monthly cost. You can use the table of contents on the left-hand side of the page to navigate to the part of the article you want to read.
Bank of America vs Chase: Basic Checking Accounts
The Bank of America Business Fundamentals Checking account and Chase Total Business Checking account are the most basic business accounts Bank of America and Chase offer. These accounts are designed for smaller businesses that prefer a low-cost checking account with an easy-to-waive monthly fee.
Bank of America vs Chase Basic Account Overview
Best For | 200 free monthly transactions and $7,500 in free monthly cash deposits | 100 free monthly transactions and $5,000 in free monthly cash deposits |
Introductory Bonus | Up to $500 when you meet specific requirements | $300 when you meet specific requirements |
Introductory Bonus Requirements |
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Opening Deposit | $100 | None |
Interest on Balances | None | None |
Bank Network & ATMs | 4,300 physical branches and about 16,000 ATMs | Nearly 4,900 branches and 16,000 ATMs |
Open an Account |
Takeaway: Bank of America and Chase offer similar basic business checking accounts that both provide free monthly transactions, fee-free cash deposits, and an introductory bonus. While Bank of America offers more free monthly transactions and cash deposits, it requires an opening deposit, which Chase does not. Plus, Bank of America’s introductory bonus is $150 more than Chase’s, but you’ll have to meet more requirements to earn it.
If cost is not your highest priority, and instead you’re focused on accessibility, Chase has nearly 4,900 branches, topping Bank of America’s 4,300. However, both banks provide the same number of ATMs―16,000―nationwide. It’s crucial for businesses that handle daily cash transactions and need to make cash deposits to have a branch location and ATM nearby.
Bank of America vs Chase Bank Basic Account Costs
Monthly Fee | $14 - $18, depending on where your business operates | $15 |
Criteria to Waive Monthly Fee |
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Transaction Fee | First 200 free, then 45 cents per item | First 100 free, then 40 cents per item |
Cash Deposit Fee | First $7,500 free, then 30 cents per $100 | First $5,000 free, then $2.50 per $1,000 |
Takeaway: Bank of America and Chase business accounts are neck and neck when it comes to comparing their costs. Not only does Chase charge a potentially lower monthly fee, but it also makes it easier to waive that monthly fee. It requires you to maintain a minimum daily balance of only $1,500 to waive the fee compared to Bank of America’s $3,000 requirement.
Some business owners may focus more on transaction and cash deposit fees than monthly fees. With that in mind, Bank of America tops the transaction fee category as it offers 200 free monthly transactions compared to Chase’s 100. Plus, with Bank of America, you can deposit more cash per month with no additional charge. However, Chase’s fee for cash deposits over the monthly allowance is less than Bank of America’s.
Bank of America vs Chase: Midtier Accounts
The Bank of America Business Advantage Checking account and Chase Performance Business Checking account are the midtier accounts offered by Bank of America and Chase. These accounts are tailored to businesses that need to make more than 200 monthly transactions and process up to $20,000 in monthly cash deposits.
Bank of America vs Chase Midtier Account Overview
Best For | 500 free monthly transactions and $20,000 in free monthly cash deposits | 250 free monthly transactions and $20,000 in free monthly cash deposits |
Introductory Bonus | None | None |
Opening Deposit | $100 | None |
Interest on Balances | None | None |
Bank Network & ATMs | 4,300 physical branches and about 16,000 ATMs | Nearly 4,900 branches and 16,000 ATMs |
Open an Account |
Takeaway: Both Bank of America and Chase’s midtier business accounts offer owners an opportunity to tap into free monthly transactions, cash deposits, and even a waivable monthly fee. However, Bank of America’s midtier account tops Chase’s as it offers 250 more free monthly transactions. To receive the same amount of free transactions through Chase, you would need to open its premium account, which charges a $95 monthly fee.
Another thing to consider when choosing the best business account for you is the bank’s network and available nearby ATMs. Both banks offer a slew of physical branches and ATMs nationwide. However, if you happen to live or operate your business in a location that isn’t close to one of the bank’s branches or ATMs, it’s best to go with the other account.
Bank of America vs Chase Midtier Account Costs
Monthly Fee | $29.95 | $30 |
Criteria to Waive Monthly Fee |
| Maintain a minimum daily balance of $35,000 in any combination of linked business savings, business certificate of deposits (CDs), and other Chase Performance Business Checking accounts |
Transaction Fee | First 500 free, then 45 cents per item | First 250 free, then 40 cents per item |
Cash Deposit Fee | First $20,000 free, then 30 cents per $100 | First $20,000 free, then $2.50 per $1,000 |
Takeaway: Both Bank of America’s and Chase’s midtier accounts offer free monthly transactions and cash deposits, but Bank of America seems to prevail in the pricing category. Bank of America’s requirements to waive the monthly fee are easier to meet when compared to Chase, and Bank of America charges an account fee that’s 5 cents less per month.
With the Bank of America Business Advantage Checking account, you’ll also receive up to 500 free monthly transactions compared to Chase’s 250. So, if you need to make more than 250 transactions each month, then go with Bank of America’s midtier business account. You’ll also receive $20,000 in fee-free monthly cash deposits regardless of the bank you choose.
Chase Platinum Business Checking
While Bank of America stops at midtier business checking accounts, Chase Bank offers an account above that level. Chase customers can open a Chase Platinum Business Checking account, which caters to larger businesses that need a high monthly allowance of transactions and deposits.
Chase Platinum Business Checking Account Overview
Best For | Monthly cash deposits of up to $25,000 |
Introductory Bonus | None |
Opening Deposit | None |
Interest on Balances | None |
Bank Network & ATMs | Nearly 4,900 branches and 16,000 ATMs |
Open an Account |
Takeaway: Larger businesses that handle heavy daily cash transactions will find this account to be most beneficial compared to the others in this article. You’ll be able to deposit up to $25,000 per month at no additional charge. That’s the highest amount of free monthly cash deposits among all Chase and Bank of America business checking accounts.
You’ll also have the luxury of nearly 4,900 branches and 16,000 ATMs nationwide. This level of access to physical branches will make the cash deposit process easy and simple. Be sure your business operates near a branch location and ATM before opening an account.
Chase Platinum Business Checking Account Costs
Monthly Fee | $95 |
Criteria to Waive Monthly Fee | Maintain a minimum daily balance of $100,000 ($50,000 when linked to Chase Private Client Checking) in any combination of linked business savings, business CDs, other Chase Platinum Business Checking accounts, and qualifying investment accounts |
Transaction Fee | First 500 free, then 40 cents per item |
Cash Deposit Fee | First $25,000 free, then $2.50 per $1,000 |
Takeaway: Although the Chase Platinum Business Checking account charges the highest monthly account fee among Chase and Bank of America business checking accounts, its features make it worth it. You’ll be able to make up to 500 free monthly transactions and $25,000 in free monthly cash deposits. While Bank of America’s midtier account offers the same number of free transactions, it only allows up to $20,000 in free monthly transactions.
If you need to deposit more than $20,000 in cash per month and process up to 500 transactions, the Chase Platinum Business Checking account is the best fit for you. However, if you only need to deposit up to $20,000 in cash per month and process up to 500 transactions, consider opening the Bank of America Business Advantage Checking account.
If you need to deposit more than $25,000 per month and/or process more than 500 transactions per month, it’s best to understand how much you’ll pay out of pocket to own this Chase premium business checking account. Use the calculator below to estimate your monthly account costs.
Anything calculated is based on Fit Small Business estimates and is not provided by Chase.
Bank of America vs Chase Cost Comparison Calculator
For some owners, the cost to own an account every month might be the primary concern when choosing a business bank account. For that reason, we created a calculator to find the most inexpensive account for your specific monthly needs. Enter your average monthly transactions and cash deposits in the fields below to find the account with the lowest estimated monthly cost.
Anything calculated is based on Fit Small Business estimates and is not provided by Chase or Bank of America.
Note: This calculator uses the Bank of America Business Fundamentals Checking account’s median monthly fee of $16.
Bottom Line
Bank of America offers two business accounts and Chase offers three, which can make for an understandably difficult decision. However, each account offers different monthly allowances for transactions and cash deposits. The account that meets your specific transactions and deposit needs is likely the best account for you.
