If you’re trying to decide between a Bank of America vs Chase business account in 2025, it comes down to how you bank, what you need, and what kind of fees you’re willing to deal with.
Chase is a strong pick if you want nationwide access, built-in payment tools like QuickAccept®, and multiple ways to waive monthly fees, which is ideal if you have a growing business. Bank of America, meanwhile, stands out with its Zelle® integration and smart insights via the Erica® virtual assistant, making it a great fit if you are already in its ecosystem or prioritize relationship banking and long-term perks.
Why you can trust TechRepublic
At TechRepublic, we publish high-quality, independently researched articles created by writers who are experts in the fields they cover. Our contributors include seasoned IT professionals, certified accountants, software developers, and industry consultants — people who have worked directly with the tools they evaluate. Every article is built on firsthand experience, in-depth testing, and a deep understanding of what businesses and tech teams actually need to make confident, informed decisions.
Featured Partners
Quick comparison of Bank of America vs Chase business accounts
 |  |
|
|---|---|---|
| New account promo | ||
| Opening deposit requirement | ||
| Monthly fees | ||
| Monthly transaction limit | ||
| Excess transaction fee | ||
| Monthly free cash deposit | ||
| Excess cash deposit fee | ||
| APY | ||
| Higher-tier accounts for business checking | Business Advantage Relationship Banking | |
| Online banking | ||
| Regional limits | 39 states and Washington, D.C. | 48 states except Alaska and Hawaii |
| Customer service | ||
| ATM fees | ||
| Mobile app rating (out of 5 stars) | ||
| Key app features | ||
| User reviews (WalletHub ratings) | 3.9 from about 40,000 reviews | 3.8 from around 28,000 reviews |
Chase Bank vs Bank of America: Fees (Chase wins)
Both banks charge a monthly fee on their entry-level accounts. However, Chase gives you more (and easier) options to waive it — including daily balances, credit card spending, or QuickAccept® deposits — especially if your business uses credit cards or receives payments frequently. Those conditions are realistic for many businesses, especially if yours has regular payment activity.
Meanwhile, Bank of America’s waivers lean more heavily on maintaining a higher balance or debit card spend. While attainable, those requirements may be less appealing if you have a new or small business with tighter cash flow.
Bank of America Business Advantage FundamentalsTM Banking
- Monthly fee: $0 or $16 per month
- Waived with:
- At least $500 in new net purchases using your debit card
- A $5,000 combined average monthly balance
- A Preferred Rewards for Business membership enrollment
- Waived with:
- Opening deposit requirement: $100
Chase Business Complete Banking®
-
- Monthly fee: $0 or $15 per month
- Waived with
- $2,000 minimum daily balance
- $2,000 in monthly purchases on a Chase Ink® Business Card
- $2,000 in deposits via QuickAccept® or other eligible Chase Payment Solutions
- Active military status
- Waived with
- Monthly fee: $0 or $15 per month
- Opening deposit requirement: $0
To see a deeper breakdown of fees and features, check out our full Chase Business Complete Banking® review.
Bank of America vs Chase: Features (Tie)
Bank of America and Chase bring a lot to the table for small business owners. I wouldn’t say one completely outranks the other; it really depends on how your business operates and whether you prioritize costs, convenience, credit, or scalability.
When comparing features in this Chase vs Bank of America business account matchup, it’s clear both banks are strong in different areas. Chase edges Bank of America out with flexible fee waivers, payments, and nationwide access, while Bank of America stands out with digital tools and loyalty perks through its Preferred Rewards for Business program.
Transaction limits (Tie)
Bank of America and Chase offer 20 free teller or paper-based monthly transactions with their entry-level business checking accounts. After that, you’ll pay a per-transaction fee, slightly lower with Chase, but the difference is minimal.
- Chase: 20 free paper/teller transactions, then $0.40 each; unlimited digital transactions (e.g., ACH, debit card, Zelle®, etc.).
- Bank of America: 20 free transactions of any type, then $0.45 per item
If you process a lot of payments or transfers, you’ll want to keep an eye on these limits or consider a higher-tier account. For most small businesses, however, the included transactions should be enough to start.
Geographic limits (Chase wins)
If your business operates across multiple states or you travel often, Chase’s reach makes it a more flexible choice. Bank of America has a strong but more regional footprint in 39 states and Washington, D.C., but you’ll find Chase almost everywhere except Alaska and Hawaii.
Account tools (Bank of America wins)
Chase has great tools like QuickAccept® and built-in invoicing, but Bank of America edges it out slightly when it comes to personalized features. Its Erica® virtual assistant, integrated Zelle® for business, and strong online bill pay make it one of the better digital banking platforms. You also get access to the Preferred Rewards for Business program, which adds perks like interest rate boosts and discounts on business services.
Other business products (Chase wins for credit cards; Tie for others)
Business credit cards (Chase wins)
Chase is the stronger choice if you want versatile credit card options with strong standalone value. Its Ink Business® lineup is top-rated and offers generous cashback and travel rewards. You even get access to Chase Ultimate Rewards®, which is great if you travel or spend heavily. While Bank of America also has solid business cards, the best benefits, like enhanced cashback, require you to join the Preferred Rewards for Business program.
Business savings accounts (Tie)
If you seek higher interest earnings, Bank of America is better if you sign up for the Preferred Rewards for Business program. However, if you’re mainly looking for a simple, low-maintenance place to hold emergency funds, Chase makes it easier to avoid fees.
Bank of America offers an accessible savings option. You need a $2,500 average monthly balance to waive the $10 fee on its Business Advantage Savings account, and Preferred Rewards for Business members get better terms (interest rates are tiered and slightly higher than what you’ll get with Chase).
Meanwhile, Chase’s Business Total Savings® account has a lower waiver threshold than Bank of America’s Business Advantage Savings. You just need a $1,000 daily balance, which might work better if your business has a tighter cash flow. The base standard APY is just 0.01%, with no meaningful rate bumps unless you link a higher-tier checking account.
Business CDs (Tie)
Chase and Bank of America offer business CDs with similar term ranges, from 30 days to 10 years, and a minimum deposit of $1,000. Both require you to visit or call a branch to open an account.
In terms of structure and security, they’re also nearly identical. Rates will depend on your location, how much you’re depositing, and the term you choose, so there’s no clear winner here. If you’re shopping for CDs, your best move is to call both banks and compare offers before locking in funds.
Business lending (Tie)
If you value speed and loyalty perks, go with Bank of America. For relationship lending and broader SBA options, Chase is the stronger pick. While both offer a full suite of business lending solutions — including lines of credit, term loans, commercial real estate financing, and SBA loans — they differ slightly in flexibility and relationship perks.
Bank of America is great if you’re already a customer and a Preferred Rewards member, as you can get rate discounts and a smooth digital loan process for smaller loans. Chase, on the other hand, is best for in-person support and larger or more complex financing needs, especially if you prefer working with a local banker.
Rewards and loyalty programs (Bank of America wins)
If you’re interested in account-wide benefits, Bank of America provides more value for loyal users. It stands out for its Preferred Rewards for Business program and offers interest rate boosts, credit card reward multipliers, and fee discounts when you meet certain balance requirements across linked accounts.
In contrast, Chase focuses more on standalone card rewards through its Ink Business® cards and Ultimate Rewards®. Those are excellent for cashback and travel but aren’t tied directly to your business deposit accounts.
Pros and cons of Bank of America vs Chase Bank
In this Chase Bank vs Bank of America comparison, Bank of America wins in terms of digital experience and account insights, while Chase leads in payment features and national reach.
| Pros | ||
| Cons |
Should your business choose Bank of America or Chase Bank?
Ultimately, the Bank of America vs Chase decision depends on how you run your business and what features you value most, whether that’s invoicing, branch access, or relationship rewards. This comparison should help you find the account that fits the way you do business.
Choose Bank of America if you
- Want a strong digital experience with features like the Erica® virtual assistant and Zelle®
- Plan to take advantage of the Preferred Rewards for Business program
- Operate in a region with reliable branch access
Choose Chase Bank if
- Need access to a broader national branch and ATM network
- Already use Chase Ink® business credit cards or Chase Payment Solutions
- Require built-in invoicing or mobile payment acceptance via QuickAccept®
My methodology
To compare Chase Business Complete Banking® and Bank of America Business Advantage Fundamentals™ Banking, I focused on the factors that matter most to small business owners: cost, convenience, features, and ability to scale as your operation grows.
- Fees and waivers: I compared monthly fees and how easy they are to avoid through balance requirements or rewards program enrollment.
- Transaction and deposit limits: I checked how many free transactions (such as teller/paper and electronic) and cash deposits, as well as the extra fees if you go over, come with each account.
- ATM and branch access: I evaluated branch availability, ATM network size, and fees for using out-of-network machines, which is important for cash-heavy businesses.
- Digital experience: I reviewed app ratings, user experience, and standout tools like Erica® and QuickAccept®, along with online account setup and mobile features.
- Account services and extras: I assessed what’s included in the entry-level business accounts (like invoicing, payment acceptance, and integrations with other tools) and whether there are upgrade options as your business grows.
- Customer support: I assessed support options, such as phone, chat, and in-branch, and reviewed customer feedback on service quality.
All data is accurate as of May 2025. Terms can change, so I recommend checking with each bank directly for the most up-to-date information.
Small business account alternatives
If neither Chase nor Bank of America feels like the right fit, here are digital-first options offering flexibility and lower fees:
| Best for | Offers business checking accounts with | |
|---|---|---|
 | Tech startups | |
| Read our Mercury review | ||
 | Freelancers | |
| Read our Found business banking review | ||
 | Ecommerce entrepreneurs | |
| Read our Novo business checking review | ||
 | Regional access | |
| Read our U.S. Bank review | ||
Frequently asked questions (FAQs)
Does Chase or Bank of America offer a welcome bonus?
Yes, both banks offer cash bonuses for new business checking accounts. Terms vary by promotion, so ensure you compare offers when evaluating a Bank of America vs Chase business account.
What type of business credit cards do Chase and Bank of America offer?
Chase offers Ink® business cards with cash back and travel rewards, while Bank of America provides cards with cash back, low APRs, and Preferred Rewards boosts.
Does Bank of America or Chase have better customer service?
Both offer strong support via phone, chat, and in-branch. Experiences vary by location and individual service representatives.
Can I open a business account online with Chase or Bank of America in 2025?
Yes, both banks allow online account opening for eligible businesses with proper documentation.
Do Chase and Bank of America offer business savings or credit lines?
Yes, both banks offer business savings accounts, CDs, and lines of credit. These products can often be bundled with a business checking account for added benefits, making them a valuable part of the overall banking experience with either Chase or Bank of America.
Which bank has better digital tools?
Bank of America stands out in this area. Its Erica® virtual assistant offers personalized insights, spending alerts, and budgeting tools that go beyond standard app functionality. While Chase excels in payment features like QuickAccept®, Bank of America’s digital experience is more robust overall.
