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Chase vs Bank of America Business Account: A Complete Comparison
Chase and Bank of America are two of the largest banks in the United States¹. Let’s break down the Chase Business and Bank of America business accounts.
We’ll also discuss how the Wise Business account can help you when doing business internationally.
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Bank of America vs Chase Business Account Overview
Bank of America and Chase both have a few business accounts to choose from. They scale to the size of your business. Bank of America offers a Business Advantage Fundamentals Banking and Business Advantage Relationship Banking accounts.
Chase Business, on the other hand, has three different accounts. They offer the Business Complete Banking, Performance Business Checking, and Platinum Business Checking accounts. We will go further into the differences between accounts below.
Why Choose Bank of America?
- Scalability: For those looking for flexibility, Bank of America lets you switch between their accounts, so you can scale if needed.
- Low minimum balance requirement: Most Bank of America business accounts have a low minimum balance requirement, meaning you don’t need to keep as much money in the account at all times.
- More free transactions per month: Bank of America offers a higher number of free transactions each month than Chase, letting you save money from the start.
- Lower minimum balance to avoid fees: There’s a much lower requirement to avoid fees than Chase. And it’s monthly rather than daily.
Looking to save when sending and receiving overseas payments?
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Why Choose Chase?
- Big bonus offers: Chase often has bigger bonus offers than Bank of America for new business accounts.
- More suitable for international business: If you’re looking for an account that can help manage the complexities of international business, Chase has lower fees and multiple solutions that could be a better fit.
- No need to open a merchant account: Chase’s integrated payment processing system eliminates the need to open a separate merchant account.
- Available in more states: With branches in more states, Chase is the better option if you need an account that’s accessible across the country. We’re talking 48 states compared to 37.
When comparing a Bank of America business account and Chase Business account, the main differences are in the fees, account types available, and minimum deposits required. Here’s a breakdown of both banks:
Pros and Cons of Bank of America and Chase Business
To start, here's an overview of the pros and cons of each business account. In many cases, customers find a mix of prices, services, and compatibility to be the issue when choosing an account. Keep these items in mind when taking a look at the information below:
| Bank Accounts | Pros and Cons |
|---|---|
| Bank of America Business Advantage Fundamentals Banking: Ideal for businesses that require basic banking services and have a low number of transactions. |
|
| Bank of America Business Advantage Relationship Banking: Suitable for businesses that need access to a broader range of services and cash management tools. |
|
| Chase Business Complete Banking: An alternative to the Bank of America Business Advantage Fundamentals Banking account with built-in card acceptance. |
|
| Chase Performance Business Checking: Best for mid-sized businesses that make out-of-network ATM withdrawals and outgoing wire transfers. |
|
| Chase Platinum Business Checking: This account is best for businesses that need access to a wide array of services and features, including unlimited check writing and $25,000 in monthly transactions. |
|
Features overview
When you're looking to open a business account, you’ll want to look for a few key features. These often include low fees, flexible banking options (mobile or digital banking), convenience and products that meet your needs. Looking for specific features? Here’s a closer look at each account:
| Bank Account Type | Account Features |
|---|---|
| Bank of America Business Advantage Fundamentals Banking |
|
| Bank of America Business Advantage Relationship Banking |
|
| Chase Business Complete Banking |
|
| Chase Performance Business Checking |
|
| Chase Platinum Business Checking |
|
Chase Business and Bank of America Business Account Fees
Fees are a crucial consideration when deciding between a Bank of America business account and Chase business account. There are notable differences between monthly fees, cash deposit limits, and free transactions that can affect your business.
Fees for Chase Business Accounts
Similar to Bank of America, Chase is present all over the US. Chase Business accounts hold a slight advantage over Bank of American business account in that there is no opening fee. Monthly fees are similar for both banks. Chase Business is beneficial as it has lower minimum balances than the Bank of America business accounts.
International transfers are slightly different for both banks. For small businesses, it is arguable that the Chase Business has a weakness, as incoming and outgoing wire transfers have higher fees. However, outgoing wires for Chase Business do cost $0 (same as Bank of America) when the amount exceeds $5,000.
| Chase Business: Complete³ ⁷ | Chase Business: Performance³ ⁷ | Chase Business: Platinum³ ⁷ | |
|---|---|---|---|
| Opening fee | None | None | None |
| Monthly fee | $15 | $30 | $95 |
| Minimum balance to avoid fee | $2,000 daily | $35,000 daily | $100,000 daily |
| Cash deposits per month | First $5,000 free | First $20,000 free | First $25,000 free |
| Out-of-network ATM fees | $3 per transaction | Free but may be charged third-party fees | Free but may be charged third-party fees |
| Foreign ATM fees | $5 per transaction | $5 per transaction | $5 per transaction |
| International transaction fee | 3% of the U.S. dollar amount | 3% of the U.S. dollar amount | 3% of the U.S. dollar amount |
| International wire fee | Incoming: $15 Outgoing (in-branch in FX or USD): $50 Outgoing (Online in USD): $40 Outgoing (Online in FX) $5 or $0 if $5,000 or more | Incoming: $15 Outgoing (in-branch in FX or USD): $50 Outgoing (Online in USD): $40 Outgoing (Online in FX) $5 or $0 if $5,000 or more | Incoming: $15 Outgoing (in-branch in FX or USD): $50 Outgoing (Online in USD): $40 Outgoing (Online in FX) $5 or $0 if $5,000 or more |
| Free transactions | 20 | 250 | 500 |
Fees for Bank of America Business Account
Bank of America’s biggest benefit is that you can access a wide amount of ATMs and branches across the country, which could limit the need to pay fees on ATM withdrawals. It’s also beneficial for outgoing wire transactions on the foreign exchange (FX) are for $0 for both Bank of America accounts.
For small businesses, the fee can add up with a need for a minimum balance, certain cash deposit amounts, and extra costs added to international transactions.
| Bank of America: Fundamentals² ⁴ ⁵ ⁶ | Bank of America: Relationship² ⁴ ⁵ ⁶ | |
|---|---|---|
| Opening fee | $100 | $100 |
| Monthly fee | $16 | $29.95 |
| Minimum balance to avoid fee | $5,000 monthly | $15,000 monthly |
| Cash deposits per month | First $7,500 free | First $20,000 free |
| Out-of-network ATM fees | $2.50 per transaction | $2.50 per transaction |
| Foreign ATM fees | $5 per transaction | $5 per transaction |
| International transaction fee | 3% of the U.S. dollar amount | 3% of the U.S. dollar amount |
| International wire fee | Incoming: $15 Outgoing (Sent in USD): $45 Outgoing (Sent in FX): $0 | Incoming: $15 Outgoing (Sent in USD): $45 Outgoing (Sent in FX): $0 |
| Free transactions | 200 | 500 |
Looking to save when sending and receiving overseas payments?
Learn more about the
Wise Business account >>
Chase Business Complete vs Business Bank of America Advantage Fundamentals
The Chase Business Complete and Bank of America Advantage Fundamentals accounts are the most similar. Both offer essential banking services with low monthly fees, a great online and offline presence, and business payment integrations.
The main difference is that Bank of America offers a higher number of free monthly transactions and a higher free cash monthly deposit limit.
Bank of America Business Advantage Fundamentals Banking
- Pros: Up to 200 free transactions a month, allows $7,500 in free cash deposits monthly (Chase allows up to $5000)
- Cons: Ambiguous international wire fees
Chase Business Complete Banking
- Pros: Easier to waive monthly fee, benefits for those with military status, built-in payment processing
- Cons: Only 20 free transactions a month
| Bank of America: Fundamentals | Chase Business: Complete | |
|---|---|---|
| Opening fee | $100 | None |
| Monthly fee | $16 | $15 |
| Minimum balance to avoid fee | $5,000 monthly | $2,000 daily |
| Cash deposits per month | First $7,500 free | First $5,000 free |
| Out-of-network ATM fees | $2.50 per transaction | $3 per transaction |
| Foreign ATM fees | $5 per transaction | $5 per transaction |
| International transaction fee | 3% of the U.S. dollar amount | 3% of the U.S. dollar amount |
| International wire fee | Incoming: $15 Outgoing (Sent in USD): $45 Outgoing (Sent in FX): $0 | Incoming: $15 Outgoing (in-branch in FX or USD): $50 Outgoing (Online in USD): $40 Outgoing (Online in FX) $5 or $0 if $5,000 or more |
| Free transactions | 200 | Unlimited electronic deposits |
Chase Performance Business Checking vs Bank of America Business Advantage Relationship
The Chase Performance Business Checking and Bank of America Business Advantage Relationship Banking accounts are geared more toward established businesses. Both have higher monthly fees than the basic accounts.
But, they also come with additional features such as access to credit lines, discounts on other banking products, and support from dedicated relationship managers.
For those who make regular out-of-network ATM withdrawals and outgoing wire transfers, Chase is a better option. Those with more monthly transactions and higher deposit amounts should go with Bank of America. Chase also boasts their Chase Merchant Services, which offer a range of payment solutions for businesses.
| Bank of America: Relationship | Chase Business: Performance | |
|---|---|---|
| Opening fee | $100 | None |
| Monthly fee | $29.95 | $30 |
| Minimum balance to avoid fee | $15,000 monthly | $35,000 daily |
| Cash deposits per month | First $20,000 free | First $20,000 free |
| Out-of-network ATM fees | $2.50 per transaction | Free but may be charged third-party fees |
| Foreign ATM fees | $5 per transaction | $5 per transaction |
| International transaction fee | 3% of the U.S. dollar amount | 3% of the U.S. dollar amount |
| International wire fee⁶ | Incoming: $15 Outgoing (Sent in USD): $45 Outgoing (Sent in FX): $0 | Incoming: $15 Outgoing (in-branch in FX or USD): $50 Outgoing (Online in USD): $40 Outgoing (Online in FX) $5 or $0 if $5,000 or more |
| Free transactions | 500 | 250 |
Looking to save when sending and receiving overseas payments?
Learn more about the
Wise Business account >>
Chase vs Bank of America Business Account Services
In addition to the core services offered by both banks, you can also access additional services such as merchant processing, payroll management tools, and online cash flow solutions. But we’re focusing on two main offerings here: the Chase Platinum Business Checking account and the two banks’ Business Credit Cards.
Chase Platinum Business Checking
While both banks offer a basic-tier and a more advanced business account, Chase has the Platinum Business Checking account. The Chase Platinum Business Checking is a premium account that comes with additional benefits such as free incoming wires and ATM fee reimbursements. It also offers access to credit lines and discounts on other banking services.
It's perfect for businesses that need more features and flexibility than the other accounts offer, especially if you need:
- Access to credit lines
- Free incoming wires - foreign and domestic
- Merchant services for LLCs
- Lots of free cash deposits and transactions
There are a few advantages when you compare the Platinum Chase business account to the Bank of America business account. This includes more wire capabilities and more allowances. However, the Advantage Relationship account actually gives you 500 free transactions as well at a lower cost.
So, consider your specific bank account needs before making the jump!
Pros and cons
The Chase Platinum Business Checking account has some attractive features, but also has a few drawbacks. The main advantage is that you get access to credit lines and discounts on other banking services.
The downside is that it has a higher monthly fee than the other accounts and requires an average daily balance of $100,000 or more to waive. So if you don’t have this kind of money to put in your business account, then this option might not be for you.
Chase vs Bank of America Business Credit Cards
Both Chase and Bank of America offer a range of business credit cards.
The main difference between the two is in the rewards programs. Chase boasts cash back, points, travel rewards, and more with their Ultimate Rewards program. This allows you flexibility when redeeming for your business needs.
For example, the Ink Business Premier credit card is ideal for cashback - 2% on all business purchases. The United Business Card earns you miles at gas stations, local transit, restaurants, and office supply stores, as well as other United travel benefits.
Bank of America’s rewards program is more advanced. You can be eligible for their Preferred Rewards for Business program under certain conditions and get up to 75% more rewards on each purchase. Their cards fall under categories including cash rewards, travel rewards, lower interest, and build or strengthen business credit.
Both banks have exclusive online bonuses like $300 statement credit bonus or extra bonus points or miles for most cards.
Bank of America Business Credit Card
The credit card offers rewards in specifics areas of spending, such as on office supplies and travel. The also don't have an annual fee.
With the Bank of America Business credit card, you won’t be able to transfer points to other loyalty programs or redeem them for statement credits.
Chase Business Credit Card
The Ultimate Rewards points are versatile and can be redeemed for cash back, travel rewards, and more. It also offers online excluse bonuses.
One drawback is that you cannot earn rewards for specific spending categories. You also will have to pay annual fees and deal with higher APRs compared to Bank of America, for example.
| Bank of America Business Credit Cards⁷ | Chase Business Credit Cards⁸ | |
|---|---|---|
| Annual fees | $0 or $50 | $0, $95, $99, $195, $199, $450 |
| Rewards | Preferred Business Rewards for more rewards, customized, travel, and cashback | 1X - 4X points on purchases, anniversary bonus points every year, huge bonus points offer upon joining |
| Average standard APR | 16.49% - 26.49% | 20.24%–27.24% |
| International transactions | 3% of the U.S. dollar amount or none with the Business Advantage Travel Rewards credit card | No foreign transactions |
International business: Wise Business vs. Banks
If you’re running a business that works across borders, then Wise Business is a great option. While Wise is not a bank, it can be a smart online alternative to manage your business finances.
Let’s take a quick look at how Wise helps businesses save while making and receiving payments internationally.
| Fees | Wise |
|---|---|
| Currency conversion costs | From 0.41% |
| International wire fees | On average, flat fee of 4.14 USD |
| Get local account details in other currencies? | Yes (A one-time fee of 31 USD gets you account details in 10 currencies, which could help you save big) |
| Monthly fee or minimum opening requirement | No monthly fee or opening balance requirement |
Wise Business customers can manage all of their financial needs with accounting software integrations, batch payments and payroll options, various permissions and alert settings along with the ability to both receive and make payments at low cost. Whether taking payments on your ecommerce store or sending payments to a freelancer abroad, Wise Business can make your daily business tasks easier.
Learn More:
US Bank vs. Chase Business Checking: Which is Right for You?
Sources:
- https://www.insiderintelligence.com/insights/largest-banks-us-list/
- https://www.bankofamerica.com/smallbusiness/deposits/business-advantage-banking/
- https://www.chase.com/business/banking/checking
- https://www.bankofamerica.com/salesservices/smallbusiness/resources/business-schedule-fees/
- https://www.nerdwallet.com/article/banking/wire-transfers-what-banks-charge#:~:text=Bank%20of%20America%20Wire%20Transfer%20Fees&text=Outgoing%20domestic%3A%20%2430.,if%20sent%20in%20U.S.%20dollars
- https://wise.com/us/blog/how-to-wire-money-chase-bank
- https://www.bankofamerica.com/smallbusiness/credit-cards/
- https://creditcards.chase.com/business-credit-cards
- https://www.trustpilot.com/review/wise.com
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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