Bank of America vs Chase: Which Business Account Wins?

Key Takeaways:

• Chase offers better rewards with 1% cashback and interest options.
• Both banks have similar monthly fees, starting at $30, but Chase offers cashback and interest.
• Chase provides more convenient mobile features like cardless ATMs.
• Bank of America is ideal for small businesses, while Chase suits those needing rewards and convenience.

Introduction: Choosing the right business bank account is crucial for any entrepreneur. With numerous options available, Bank of America and Chase are top contenders. This article compares their fees, rewards, and ease of use to help you decide.

Fees: A Close Match Both banks offer business checking accounts with a $30 monthly fee, but they can be waived. Bank of America’s Business Advantage and Chase’s Business Complete Checking both waive fees with minimum balances, making them equally affordable.

Rewards: Chase Leads the Way Chase stands out with 1% cashback on debit purchases and options to earn interest. Bank of America focuses on credit card rewards, making Chase the better choice for businesses seeking cashback.

Ease of Banking: Chase’s Flexibility Chase excels with cardless ATMs and quick mobile check deposits, enhancing convenience. Both banks offer robust online platforms, but Chase’s added features give it an edge.

Who It’s For: Tailored Solutions Bank of America suits small businesses needing simplicity, while Chase’s rewards appeal to those prioritizing cashback and convenience.

Conclusion: Chase offers better rewards and ease, making it ideal for businesses wanting more from their banking. Bank of America remains a solid choice for straightforward needs. Choose wisely based on your business priorities.