Bank of America is primarily a retail and commercial bank offering checking, savings, and lending services, while Fidelity is an investment-focused financial services company specializing in brokerage, retirement accounts, and wealth management. They serve different primary purposes: BofA for banking basics, Fidelity for investing and portfolio management.
Bank of America vs Fidelity — Side-by-side comparison on A Versus B
Full-service retail and commercial bank with extensive branch network and integrated investment services.
Investment-centric financial services firm managing $11.8 trillion in assets with low-cost trading and retirement solutions.
Primary Business Focus. Number of Physical Branches. Stock Trading Commission. Checking Account Monthly Fee. Assets Under Management. Minimum Account Balance for Premium Services. Retirement Account Options
Choose Bank of America if you prioritize convenient physical branch access, integrated checking/savings with investment accounts, and prefer a one-stop banking solution with established credit products. Choose Fidelity if you're a serious investor seeking zero-fee trading, superior investment research tools, lower account minimums, and no checking account fees.
Bank of America: 165+ full financial centers | Fidelity: N/A
Bank of America: Bank of America Premium Rewards (1.5x points) | Fidelity: N/A
Bank of America: $30 billion client interactions | Fidelity: N/A
Bank of America: Advanced AI-personalized solutions | Fidelity: N/A
Bank of America: Standard rewards catalog (5-7 categories) | Fidelity: N/A
Bank of America: 63 markets | Fidelity: N/A
Bank of America: Comprehensive wealth management focus | Fidelity: N/A
Bank of America: Highly rated with AI integration | Fidelity: N/A
Bank of America: Varies by account type ($500-$10,000) | Fidelity: N/A
Bank of America: Competitive with digital strengths | Fidelity: N/A
Bank of America: BofA: $3.6T | Fidelity: N/A
Bank of America: 4,300 branches | Fidelity: N/A
Bank of America: 16,000+ ATMs | Fidelity: N/A
Bank of America: 38 million users | Fidelity: N/A
Bank of America: 3.5% preferred categories | Fidelity: N/A
Bank of America: $500-$2,500 | Fidelity: N/A
Bank of America: $7.3 billion | Fidelity: N/A
Bank of America: $2.9 trillion | Fidelity: N/A
Bank of America: $35 per transaction | Fidelity: N/A
Bank of America: $2,950 billion | Fidelity: N/A
Bank of America: 5,000+ | Fidelity: 9,000+
Bank of America: 4,200+ branches | Fidelity: 200+ locations
Bank of America: 4.3 stars | Fidelity: 4.7 stars
Bank of America: $0 for brokerage | Fidelity: $0 for standard accounts
Bank of America: $2.9 trillion | Fidelity: $11.8 trillion
Bank of America: $3.45 trillion | Fidelity: N/A
Bank of America: 724 points | Fidelity: N/A
Major Regulatory Enforcement Actions (2020-2025)
Bank of America: 3 actions | Fidelity: N/A
Average APY on Savings (High-Yield Savings)
Bank of America: 4.35% APY | Fidelity: N/A
Bank of America: 0.01% - 0.04% | Fidelity: N/A
Bank of America: 4,300+ | Fidelity: 200+
Bank of America: 15,000+ | Fidelity: N/A
Bank of America: 15.99% - 27.99% | Fidelity: N/A
Bank of America: 4,200 branches | Fidelity: N/A
Bank of America: 16,000 ATMs | Fidelity: N/A
Bank of America: $17.50 average | Fidelity: N/A
Bank of America: 4.1/5 stars | Fidelity: N/A
Bank of America: $12 (waivable) | Fidelity: $0
Bank of America: 0.01% | Fidelity: 4.55%
Bank of America: Merrill Edge + full advisory | Fidelity: N/A
Bank of America: 5.24% - 9.99% | Fidelity: N/A
Customer Satisfaction Score (J.D. Power 2025)
Bank of America: $12 (waivable) | Fidelity: N/A
Bank of America: 64,000+ | Fidelity: N/A
Customer Satisfaction Score (JD Power 2024)
Bank of America: $100,000 | Fidelity: $50,000
Bank of America: N/A | Fidelity: ~0.10% (0% on Zero funds)
Bank of America: N/A | Fidelity: ~12-15 (estimated)
Bank of America: N/A | Fidelity: $11,900+ (AUM)
Bank of America: N/A | Fidelity: Growing with stablecoin FIDD
Bank of America: N/A | Fidelity: Comprehensive (Traditional, Roth, SEP, Solo 401k)
Bank of America: N/A | Fidelity: Professional-grade, free for most
Bank of America: N/A | Fidelity: Yes (fee-based and robo)
Bank of America: N/A | Fidelity: Comprehensive global access
Bank of America: N/A | Fidelity: Available
Bank of America: N/A | Fidelity: Market leader (private)
Bank of America: N/A | Fidelity: Limited
Bank of America: N/A | Fidelity: Extensive library
Bank of America: N/A | Fidelity: Trading, banking, planning, wealth mgmt
Bank of America: N/A | Fidelity: Strong but complex
Bank of America: N/A | Fidelity: Advanced (Monarch Money, Fiscal.ai)
Bank of America: N/A | Fidelity: 168 (24/7)
Bank of America: N/A | Fidelity: $12.9 trillion
Bank of America: N/A | Fidelity: 8+ (includes HSA, 529, Taxable)
How to choose between Bank of America and Fidelity
Bank of America vs Fidelity — Structured Comparison Data
Machine-readable comparison dataset for Bank of America vs Fidelity. Contains 107 attribute comparisons, 5 FAQ pairs.
Bank of America vs Fidelity — Attribute Category Vocabulary
Taxonomy of attribute categories used to classify comparison data for Bank of America vs Fidelity.
Can I do everything at Bank of America that I can at Fidelity?
No. Bank of America excels at traditional banking (checking, savings, lending, mortgages) but has limited investment research and fewer retirement account options. Fidelity specializes in self-directed investing, retirement planning, and advanced trading tools. For serious investing, Fidelity offers superior tools; for basic banking, BofA is adequate but not specialized.
Both offer 24/7 phone support, but Fidelity is widely praised for investment-specific expertise (J.D. Power ranks Fidelity #1 in investor satisfaction), while Bank of America's service varies by location and branch. For investment questions, Fidelity's advisors are more knowledgeable; for banking issues, BofA's branch staff can help immediately.
Is my money safer at Bank of America or Fidelity?
Both are equally safe. Bank of America deposits are FDIC-insured up to $250,000 per account type. Fidelity's brokerage accounts are protected by SIPC up to $500,000 (including $250,000 cash). Both companies are regulated by the Federal Reserve and SEC. Neither is riskier than the other.
Which is better for retirement planning?
Fidelity is superior for retirement investing. It offers more IRA types (Traditional, Roth, SEP-IRA, Solo 401k), better research tools, lower fees, and a robo-advisor starting at $0. Bank of America's retirement options are more limited and suited to basic savers. If you're serious about retirement optimization, Fidelity is the clear choice.
Can I switch from Bank of America to Fidelity?
Yes, easily. Fidelity handles transfers of securities (ACATS process, 3-5 days) and external cash transfers are straightforward via ACH. Your checking account stays at BofA; only investment accounts move. Many customers maintain both accounts — BofA for banking and Fidelity for investing.
How to Choose Between Bank of America and Fidelity
Primary Business Focus: Bank of America has Retail/Commercial Banking, while Fidelity has Investment & Wealth Management.
Number of Physical Branches: Bank of America has 4,300+ branches, while Fidelity has 200+ branches.
Stock Trading Commission: Bank of America has $0 per trade, while Fidelity has $0 per trade.
Checking Account Monthly Fee: Bank of America has $12/month (waivable), while Fidelity has $0 (no fee).
Assets Under Management: Bank of America has $2.9 trillion, while Fidelity has $11.8 trillion.
Consider: Minimum Account Balance for Premium Services
Minimum Account Balance for Premium Services: Bank of America has $100,000 (Preferred Rewards), while Fidelity has $50,000 (Fidelity Go).
Retirement Account Options: Bank of America has IRAs, 401(k)s (limited), while Fidelity has IRAs, 401(k)s, SEP-IRAs, Solo 401(k)s.