Bank of America vs Fidelity
Bank of America
Second-largest U.S. bank by assets with 4,250+ branches and comprehensive financial services.
Customers needing comprehensive retail banking, mortgage services, and local branch access
VS
Fidelity
Investment and financial services firm specializing in brokerage, retirement accounts, mutual funds, and wealth management.
Active investors, retirement planners, DIY traders, and those prioritizing investment selection and low fees
Short Answer
Bank of America is a traditional retail bank focused on checking/savings accounts and mortgages with 4,200+ branches nationwide, while Fidelity is primarily an investment firm offering brokerage, retirement accounts, and wealth management with lower trading fees. BofA serves everyday banking needs; Fidelity excels for investors and retirement planning.
Our Verdict
AI-assistedChoose Bank of America if you need extensive branch access, everyday banking services (checking/savings/mortgages), and prefer an all-in-one traditional bank for personal finances. Choose Fidelity if you're an active investor, prioritize low fees, want superior investment selection (stocks, ETFs, mutual funds), higher savings rates, or need comprehensive retirement planning and wealth management tools.
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Bank of America5.8
9.2Fidelity
Choose Bank of America if
Customers needing comprehensive retail banking, mortgage services, and local branch access
Choose Fidelity if
Active investors, retirement planners, DIY traders, and those prioritizing investment selection and low fees
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Key Differences at a Glance
🔹
Primary Business Focus: Retail banking (deposits, loans, mortgages) vs Investment management & brokerage
🔹
Physical Branch Locations: Bank of America wins (4,200+ branches in US vs 200+ locations (limited in-person banking))
🔹
Stock Trading Commission: $0 per trade vs $0 per trade
Key Facts & Figures
| Metric | Bank of America | Fidelity | Diff |
|---|---|---|---|
| Total Physical Branches(branches) | 3,800 | — | — |
| New Branches Opening (2026)(locations) | 165+ | — | — |
| Premium Service Centers(centers) | 165+ full financial centers | — | — |
| Digital Engagement Value(billions USD) | $30 billion client interactions | — | — |
| Geographic Market Coverage (2026)(markets) | 63 markets | — | — |
| Checking Account Minimum Balance(USD) | Varies by account type ($500-$10,000) | — | — |
| Total Assets Under Management(trillions USD) | BofA: $3.6T | — | — |
| Physical Branches(count) | 4,300 branches | — | — |
| ATM Network Size(count) | 16,000+ ATMs | — | — |
| Mobile App Users(millions) | 38 million users | — | — |
| Top Credit Card Cashback Rate(percent) | 3.5% preferred categories | — | — |
| Minimum Checking Balance(USD) | $500-$2,500 | — | — |
| Q1 2026 Net Income(billions USD) | $7.3 billion | — | — |
| Wealth Management Assets(trillions USD) | $2.9 trillion | — | — |
| High-Yield Savings APY(%) | 0.01% | 4.55% | -100% |
| Monthly Checking Account Fee(USD) | $12 | — | — |
| Physical Branches(locations) | 4,300+ | — | — |
| Overdraft Fee(USD) | $35 per transaction | — | — |
| Auto Loan APR (Prime borrower)(%) | 6.49% | — | — |
| CD Rate (12-month)(%) | 4.10% | — | — |
| Customer Satisfaction Score(ACSI points) | 3.8/5 (J.D. Power 2024) | — | — |
| Total Assets Under Management(trillion USD) | $2,935 billion | — | — |
| Checking Account Monthly Fee(USD) | $12 (waivable) | $0 | — |
| Stock Trading Commission(USD) | $0 per trade | $0 per trade | — |
| Mutual Fund Selection(count) | 800+ funds | 3,500+ funds | -77% |
| Physical Locations(count) | 4,200+ branches | 200+ locations | +2000% |
| Mobile App Rating(stars) | 4.3 stars | 4.7 stars | -9% |
| Account Minimum Requirement(USD) | $0 for brokerage | $0 for standard accounts | — |
| Assets Under Management(trillion USD) | $3.2 trillion | $11.3 trillion (retirement accounts) | -72% |
| Total Assets (USD Trillions)(USD) | $3.45 trillion | — | — |
| Number of U.S. Branches(branches) | 4,250 | — | — |
| Minimum Balance for Interest Checking(USD) | $500 | — | — |
| J.D. Power Customer Satisfaction (2025)(points) | 724 points | — | — |
| Major Regulatory Enforcement Actions (2020-2025)(actions) | 3 actions | — | — |
| Average APY on Savings (High-Yield Savings)(percent) | 4.35% APY | — | — |
| Commission on Stock Trades(USD) | Free | Free | — |
| Minimum Account Balance(USD) | None | None | — |
| Funded Customers(millions) | ~12-15 (estimated) | ~12-15 (estimated) | — |
| Total Platform Assets(billions USD) | $11,900+ (AUM) | $11,900+ (AUM) | — |
| Retirement Account Types(count) | Comprehensive (Traditional, Roth, SEP, Solo 401k) | Comprehensive (Traditional, Roth, SEP, Solo 401k) | — |
| Minimum Account Balance(USD) | $0 | $0 | — |
| Minimum Initial Investment(USD) | $0 | $0 | — |
| Average Mutual Fund Expense Ratio(%) | 0.45% | 0.45% | — |
| Stock Trading Commission(USD) | $0 | $0 | — |
| Assets Under Management(Trillion USD) | $12.9T | $12.9T | — |
| Number of ETFs Available(count) | 2,100+ | 2,100+ | — |
| IRA Contribution Limit (2026)(USD) | $7,000 | $7,000 | — |
| Average Expense Ratio (Index Funds)(%) | 0.04% | 0.04% | — |
| Robo-Advisor Minimum Balance(USD) | $0 | $0 | — |
| Number of Mutual Funds(count) | 3,500+ | 3,500+ | — |
| ETF Universe Access(count) | 2,000+ | 2,000+ | — |
| Account Opening Requirement(USD) | $0 | $0 | — |
All figures sourced from publicly available data. Last updated Jun 2026.
Key Differences
Bank of America
Attribute
Fidelity
Retail banking (deposits, loans, mortgages)
Primary Business Focus
Investment management & brokerage
4,200+ branches in US🏆
Physical Branch Locations
200+ locations (limited in-person banking)
$0 per trade
Stock Trading Commission
$0 per trade
$12/month (waivable with $1,500 balance)
Checking Account Monthly Fee
$0 (Cash Management Account)🏆
No minimum for brokerage
Investment Account Minimums
$0 minimum for standard accounts
800+ funds
Mutual Fund Offerings
3,500+ funds including proprietary Fidelity funds🏆
0.01% APY
Savings Account APY (as of 2026)
4.55% APY (Cash Management Account)🏆
Primary Business Focus
Bank of America
Retail banking (deposits, loans, mortgages)
Fidelity
Investment management & brokerage
Physical Branch Locations
Bank of America
4,200+ branches in US🏆
Fidelity
200+ locations (limited in-person banking)
Stock Trading Commission
Bank of America
$0 per trade
Fidelity
$0 per trade
Checking Account Monthly Fee
Bank of America
$12/month (waivable with $1,500 balance)
Fidelity
$0 (Cash Management Account)🏆
Investment Account Minimums
Bank of America
No minimum for brokerage
Fidelity
$0 minimum for standard accounts
Mutual Fund Offerings
Bank of America
800+ funds
Fidelity
3,500+ funds including proprietary Fidelity funds🏆
Savings Account APY (as of 2026)
Bank of America
0.01% APY
Fidelity
4.55% APY (Cash Management Account)🏆
Full Comparison
| Attribute |  Bank of America |  Fidelity |
|---|---|---|
| Total Physical Branches(branches) | 3,800 | — |
| Number of U.S. Branches(branches) | 4,250 | — |
| New Branches Opening (2026)(locations) | 165+ | — |
| Geographic Market Coverage (2026)(markets) | 63 markets | — |
| Premium Service Centers(centers) | 165+ full financial centers | — |
| Best Travel Rewards Card(points per $1) | Bank of America Premium Rewards (1.5x points) | — |
| Digital Engagement Value(billions USD) | $30 billion client interactions | — |
| AI-Driven Personalization(capability level) | Advanced AI-personalized solutions | — |
| Credit Card Rewards Program Depth(redemption options) | Standard rewards catalog (5-7 categories) | — |
| Top Credit Card Cashback Rate(percent) | 3.5% preferred categories | — |
| Investment Advisory Services(capability level) | Comprehensive wealth management focus | — |
| Mobile App User Rating(stars/5.0) | Highly rated with AI integration | — |
| Checking Account Minimum Balance(USD) | Varies by account type ($500-$10,000) | — |
| Minimum Checking Balance(USD) | $500-$2,500 | — |
| Account Minimum Requirement(USD) | $0 for brokerage | $0 for standard accounts |
| Minimum Balance for Interest Checking(USD) | $500 | — |
| Minimum Initial Investment(USD) | $0 | — |
| Overall Customer Satisfaction Score(competitive ranking) | Competitive with digital strengths | — |
| Total Assets Under Management(trillions USD) | BofA: $3.6T | — |
| Total Assets Under Management(trillion USD) | $2,935 billion | — |
| Physical Branches(count) | 4,300 branches | — |
| ATM Network Size(count) | 16,000+ ATMs | — |
| Physical Branches(locations) | 4,300+ | — |
| Minimum Account Balance(USD) | None | — |
| Minimum Account Balance(USD) | $0 | — |
| Mobile App Users(millions) | 38 million users | — |
| Mobile App Rating(stars) | 4.3 stars | 4.7 stars |
| Q1 2026 Net Income(billions USD) | $7.3 billion | — |
| Wealth Management Assets(trillions USD) | $2.9 trillion | — |
| High-Yield Savings APY(%) | 0.01% | 4.55% |
| Monthly Checking Account Fee(USD) | $12 | — |
| Commission on Stock Trading | Free | — |
| Overdraft Fee(USD) | $35 per transaction | — |
| Auto Loan APR (Prime borrower)(%) | 6.49% | — |
| CD Rate (12-month)(%) | 4.10% | — |
| Customer Satisfaction Score(ACSI points) | 3.8/5 (J.D. Power 2024) | — |
| Checking Account Monthly Fee(USD) | $12 (waivable) | $0 |
| Stock Trading Commission(USD) | $0 per trade | $0 per trade |
| Mutual Fund Selection(count) | 800+ funds | 3,500+ funds |
| Physical Locations(count) | 4,200+ branches | 200+ locations |
| Assets Under Management(trillion USD) | $3.2 trillion | $11.3 trillion (retirement accounts) |
| Total Assets (USD Trillions)(USD) | $3.45 trillion | — |
| J.D. Power Customer Satisfaction (2025)(points) | 724 points | — |
| Major Regulatory Enforcement Actions (2020-2025)(actions) | 3 actions | — |
| Average APY on Savings (High-Yield Savings)(percent) | 4.35% APY | — |
| Average Expense Ratio | ~0.10% (0% on Zero funds) | — |
| Commission on Stock Trades(USD) | Free | — |
| Average Expense Ratio (Index Funds)(%) | 0.04% | — |
| Funded Customers(millions) | ~12-15 (estimated) | — |
| Total Platform Assets(billions USD) | $11,900+ (AUM) | — |
| Cryptocurrency Products(count) | Growing with stablecoin FIDD | — |
| Retirement Account Types(count) | Comprehensive (Traditional, Roth, SEP, Solo 401k) | — |
| International Trading(availability) | Comprehensive global access | — |
| Options Trading(availability) | Available | — |
| Research Tools Quality(tier) | Professional-grade, free for most | — |
| Research Tools Depth | Extensive library | — |
| Professional Advisory Available(boolean) | Yes (fee-based and robo) | — |
| Account Types Available | Trading, banking, planning, wealth mgmt | — |
| 2025 Revenue(billion USD) | Market leader (private) | — |
| Cryptocurrency Support | Limited | — |
| AI/Digital Planning Tools | Advanced (Monarch Money, Fiscal.ai) | — |
| Robo-Advisor Minimum Balance(USD) | $0 | — |
| Mobile App Experience | Strong but complex | — |
| Average Mutual Fund Expense Ratio(%) | 0.45% | — |
| Stock Trading Commission(USD) | $0 | — |
| Assets Under Management(Trillion USD) | $12.9T | — |
| Number of ETFs Available(count) | 2,100+ | — |
| IRA Contribution Limit (2026)(USD) | $7,000 | — |
| Number of Mutual Funds(count) | 3,500+ | — |
| ETF Universe Access(count) | 2,000+ | — |
| Customer Service Availability(hours/week) | 168 (24/7) | — |
| Account Opening Requirement(USD) | $0 | — |
Bank of AmericaFidelityTotal Physical Branches(branches)
3,800
—
Number of U.S. Branches(branches)
4,250
—
New Branches Opening (2026)(locations)
165+
—
Geographic Market Coverage (2026)(markets)
63 markets
—
Premium Service Centers(centers)
165+ full financial centers
—
Best Travel Rewards Card(points per $1)
Bank of America Premium Rewards (1.5x points)
—
Digital Engagement Value(billions USD)
$30 billion client interactions
—
AI-Driven Personalization(capability level)
Advanced AI-personalized solutions
—
Credit Card Rewards Program Depth(redemption options)
Standard rewards catalog (5-7 categories)
—
Top Credit Card Cashback Rate(percent)
3.5% preferred categories
—
Investment Advisory Services(capability level)
Comprehensive wealth management focus
—
Mobile App User Rating(stars/5.0)
Highly rated with AI integration
—
Checking Account Minimum Balance(USD)
Varies by account type ($500-$10,000)
—
Minimum Checking Balance(USD)
$500-$2,500
—
Account Minimum Requirement(USD)
$0 for brokerage
$0 for standard accounts
Minimum Balance for Interest Checking(USD)
$500
—
Minimum Initial Investment(USD)
$0
—
Overall Customer Satisfaction Score(competitive ranking)
Competitive with digital strengths
—
Total Assets Under Management(trillions USD)
BofA: $3.6T
—
Total Assets Under Management(trillion USD)
$2,935 billion
—
Physical Branches(count)
4,300 branches
—
ATM Network Size(count)
16,000+ ATMs
—
Physical Branches(locations)
4,300+
—
Minimum Account Balance(USD)
None
—
Minimum Account Balance(USD)
$0
—
Mobile App Users(millions)
38 million users
—
Mobile App Rating(stars)
4.3 stars
4.7 stars
Q1 2026 Net Income(billions USD)
$7.3 billion
—
Wealth Management Assets(trillions USD)
$2.9 trillion
—
High-Yield Savings APY(%)
0.01%
4.55%
Monthly Checking Account Fee(USD)
$12
—
Commission on Stock Trading
Free
—
Overdraft Fee(USD)
$35 per transaction
—
Auto Loan APR (Prime borrower)(%)
6.49%
—
CD Rate (12-month)(%)
4.10%
—
Customer Satisfaction Score(ACSI points)
3.8/5 (J.D. Power 2024)
—
Checking Account Monthly Fee(USD)
$12 (waivable)
$0
Stock Trading Commission(USD)
$0 per trade
$0 per trade
Mutual Fund Selection(count)
800+ funds
3,500+ funds
Physical Locations(count)
4,200+ branches
200+ locations
Assets Under Management(trillion USD)
$3.2 trillion
$11.3 trillion (retirement accounts)
Total Assets (USD Trillions)(USD)
$3.45 trillion
—
J.D. Power Customer Satisfaction (2025)(points)
724 points
—
Major Regulatory Enforcement Actions (2020-2025)(actions)
3 actions
—
Average APY on Savings (High-Yield Savings)(percent)
4.35% APY
—
Average Expense Ratio
~0.10% (0% on Zero funds)
—
Commission on Stock Trades(USD)
Free
—
Average Expense Ratio (Index Funds)(%)
0.04%
—
Funded Customers(millions)
~12-15 (estimated)
—
Total Platform Assets(billions USD)
$11,900+ (AUM)
—
Cryptocurrency Products(count)
Growing with stablecoin FIDD
—
Retirement Account Types(count)
Comprehensive (Traditional, Roth, SEP, Solo 401k)
—
International Trading(availability)
Comprehensive global access
—
Options Trading(availability)
Available
—
Research Tools Quality(tier)
Professional-grade, free for most
—
Research Tools Depth
Extensive library
—
Professional Advisory Available(boolean)
Yes (fee-based and robo)
—
Account Types Available
Trading, banking, planning, wealth mgmt
—
2025 Revenue(billion USD)
Market leader (private)
—
Cryptocurrency Support
Limited
—
AI/Digital Planning Tools
Advanced (Monarch Money, Fiscal.ai)
—
Robo-Advisor Minimum Balance(USD)
$0
—
Mobile App Experience
Strong but complex
—
Average Mutual Fund Expense Ratio(%)
0.45%
—
Stock Trading Commission(USD)
$0
—
Assets Under Management(Trillion USD)
$12.9T
—
Number of ETFs Available(count)
2,100+
—
IRA Contribution Limit (2026)(USD)
$7,000
—
Number of Mutual Funds(count)
3,500+
—
ETF Universe Access(count)
2,000+
—
Customer Service Availability(hours/week)
168 (24/7)
—
Account Opening Requirement(USD)
$0
—
Visual Comparison
Side-by-side comparison of numeric attributes
Pros & Cons
Bank of America
5 pros3 cons
Pros
- 4,200+ physical branches for in-person banking and customer service
- Comprehensive mortgage and lending products with competitive rates
- Mobile app rated 4.6/5 stars with 12+ million reviews
- ATM network of 16,000+ machines nationwide
- FDIC insured deposits up to $250,000 per account type
Cons
- $12/month checking account fee (requires $1,500 minimum balance to waive)
- Savings accounts earn only 0.01% APY vs 4.55% competitors
- Limited mutual fund selection (800 funds vs Fidelity's 3,500+)
Fidelity
5 pros3 cons
Pros
- 3,500+ mutual funds including 500+ proprietary Fidelity funds with no transaction fees
- Cash Management Account offers 4.55% APY with no minimum balance or monthly fees
- Zero-commission stock and ETF trading with no account minimums
- Superior research tools: 50+ analyst reports daily, real-time market data
- Retirement expertise: manages $11.3 trillion in retirement accounts globally
Cons
- Limited physical banking infrastructure (200 locations vs BofA's 4,200)
- No traditional mortgage lending products
- Less competitive on savings deposit FDIC insurance features
Frequently Asked Questions
Yes, many investors maintain both: BofA for everyday banking/mortgages and Fidelity for investing. You can link them for transfers. There's no prohibition against having accounts at both institutions.
Resources & Learn More
Dive deeper with these curated resources
Wikipedia
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Last updated: June 23, 2026AI generated