<PAGE>

                                                                    Exhibit 4.31


               ================================================


                   PREFERRED SECURITIES GUARANTEE AGREEMENT


                              BANK ONE CAPITAL V


                         Dated as of January 30, 2001


               ================================================
<PAGE>

                               TABLE OF CONTENTS
                               -----------------

<TABLE>
<CAPTION>
                                                                                               Page
                                                                                               ----
<S>                                                                                            <C>
                                                ARTICLE I

                                    DEFINITIONS AND INTERPRETATION

SECTION 1.1  Definitions and Interpretation....................................................   2

                                               ARTICLE II

                                           TRUST INDENTURE ACT

SECTION 2.1  Trust Indenture Act; Application..................................................   5
SECTION 2.2  Lists of Holders of Securities....................................................   5
SECTION 2.3  Reports by the Preferred Guarantee Trustee........................................   6
SECTION 2.4  Periodic Reports to Preferred Guarantee Trustee...................................   6
SECTION 2.5  Evidence of Compliance with Conditions Precedent..................................   6
SECTION 2.6  Events of Default; Waiver.........................................................   6
SECTION 2.7  Event of Default; Notice..........................................................   6
SECTION 2.8  Conflicting Interests.............................................................   7

                                               ARTICLE III

                           POWERS, DUTIES AND RIGHTS OF PREFERRED GUARANTEE

SECTION 3.1  Powers and Duties of the Preferred Guarantee Trustee..............................   7
SECTION 3.2  Certain Rights of Preferred Guarantee Trustee.....................................   9
SECTION 3.3  Not Responsible for Recitals or Issuance of
                        Preferred Securities Guarantee.........................................  11

                                               ARTICLE IV

                                        PREFERRED GUARANTEE TRUSTEE

SECTION 4.1  Preferred Guarantee Trustee; Eligibility..........................................  11
SECTION 4.2  Appointment, Removal and Resignation of Preferred Guarantee Trustee...............  12
</TABLE>
<PAGE>

<TABLE>
<S>                                                                         <C>
                                   ARTICLE V

                                   GUARANTEE

SECTION 5.1  Guarantee..................................................... 13
SECTION 5.2  Waiver of Notice and Demand................................... 13
SECTION 5.3  Obligations Not Affected...................................... 13
SECTION 5.4  Rights of Holders............................................. 14
SECTION 5.5  Guarantee of Payment.......................................... 15
SECTION 5.6  Subrogation................................................... 15
SECTION 5.7  Independent Obligations....................................... 16

                                  ARTICLE VI

                  LIMITATION OF TRANSACTIONS, SUBORDINATION

SECTION 6.1  Limitation of Transactions.................................... 16
SECTION 6.2  Subordination................................................. 16
SECTION 6.3  Pari Passu Guarantees......................................... 16

                               ARTICLE VII

                               TERMINATION

SECTION 7.1  Termination................................................... 17

                                 ARTICLE VIII

                               INDEMNIFICATION

SECTION 8.1  Exculpation................................................... 17
SECTION 8.2  Indemnification............................................... 18
SECTION 8.3  Compensation and Reimbursement................................ 18

                                 ARTICLE IX

                                 MISCELLANEOUS

SECTION 9.1  Successors and Assigns........................................ 19
SECTION 9.2  Amendments.................................................... 19
SECTION 9.3  Notices....................................................... 19
SECTION 9.4  Benefit....................................................... 20
SECTION 9.5  Governing Law................................................. 20
</TABLE>
<PAGE>

                   PREFERRED SECURITIES GUARANTEE AGREEMENT


          This GUARANTEE AGREEMENT (the "Preferred Securities Guarantee"), dated
as of January 30, 2001, is executed and delivered by BANK ONE CORPORATION, a
Delaware corporation (the "Guarantor"), and The Chase Manhattan Bank, as trustee
(the "Preferred Guarantee Trustee"), for the benefit of the Holders (as defined
herein) from time to time of the Preferred Securities (as defined herein) of
BANK ONE Capital V, a Delaware statutory business trust (the "Issuer").

          WHEREAS, pursuant to an Amended and Restated Declaration of Trust (the
"Declaration"), dated as of January 30, 2001, among the trustees of the Issuer
named therein, the Guarantor, as sponsor, and the holders from time to time of
undivided beneficial interests in the assets of the Issuer, the Issuer is
issuing on the date hereof 12,000,000 preferred securities, having an aggregate
liquidation amount of $300,000,000, designated the 8% Preferred Securities (the
"Preferred Securities") (including exercise of the underwriters' over-allotment
option);

          WHEREAS, as incentive for the Holders to purchase the Preferred
Securities, the Guarantor desires irrevocably and unconditionally to agree, to
the extent set forth in this Preferred Securities Guarantee, to pay to the
Holders of the Preferred Securities the Guarantee Payments (as defined herein)
and to make certain other payments on the terms and conditions set forth herein.

          WHEREAS, the Guarantor is also executing and delivering a guarantee
agreement (the "Common Securities Guarantee") in substantially identical terms
to this Preferred Securities Guarantee for the benefit of the holders of the
Common Securities (as defined herein), except that if an Event of Default (as
defined in the Indenture), has occurred and is continuing, the rights of holders
of the Common Securities to receive Guarantee Payments under the Common
Securities Guarantee are subordinated to the rights of Holders of Preferred
Securities to receive Guarantee Payments under this Preferred Securities
Guarantee.

          NOW, THEREFORE, in consideration of the purchase by each Holder of
Preferred Securities, which purchase the Guarantor hereby agrees shall benefit
the Guarantor, the Guarantor executes and delivers this Preferred Securities
Guarantee for the benefit of the Holders.
<PAGE>

                                   ARTICLE I
                        DEFINITIONS AND INTERPRETATION

SECTION 1.1 Definitions and Interpretation
            ------------------------------

            In this Preferred Securities Guarantee, unless the context otherwise
requires:

            (1) Capitalized terms used in this Preferred Securities Guarantee
     but not defined in the preamble above have the respective meanings assigned
     to them in this Section 1.1 or in the Declaration, as the case may be;

            (2) a term defined anywhere in this Preferred Securities Guarantee
     has the same meaning throughout;

            (3) all references to "the Preferred Securities Guarantee" or "this
     Preferred Securities Guarantee" are to this Preferred Securities Guarantee
     as modified, supplemented or amended from time to time;

            (4) all references in this Preferred Securities Guarantee to
     Articles and Sections are to Articles and Sections of this Preferred
     Securities Guarantee, unless otherwise specified;

            (5) a term defined in the Trust Indenture Act has the same meaning
     when used in this Preferred Securities Guarantee, unless otherwise defined
     in this Preferred Securities Guarantee or unless the context otherwise
     requires; and

            (6) a reference to the singular includes the plural and vice versa.

            "Affiliate" has the same meaning as given to that term in Rule 405
             ---------
of the Securities Act of 1933 or any successor rule thereunder.

            "Business Day" means a day other than (a) a Saturday or Sunday, (b)
             ------------
a day on which banking institutions in The City of New York or the City of
Chicago are authorized or required by law or executive order to remain closed or
(c) a day on which the Institutional Trustee's Corporate Trust Office or the
Corporate Trust Office of the Debenture Trustee is closed for business.

            "Common Securities" means the securities representing common
             -----------------
undivided beneficial interests in the assets of the Issuer.

            "Corporate Trust Office" means (i) when used with respect to the
             ----------------------
Preferred Guarantee Trustee, the principal corporate office of the Preferred
Guarantee Trustee located in New York, New York which on the date of this
Trustee Agreement is 450 West 33rd Street, New York, New York 10001 -Attention:
Institutional Trust Services, (ii) when used with respect to the Debenture
Trustee, its Principal Corporate Trust Office as defined in the
<PAGE>

Indenture, and (iii) when used with respect to the Institutional Trustee, its
Corporate Trust Office as defined in the Declaration.

          "Covered Person" means any Holder or beneficial owner of Preferred
           --------------
Securities.

          "Debentures" means the series of junior subordinated debt securities
           ----------
of the Guarantor designated the 8% Junior Subordinated Deferrable Interest
Debentures due January 30, 2031, held by the Institutional Trustee (as defined
in the Declaration) of the Issuer.

          "Event of Default" means a default by the Guarantor on any of its
           ----------------
payment or other obligations under this Preferred Securities Guarantee.

          "Guarantee Payments" means the following payments or distributions,
           ------------------
without duplication, with respect to the Preferred Securities, to the extent not
paid or made by the Issuer:  (i) any accrued and unpaid Distributions (as
defined in the Declaration) that are required to be paid on such Preferred
Securities to the extent the Issuer shall have funds available therefor, (ii)
the redemption price, including all accrued and unpaid Distributions to the date
of redemption (the "Redemption Price") to the extent the Issuer has funds
available therefor, with respect to any Preferred Securities called for
redemption by the Issuer, and (iii) upon a voluntary or involuntary dissolution,
winding-up or termination of the Issuer (other than in connection with the
distribution of Debentures to the Holders in exchange for Preferred Securities
as provided in the Declaration), the lesser of (a) the aggregate of the
liquidation amount and all accrued and unpaid Distributions on the Preferred
Securities to the date of payment, to the extent the Issuer shall have funds
available therefor, and (b) the amount of assets of the Issuer remaining
available for distribution to Holders in liquidation of the Issuer (in either
case, the "Liquidation Distribution").  If an event of default under the
Indenture has occurred and is continuing, the rights of holders of the Common
Securities to receive payments under the Common Securities Guarantee Agreement
are subordinated to the rights of Holders of Preferred Securities to receive
Guarantee Payments.

          "Holder" shall mean any holder, as registered on the books and records
           ------
of the Issuer of any Preferred Securities; provided, however, that, in
determining whether the holders of the requisite percentage of Preferred
Securities have given any request, notice, consent or waiver hereunder, "Holder"
shall not include the Guarantor or any Affiliate of the Guarantor.

          "Indemnified Person" means the Preferred Guarantee Trustee, any
           ------------------
Affiliate of the Preferred Guarantee Trustee, or any officers, directors,
shareholders, members, partners, employees, representatives, nominees,
custodians or agents of the Preferred Guarantee Trustee.

          "Indenture" means the Indenture dated as of January 1, 1997, among the
           ---------
Guarantor (the "Debenture Issuer") and The Chase Manhattan Bank, as trustee, and
any
<PAGE>

indenture supplemental thereto pursuant to which certain subordinated debt
securities of the Debenture Issuer are to be issued to the Institutional Trustee
of the Issuer.

          "Majority in liquidation amount of the Securities" means, except as
           ------------------------------------------------
provided by the Trust Indenture Act, a vote by Holder(s) of Preferred
Securities, voting separately as a class, of more than 50% of the liquidation
amount (including the stated amount that would be paid on redemption,
liquidation or otherwise, plus accrued and unpaid Distributions to the date upon
which the voting percentages are determined) of all Preferred Securities.

          "Officers' Certificate" means, with respect to any Person, a
           ---------------------
certificate signed by two Authorized Officers of such Person.  Any Officers'
Certificate delivered with respect to compliance with a condition or covenant
provided for in this Preferred Securities Guarantee (other than pursuant to
Section 314(a)(4) of the Trust Indenture Act) shall include:

          (7)  a statement that each officer signing the Officers' Certificate
     has read the covenant or condition and the definition relating thereto;

          (8)  a brief statement of the nature and scope of the examination or
     investigation undertaken by each officer in rendering the Officers'
     Certificate;

          (9)  a statement that each such officer has made such examination or
     investigation as, in such officer's opinion, is necessary to enable such
     officer to express an informed opinion as to whether or not such covenant
     or condition has been complied with; and

          (10) a statement as to whether, in the opinion of each such officer,
     such condition or covenant has been complied with.

          "Person" means a legal person, including any individual, corporation,
           ------
estate, partnership, joint venture, association, joint stock company, limited
liability company, trust, unincorporated association, or government or any
agency or political subdivision thereof, or any other entity of whatever nature.

          "Preferred Guarantee Trustee" means The Chase Manhattan Bank, until a
           ---------------------------
Successor Preferred Guarantee Trustee has been appointed and has accepted such
appointment pursuant to the terms of this Preferred Securities Guarantee and
thereafter means each such Successor Preferred Guarantee Trustee.

          "Responsible Officer" means, when used with respect to the Preferred
           -------------------
Guarantee Trustee, any officer assigned to the Corporate Trust Office of the
Preferred Guarantee Trustee, including any managing director, vice president,
assistant vice president, senior trust officer, trust officer, assistant
treasurer, assistant secretary or any other officer of the Preferred Guarantee
Trustee, customarily performing functions similar to those performed by any of
the above designated officers, and also, with respect to a particular
<PAGE>

corporate trust matter, any other officer, to whom such matter is referred
because of such officer's knowledge of and familiarity with the particular
subject.

            "Successor Preferred Guarantee Trustee" means a successor Preferred
             -------------------------------------
Guarantee Trustee possessing the qualifications to act as Preferred Guarantee
Trustee under Section 4.1.

            "Trust Indenture Act" means the Trust Indenture Act of 1939, as
             -------------------
amended.

            "Trust Securities" means the Common Securities and the Preferred
             ----------------
Securities.


                                  ARTICLE II
                              TRUST INDENTURE ACT

SECTION 2.1 Trust Indenture Act; Application
            --------------------------------

            (1) This Preferred Securities Guarantee is subject to the provisions
     of the Trust Indenture Act that are required to be part of this Preferred
     Securities Guarantee and shall, to the extent applicable, be governed by
     such provisions; and

            (2) if and to the extent that any provision of this Preferred
     Securities Guarantee limits, qualifies or conflicts with the duties imposed
     by Section 310 to 317, inclusive, of the Trust Indenture Act, such imposed
     duties shall control.

SECTION 2.2 Lists of Holders of Securities
            ------------------------------

            (1) The Guarantor shall provide the Preferred Guarantee Trustee with
     a list, in such form as the Preferred Guarantee Trustee may reasonably
     require, of the names and addresses of the Holders ("List of Holders"), (i)
     within 14 days after each record date for payment of Distributions (as
     defined in the Declaration) as of such record date, and (ii) at any other
     time within 30 days of receipt by the Guarantor of a written request for a
     List of Holders as of a date no more than 14 days before such List of
     Holders is given to the Preferred Guarantee Trustee provided, that the
     Guarantor shall not be obligated to provide such List of Holders at any
     time the List of Holders does not differ from the most recent List of
     Holders given to the Preferred Guarantee Trustee by the Guarantor. The
     Preferred Guarantee Trustee may destroy any List of Holders previously
     given to it on receipt of a new List of Holders.

            (2) The Preferred Guarantee Trustee shall comply with its
     obligations under Sections 311(a), 311(b) and Section 312(b) of the Trust
     Indenture Act.
<PAGE>

SECTION 2.3 Reports by the Preferred Guarantee Trustee
            ------------------------------------------

            Within 60 days after November 15 of each year commencing in 2001,
the Preferred Guarantee Trustee shall provide to the Holders such reports as are
required by Section 313(a) of the Trust Indenture Act, if any, in the form and
in the manner provided by Section 313 of the Trust Indenture Act. The Preferred
Guarantee Trustee shall also comply with the other requirements of Section 313
of the Trust Indenture Act.

SECTION 2.4 Periodic Reports to Preferred Guarantee Trustee
            -----------------------------------------------

            The Guarantor shall provide to the Preferred Guarantee Trustee such
documents, reports and information as required by Section 314 (if any) and the
compliance certificate required by Section 314(a)(4) of the Trust Indenture Act
in the form, in the manner and at the times required by Section 314(a)(4) of the
Trust Indenture Act, provided that such compliance certificate shall be
delivered on or before 120 days after the end of each fiscal year of the
Guarantor.

SECTION 2.5 Evidence of Compliance with Conditions Precedent
            ------------------------------------------------

            The Guarantor shall provide to the Preferred Guarantee Trustee such
evidence of compliance with any conditions precedent, if any, provided for in
this Preferred Securities Guarantee that relate to any of the matters set forth
in Section 314(c) of the Trust Indenture Act.  Any certificate or opinion
required to be given by an officer pursuant to Section 314(c)(1) may be given in
the form of an Officers' Certificate.

SECTION 2.6 Events of Default; Waiver
            -------------------------

            The Holders of a Majority in liquidation amount of Preferred
Securities may, by vote, on behalf of the Holders of all of the Preferred
Securities, waive any past Event of Default and its consequences.  Upon such
waiver, any such Event of Default shall cease to exist, and any Event of Default
arising therefrom shall be deemed to have been cured, for every purpose of this
Preferred Securities Guarantee, but no such waiver shall extend to any
subsequent or other default or Event of Default or impair any right consequent
thereon.

SECTION 2.7 Event of Default; Notice
            ------------------------

            (1) The Preferred Guarantee Trustee shall, within 90 days after the
     occurrence of an Event of Default, transmit by mail, first class postage
     prepaid, to the Holders, notices of all Events of Default actually known to
     a Responsible Officer of the Preferred Guarantee Trustee, unless such
     defaults have been cured before the giving of such notice, provided, that,
     the Preferred Guarantee Trustee shall be protected in withholding such
     notice if and so long as a Responsible Officer of the Preferred Guarantee
     Trustee in good faith determines that the withholding of such notice is in
     the interests of the Holders of the Preferred Securities.
<PAGE>

            (2) The Preferred Guarantee Trustee shall not be deemed to have
     knowledge of any Event of Default unless the Preferred Guarantee Trustee
     shall have received written notice thereof from the Guarantor or a Holder,
     or a Responsible Officer of the Preferred Guarantee Trustee charged with
     the administration of the Declaration shall have obtained actual knowledge
     thereof.

SECTION 2.8 Conflicting Interests
            ---------------------

            The Declaration shall be deemed to be specifically described in this
Preferred Securities Guarantee for the purposes of clause (i) of the first
proviso contained in Section 310(b) of the Trust Indenture Act.


                                  ARTICLE III
                         POWERS, DUTIES AND RIGHTS OF
                          PREFERRED GUARANTEE TRUSTEE

SECTION 3.1    Powers and Duties of the Preferred Guarantee Trustee
               ----------------------------------------------------

            (1) This Preferred Securities Guarantee shall be held by the
     Preferred Guarantee Trustee for the benefit of the Holders, and the
     Preferred Guarantee Trustee shall not transfer this Preferred Securities
     Guarantee to any Person except a Holder exercising his or her rights
     pursuant to Section 5.4(c) or to a Successor Preferred Guarantee Trustee on
     acceptance by such Successor Preferred Guarantee Trustee of its appointment
     to act as Successor Preferred Guarantee Trustee. The right, title and
     interest of the Preferred Guarantee Trustee shall automatically vest in any
     Successor Preferred Guarantee Trustee, and such vesting and cessation of
     title shall be effective whether or not conveyancing documents have been
     executed and delivered pursuant to the appointment of such Successor
     Preferred Guarantee Trustee.

            (2) If an Event of Default actually known to a Responsible Officer
     of the Preferred Guarantee Trustee has occurred and is continuing, the
     Preferred Guarantee Trustee shall enforce this Preferred Securities
     Guarantee for the benefit of the Holders.

            (3) The Preferred Guarantee Trustee, before the occurrence of any
     Event of Default and after the curing of all Events of Default that may
     have occurred, shall undertake to perform only such duties as are
     specifically set forth in this Preferred Securities Guarantee, and no
     implied covenants shall be read into this Preferred Securities Guarantee
     against the Preferred Guarantee Trustee.  In case an Event of Default has
     occurred (that has not been cured or waived pursuant to Section 2.6) and is
     actually known to a Responsible Officer of the Preferred Guarantee Trustee,
     the Preferred Guarantee Trustee shall exercise such of the rights and
     powers vested in it by this Preferred Securities Guarantee, and use the
     same degree of care and skill in
<PAGE>

     its exercise thereof, as a prudent person would exercise or use under the
     circumstances in the conduct of his or her own affairs.

          (4) No provision of this Preferred Securities Guarantee shall be
     construed to relieve the Preferred Guarantee Trustee from liability for its
     own negligent action, its own negligent failure to act, or its own wilful
     misconduct, except that:

               (1) prior to the occurrence of any Event of Default and after the
          curing or waiving of all such Events of Default that may have
          occurred:

                  (1) the duties and obligations of the Preferred Guarantee
               Trustee shall be determined solely by the express provisions of
               this Preferred Securities Guarantee, and the Preferred Guarantee
               Trustee shall not be liable except for the performance of such
               duties and obligations as are specifically set forth in this
               Preferred Securities Guarantee, and no implied covenants or
               obligations shall be read into this Preferred Securities
               Guarantee against the Preferred Guarantee Trustee; and

                  (2) in the absence of bad faith on the part of the Preferred
               Guarantee Trustee, the Preferred Guarantee Trustee may
               conclusively rely, as to the truth of the statements and the
               correctness of the opinions expressed therein, upon any
               certificates or opinions furnished to the Preferred Guarantee
               Trustee and conforming to the requirements of this Preferred
               Securities Guarantee; but in the case of any such certificates or
               opinions that by any provision hereof are specifically required
               to be furnished to the Preferred Guarantee Trustee, the Preferred
               Guarantee Trustee shall be under a duty to examine the same to
               determine whether or not they conform to the requirements of this
               Preferred Securities Guarantee;

               (2) the Preferred Guarantee Trustee shall not be liable for any
          error of judgment made in good faith by a Responsible Officer of the
          Preferred Guarantee Trustee, unless it shall be proved that the
          Preferred Guarantee Trustee was negligent in ascertaining the
          pertinent facts upon which such judgment was made;

               (3) the Preferred Guarantee Trustee shall not be liable with
          respect to any action taken or omitted to be taken by it in good faith
          in accordance with the direction of the Holders of not less than a
          Majority in liquidation amount of the Preferred Securities relating to
          the time, method and place of conducting any proceeding for any remedy
          available to the Preferred Guarantee Trustee, or exercising any trust
          or power conferred upon the Preferred Guarantee Trustee under this
          Preferred Securities Guarantee; and
<PAGE>

               (4) no provision of this Preferred Securities Guarantee shall
          require the Preferred Guarantee Trustee to expend or risk its own
          funds or otherwise incur personal financial liability in the
          performance of any of its duties or in the exercise of any of its
          rights or powers, if the Preferred Guarantee Trustee shall have
          reasonable grounds for believing that the repayment of such funds or
          liability is not reasonably assured to it under the terms of this
          Preferred Securities Guarantee or indemnity, reasonably satisfactory
          to the Preferred Guarantee Trustee, against such risk or liability is
          not reasonably assured to it.

SECTION 3.2         Certain Rights of Preferred Guarantee Trustee
                    ---------------------------------------------

          (1) Subject to the provisions of Section 3.1:

              (1) The Preferred Guarantee Trustee may conclusively rely, and
          shall be fully protected in acting or refraining from acting upon, any
          resolution, certificate, statement, instrument, opinion, report,
          notice, request, direction, consent, order, bond, debenture, note,
          other evidence of indebtedness or other paper or document believed by
          it to be genuine and to have been signed, sent or presented by the
          proper party or parties.

              (2) Any direction or act of the Guarantor contemplated by this
          Preferred Securities Guarantee shall be sufficiently evidenced by an
          Officers' Certificate.

              (3) Whenever, in the administration of this Preferred Securities
          Guarantee, the Preferred Guarantee Trustee shall deem it desirable
          that a matter be proved or established before taking, suffering or
          omitting any action hereunder, the Preferred Guarantee Trustee (unless
          other evidence is herein specifically prescribed) may, in the absence
          of bad faith on its part, request and conclusively rely upon an
          Officers' Certificate which, upon receipt of such request, shall be
          promptly delivered by the Guarantor.

              (4) The Preferred Guarantee Trustee shall have no duty to see to
          any recording, filing or registration of any instrument (or any
          rerecording, refiling or registration thereof).

              (5) The Preferred Guarantee Trustee may consult with counsel of
          its selection, and the advice or opinion of such counsel with respect
          to legal matters shall be full and complete authorization and
          protection in respect of any action taken, suffered or omitted by it
          hereunder in good faith and in accordance with such advice or opinion.
          Such counsel may be counsel to the Guarantor or any of its Affiliates
          and may include any of its employees.  The Preferred Guarantee Trustee
          shall have the right at any time to seek
<PAGE>

          instructions concerning the administration of this Preferred
          Securities Guarantee from any court of competent jurisdiction.

               (6)  The Preferred Guarantee Trustee shall be under no obligation
          to exercise any of the rights or powers vested in it by this Preferred
          Securities Guarantee at the request or direction of any Holder, unless
          such Holder shall have provided to the Preferred Guarantee Trustee
          such security and indemnity, reasonably satisfactory to the Preferred
          Guarantee Trustee, against the costs, expenses (including attorneys'
          fees and expenses and the expenses of the Preferred Guarantee
          Trustee's agents, nominees or custodians) and liabilities that might
          be incurred by it in complying with such request or direction,
          including such reasonable advances as may be requested by the
          Preferred Guarantee Trustee; provided that, nothing contained in this
          Section 3.2(a)(vi) shall be taken to relieve the Preferred Guarantee
          Trustee, upon the occurrence of an Event of Default, of its obligation
          to exercise the rights and powers vested in it by this Preferred
          Securities Guarantee.

               (7)  The Preferred Guarantee Trustee shall not be bound to make
          any investigation into the facts or matters stated in any resolution,
          certificate, statement, instrument, opinion, report, notice, request,
          direction, consent, order, bond, debenture, note, other evidence of
          indebtedness or other paper or document, but the Preferred Guarantee
          Trustee, in its discretion, may make such further inquiry or
          investigation into such facts or matters as it may see fit.

               (8)  The Preferred Guarantee Trustee may execute any of the
          trusts or powers hereunder or perform any duties hereunder either
          directly or by or through agents, nominees, custodians or attorneys,
          and the Preferred Guarantee Trustee shall not be responsible for any
          misconduct or negligence on the part of any agent or attorney
          appointed with due care by it hereunder.

               (9)  Any action taken by the Preferred Guarantee Trustee or its
          agents hereunder shall bind the Holders, and the signature of the
          Preferred Guarantee Trustee or its agents alone shall be sufficient
          and effective to perform any such action.  No third party shall be
          required to inquire as to the authority of the Preferred Guarantee
          Trustee to so act or as to its compliance with any of the terms and
          provisions of this Preferred Securities Guarantee, both of which shall
          be conclusively evidenced by the Preferred Guarantee Trustee's or its
          agent's taking such action.

               (10) Whenever in the administration of this Preferred Securities
          Guarantee the Preferred Guarantee Trustee shall deem it desirable to
          receive instructions with respect to enforcing any remedy or right or
          taking any other action hereunder, the Preferred Guarantee Trustee (i)
          may request instructions from the Holders of a Majority in liquidation
          amount of the Preferred
<PAGE>

          Securities, (ii) may refrain from enforcing such remedy or right or
          taking such other action until such instructions are received, and
          (iii) shall be protected in conclusively relying on or acting in
          accordance with such instructions.

               (11) The Preferred Guarantee Trustee shall not be liable for any
          action taken, suffered or omitted to be taken by it in good faith and
          reasonably believed by it to be authorized or within the discretion or
          rights or powers conferred upon it by this Preferred Securities
          Guarantee.

          (2)  No provision of this Preferred Securities Guarantee shall be
     deemed to impose any duty or obligation on the Preferred Guarantee Trustee
     to perform any act or acts or exercise any right, power, duty or obligation
     conferred or imposed on it in any jurisdiction in which it shall be
     illegal, or in which the Preferred Guarantee Trustee shall be unqualified
     or incompetent in accordance with applicable law, to perform any such act
     or acts or to exercise any such right, power, duty or obligation.  No
     permissive power or authority available to the Preferred Guarantee Trustee
     shall be construed to be a duty.

SECTION 3.3    Not Responsible for Recitals or Issuance of Preferred Securities
               ----------------------------------------------------------------
Guarantee
---------

          The recitals contained in this Preferred Securities Guarantee shall be
taken as the statements of the Guarantor, and the Preferred Guarantee Trustee
does not assume any responsibility for their correctness.  The Preferred
Guarantee Trustee makes no representation as to the validity or sufficiency of
this Preferred Securities Guarantee.


                                  ARTICLE IV
                          PREFERRED GUARANTEE TRUSTEE

SECTION 4.1    Preferred Guarantee Trustee; Eligibility
               ----------------------------------------

          (1)  There shall at all times be a Preferred Guarantee Trustee which
shall:

               (1) not be an Affiliate of the Guarantor; and

               (2) be a corporation organized and doing business under the laws
          of the United States of America or any State or Territory thereof or
          of the District of Columbia, or a corporation or Person permitted by
          the Securities and Exchange Commission to act as an institutional
          trustee under the Trust Indenture Act, authorized under such laws to
          exercise corporate trust powers, having a combined capital and surplus
          of at least fifty million U.S. dollars ($50,000,000), and subject to
          supervision or examination by Federal, State, Territorial or District
          of Columbia authority.  If such corporation publishes reports of
          condition at least annually, pursuant to law or to the requirements
<PAGE>

          of the supervising or examining authority referred to above, then, for
          the purposes of this Section 4.1(a)(ii), the combined capital and
          surplus of such corporation shall be deemed to be its combined capital
          and surplus as set forth in its most recent report of condition so
          published.

          (2) If at any time the Preferred Guarantee Trustee shall cease to be
     eligible to so act under Section 4.1(a), the Preferred Guarantee Trustee
     shall immediately resign in the manner and with the effect set out in
     Section 4.2(c).

          (3) If the Preferred Guarantee Trustee has or shall acquire any
     "conflicting interest" within the meaning of Section 310(b) of the Trust
     Indenture Act, the Preferred Guarantee Trustee and Guarantor shall in all
     respects comply with the provisions of Section 310(b) of the Trust
     Indenture Act, subject to the penultimate paragraph thereof.  To the extent
     permitted by the Trust Indenture Act, the Preferred Guarantee Trustee shall
     not be deemed to have a conflicting interest with respect to the Preferred
     Securities Guarantee by virtue of being trustee under the Indentures
     originally dated as of November 15, 1996 and January 1, 1997, between the
     Company and the Preferred Guarantee Trustee or by virtue of being (i) a
     trustee on the Series A Declaration, the Series B Declaration, the 1997
     Declaration, the 1999 Declaration, the 2000 Declaration, the Fixed Rate
     Declaration and the Floating Rate Declaration (each as defined in the
     Declaration), (ii) a trustee on the Series A Guarantee, the Series B
     Guarantee, the 1997 Guarantee, the 1999 Guarantee, the 2000 Guarantee, the
     Fixed Rate Guarantee or the Floating Rate Guarantee (each as defined in the
     Declaration), or (iii) a trustee on the Declaration.

SECTION 4.2   Appointment, Removal and Resignation of Preferred Guarantee
              -----------------------------------------------------------
Trustee
-------

          (1) Subject to Section 4.2(b), the Preferred Guarantee Trustee may be
     appointed or removed without cause at any time by the Guarantor except
     during an Event of Default.

          (2) The Preferred Guarantee Trustee shall not be removed in accordance
     with Section 4.2(a) until a Successor Preferred Guarantee Trustee has been
     appointed and has accepted such appointment by written instrument executed
     by such Successor Preferred Guarantee Trustee and delivered to the
     Guarantor.

          (3) The Preferred Guarantee Trustee appointed to office shall hold
     office until a Successor Preferred Guarantee Trustee shall have been
     appointed or until its removal or resignation.  The Preferred Guarantee
     Trustee may resign from office (without need for prior or subsequent
     accounting) by an instrument in writing executed by the Preferred Guarantee
     Trustee and delivered to the Guarantor, which resignation shall not take
     effect until a Successor Preferred Guarantee Trustee has been appointed and
     has accepted such appointment by instrument in writing executed
<PAGE>

     by such Successor Preferred Guarantee Trustee and delivered to the
     Guarantor and the resigning Preferred Guarantee Trustee.

          (4) If no Successor Preferred Guarantee Trustee shall have been
     appointed and accepted appointment as provided in this Section 4.2 within
     60 days after delivery of an instrument of removal or resignation, the
     Preferred Guarantee Trustee resigning or being removed may petition any
     court of competent jurisdiction for appointment of a Successor Preferred
     Guarantee Trustee.  Such court may thereupon, after prescribing such
     notice, if any, as it may deem proper, appoint a Successor Preferred
     Guarantee Trustee.

          (5) No Preferred Guarantee Trustee shall be liable for the acts or
     omissions to act of any Successor Preferred Guarantee Trustee.

          (6) Upon termination of this Preferred Securities Guarantee or removal
     or resignation of the Preferred Guarantee Trustee pursuant to this Section
     4.2, the Guarantor shall pay to the Preferred Guarantee Trustee all amounts
     due to the Preferred Guarantee Trustee accrued to the date of such
     termination, removal or resignation.


                                   ARTICLE V
                                   GUARANTEE

SECTION 5.1   Guarantee
              ---------

          The Guarantor irrevocably and unconditionally agrees to pay in full to
the Holders the Guarantee Payments (without duplication of amounts theretofore
paid by the Issuer), as and when due, regardless of any defense, right of set-
off or counterclaim that the Issuer may have or assert.  The Guarantor's
obligation to make a Guarantee Payment may be satisfied by direct payment of the
required amounts by the Guarantor to the Holders or by causing the Issuer to pay
such amounts to the Holders.

SECTION 5.2   Waiver of Notice and Demand
              ---------------------------

          The Guarantor hereby waives notice of acceptance of this Preferred
Securities Guarantee and of any liability to which it applies or may apply,
presentment, demand for payment, any right to require a proceeding first against
the Issuer or any other Person before proceeding against the Guarantor, protest,
notice of nonpayment, notice of dishonor, notice of redemption and all other
notices and demands.
<PAGE>

SECTION 5.3   Obligations Not Affected
              ------------------------

              The obligations, covenants, agreements and duties of the Guarantor
under this Preferred Securities Guarantee shall in no way be affected or
impaired by reason of the happening from time to time of any of the following:

              (1) the release or waiver, by operation of law or otherwise, of
     the performance or observance by the Issuer of any express or implied
     agreement, covenant, term or condition relating to the Preferred Securities
     to be performed or observed by the Issuer;

              (2) the extension of time for the payment by the Issuer of all or
     any portion of the Distributions, Redemption Price, Liquidation
     Distribution or any other sums payable under the terms of the Preferred
     Securities or the extension of time for the performance of any other
     obligation under, arising out of, or in connection with, the Preferred
     Securities (other than an extension of time for payment of Distributions,
     Redemption Price, Liquidation Distribution or other sum payable that
     results from the extension of any interest payment period on the Debentures
     or any extension of the maturity date of the Debentures permitted by the
     Indenture);

              (3) any failure, omission, delay or lack of diligence on the part
     of the Holders to enforce, assert or exercise any right, privilege, power
     or remedy conferred on the Holders pursuant to the terms of the Preferred
     Securities, or any action on the part of the Issuer granting indulgence or
     extension of any kind;

              (4) the voluntary or involuntary liquidation, dissolution, sale of
     any collateral, receivership, insolvency, bankruptcy, assignment for the
     benefit of creditors, reorganization, arrangement, composition or
     readjustment of debt of, or other similar proceedings affecting, the Issuer
     or any of the assets of the Issuer;

              (5) any invalidity of, or defect or deficiency in, the Preferred
     Securities;

              (6) the settlement or compromise of any obligation guaranteed
     hereby or hereby incurred; or

              (7) any other circumstance whatsoever that might otherwise
     constitute a legal or equitable discharge or defense of a guarantor, it
     being the intent of this Section 5.3 that the obligations of the Guarantor
     hereunder shall be absolute and unconditional under any and all
     circumstances.

              There shall be no obligation of the Holders to give notice to, or
obtain consent of, the Guarantor with respect to the happening of any of the
foregoing.
<PAGE>

SECTION 5.4   Rights of Holders
              -----------------

          (1) The Issuer expressly acknowledges that (i) this Preferred
     Securities Guarantee will be deposited with the Preferred Guarantee Trustee
     to be held for the benefit of the Holders and (ii) the Preferred Guarantee
     Trustee has the right to enforce this Preferred Securities Guarantee on
     behalf of the Holders.

          (2) The Holders of a Majority in liquidation amount of the Preferred
     Securities have the right to direct the time, method and place of
     conducting of any proceeding for any remedy available to the Preferred
     Guarantee Trustee in respect of this Preferred Securities Guarantee or
     exercising any trust or power conferred upon the Preferred Guarantee
     Trustee under this Preferred Securities Guarantee; provided, however, that,
     subject to Section 3.1, the Preferred Guarantee Trustee shall have the
     right to decline to follow any such direction if the Preferred Guarantee
     Trustee shall determine that the action so directed would be unjustly
     prejudicial to the Holders not taking part in such direction or if the
     Preferred Guarantee Trustee being advised by counsel determines that the
     action or proceeding so directed may not lawfully be taken or if the
     Preferred Guarantee Trustee in good faith by its board of directors or
     trustees, executive committee, or a trust committee of directors or
     trustees and/or Responsible Officers shall determine that the action or
     proceeding so directed would involve the Preferred Guarantee Trustee in
     personal liability.

          (3) If the Preferred Guarantee Trustee fails to enforce such Preferred
     Securities Guarantee, any Holder may institute a legal proceeding directly
     against the Guarantor to enforce the Preferred Guarantee Trustee's rights
     under this Preferred Securities Guarantee, without first instituting a
     legal proceeding against the Issuer, the Preferred Guarantee Trustee or any
     other person or entity.  The Guarantor waives any right or remedy to
     require that any action be brought first against the Issuer or any other
     person or entity before proceeding directly against the Guarantor.

SECTION 5.5   Guarantee of Payment
              --------------------

          This Preferred Securities Guarantee creates a guarantee of payment and
not of collection.

SECTION 5.6   Subrogation
              -----------

          The Guarantor shall be subrogated to all (if any) rights of the
Holders against the Issuer in respect of any amounts paid to such Holders by the
Guarantor under this Preferred Securities Guarantee; provided, however, that the
Guarantor shall not (except to the extent required by mandatory provisions of
law) be entitled to enforce or exercise any right that it may acquire by way of
subrogation or any indemnity, reimbursement or other agreement, in all cases as
a result of payment under this Preferred Securities Guarantee, if, at the time
of any such payment, any amounts are due and unpaid under this Preferred
Securities Guarantee.  If any amount shall be paid to the Guarantor in violation
of the
<PAGE>

preceding sentence, the Guarantor agrees to hold such amount in trust for the
Holders and to pay over such amount to the Holders.

SECTION 5.7    Independent Obligations
               -----------------------

          The Guarantor acknowledges that its obligations hereunder are
independent of the obligations of the Issuer with respect to the Preferred
Securities, and that the Guarantor shall be liable as principal and as debtor
hereunder to make Guarantee Payments pursuant to the terms of this Preferred
Securities Guarantee notwithstanding the occurrence of any event referred to in
subsections (a) through (g), inclusive, of Section 5.3 hereof.


                                  ARTICLE VI
                   LIMITATION OF TRANSACTIONS, SUBORDINATION

SECTION 6.1    Limitation of Transactions
               --------------------------

          So long as any Preferred Securities remain outstanding, if there shall
have occurred an Event of Default, then the Guarantor shall not and it shall not
permit any subsidiary to, (a) declare or pay any dividends or distributions on,
or redeem, purchase, acquire or make a liquidation payment with respect to, any
shares of the Guarantor's capital stock, or (b) make any payment of principal of
or interest or premium, if any, on or repay, repurchase or redeem any debt
securities of the Guarantor that rank pari passu in all respects with or junior
in interest to the Debentures or make any guarantee payments with respect to any
guarantee by the Guarantor of debt securities of any subsidiary of the Guarantor
if such guarantee ranks pari passu with or junior in interest to the Debentures
(other than (a) dividends or distributions in common stock of the Guarantor, (b)
any declaration of a dividend in connection with the implementation of a Rights
Plan (as defined in the Indenture), or the issuance of stock under any such
Rights Plan in the future, or the redemption or repurchase of any such rights
pursuant thereto, (c) payments under this Preferred Securities Guarantee, (d)
purchases of common stock related to the issuance of common stock or rights
under any of the Guarantor's benefit plans for its directors, officers or
employees and (e) obligations under any dividend reinvestment and stock purchase
plan).

SECTION 6.2    Subordination.
               --------------

          The obligations of the Guarantor under this Preferred Securities
Guarantee will constitute unsecured obligations of the Guarantor and will rank
subordinate and junior in right of payments to the Senior Indebtedness and
General Obligations (each as defined in the Indenture) to the extent and in the
manner set forth in the Indenture.  The obligations of the Guarantor under this
Preferred Securities Guarantee do not constitute Senior Indebtedness or General
Obligations.
<PAGE>

SECTION 6.3    Pari Passu Guarantees
               ---------------------

          The obligations of the Guarantor under this Preferred Securities
Guarantee shall rank pari passu with the obligations of the Guarantor under (i)
any similar Bank One Guarantee (as defined in the Indenture) issued by the
Guarantor on behalf of the holders of preferred or capital securities issued by
any Bank One Capital Trust (as defined in the Indenture) and (ii) the Series A
Guarantee, the Series B Guarantee, the 1997 Guarantee, the 1999 Guarantee, the
2000 Guarantee, the Fixed Rate Guarantee and the Floating Rate Guarantee.


                                  ARTICLE VII
                                  TERMINATION

SECTION 7.1    Termination
               -----------

          This Preferred Securities Guarantee shall terminate upon (i) full
payment of the Redemption Price of all Preferred Securities, (ii) upon the
distribution of the Debentures to the Holders of all of the Preferred Securities
or (iii) upon full payment of the amounts payable in accordance with the
Declaration upon liquidation of the Issuer.  Notwithstanding the foregoing, this
Preferred Securities Guarantee will continue to be effective or will be
reinstated, as the case may be, if at any time any Holder must restore payment
of any sums paid under the Preferred Securities or under this Preferred
Securities Guarantee.


                                 ARTICLE VIII
                                INDEMNIFICATION

SECTION 8.1    Exculpation
               -----------

          (1)  No Indemnified Person shall be liable, responsible or accountable
     in damages or otherwise to the Guarantor or any Covered Person for any
     loss, damage or claim incurred by reason of any act or omission performed
     or omitted by such Indemnified Person in good faith in accordance with this
     Preferred Securities Guarantee and in a manner that such Indemnified Person
     reasonably believed to be within the scope of the authority conferred on
     such Indemnified Person by this Preferred Securities Guarantee or by law,
     except that an Indemnified Person shall be liable for any such loss, damage
     or claim incurred by reason of such Indemnified Person's negligence or
     wilful misconduct with respect to such acts or omissions.

          (2)  An Indemnified Person shall be fully protected in relying in good
     faith upon the records of the Guarantor and upon such information,
     opinions, reports or statements presented to the Guarantor by any Person as
     to matters the Indemnified Person reasonably believes are within such other
     Person's professional or expert competence, including information,
     opinions, reports or statements as to the value
<PAGE>

     and amount of the assets, liabilities, profits, losses or any other facts
     pertinent to the existence and amount of assets from which Distributions to
     Holders might properly be paid.

SECTION 8.2     Indemnification
                ---------------

          The Guarantor agrees to indemnify each Indemnified Person for, and to
hold each Indemnified Person harmless against, any and all loss, liability,
damage, claim or expense incurred without negligence or bad faith on its part,
arising out of or in connection with the acceptance or administration of the
trust or trusts hereunder, including the costs and expenses (including
reasonable legal fees and expenses) of defending itself against, or
investigating, any claim or liability in connection with the exercise or
performance of any of its powers or duties hereunder.  The obligation to
indemnify as set forth in this Section 8.2 shall survive the termination of this
Preferred Securities Guarantee or the earlier resignation or removal of the
Preferred Guarantee Trustee.

SECTION 8.3     Compensation and Reimbursement
                ------------------------------

          The Guarantor agrees:

          (1) to pay to the Preferred Guarantee Trustee from time to time
reasonable compensation for all services rendered by it hereunder in such
amounts as the Guarantor and the Preferred Guarantee Trustee shall agree from
time to time (which compensation shall not be limited by any provision of law in
regard to the compensation of a trustee of an express trust); and

          (2) to reimburse the Preferred Guarantee Trustee upon its request for
all reasonable expenses, disbursements and advances incurred or made by the
Preferred Guarantee Trustee in accordance with any provision of this Preferred
Securities Guarantee (including the reasonable compensation and the expenses and
disbursements or its agents and counsel), except any such expense, disbursement
or advance as may be attributable to its negligence or bad faith.

          The obligations of the Guarantor under this Section 8.3 shall survive
the termination of this Preferred Securities Guarantee or the earlier
resignation or removal of the Preferred Guarantee Trustee.

          To secure the Guarantor's payment obligations in this Section and in
Section 8.2, the Guarantor and the Holders agree that the Preferred Guarantee
Trustee shall have a lien prior to the Preferred Securities on all money or
property held or collection by the Guarantee Trustee.  Such lien shall survive
the termination of this Preferred Securities Guarantee.
<PAGE>

                                  ARTICLE IX
                                 MISCELLANEOUS

SECTION 9.1    Successors and Assigns
               ----------------------

          All guarantees and agreements contained in this Preferred Securities
Guarantee shall bind the successors, assigns, receivers, trustees and
representatives of the Guarantor and shall inure to the benefit of the Holders
of the Preferred Securities then outstanding.

SECTION 9.2    Amendments
               ----------

          Except with respect to any changes that do not adversely affect the
rights of Holders (in which case no consent of Holders will be required), this
Preferred Securities Guarantee may only be amended with the prior approval of
the Holders of at least a Majority in liquidation amount (including the stated
amount that would be paid on redemption, liquidation or otherwise, plus accrued
and unpaid Distributions to the date upon which the voting percentages are
determined) of all the outstanding Preferred Securities.  The provisions of the
Declaration with respect to consents to amendments thereof (whether at a meeting
or otherwise) of Holders of the Securities shall apply to the giving of such
approval.

SECTION 9.3    Notices
               -------

          All notices provided for in this Preferred Securities Guarantee shall
be in writing, duly signed by the party giving such notice, and shall be
delivered, telecopied or mailed by first class mail, as follows:

          (1) If given to the Preferred Guarantee Trustee, at the Preferred
     Guarantee Trustee's mailing address set forth below (or such other address
     as the Preferred Guarantee Trustee may give notice of to the Holders and
     the Guarantor):


               The Chase Manhattan Bank
               450 West 33rd Street
               New York, New York 10001
               Attention: Institutional Trust Services
               Telecopy:  (212) 946-8159/8160
<PAGE>

          (2)  If given to the Guarantor, at the Guarantor's mailing address set
     forth below (or such other address as the Guarantor may give notice of to
     the Holders and the Preferred Guarantee Trustee):

               BANK ONE CORPORATION
               1 Bank One Plaza
               Chicago, Illinois 60670
               Attention: Treasurer
               Telecopy:  (312) 732-3366

          (3)  If given to any Holder, at the address set forth on the books and
     records of the Issuer.

          All such notices shall be deemed to have been given when received in
person, telecopied with receipt confirmed, or mailed by first class mail,
postage prepaid except that if a notice or other document is refused delivery or
cannot be delivered because of a changed address of which no notice was given,
such notice or other document shall be deemed to have been delivered on the date
of such refusal or inability to deliver.

SECTION 9.4    Benefit
               -------

          This Preferred Securities Guarantee is solely for the benefit of the
Holders and, subject to Section 3.1(a), is not separately transferable from the
Preferred Securities.

SECTION 9.5    Governing Law
               -------------

          THIS PREFERRED SECURITIES GUARANTEE SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
<PAGE>

          THIS PREFERRED SECURITIES GUARANTEE is executed as of the day and year
first above written.

                                        BANK ONE CORPORATION,
                                        as Guarantor



                                        By:_____________________________
                                           Name:  Charles W. Scharf
                                           Title: Executive Vice President and
                                           Chief  Financial Officer


                                        THE CHASE MANHATTAN BANK,
                                        as Preferred Guarantee Trustee



                                        By:______________________________
                                           Name:
                                           Title: