Bank of America Bank Review
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Bank of America is a national bank with many account options and user-friendly online banking. But does this convenience come at a cost? Read on.
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Overall Score | 3.6 | ||
Savings | 2.0 | ||
CD | 3.5 | ||
Checking | 4.0 | ||
Mobile App | 4.5 | ||
Customer Service | 4.0 | ||
Pros and Cons
- Large branch network
- Extended service hours
- Full service banking
- Monthly fees
- Low interest rates
- Many misc. banking fees
Bottom Line
National bank with widespread accessibility and wide range of services
Bank of America offers a variety of account options, including checking, savings, CDs, IRAs, and investment accounts.
We cover your product choices and more in our guide.
Checking
Bank of America offers one checking account with 3 distinct account options. If your financial situation changes, you can switch to the account that works best for you.
- Bank of America Advantage SafeBalance Banking®: This account has no overdraft fees - you can only spend what you have. There are no paper checks.
The monthly maintenance fee each statement cycle can be waived if you are under 25, or if you maintain a minimum daily balance of $500 or more in your account, or if you are a member of Bank of America Preferred Rewards®. The minimum opening deposit is $25.
- Bank of America Advantage Plus Banking®: The minimum opening deposit for this account is $100.
To waive the monthly maintenance fee each statement cycle, you'll then need to keep a balance of $1,500, or have one direct deposit of at least $250 each statement cycle, or become a member of Bank of America Preferred Rewards®.
This account allows you to write checks and enroll in overdraft protection.
- Bank of America Advantage Relationship Banking®: You can open an interest-bearing checking account with just $100.
But, you'll need to maintain a minimum daily balance of $20,000 in your account or become a member of Bank of America Preferred Rewards® to waive the monthly maintenance fee each statement cycle.
Bank of America Advantage Banking - $300 Bonus Offer
- The $300 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 01/31/2025.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
Bank of America Advantage SafeBalance Banking®
- Banking that helps you stay within your balance.
- No monthly maintenance fee each statement cycle when you meet one of the following: an owner of this account is under the age of 25 or maintain a minimum daily balance of $500 in your account or are a member of Bank of America Preferred Rewards®.
- Bank of America, N.A. Member FDIC.
Bank of America Advantage Plus Banking®
- Flexible banking to meet your needs.
- Pay with a debit card, Mobile and Online banking or paper checks (if purchased).
- Bank of America, N.A. Member FDIC.
Bank of America Advantage Relationship Banking®
- Benefits for higher balances, like fee waivers and interest.
- Earn interest on your balance.
- Option to enroll in Balance Connect® for overdraft protection.
- Overdraft fee without Balance Connect® : $10 each item, up to 2 items per day.
- Bank of America, N.A. Member FDIC.
Compare Checking Accounts
U.S. Bank Smartly® Checking - Up to $450 Bonus
Earn up to $450 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:
- Enroll in online banking or the U.S. Bank Mobile App
- Make two or more direct deposits(s) totaling $2,000 to $4,999.99 to earn $250, $5,000 to $7,999.99 to earn $350 or $8,000 or more to earn $450.
Fund your new account within 30 days to start qualifying activities. Offer may not be available if you are an existing U.S. Bank customer or live outside of the U.S. Bank footprint.
HSBC Premier - Earn Up to $2,500
Start an HSBC Premier relationship today. You'll enjoy premium banking with both local and global benefits and access to wealth solutions offered through HSBC Securities, (USA), Inc*.
You could earn $1,500 or $2,500 if you open a new, eligible HSBC Premier checking account from July 1, 2024 through November 22, 2024, and complete qualifying activities.
- Get a $1,500 Cash Bonus: Add New Money of $100,000 to $249,999 in deposit and/or eligible investment accounts within 20 days of opening your new checking account and maintain the Qualifying Balance for 3 full consecutive months.
- Get a $2,500 Cash Bonus: Add New Money of $250,000+ in deposit and/or eligible investment accounts within 20 days of opening your new checking account and maintain the Qualifying Balance for 3 full consecutive months.
- Cash Bonus will be deposited into your new checking account within 8 weeks of meeting all the offer requirements.
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Business Checking Accounts
Bank of America® Business Advantage Banking Checking Account - $200 Bonus Offer
- The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new eligible business checking customers only.
- Offer expires 12/31/2024.
- To qualify, deposit $5,000 or more in New Money* directly into a new eligible Bank of America Business Advantage Banking account within thirty (30) days of account opening.
- Maintain an average balance of $5,000 in that new Business Advantage Banking account during the Maintenance Period**.
- Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- *New Money is new funds deposited into your business checking account that are not transfers from other Bank of America deposit accounts or
Merrill investment accounts.
- ** The Maintenance Period begins thirty-one (31) calendar days after account opening and ends ninety (90) calendar days after account opening.
- Bank of America, N.A. Member FDIC
Business Advantage Fundamentals™ Banking
- No fee for first 200 transactions per statement cycle
- No fee for first $7,500 in cash deposited per statement cycle
Business Advantage Relationship Banking
- No fee for first 500 transactions per statement cycle
- No fee for first $20,000 in cash deposited per statement cycle
- Multiple ways to avoid the $29.95 monthly fee
Savings
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The savings account options are rather limited at Bank of America. You only have one choice for a "standard" savings account.
- Advantage Savings: Open this account with $100 and you'll have access to tiered interest rates. You can earn higher interest rates if you are a member of Bank of America Preferred Rewards®.
You can waive the monthly maintenance fee each statement cycle with a daily balance of at least $500, or a linked Bank of America Advantage Relationship Banking® account, Bank of America Advantage® with Tiered Interest Checking, or Bank of America Advantage® Regular Checking Accounts (first 4 savings accounts).
The monthly maintenance fee each statement cycle is also waived for those under age 25, or a member of the Bank of America Preferred Rewards®. For new accounts, Bank of America will waive the monthly maintenance for the first six months.
Keep reading to learn about Bank of America's CD options.
Customer service representatives are available Monday-Friday, 8 AM to 11 PM ET, and Saturday and Sunday, 8 AM to 8 PM ET. They also offer automated support 24/7.
Compare Savings Account Promotion
High-Yield Savings Premier - 4.46% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.
CIT Bank Platinum Savings - 4.55% APY
- 4.55% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
CDs
If you can tie your money up for a specific period, you may earn higher interest rates on it with a CD.
- Featured CD: If you won't need $1,000 of your money for at least 7 months, invest it in the Featured CD.
You'll receive a fixed interest rate for the five CD terms ranging from 7 months to 37 months. You'll have the ability to roll the money over into another CD upon maturity.
- Standard Term CD Account: If you have at least $1,000, but less than $10,000, you can invest in a Standard Term CD.
The maturity dates range between 28 days and 10 years, each of which has variable interest rates. You can opt for automatic renewal upon maturity.
With both types of Bank of America CD's, your balances are FDIC-insured up to $250,000.
Compare CD Rates
High-Yield CD Rates - Up to 4.05% APY
- No fees
- $1 minimum deposit
- FDIC insured
| Term | CD Rates |
|---|---|
| 3 Month | 4.05% APY |
| 5 Month | 3.85% APY |
| 6 Month | 3.75% APY |
| 9 Month | 3.00% APY |
| 12 Month | 3.00% APY |
Certificate of Deposit
- 4.10% APY for 12-month term
- 3.80% APY for 18-month term
- 3.50% APY for 36-month term
- 3.40% APY for 5-year term
CIT Bank Term CDs - Up to 3.50% APY
- Up to 3.50% APY
- $1,000 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
| Term | CD Rates |
|---|---|
| 6 Month | 3.00% APY |
| 1 Year | 0.30% APY |
| 13 Month | 3.50% APY |
| 18 Month | 3.00% APY |
| 2 Year | 0.40% APY |
| 3 Year | 0.40% APY |
| 4 Year | 0.50% APY |
| 5 Year | 0.50% APY |
IRAs
If your employer doesn't offer a 401(k) or you have extra money to invest beyond your 401(k), Bank of America offers a couple of IRA options.
- Savings IRAs: If you like to keep things safe, Bank of America offers IRA CDs and money market accounts. You'll receive a predicted return and have the stability of FDIC insurance on your deposits and earnings.
- Investment IRAs: If you need a more aggressive retirement plan, open an IRA with Merrill Edge. You can then invest in stocks, bonds, mutual funds, and ETFs.
Reasons We Like Bank of America
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- Cashback rewards. You can earn cashback on your regular purchases. With BankAmeriDeals, you can opt in to receive deals on certain purchases.
You do this in your online or mobile banking platform. If you conduct these purchases with your Bank of America debit card, you'll receive cash back in your checking account.
- Automatically save with the Keep the Change Savings Program. If you opt into this program, Bank of America will automatically round up purchases made with your debit card to the nearest dollar.
They deposit the extra change into your savings account.
- Instant debit card lock. You can lock and unlock your debit card online or in the mobile app instantly.
If you think you've misplaced your debit card or it was stolen, you can freeze access instantly. When you find it, you can unlock it just as easily. If your card is gone for good, you'll need to call customer service for a replacement.
- Perks with Bank of America Preferred Rewards®. If you have a combined balance of $20,000 in Bank of America/Merrill Lynch products, you can become a member of the Bank of America Preferred Rewards® program.
This gives you access to higher savings rates, a rewards bonus on your BofA cashback credit cards, limited fee-free, third-party ATM transactions, and savings on Merrill Edge investment commission costs.
- Build good money habits for kids. Bank of America offers parents help in teaching kids about finances with their "Family Financial Matters" page.
It offers tips on teaching kids as young as middle school how to budget, tips on saving for college, and many other age-appropriate financial tips for parents to discuss with their children.
- Mobile banking access. You can conduct a large amount of banking transactions online or on the mobile app.
Aside from checking your balances and viewing statements, you can pay your bills, transfer funds, and make mobile check deposits.
- Financial tools. The Bank of America mobile app has spending and budgeting tools.
These tools allow you to track your spending, create a budget, and potentially increase your savings by changing certain habits.
- Custom alerts. Set up custom alerts so that you never miss a low balance or payment that's due. You can receive the alerts via text, email, or through the mobile app.
Choose from a variety of alerts, including low balance alerts, payment due alerts, unusual activity alerts, or deals expiring alerts.
- Debit card security. Bank of America offers the option to add your picture to the front of your Bank of America debit card to prevent fraudulent activity from a stolen card.
- FDIC Insured. Your deposits at Bank of America are FDIC insured up to $250,000 per account.
If Bank of America went out of business, your money would remain safe. This does not apply to any investments opened with Merrill Edge or Merrill Lynch, though.
You can also find them in Bank of America's FAQs after you enter your state of residence.
Reasons You May Want to Look Elsewhere
- Monthly maintenance fee. Unless you're under the age of 25, there is monthly maintenance fee each statement cycle. Even for the more basic account, you need to maintain $1,500 to waive the service fee (or have $250 in a single direct deposit each statement cycle).
This may exclude the lower-income customers who can't meet the minimum balance requirements.
- Hefty non-BofA ATM fees. Bank of America charges $2.50 - $5.00 for every ATM transaction conducted on an ATM other than one owned by Bank of America. This is in addition to the fees that the third-party bank will charge.
- Low interest. You have minimal account options and the accounts that do pay interest offer minimal interest rates.
If you need a place to just park money that will be safe and BofA is convenient for you, it may be feasible. If you are trying to grow your savings or need more account options, you may want to look elsewhere.
- Fee heavy. Bank of America has a lot of "miscellaneous account charges."
Even if you qualify to waive the monthly maintenance fee each statement cycle, you may incur a large number of other charges. Make sure to read the fine print to see if any of the charges may apply to your normal banking transactions.
How It Compares
See how Bank of America stacks up against its competition.
- Chase: Like Bank of America, Chase has many branches and ATMs throughout the US. Chase also offers a similar number of bank accounts as Bank of America, which means you have only a few options.
Chase does offer a variety of promotions in order to entice consumers to open an account with them, though. Chase tends to charge slightly higher fees, especially for their "premium" accounts for account holders with larger balances.
- Wells Fargo has branches throughout the United States. But you won't find as many as Bank of America offers.
Wells Fargo offers customer service around-the-clock and a larger variety of checking and savings accounts than Bank of America.
- US Bank branches are scattered across the US as well. They tend to offer more checking and savings account options than Bank of America.
They also offer specialty products for teens and seniors. You may find slightly higher interest rates at US Bank, but they still won't compare to your online bank options.
| | |
| Learn More | Visit Site | |
Bank of America | US Bank | |
|---|---|---|
Bank of America Advantage Banking - $300 Bonus Offer | U.S. Bank Smartly® Checking - Up to $450 Bonus - | |
Benefits and Features | ||
| Savings | Bank of America Advantage Savings Standard Rate: 0.01% APY | Bank Smartly® Savings: Minimum deposit $25. Monthly maintenance fee $5, unless you have a Bank Smartly® Checking or Safe Debit account, or for accounts with a minor under the age of 18. |
| CD |
| Standard Term CD: 0.05% - 0.25% APY. Terms ranging from 1 month - 60 months. Minimum deposit of $500. Maximum deposit $250,000. |
| Checking |  | |
| Money Market | 0.01% - 0.25% APY, depending on amount. Minimum opening deposit $100. Monthly maintenance fee is $10 unless you open a U.S. Bank Smartly Checking account and enroll in the Smart Rewards® Primary tier or above, or maintain a $10,000 minimum daily balance. | |
| ATMs | more than 4,500 U.S. Bank ATMs across the country | |
| Customer Service |
| 24/7 Live Customer Service (Telephone) |
| Locations | more than 2,000 branches across the country | |
| Learn More | Visit Site | |
Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details. Bank of America: Pricing information from published website as of 11/19/2024 based on 91107 zip code. US Bank: Pricing information from published website as of 11/12/2024 based on 91107 zip code. | ||
Bottom Line
Bank of America is a "convenient bank" because of its many locations. It's easier to avoid the third-party ATM fees that banks, including BofA, charge.
But its limited account options and low interest rates may have you looking elsewhere.
Read the fine print and focus on what you want out of your bank account before opening an account just for its convenience.
Bank of America Advantage Banking - $300 Bonus Offer
- The $300 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 01/31/2025.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
U.S. Bank Smartly® Checking - Up to $450 Bonus
Earn up to $450 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:
- Enroll in online banking or the U.S. Bank Mobile App
- Make two or more direct deposits(s) totaling $2,000 to $4,999.99 to earn $250, $5,000 to $7,999.99 to earn $350 or $8,000 or more to earn $450.
Fund your new account within 30 days to start qualifying activities. Offer may not be available if you are an existing U.S. Bank customer or live outside of the U.S. Bank footprint.
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.
CIT Bank Platinum Savings - 4.55% APY
- 4.55% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
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