Bank of America is financially stable, has a vast network and offers a variety of saving and checking account options. But its APYs aren’t the highest, and you’ll need to be careful to avoid monthly maintenance fees.
Bank of America offers products for a wide span of financial situations. Options include:
Bank of America Advantage SafeBalance Banking. A checking account that’s designed to prevent overspending by rejecting your card if your balance is low. It costs $4.95 per month unless you’re enrolled in Preferred Rewards.
Bank of America Advantage Plus Banking. This mid-range account gives you access to Balance Connect, BofA’s optional overdraft protection service, which costs $12 per use. This account also lets you avoid the $12 monthly fee by scheduling a direct deposit of $250 or more, keeping a $1,500 minimum daily balance or enrolling in Preferred Rewards.
Bank of America Advantage Relationship Banking A checking account that earns interest. The $25 monthly fee is waived if you keep a balance of $10,000 in linked accounts or are enrolled in Preferred Rewards.
Bank of America Advantage Savings The more you save, the higher your APY. Plus, you’ll qualify for BankAmeriDeals and Keep the Change.
Bank of America Minor Savings Account. Meant for kids, but parents have joint ownership. No fee until the child is 18 and requires a minimum opening deposit of $25.
Bank of America Custodial Savings. Also for kids, but parents are custodians and there’s a minimum opening deposit of $100. The $8 monthly fee can be waived with a minimum daily balance of $500.
Bank of America Featured CD account. Requires an initial deposit of $10,000, but rates are guaranteed and it offers term lengths of 13, 25 or 37 months.
Bank of America Standard Term CD account. Open with at least $1,000 and choose a term length from between 28 days to 10 years. Rates vary by term.
Bank of America Business Fundamentals Checking. Meant for business owners, the $15 monthly fee is waived if you spend $250 on new purchases, maintain an average monthly balance of $5,000 or a minimum daily balance of $3,000, or enroll in the Business Advantage Relationship program.
Bank of America Business Advantage Checking. There’s a monthly maintenance of $29.95, but you can waive it with a $2,500 debit card purchase, average monthly balance greater than $15,000 or enrollment in the Business Advantage Relationship Program.
Extra benefits you can tap into as a Bank of America account holder include:
Bank of America Keep the Change Savings Program. Bank of America rounds up to the nearest dollar amount on every purchase you make with a debit card and transfers the difference into your savings account.
BankAmeriDeals. Earn cash back on eligible purchases when you have a Bank of America credit or debit card.
Bank of America’s Life Plan. This new digital tool uses user data to create and track personalized financial goals.
Credit cards. Choose from eight different standard credit cards and more than a dozen cobranded credit card options, each with their own perks and rewards.
Home loans. Take out a mortgage or home equity loan, or refinance your house.
Auto loans. Get coverage on your vehicle with quick approval.
Investing. Prepare for retirement, college or other investment goals with its Merrill Edge account.
Compare Bank of America to the competition
How does Bank of America compare to other banks or services?
Bank of America has been on the Fortune 500 list for 24 years, has 209,376 employees and is financially stable. It has 4,475 offices nationwide and receives more total domestic deposits than any other bank. Its product offerings are similar in scope to direct competitors, but customer service isn’t available 24/7 like it is for Wells Fargo or Chase.
Several account options. BofA offers three personal checking accounts and two business checking accounts.
Overdraft protection. If you activate BofA’s Balance Connect overdraft protection service, you’ll pay $12 (instead of $35) if you overdraw your account.
Budgeting tools. Get access to budgeting tools that help you take control of your money when you open a BofA checking account.
Account fees. All checking accounts require account holders to meet certain requirements, like a minimum account balance, to waive the monthly fees.
Overdraft fee. If you don’t have a linked BofA account and you overdraw on your account, you’ll pay a $35 fee each time, up to four times daily. This is true unless you have a Bank of America Advantage SafeBalance account, which declines overdrafts.
Tiered APYs. You’ll earn a higher interest rate as your account balance grows.
Automatic savings. Bank of America Keep the Change Savings helps you build savings without thinking about it, rounding every purchase you make up to the nearest dollar to deposit directly into your account.
Preferred rewards program. You may qualify for higher APYs, free ATM transactions and other rewards when you’re a Preferred Rewards customer.
While Bank of America offers solid checking and savings accounts, I didn’t exactly choose the BofA life. My parents opened an account for me when I was in middle school, and I’ve stuck with it ever since. It’s easy to use and manage my finances. And as a freelance writer, I can quickly move money from my checking into my savings — or back again — when tax time comes.
However, as I become more well-versed with finance and start looking into accounts that can help build my savings, Bank of America’s low interest rates are starting to get in the way of my goals. Compared to other large banks and my local credit union, I might be making a switch soon. I’ll still keep my Bank of America checking account open, but my savings will be better off somewhere that can earn me more interest.
Bank of America reviews and complaints
It has an A+ rating from the BBB and has been accredited since 1949, but customer reviews average out to one star as of October 2020. Most of the complaints are about muddled customer service experiences or unexpected fees, likewise on the CFPB complaint database.
The FFIEC has given Bank of America‘s branch locations either an “Outstanding” or “Satisfactory” rating, and it’s financially backed by the FDIC. In 2019, it received awards for “Outstanding Customer Service” by J.D. Power, and also got ranked highest in customer satisfaction for retail banking advice by the same research company.
Bank of America customer service
Get support from Bank of America‘s customer service by reaching out in one of these ways:
Phone: Call 800-432-1000. Spanish speakers can call 800-688-6086.
Account messaging: Log into your account to send a note securely online or through the app.
Branch: Get face-to-face service at one of its 4,475 branch locations.
Mail: If regular mail is more your thing, send a letter to: Bank of America PO Box 25118 Tampa, FL 33622–5118
If close proximity to branch locations is important to you, Bank of America may be appealing. But if you’re trying to open an account with the highest APY available, compare other bank accounts, especially online-only options.
Frequently asked questions
How can I temporarily lock my debit card? If you think you’ve misplaced the card, locking it can buy you more time to search. Do it yourself through the Mobile Banking app or online. After you’ve located the card, head back to your account to unlock it.
What are Bank of America’s customer service hours of operation? Get help weekdays from 8 a.m. to 11 p.m. EST, or 8 a.m. to 8 p.m. EST on weekends.
How many ATMs does Bank of America have? It has about 16,300 ATMs in the US, making it one of the largest networks in the nation.
Amy Stoltenberg is a staff writer covering all things travel, shopping and lifestyle. After earning a BA at Savannah College of Art and Design, she worked as technical designer in corporate fashion before opting for a career with unlimited travel time. When her laptop's closed, you can find her wandering around Los Angeles looking for hole-in-the-wall eateries and plotting her way to all 50 states (she's currently at 28).
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