Bank of America

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Compare Bank of America products: Savings, Checking, and CDs

It's dependable and accessible, but monthly maintenance fees can be high.

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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.

What banking products does Bank of America offer?

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
Bank of America Advantage Savings
Finder Rating: 3 / 5: ★★★★★
Bank of America Advantage Savings
0.01%
$8 per month
(can be waived)
$100
A savings account that lets you earn cashback at participating retailers and rewards depending on your balance.
Bank of America Minor Savings Account
Finder Rating: 3.6 / 5: ★★★★★
Bank of America Minor Savings Account
0.01%
$0
$25
Help a child build a savings account and learn about banking.
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Name Product APY Minimum deposit to open ATMs Out-of-network ATM fee
Bank of America Advantage Relationship Banking
Finder Rating: 2.8 / 5: ★★★★★
Bank of America Advantage Relationship Banking
0.02% on balances of $50,000+
0.01% on balances of to $49,999
$100
16,000 fee-free ATMs nationwide
$5
Customize your account to fit your needs and experience a wide array of services from a Big Four bank.
Bank of America Advantage Plus Banking
Finder Rating: 3.3 / 5: ★★★★★
Bank of America Advantage Plus Banking
N/A
$100
Over 16,000 ATMs
$2.50
Everyday banking with more ways to waive the monthly fee.
Bank of America Advantage SafeBalance Banking
Finder Rating: 3.7 / 5: ★★★★★
Bank of America Advantage SafeBalance Banking
N/A
$25
16,000 fee-free ATMs nationwide
$2.50
Customize your account to fit your needs and experience our full scope of services
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Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
Bank of America Standard Term CD
0.03%
0.03%
0.03%
0.03%
0.03%
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Bank of America offers products for a wide span of financial situations. Options include:

Checking accounts

  • 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.

Savings accounts

  • 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.

Business accounts

  • 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.

Special programs

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.
  • Bank of America Preferred Rewards. Earn benefits to help your banking and investment accounts grow. You’ll need $20,000 to qualify.
  • 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.

Other products

  • 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

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
5.00%
$0 per month or $7.99 per month for Aspiration Plus ($5.99 per month if you pay annually)
$10
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC and a $100 bonus when you spend $1,000 in your first 60 days.
Axos Bank High Yield Savings
Finder Rating: 4 / 5: ★★★★★
Axos Bank High Yield Savings
0.61%
0.25%
0.15%
$0
$250
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
BlockFi Interest Account
BlockFi Interest Account
Up to 8.25%
$0
$0
Score up to 8.25% APY with this free crypto-interest account. Not available in New York and not FDIC insured.
American Express® High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
American Express® High Yield Savings
0.40%
$0
$0
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Gemini Earn
Gemini Earn
Up to 8.05%
$0
$0
Watch your cryptocurrency earn up to 8.05% APY with this nationwide account. Not FDIC insured.
Nexo Earn
Nexo Earn
Up to 12.00%
$0
$0
This account accrues up to 12% APY on crypto, and interest gets deposited into your account on a daily basis. Not FDIC insured.
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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.

Checking accounts

Pros

  • 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.

Cons

  • 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.

Savings accounts

Pros

  • 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.

Cons

  • Low interest rates. Compared with Goldman Sachs’ Marcus Savings account or Ally’s Savings account, the APYs on Bank of America‘s savings accounts are unimpressive to say the least.
  • Opening deposit requirements. You’ll need at least $100 to open most savings accounts.
  • Excessive transaction fee. You’ll pay $10 each time you make more than six outgoing transactions a month.

CDs

Pros

  • Wide range of term lengths. Bank of America CD terms range from 28 days to 10 years, so you’re bound to find a term that’s right for you.
  • Two types of CDs. Open a standard CD with as little as $1,000. Or, lock in a higher rate with a featured CD when you deposit at least $10,000.
  • Partial withdrawals. Unlike other banks, BofA doesn’t force you to withdraw your total balance if you need to access your CD early.

Cons

  • High minimum deposits. You’ll need $1,000 to open a standard CD and $10,000 to open a Featured CD, which is higher than the competition.
  • Low APYs. BofA offers some of the lowest CD rates we’ve ever seen. Standard CD rates range from 0.03% to 0.03% depending on the term length and Featured CD rates are 0.05% APY.
  • Early withdrawal fees. Like other CDs at other banks, you’ll pay an early withdrawal penalty if you access your money before it matures.

Overall banking

Pros

  • Wide product selection. BofA offers a wide range of personal and business accounts, as well as special programs that give account holders access to extra benefits.
  • Easy accessibility. Due to the sheer volume of branch locations, it’s likely that there will be a brick-and-mortar spot near you. Or, bank online.
  • Sophisticated mobile app. The app has a built-in financial assistant, budgeting tools and mobile banking features to help you manage all your accounts in one place.

Cons

  • Slow customer service. Due to BofA’s size, teller lines can be long and it can take a while to reach customer service online.
  • Low rates. BofA has low interest rates across the board, so it may not be ideal for those who want to watch their money grow fast.
  • Monthly fees. Almost every BofA account has an associated monthly fee. But you can waive most of these fees when you meet certain requirements like a minimum account balance.

Compare Bank of America to the competition

    Case study: Kellye’s experience – September 2019

    profile pic

    Kellye Guinan
    Writer

    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

    Bottom line

    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.

    Compare Bank of America’s student banking options

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