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Bank of America Advantage Relationship Banking review

An interest-bearing account from one of the largest banks in the country.

finder.com’s rating: 2.8 / 5.0

★★★★★

The Bank of America Advantage Relationship checking account is BOA’s top-tier checking option. It has several perks you won’t find with any of its other accounts. But it only earns 0.02% APY and it has a $25 monthly fee.

$25 per month

Fee

Up to 0.02%

APY

$100

Minimum deposit to open

Details

APY0.02% on balances of $50,000+
0.01% on balances of to $49,999
Fee$25 per month
To waive the feeMaintain combined balances of $10,000 or more each statement cycle
Minimum deposit to open$100
ATMs16,000 fee-free ATMs nationwide
ATM transaction fee$2.50
Out-of-network ATM fee$5 for non-US ATMs, plus any fee charged by the ATM's operator
Foreign transaction fee3%
Overdraft fee$35
Nonsufficient funds fee$35
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Review by


Peter Carleton is a writer that covers banking and investing, breaking down what you need to know about where you put your money. When Peter's not thinking about cutting-edge banking apps and robo-advisors, he runs a creative agency and spends his spare time cooking or reading.

Expert review

With the Advantage Relationship checking account, you can earn interest and rewards with a higher balance. Even if you’re not keeping as much in your account, you don’t have to worry about minimum balance fees — and you can take advantage of other features such as built-in budgeting tools.

However, other online banks offer higher APYs. A number of miscellaneous fees can also end up costing you your hard earned cash if you’re not careful about how you manage your account.

How do I open a Bank of America Advantage Relationship Banking account?

You can open the Bank of America Advantage Relationship checking account online, by phone or at a branch:

Online

  1. Go to the provider’s site and follow the steps to apply.
  2. From the Bank of America website, click Checking, then Explore checking solutions.
  3. Scroll down and click Advantage Relationship, then Open now.
  4. Add a savings account or click Go to application.
  5. Fill in all personal information.
  6. Proceed through the next step to set up and fund your account.
  7. Review the terms, conditions and all personal info, then submit your application.

By phone

If you’d prefer to speak with someone to open this account, call 844-375-7031 to start your application by phone.

At a branch

Visit the Bank of America website to locate your nearest branch.

Eligibility

To open this account, you’ll need to meet a few eligibility requirements:

  • Social Security number
  • Permanent US address

Required information

Regardless of how you choose to open your account, you’ll be asked for the following information:

  • Name, date of birth and address
  • Employment information
  • Contact information
  • Social Security number, or passport for foreign applicants
  • Deposit of $100 or more

What are the benefits of the Advantage Relationship checking account?

This FDIC-insured account comes with a Visa debit card for easy access to ATMs and for purchases almost anywhere in the world. Other benefits include:
  • Earns interest. Pays up to 0.02% APY just for keeping your money in the account.
  • Rewards. BOA has a rewards program that can get you priority customer support, waived fees and more.
  • Balance Connect. This optional overdraft protection lets you link up to five BofA accounts to draw from in case you overspend. There’s a $12 fee per overdraft, but that’s better than the $35 the bank would otherwise charge you.
  • No monthly balance requirements. You aren’t required to maintain a minimum balance.
  • Budgeting tool. Manage your spending and budgeting to stay on top of your finances.

Bank of America ATM network and fees

The Advantage Relationship checking account comes with a Bank of America Visa debit card to use almost anywhere. It also gives you access to the second largest bank-owned ATM network, with over 16,000 fee-free ATMs in the US. However, if you use an ATM outside of the Bank of America network, these fees may apply:

  • Domestic ATM fee: $2.50 per transaction, plus fees from the ATM owner.
  • Foreign ATM fee: $5 per transaction, plus fees from the ATM owner.

What should I look out for?

While this account offers plenty of perks, there are a few potential drawbacks to be aware of:
  • Opening deposit requirement. This account requires a $100 minimum deposit to open.
  • Monthly service charge. The $25 monthly fee is waived if:
    • You’re a member of the Preferred Rewards program.
    • You have a combined monthly balance of at least $10,000 across eligible linked accounts.
  • Low interest. You can find higher APYs with other accounts.

If you’re not committed to Bank of America, compare your checking account options to find one that’s right for you.

How much do I need to open an account?

The Advantage Relationship checking account requires a minimum deposit of $100 to open.

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Aspiration Spend & Save Account
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5.00% on balances of $0 to $10,000
$10
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$0
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
Chase Secure Banking℠
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Chase Secure Banking offers no overdraft services
Douugh
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The Douugh app is an AI assistant focused on your finances.
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OnJuno
1.20% on balances of $0 to $50,000
0.25% on balances of $50,000.01+
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more than 85,000 ATMs nationwide
$0
OnJuno embraces an open banking system for everyone, regardless of their age, location, or income.
Lili
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$0
32,000 fee-free ATMs nationwide
$2.50
Freelancers get paid up to two days early and can automatically set aside money for taxes with the Lili digital bank account. Get up to 10 referral rewards, or $1000.
Chime Spending account
Finder Rating: 4.7 / 5: ★★★★★
Chime Spending account
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$0
60,000+ fee-free ATMs
$2.50
Get rid of fees with this financial app offering consumer-friendly accounts. Chime can also help you save easily and access your paycheck faster.
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What other checking options does Bank of America offer?

Bank of America has a few other checking options:

Read up on Bank of America Advantage Savings account

Frequently asked questions

Checking account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.

Read the full methodology of how we rate checking accounts.

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