We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

Bank of America Advantage Relationship Banking review

Last updated:  

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

Bank of America’s top-tier checking option pays interest and offers other perks you won’t find with its other checking accounts. And while it does have a higher monthly fee than its other checking accounts, it’s possible to avoid it.

$25 per month

Monthly fee

0.03%

APY

$100

Minimum deposit to open

Details

APY0.03%
Monthly 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
Overdraft fee$35
Nonsufficient funds fee$35

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:

  • Cardless ATMs. For ATM transactions with your smartphone or other contactless devices.
  • Earns interest. Pays up to 0.03% APY just for keeping your money in the account.
  • Perks for high balance. Avoid fees on additional checking or savings accounts, incoming domestic wire transfers and standard check purchases.
  • Overdraft protection. Avoid overdraft fees by linking an eligible Bank of America account.
  • No monthly balance requirements. You aren’t required to maintain a minimum balance.
  • Preferred rewards. A rewards program that can get you priority customer support, waived fees and more.
  • 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.
  • Miscellaneous fees. Bank of America’s fees are often higher than online-only banks. Expect to pay:
    • $35 overdraft fee
    • $35 nonsufficient funds or returned item fee
    • $15 per cashier’s check
    • $30 per outgoing domestic wire transfer
    • $16 per incoming international wire transfer
    • $45 per outgoing international wire transfer

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.

Compare with other checking accounts

Name Product APY ATMs Fee
No ATM fees nationwide at more than 64,000 AllPoint, participating 7-Eleven and BBVA USA ATMs
$0
A full-service account with convenient, surcharge-free access to two massive ATM networks.
0.05%
More than 64,000 AllPoint, participating 7-Eleven and BBVA USA ATMs
$19/month
(can be waived)
A full-service interest checking account that offers automatic rebates of ATM fees. Earn a $200 cash bonus when you add direct deposit.
0.01%
Free to use anywhere worldwide
$25/month
(can be waived)
Get a $1000 welcome bonus when you join Sapphire Banking by January 17, 2020. Within 45 days of joining, transfer a total of $75,000 or more in qualifying new money or securities to a combination of eligible checking, savings and/or investment accounts (excludes any J.P. Morgan retirement accounts and CDs), and maintain the balance for at least 90 days.
Radius Bank Rewards Checking
Radius Bank Rewards Checking
1.20% on balances of $100,000+
1.00% on balances of $2,500 to $99,999.99
More than 20,000 ATMs + unlimited ATM surcharge rebates
$0
Earn cash back with this high-interest checking account, plus get free ATM access worldwide.
Access to 16,000 ATMs and nearly 5,000 branches nationwide
$12/month
(can be waived)
Get a $200 bonus when you open a new Chase Total Checking account and set up direct deposit within 60 days of opening your account. Chase's simplest checking account is easy to use and gives you access to 16,000 ATMs and nearly 5,000 branches.
0.01%
38,000 fee-free ATMs nationwide
$0
Linked checking and savings accounts from a mobile-first bank that’s light on fees.

Compare up to 4 providers

How do I apply?

You can open this account online, by phone or at a branch:

Online

  1. Visit the Bank of America website, click Checking, then Explore checking solutions.
  2. Scroll down and click Advantage Relationship, then Open now.
  3. Add a savings account or click Go to application.
  4. Fill in all personal information.
  5. Proceed through the next step to set up and fund your account.
  6. 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:

  • Deposit of $100 or more
  • 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

What other checking options does Bank of America offer?

Bank of America has a few other checking options:

  • Advantage SafeBalance. A no-frills checking account with a low and avoidable monthly fee.
  • Advantage Plus. A versatile checking account with convenient features and more ways to pay.

Read up on Bank of America Rewards Savings account

Bottom line

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.

Frequently asked questions.

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use and Privacy and Cookies Policy.
Go to site