Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our opinions or reviews. Learn how we make money.

Bank of America Advantage Relationship Banking review

Last updated:  

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

Monthly 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
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

Expert review

Peter Carleton

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.

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.
  • 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.
  • 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.

Compare with other checking accounts

Name Product Minimum deposit to open ATMs Out-of-network ATM fee
HSBC Advance Checking
$0
Surcharge-free HSBC ATMs nationally and internationally, plus up to four rebates a month for using non-HSBC ATMs in all US states except New York
Get up to $270 (max. $50 per month) for eligible new customers who open an HSBC Advance checking account. Conditions apply. Deposit products are offered in the US by HSBC Bank USA, N.A. Member FDIC.
Chase Total Checking
$0
Access to 16,000 ATMs and nearly 4,900 branches nationwide
$2.50
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 4,900 branches. Available online nationwide except in Alaska, Hawaii and Puerto Rico.
BBVA Free Checking
$25
1,000 fee-free ATMs across the country
$3
Pay a $0 monthly service charge and get free access to BBVA ATMs.
Chime Spending account
$0
38,000 fee-free ATMs nationwide
$2.50
Linked checking and savings accounts from a mobile-first bank that’s light on fees.
Citibank® Account Package
Citibank® Account Package
$0
No access to ATMs
$2.50
Earn a $400 bonus after opening new eligible checking and savings accounts and completing required activities.
Chase Premier Plus Checking
$0
Access to 16,000 ATMs and nearly 4,900 branches nationwide
$2.50
Get a $300 signup bonus as a new Chase checking customer when you open a Chase Premier Plus Checking account and set up direct deposit. Available online nationwide except in Alaska, Hawaii and Puerto Rico.
loading

Compare up to 4 providers

How do I apply for an Advantage Relationship checking account?

You can open the Bank of America Advantage Relationship checking 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:

  • 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 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.

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 finder.com Terms of Use and Privacy and Cookies Policy.
Go to site