Bank of America Advantage Relationship Banking review
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
Minimum deposit to open
|Monthly fee||$25 per month|
|To waive the fee||Maintain combined balances of $10,000 or more each statement cycle|
|Minimum deposit to open||$100|
|ATMs||16,000 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|
|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
How do I apply?
You can open this account online, by phone or at a branch:
- Visit the Bank of America website, click Checking, then Explore checking solutions.
- Scroll down and click Advantage Relationship, then Open now.
- Add a savings account or click Go to application.
- Fill in all personal information.
- Proceed through the next step to set up and fund your account.
- Review the terms, conditions and all personal info, then submit your application.
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.
To open this account, you’ll need to meet a few eligibility requirements:
- Deposit of $100 or more
- Social Security number
- Permanent US address
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.
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.