Bank of America Advantage Relationship Banking review
- Fee
- $25 per month
- APY
- Up to 0.02%
- Minimum deposit to open
- $100
Our verdict
An interest-earning account with robust banking features, but the monthly fee may be difficult to avoid.
The Bank of America Advantage Relationship Banking account is well-suited for those looking for a comprehensive checking account that earns some interest and offers overdraft protection. However, the $25 monthly fee is a notable drawback, particularly for customers who may struggle to meet the high $20,000 minimum balance requirement to waive it. Additionally, while the account provides solid features, other online banks often offer higher APYs and may have fewer fees.
Best for: Those who want an interest-bearing, rewarding checking account.
Pros
-
Earns APY
-
Balance Connect overdraft protection
-
Budgeting tools
Cons
-
$100 opening deposit requirement
-
Monthly fee if you don’t meet waive requirements
-
Low APY
What we like about BofA Advantage Relationship Banking review
Bank of America (BofA) is one of the Big Four banks, meaning it’s one of the largest banks in the US. By asset size, it’s the second-largest bank, just behind Chase Bank.
Its Advantage Relationship Banking account is FDIC-insured, of course, and comes with a Visa debit card for easy access to ATMs and for purchases almost anywhere in the world.
It also comes with the Spending & Budgeting tool, which lets you track spending and set up custom alerts. Bank of America supports Zelle, lets you order checks, perform mobile check deposits and offers bill pay.
Earns APY and has rewards
The account earns 0.01% on balances under $50,000 and up to 0.02% APY on balances over $50,000. These rates are not very high, but it’s better than nothing, as most checking accounts don’t earn interest at all.
You can also enroll in the Preferred Rewards Program, which gives you special BofA pricing discounts, the ability to waive fees and more.
Comprehensive overdraft protection
Called Balance Connect, this optional overdraft protection lets you link up to five BofA accounts to draw from in case you overspend.
Where it falls short
While this account offers plenty of perks, there are a few potential drawbacks to be aware of.
First, there’s a $100 opening deposit requirement — not a huge deal, but it’s worth calling out. Additionally, this account has a $25 monthly fee. You can waive that fee by either:
- Maintaining a minimum daily balance of $20,000 or more in your account
- Being a member of the Bank of America Preferred Rewards program
And lastly, the 0.01% to 0.02% APY is not great. The average rate for interest-bearing checking accounts is 0.07%, so it’s below average and significantly lower than the top high-yield checking options.
If you’re not committed to Bank of America, compare the best checking accounts to find one that’s right for you.
BofA Advantage Relationship Banking’s fees and access
| Type of fee | Fee details |
|---|---|
Monthly service | $25 (waivable) |
Opening deposit | $100 |
ATMs |
|
Debit card fees |
|
Overdraft or nonsufficient funds | $10 per item, up to two per day |
Wire transfers |
|
Other fees |
|
Compare Advantage Relationship Banking to other checking accounts
Narrow down top checking accounts by monthly fees, APYs and features. For a better comparison, tick the Compare box on multiple options to see accounts side by side.
What is the Finder Score?
The Finder Score crunches over 300 checking accounts from hundreds of financial institutions. It takes into account the product's monthly fees, overdraft fees, opening deposit, customer support options, ATM network and features — this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of checking accounts against what we consider is the best option: no monthly fees, no overdraft fees, a large ATM network of 50,000 or more, additional features outside of typical banking services, and the optional perk of earning interest. Accounts that are nearly free to maintain and use are scored the highest, while accounts with costly fees and few features are scored the lowest.
Customer reviews and ratings
| BBB accredited | Yes |
|---|---|
| BBB rating | A |
| BBB customer reviews | 1.11 out of 5 stars, based on 1172 customer reviews |
| Trustpilot score | 1.3 out of 5 stars, based on 2,281 customer reviews |
| App Store Score | 4.8 out of 5 stars, based on 4,600,000 customer reviews |
| Google Play Score | 4.6 out of 5 stars, based on 1,120,000 customer reviews |
| Customer reviews verified as of | 04 November 2024 |
Frequently asked questions
Does my Advantage Relationship Account automatically enroll me in the Preferred Rewards program?
No. To become a member, you must maintain at least a 3-month average balance of $20,000 in an active, eligible account, such as the Advantage Relationship Account.
Can I open an Advantage Relationship Banking account if I’m under 18?
Yes. However, applicants under the age of 18 must co-own an account with an adult. Applicants under the age of 13 must schedule an appointment at a BofA financial center to apply.
Finder Scores: What they mean
If you want peace of mind, this rating will give it to you. These products offer the best value and outcomes considering various product features, terms, conditions and price.
Well-balanced products that provide what you need, offering a healthy mix of competitive features at a good price. However, they're not quite the best in class.
Bottom line: You can find better, but these products still offer reasonable value and have the basics sorted.
These products may not offer much value in the long run, and there are better options available.
Your reviews
Gabriel Finder
Writer
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