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finder.com’s rating: 3.7 / 5.0
★★★★★
The Bank of America Advantage SafeBalance Checking account is worth considering if you’re looking for perks and a low, but avoidable monthly fee. But if you need overdraft protection or value the convenience of paper checks, you’ll need to look elsewhere.
$4.95 per month
Fee
$25
Minimum deposit to open
APY | N/A |
---|---|
Fee | $4.95 per month |
To waive the fee | Enroll in the Preferred Rewards program and qualify for the Gold, Platinum or Platinum Honors tier |
Minimum deposit to open | $25 |
ATMs | 16,000 fee-free ATMs nationwide |
ATM transaction fee | $0 |
Out-of-network ATM fee | $2.50 |
Foreign transaction fee | 3% |
Overdraft fee | $0 |
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.
This account offers low fees and easy access to your money, both online and through one of the nation’s largest ATM networks. However, it doesn’t offer overdraft protection or the ability to write checks.
If overdraft protection is important to you, all of Bank of America’s other checking accounts let you activate Balance Connect, an overdraft protection service that costs $12 per use.
You can open the Bank of America Advantage SafeBalance Banking account online, by phone or at a branch:
Online
At a branch. Use the branch locator on Bank of America‘s website to locate your nearest branch and set up an account.
To open this account, you’ll need to meet a few eligibility requirements:
Regardless of how you choose to open your account, you’ll be asked for the following information:
In addition to its FDIC-insured deposits, fraud protection and custom alerts, this account offers the following perks:
This account comes with a Bank of America Visa debit card that gives you access to the second largest bank-owned ATM network with over 16,000 fee-free ATMs. Plus, you’ll be able to use cardless ATMs, which allow you to make ATM transactions with your smartphone or other contactless device.
If you use an ATM outside of this network, these fees may apply:
No account is perfect. Keep an eye out for these potential drawbacks:
If you’re not satisfied that the pros outweigh the cons, compare checking accounts to find an option that better suits your needs.
The Advantage SafeBalance checking account requires a minimum deposit of $25 to open.
★★★★★ — 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.