Bank of America Advantage SafeBalance Banking account review
- Fee
- $4.95 per month
- APY
- N/A
- Minimum deposit to open
- $25
Our verdict
A no-frills checking account with a low, but easily avoidable monthly fee.
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.
Pros
-
Easy access
-
Low fees
-
Preferred Rewards
-
No monthly balance requirements
-
Budgeting tool
Cons
-
Opening deposit requirement
-
Monthly service charge
-
No interest
-
No overdraft
-
No paper checks
How do I open a Bank of America Advantage SafeBalance Banking account?
You can open the Bank of America Advantage SafeBalance Banking account online, by phone or at a branch:
Online
- Go to the provider’s site and follow the steps to apply.
- From the Bank of America website, click Checking, then Explore checking solutions.
- Scroll down and click Advantage SafeBalance, 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 and conditions and all personal info, then submit your application.
At a branch. Use the branch locator on Bank of America‘s website to locate your nearest branch and set up an account.
Eligibility
To open this account, you’ll need to meet a few eligibility requirements:
- Deposit of $25 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 are the benefits of the Advantage SafeBalance Checking account?
In addition to its FDIC-insured deposits, fraud protection and custom alerts, this account offers the following perks:
- Easy access. This account comes with a Visa debit card and fee-free use of one of the nation’s largest ATM networks.
- Low fees. This account has a monthly fee of $4.95, which is waived if you’re a student or a member of Preferred Rewards. Plus, there are no overdraft or NSF fees.
- Preferred Rewards. A free program that waives 12 non-Bank of America ATM fees annually depending on your average balance across all Bank of America accounts.
- No monthly balance requirements. Unlike some other checking accounts, you aren’t required to maintain a minimum balance in your account.
- Budgeting tool. Use Bank of America‘s spending and budgeting tool to track spending habits and take control of your finances.
Bank of America ATM network and fees
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:
- 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?
No account is perfect. Keep an eye out for these potential drawbacks:
- Opening deposit requirement. This account requires a $25 minimum deposit to open.
- Monthly service charge. This account has a $4.95 monthly fee unless you meet either of these conditions:
- Member of the Preferred Rewards program
- Younger than 24 and enrolled in high school, college or vocational school
- No interest. Unlike some other checking accounts, this account does not earn interest.
- No overdraft. If you make a purchase that brings your account balance below zero, the transaction will be declined. This could be frustrating in an emergency.
- No paper checks. You won’t be able to write paper checks with this account.
If you’re not satisfied that the pros outweigh the cons, compare checking accounts to find an option that better suits your needs.
Compare with other checking accounts
How much do I need to open an account?
The Advantage SafeBalance checking account requires a minimum deposit of $25 to open.
What other checking options does Bank of America offer?
- Advantage Plus. A versatile checking account with more features and more ways to pay.
- Advantage Relationship. An interest-bearing checking account with more features than SafeBalance and Advantage Plus.
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.
Bank of America Advantage SafeBalance Banking is not currently available on Finder
Have you considered SoFi Checking and Savings?
Earn up to 4.60% APY on savings by meeting deposit requirements, and 0.50% APY on checking balances. Members without deposit requirements will earn 0.50% APY on both savings and checking balances. Turn on automatic savings or use the Roundups feature to help you reach your savings goals faster. Get up to $2M of additional FDIC insurance through a network of participating banks.
- 0.50% APY on checking balance
- Up to 4.60% APY on savings
- $0 account or overdraft fees
- Get a $300 bonus with direct deposits of $5,000 or more
Your reviews
Peter Finder
Writer
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