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Bank of America Advantage SafeBalance Banking account review

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A no-frills checking account with a low, but easily avoidable monthly fee.

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

Monthly fee

0.3%

APY

$25

Minimum deposit to open

Details

APY0.30%
Monthly fee$4.95 per month
To waive the feeEnroll in the Preferred Rewards program and qualify for the Gold, Platinum or Platinum Honors tier
Minimum deposit to open$25
ATMs16,000 fee-free ATMs nationwide
ATM transaction fee$0
Out-of-network ATM fee$2.50 Non-Bank of America ATMs:
$2.5 - In the U.S., plus any fee charged by the ATM 's operator.
$5 - Outside the U.S., plus any fee charged by the ATM 's operator.
Overdraft fee$0

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.
  • No paper checks. You won’t be able to write paper checks with this account.

Compare with other checking accounts

Name Product APY ATMs Fee
No ATM fees nationwide at more than 64,000 AllPoint, participating 7-Eleven and BBVA USA ATMs
$0
A full-service account with convenient, surcharge-free access to two massive ATM networks.
BBVA Premium Checking
BBVA Premium Checking
0.05%
More than 64,000 AllPoint, participating 7-Eleven and BBVA USA ATMs
$19/month
(can be waived)
A full-service interest checking account that offers automatic rebates of ATM fees.
Access to 16,000 ATMs and nearly 5,000 branches nationwide
$12/month
(can be waived)
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 5,000 branches.
0.01%
38,000 fee-free ATMs nationwide
$0
Linked checking and savings accounts from a mobile-first bank that’s light on fees.
1,000 fee-free ATMs across the country
$0
Pay a $0 monthly service charge and get free access to BBVA ATMs.
0.01%
Access to 16,000 ATMs and nearly 5,000 branches nationwide
$25/month
(can be waived)
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.

Compare up to 4 providers

How much do I need to open an account?

The Advantage SafeBalance checking account requires a minimum deposit of $25 to open.

How do I apply?

You can open the Bank of America Advantage SafeBalance Banking 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 SafeBalance, 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 and conditions and all personal info, then submit your application.

By phone. If you’d rather go through customer service to open an account, you can call 844-375-7031 to speak with an agent.

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 other checking options does Bank of America offer?

Bank of America has a few other checking options:

Bottom line

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 those features are important to you, compare your checking account options to find one that better suits your needs.

Frequently asked questions.

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