Bank of America is financially stable, has a vast network and offers a variety of savings and checking account options to meet a wide range of customers’ needs. But its APYs aren’t the highest, and you have to be careful to avoid monthly maintenance and other fees.
Best for. Those who value full-service banking and branch access.
Bank of America, or BofA, can make sense if convenience is your top priority. The bank has thousands of branches, ATMs and a solid mobile app, which makes it super easy to manage your money no matter where you are.
That said, if your main goal is to grow your savings or avoid monthly fees, you might be happier with an online bank or credit union that offers higher rates and fewer charges.
You can cover most of your financial needs with Bank of America’s breadth of products. You’ll also have banking access all across the US if you move or travel. But if you’re looking for fee-free accounts and high interest earnings, you may want to compare other banks.
It’s a longstanding bank with products and services you’d expect.
Traditional, but not the most affordable option out there.
Bank of America offers four main checking accounts, each with different features and fees depending on your needs. Though all of them come with access to BoA’s nationwide branch and ATM network, strong mobile banking tools and optional overdraft protection, the monthly fees can get quite steep if you don’t meet the requirements to waive them.
Bank of America offers one primary savings account called Bank of America Advantage Savings. The monthly fee is $8, but is waivable if you meet certain requirements, like maintaining a minimum daily balance of $500 or more in your account or being under the age of 25.
Generally, this savings account pays 0.01% APY, but you can earn 0.02% to 0.04% APY if you’re a member of the Preferred Rewards program. To join the program, you need to have a BoA personal checking account and maintain a certain three-month total average balance in all your accounts or Merrill Lynch investments. This balance requirement is $20,000 for the Gold tier, $50,000 for the Platinum tier and $100,000 for the Platinum Honors tier.
With all that in mind, the account’s APY ranges from 0.01% to 0.04% APY, which is much lower than what online banks like Ally or SoFi® offer. And there’s a monthly fee, and balance requirements to get the account’s best rates (which are still low).
Bank of America offers three certificate of deposit (CD) types:
Here’s a closer look at the fixed-term CD rates Bank of America has to offer.
| Term | APY | Opening deposit requirement |
|---|---|---|
| 1 to 2 months | 0.03% | $1,000 |
| 3 to 5 months | 3.25% | $1,000 |
| 6 to 120 months | 0.03% | $1,000 |
You can cover most of your financing and wealth-building needs in one place with this bank.
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How we picked theseThe 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.
| BBB accredited | Yes |
|---|---|
| BBB rating | A |
| BBB customer reviews | 1.13 out of 5 stars, based on 1153 customer reviews |
| Trustpilot score | 1.3 out of 5 stars, based on 2,659 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 | 08 September 2025 |
Bank of America has an A+ rating from the Better Business Bureau (BBB) and has been accredited since 1949, but customer reviews average out on the low side. Most of the complaints are about muddled customer service experiences or unexpected fees. Similar complaints also appear on Trustpilot and the CFPB complaint database.
The FFIEC (Federal Financial Institutions Exchange Council) has given Bank of America’s branch locations either an “Outstanding” or “Satisfactory” rating, and its deposit accounts are backed by the FDIC.
In 2019, it received awards for “Outstanding Customer Service” by J.D. Power, and also got ranked highest in customer satisfaction for retail banking advice by the same research company.
Bank of America charges various account fees, but you can avoid many of them.
A Big Four savings account designed for kids under age 18.
A basic checking account with access to a bank-wide rewards program, checks and more.
Enroll to save your spare change without thinking about it, but you could miss out on your credit card’s cash back.
Watch your APY grow with your balance, but its highest reward is still below average.
See how the BofA Advantage Relationship Banking account stacks up as we look at APYs, rewards and customer experiences.
A budget-friendly checking account with no overdraft fees, designed for young adults and everyday banking needs.
Everything you need to know about Bank of America CDs.