Bank of America is financially stable, has a vast network and offers a variety of saving and checking account options. But its APYs aren’t the highest, and you have to be careful to avoid monthly maintenance and other fees.
What banking products does Bank of America offer?
Bank of America offers plenty of financial products to meet a wide span of customers’ needs.
Checking accounts
Choose from accounts that keep you from overdrafting your account or go with an interest-bearing option, whichever suits you best.
Bank of America Advantage SafeBalance Banking. A checking account that’s designed to prevent overspending by rejecting your card if your balance is low. It costs $4.95 per month unless you’re enrolled in Preferred Rewards.
Bank of America Advantage Plus Banking. This mid-range account gives you access to Balance Connect, BofA’s optional overdraft protection service, which costs $12 per use. This account also lets you avoid the $12 monthly fee by scheduling a direct deposit of $250 or more, keeping a $1,500 minimum daily balance or enrolling in Preferred Rewards.
Bank of America Advantage Relationship Banking. A checking account that earns interest. The $25 monthly fee is waived if you keep a balance of $10,000 in linked accounts or are enrolled in Preferred Rewards.
Savings accounts
Bank of America‘s main savings account offers tiered interest rates, or you can choose one of its CDs or kids accounts.
Bank of America Advantage Savings. The more you save, the higher your APY. Plus, you’ll qualify for BankAmeriDeals and Keep the Change.
Bank of America Minor Savings Account. Meant for kids, but parents have joint ownership. No fee until the child is 18 and requires a minimum opening deposit of $25.
Bank of America Custodial Savings. Also for kids, but parents are custodians and there’s a minimum opening deposit of $100. The $8 monthly fee can be waived with a minimum daily balance of $500.
Bank of America Featured CD account. Requires an initial deposit of $1,000, but rates are guaranteed and it offers term lengths of 13, 25 or 37 months.
These business accounts welcome small business owners and reward businesses with a healthy flow of revenue and transactions by waiving the monthly fee.
Bank of America Business Fundamentals Checking. Meant for business owners, the $15 monthly fee is waived if you spend $250 on new purchases, maintain an average monthly balance of $5,000 or a minimum daily balance of $3,000, or enroll in the Business Advantage Relationship program.
Bank of America Business Advantage Checking. There’s a monthly maintenance of $29.95, but you can waive it with a $2,500 debit card purchase, average monthly balance greater than $15,000 or enrollment in the Business Advantage Relationship Program.
Special programs
Extra benefits you can tap into as a Bank of America account holder include:
Bank of America Keep the Change Savings Program. Bank of America rounds up to the nearest dollar amount on every purchase you make with a debit card and transfers the difference into your savings account.
BankAmeriDeals. Earn cash back on eligible purchases when you have a Bank of America credit or debit card.
Bank of America’s Life Plan. This new digital tool uses user data to create and track personalized financial goals.
Other products
You can cover most of your financing and wealth-building needs in one place with this bank.
Credit cards. Choose from eight different standard credit cards and more than a dozen cobranded credit card options, each with their own perks and rewards.
Pros and cons of Bank of America financial products
Bank of America has been on the Fortune 500 list for over 25 years, proving its stability as a major industry player. Its product offerings are similar to direct competitors.
However, Bank of America‘s customer service isn’t available 24/7 as with Wells Fargo or Chase. Chase also provides top-notch credit card choices, especially if you’re looking for travel perks. Or you may like using TD Bank because it keeps fees to a minimum and offers 24/7 customer support.
Checking accounts
Bank of America gvies you several checking account options with overdraft protection, but you have to work to avoid maintenance fees.
Pros
Overdraft protection. If you activate BofA’s Balance Connect overdraft protection service, you’ll pay $12 (instead of $35) if you overdraw your account.
Budgeting tools. Get access to budgeting tools that help you take control of your money when you open a BofA checking account.
Cons
Account fees. All checking accounts require account holders to meet certain requirements, like a minimum account balance, to waive the monthly fees.
Overdraft fee. If you don’t have a linked BofA account and you overdraw on your account, you’ll pay a $35 fee each time, up to four times daily. This is true unless you have a Bank of America Advantage SafeBalance account, which declines overdrafts.
Savings accounts
You’ll get the most out of your savings account if you qualify for the Preferred Rewards program, but don’t expect high-yielding interest rates.
Pros
Tiered APYs. You’ll earn a higher interest rate as your account balance grows.
Automatic savings. Bank of America Keep the Change Savings helps you build savings without thinking about it, rounding every purchase you make up to the nearest dollar to deposit directly into your account.
Preferred rewards program. You may qualify for higher APYs, free ATM transactions and other rewards when you’re a Preferred Rewards customer.
Opening deposit requirements. You’ll need at least $100 to open most savings accounts.
Excessive transaction fee. You’ll pay $10 each time you make more than six outgoing transactions a month.
CDs
You get the flexibility of varying timelines for keeping your money in the CD account, but it requires a higher opening deposit than other banks.
Pros
Wide range of term lengths. Bank of America CD terms range from 28 days to 10 years, so you’re bound to find a term that’s right for you.
Two types of CDs. Open a standard CD with as little as $1,000. Or, lock in a higher rate with a featured CD when you deposit at least $1,000.
Partial withdrawals. Unlike other banks, BofA doesn’t force you to withdraw your total balance if you need to access your CD early.
Cons
High minimum deposits. You’ll need $1,000 to open a standard CD and $1,000 to open a Featured CD, which is higher than the competition.
Low APYs. BofA offers some of the lowest CD rates we’ve ever seen. Standard CD rates range from 4% to 0.03% depending on the term length and Featured CD rates are 5% APY.
Early withdrawal fees. Like other CDs at other banks, you’ll pay an early withdrawal penalty if you access your money before it matures.
Overall banking
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 simplistic, fee-free accounts and high interest earnings, you may want to compare other banks.
Pros
Wide product selection. BofA offers a wide range of personal and business accounts, as well as special programs that give account holders access to extra benefits.
Easy accessibility. Bank of America offers one of the largest branch and ATM networks in the US. Find a brick-and-mortar spot near you, bank online or use one of its 16,300 ATMs in the US.
Sophisticated mobile app. The app has a built-in financial assistant, budgeting tools and mobile banking features to help you manage all your accounts in one place.
Cons
Slow customer service. Due to BofA’s size, teller lines can be long and it can take a while to reach customer service online.
Low rates. BofA has low interest rates across the board, so it may not be ideal for those who want to watch their money grow fast.
Monthly fees. Almost every BofA account has an associated monthly fee. But you can waive most of these fees when you meet certain requirements like a minimum account balance.
Compare Bank of America to the competition
Check out bank accounts from the competition, comparing their APYs, monthly fees and opening deposits. If you see one that you like, choose Go to site to start your application.
Bank of America reviews and complaints
It has an A+ rating from the Better Business Bureau (BBB) and has been accredited since 1949, but customer reviews average out to one star. Most of the complaints are about muddled customer service experiences or unexpected fees, likewise on the CFPB complaint database.
The FFIEC has given Bank of America‘s branch locations either an “Outstanding” or “Satisfactory” rating, and it’s financially 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.
Case study: Kellye’s experience – September 2019
Kellye Guinan Writer
While Bank of America offers solid checking and savings accounts, I didn’t exactly choose the BofA life. My parents opened an account for me when I was in middle school, and I’ve stuck with it ever since. It’s easy to use and manage my finances. And as a freelance writer, I can quickly move money from my checking into my savings — or back again — when tax time comes.
However, as I become more well-versed with finance and start looking into accounts that can help build my savings, Bank of America’s low interest rates are starting to get in the way of my goals. Compared to other large banks and my local credit union, I might be making a switch soon. I’ll still keep my Bank of America checking account open, but my savings will be better off somewhere that can earn me more interest.
Bank of America customer service
Get support from Bank of America‘s customer service on weekdays from 8 a.m. to 11 p.m. EST or weekends from 8 a.m. to 8 p.m. EST.
Phone: Call 800-432-1000. Spanish speakers can call 800-688-6086.
Account messaging: Log into your account to send a note securely online or through the app.
Branch: Get face-to-face service at one of its 4,475 branch locations.
Mail: If regular mail is more your thing, send a letter to: Bank of America PO Box 25118 Tampa, FL 33622–5118
Bottom line
If you’re looking for close proximity to a branch along with in-person banking all across the US, Bank of America may appeal to you. This bank also serves as a one-stop shop for nearly all of your banking, lending and investing needs. But if you’re trying to open an account with few fees or high-yielding interest rates, compare other bank accounts like online-only options.
Amy Stoltenberg manages newsletters at Finder, gathering the best articles each week to help subscribers save money and stretch their hard-earned dollars. She also handles the Twitter account, dabbling in Instagram and Facebook too. When she's not on the computer, you can find her exploring Los Angeles with a good book in tow. She studied writing at Savannah College of Art and Design and has been featured on the Zoe Report.
Everything you need to know about Bank of America CDs.
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