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Bank of America Advantage Relationship Banking review

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Bank of America Advantage Relationship Banking
2.8
★★★★★
Finder score
Fee
$25 per month
APY
Up to 0.02%
Minimum deposit to open
$100

Our verdict

An interest-bearing account from one of the largest banks in the country.

With the Advantage Relationship checking account, you can earn interest and rewards with a higher balance. Even if you're not keeping as much in your account, you don't have to worry about minimum balance fees — and you can take advantage of other features such as built-in budgeting tools.

However, other online banks offer higher APYs. A number of miscellaneous fees can also end up costing you your hard earned cash if you're not careful about how you manage your account.

Pros

  • Earns interest
  • Rewards
  • Balance Connect
  • No monthly balance requirements
  • Budgeting tool

Cons

  • Opening deposit requirement
  • Monthly service charge
  • Low interest

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How do I open a Bank of America Advantage Relationship Banking account?

You can open the Bank of America Advantage Relationship checking account online, by phone or at a branch:

Online

  1. Go to the provider’s site and follow the steps to apply.
  2. From the Bank of America website, click Checking, then Explore checking solutions.
  3. Scroll down and click Advantage Relationship, then Open now.
  4. Add a savings account or click Go to application.
  5. Fill in all personal information.
  6. Proceed through the next step to set up and fund your account.
  7. Review the terms, conditions and all personal info, then submit your application.

By phone

If you’d prefer to speak with someone to open this account, call 844-375-7031 to start your application by phone.

At a branch

Visit the Bank of America website to locate your nearest branch.

Eligibility

To open this account, you’ll need to meet a few eligibility requirements:

  • 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
  • Deposit of $100 or more

What are the benefits of the Advantage Relationship checking account?

This FDIC-insured account comes with a Visa debit card for easy access to ATMs and for purchases almost anywhere in the world. Other benefits include:
  • Earns interest. Pays up to 0.02% APY just for keeping your money in the account.
  • Rewards. BOA has a rewards program that can get you priority customer support, waived fees and more.
  • Balance Connect. This optional overdraft protection lets you link up to five BofA accounts to draw from in case you overspend. There’s a $12 fee per overdraft, but that’s better than the $35 the bank would otherwise charge you.
  • No monthly balance requirements. You aren’t required to maintain a minimum balance.
  • Budgeting tool. Manage your spending and budgeting to stay on top of your finances.

Bank of America ATM network and fees

The Advantage Relationship checking account comes with a Bank of America Visa debit card to use almost anywhere. It also gives you access to the second largest bank-owned ATM network, with over 16,000 fee-free ATMs in the US. However, if you use an ATM outside of the Bank of America 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?

While this account offers plenty of perks, there are a few potential drawbacks to be aware of:
  • Opening deposit requirement. This account requires a $100 minimum deposit to open.
  • Monthly service charge. The $25 monthly fee is waived if:
    • You’re a member of the Preferred Rewards program.
    • You have a combined monthly balance of at least $10,000 across eligible linked accounts.
  • Low interest. You can find higher APYs with other accounts.

If you’re not committed to Bank of America, compare your checking account options to find one that’s right for you.

How much do I need to open an account?

The Advantage Relationship checking account requires a minimum deposit of $100 to open.

Compare with other checking accounts

Name Product Fee Minimum deposit to open Annual Percentage Yield (APY) Offer
SoFi Checking and Savings
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0.50% on balances of $0+
1.20% on balances of $0+
Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until June 30, 2024.
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.
Upgrade Rewards Checking Plus
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Earn up to 2% cashback rewards on everyday purchases. Pay $0 fees for overdraft, domestic wire transfer and monthly maintenance. Member FDIC.
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Axos Bank Rewards Checking
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Bonus
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$0
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Use promo code AXOS300 and apply by June 30th, 2024, to earn up to $300 bonus, $50 each month you meet requirements: Make direct deposits of $5,000+ each month for the first 7 months and maintain an average balance of $7,000.
Earn up to 3.3% APY after meeting rate requirements. Get ATM free reimbursements at all domestic ATMs. Pay $0 monthly or overdraft fees. FDIC insured.
Chime® Checking Account
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Chime® Checking Account
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Save easily and access your paycheck up to 2 days early with direct deposit. Pay $0 monthly fees, and no minimum balance is required. Access 24/7 support and get daily balance and transaction alerts. FDIC insured.
Current
Finder Score: 4.6 / 5: ★★★★★
Bonus
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Get a $50 referral bonus by inviting your friends to join Current. Once the person receives the invite link and makes qualifying deposits of at least $200 within 45 days of opening the account, you and the referred friend each earn $50
Earn 4% bonus on the first $2,000 in each savings pods. Also get budgeting tools, early direct deposit and up to 15x cashback points. All with no monthly fee or opening deposit requirement. Member FDIC.
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What other checking options does Bank of America offer?

Bank of America has a few other checking options:

Read up on Bank of America Advantage Savings account

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.

Read the full methodology of how we rate checking accounts.

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