Bank of America SafeBalance for Family Banking Review

Who is SafeBalance for Family Banking best for?

The SafeBalance for Family Banking account is a solid option for parents who want to give their kids or teens a taste of financial independence, without fully handing over the reins. That said, you must have an existing Bank of America consumer checking or savings account as well as an Online Banking login to be able to open this account.

While BofA states that children as young as six get access to mobile banking, there’s no mention of specific age requirements for the account, just mentioning that the monthly fee is waived until age 25.

What we like about SafeBalance for Family Banking

The Bank of America SafeBalance for Family Banking account has many standout features that make it worth considering. As a Bank of America account, the SafeBalance for Family Banking comes with FDIC insurance.

Monthly fee, but easy waivers

The SafeBalance for Family account comes with a $4.95 monthly fee, but it can be waived if your child is under 25.

Alternatively, you can also waive the monthly fee with an average daily balance of at least $500, or if you’re a member of the Preferred Rewards program.

Parental controls and alerts

One of the best parts about this account is how much control parents get.

You can set spending limits, lock and unlock the card and get instant alerts whenever your kid uses their debit card. These features allow you to keep tabs on your kid’s spending while helping them build solid money habits.

Upgrade available

While the account doesn’t accept direct deposit or have Zelle access, this appears to be by design. Bank of America states that only parents can deposit or transfer money into the account — great for parents who want more control over the funds.

When you think your kiddo is ready for more features, such as the ability to receive direct deposit when they start their first job, parents can upgrade their kids to a regular SafeBalance Banking account. The account number and debit card number will stay the same.

No overdraft fees

The SafeBalance for Family Banking doesn’t penalize you for overdrawing the account. Any transaction that’s over the available balance will be declined automatically, which means you won’t have to worry about your kid incurring overdraft or NSF fees.

Where it falls short

The SafeBalance for Family Banking account isn’t perfect and has quite a few limitations.

First, only the parent can deposit money into the account. There are also strict limits on moving money out of the account. Your child can’t send wires, use Zelle, make ACH transfers, move money to another bank or even use Bill Pay.

Popular payment apps, like Venmo, PayPal or Cash App, are also off-limits. This restriction makes it harder for older kids or teens who want a little more flexibility with their money.

SafeBalance for Family Banking’s fees and access

Customer reviews and ratings

Bank of America, like a lot of big financial institutions, gets mixed reviews from customers online. On the Better Business Bureau (BBB), many customers complained about overdraft fees (on other BoA accounts) and how hard it can be to get help from customer support when something goes wrong.

BoA’s customers aren’t so happy on Trustpilot, either. Many negative reviews mention long wait times, unhelpful support and worries about account security. Though it’s not unusual for big banks to have these kinds of reviews, it’s still something to keep in mind.

Frequently asked questions

What is the difference between SafeBalance Banking and SafeBalance for Family Banking?

The main difference between the two is that SafeBalance Banking allows kids or teenagers to share account ownership with a parent at any age or to be the sole owner of the account starting at age 16. Comparably, the SafeBalance for Family Banking is entirely parent-owned.

Another difference between the two is that the former allows direct deposits and Zelle, while the latter doesn’t.

How to close the SafeBalance for Family Banking account?

To close the SafeBalance for Family Banking account, contact Bank of America directly, either by phone at 800-432-1000 or in person at a branch location.

What are the requirements to open a SafeBalance for Family Banking account?

To open a SafeBalance for Family Banking account, the parent or legal guardian must:

• Be over 18 years old
• Have an existing Bank of America consumer checking or savings account
• Have an Online Banking login
• Have a child under 18 years old at the time of account opening
• Open the account in Online or Mobile Banking

How many kids can you have under one account?

SafeBalance for Family Banking allows for one parent owner and one child on an account. If you have more kids you want to open accounts for, each child will need a separate application and a separate account.