Bank Of America Review 2024 (2024)

Bank of America is a full-service national bank with roots dating back 240 years. It’s the second largest in the U.S. by assets and offers in-person banking through roughly 3,900 financial centers across the country. BofA also maintains a strong digital presence through its highly-rated mobile app and online banking platform. Along with personal banking products, Bank of America offers business and commercial banking products and services.

Checking

Bank of America offers three versions of its Advantage checking account. All three accounts come with a complimentary debit card.

Bank of America Advantage SafeBalance Banking® is a basic checking account. It only requires a $25 minimum deposit with a $4.95 monthly maintenance fee. The fee is waived for Preferred Rewards members and select students under 25 years of age. SafeBalance accounts aren’t eligible for overdraft protection because overdrawing isn’t permitted. Transactions are declined or returned unpaid when you don’t have enough funds in your account. There’s also no option to buy paper checks.

Bank of America Advantage Plus Banking® features a $12 monthly service fee monthly maintenance fee and options for adding overdraft protection and paper checks. A $100 minimum deposit is required to open an Advantage Plus checking account. You can waive the fee by:

• Having at least one qualifying direct deposit of $250 or more
• Keeping a $1,500 minimum daily balance
• Becoming a Preferred Rewards member

The fee is waived for select students under 24 years of age.

Bank of America Advantage Relationship Banking® also requires a minimum deposit and features a monthly fee. You can waive the fee in two ways:

• Keep a combined balance of $10,000 in eligible linked accounts
• Become a Preferred Rewards member

The account is interest-bearing but features low interest rates, especially compared to many online banks. Paper checks and overdraft protection are also available for Relationship Banking accounts.

One detail to note is that with Advantage Plus and Advantage Relationship Banking, Bank of America may charge a $10 fee up to two times daily if you don’t have enough money in your account to cover a check or other transaction.

Savings

Bank of America Advantage Savings is the bank’s main savings product. It takes a $100 minimum deposit to open this account. Advantage Savings accounts come with an $8 monthly maintenance fee. The fee is waived when you meet one of the following requirements:

• Keep a minimum daily balance of at least $500
• Link your savings account to a BofA Advantage Relationship Banking account
• Become a Bank of America Preferred Rewards client
• Are under the age of 18 and are the primary account holder
• Are a qualifying student under the age of 25

This fee is waived for the first six months for new Bank of America Advantage Savings accounts.

There’s also a $10 fee for each withdrawal or transfer over the six monthly transactions allowed.

Currently, Advantage Savings accounts earn 0.01% APY on all balances. Bank of America Preferred Rewards members can earn up to 0.04% APY, depending on their rewards tier level.

Bank of America also offers two accounts for children—the Bank of America Minor Savings Account and the Bank of America Custodial UTMA Savings Account.

Minors can open an Advantage Savings account as a joint account with a parent or guardian. As long as an account owner is under the age of 18, this account has no monthly fees or overdraft fees and no minimum balance requirement. Children have access to their funds at any time. The account allows for automatic transfers from your other accounts if you want to build up your child’s savings.

Custodial UTMA Savings accounts work differently. The parent or guardian acts as the custodian for the child’s account. Minors can’t access funds until after they turn 18 years of age, so all transactions are at the parent’s discretion. Also, the account requires a $100 minimum deposit and carries an $8 monthly maintenance fee. The fee is waived by keeping a minimum daily balance of $500.

CDs

There are two options for certificates of deposit, or CDs, through Bank of America. Bank of America Featured Certificates of Deposit accounts require a $1,000 minimum deposit and come in five term lengths ranging from seven months to 37 months. Featured CDs earn between 0.05% to 4.75% depending on the term.

Bank of America Fixed Term Certificates of Deposit offers even more flexibility, with terms ranging from 28 days to 10 years. They also only require a $1,000 minimum deposit. All standard CD terms currently earn 0.03% APY. With so many term options available, Bank of America standard CDs are a great option if you want to build a CD ladder. However, be aware that most Bank of America CD rates are often very low, with the exception of featured CD rates.

Both CD offerings are set up to renew once they reach maturity automatically. Customers also have the option to withdraw their funds during the grace period following the maturity date. Both Featured and Standard Term CDs are subject to early withdrawal penalties, up to 365 days’ interest on the amount withdrawn if you choose to withdraw your funds before the CD reaches maturity.

For CD opening deposits of more than $250,000, you will need to visit a Bank of America financial center to open your account.

Bank of America Money Market Accounts

Unlike many of its competitors, Bank of America does not offer money market accounts. If you’re interested in opening this type of savings account, visit our Best Money Market Account Rates page to find the right place to maximize your earnings.