Bank of America Bank Review
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Bank of America is a national bank with many account options and user-friendly online banking. But does this convenience come at a cost? Read on.
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Overall Score | 3.6 | ||
Savings | 2.0 | ||
CD | 3.5 | ||
Checking | 4.0 | ||
Mobile App | 4.5 | ||
Customer Service | 4.0 | ||
Pros and Cons
- Large branch network
- Extended service hours
- Full service banking
- Monthly fees
- Low interest rates
- Many misc. banking fees
Bottom Line
National bank with widespread accessibility and wide range of services
Bank of America offers a variety of account options, including checking, savings, CDs, IRAs, and investment accounts.
We cover your product choices and more in our guide.
Checking
Bank of America offers one checking account with 3 distinct account options.[1] If your financial situation changes, you can switch to the account that works best for you.
- Bank of America Advantage SafeBalance Banking®: This account has no overdraft fees - you can only spend what you have. There are no paper checks.
The monthly maintenance fee each statement cycle can be waived if you are under 25, or if you maintain a minimum daily balance of $500 or more in your account, or if you are a member of Bank of America Preferred Rewards®. The minimum opening deposit is $25.
- Bank of America Advantage Plus Banking®: The minimum opening deposit for this account is $100.
To waive the monthly maintenance fee each statement cycle, you'll then need to keep a balance of $1,500, or have one direct deposit of at least $250 each statement cycle, or become a member of Bank of America Preferred Rewards®.
This account allows you to write checks and enroll in overdraft protection.
- Bank of America Advantage Relationship Banking®: You can open an interest-bearing checking account with just $100.
But, you'll need to maintain a minimum daily balance of $20,000 in your account or become a member of Bank of America Preferred Rewards® to waive the monthly maintenance fee each statement cycle.
Bank of America Advantage Banking - Up to $500 Cash Offer
- The cash offer up to $500 is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 1/31/2026.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* into that new eligible account within 90 days of account opening. Your cash bonus amount will be based on the total amount of your Qualifying Direct Deposits received in the first 90 days.
Cash Bonus Total Qualifying Direct Deposits $100 $2,000 $300 $5,000 $500 $10,000+ - If all requirements are met 90 days after account opening, Bank of America will attempt to deposit your bonus into your new eligible account within 60 days.
- Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
Compare Checking Accounts
HSBC Premier - Earn Up to $7,000
- Send and receive money with Zelle® right from our mobile app
- Manage your money safely, easily and fee-free around the world - from Global Money Transfers to multi-currency needs
- Enjoy peace of mind with unique travel benefits available through our credit cards
Here's how the offer works: Open a new HSBC Premier checking account by March 31, 2026. Add New Assets to your Premier checking account, Premier Savings account, Premier Relationship Savings account, Managed Portfolio Account and/or Spectrum account (Eligible Accounts) by March 31, 2026, and maintain the New Assets through June 30, 2026.
- Get a $1,500 Cash Bonus: Add and maintain New Assets of $150,000 to $249,999
- Get a $2,500 Cash Bonus: Add and maintain New Assets of $250,000 to $499,999
- Get a $3,500 Cash Bonus: Add and maintain New Assets of $500,000 to $999,999
- Get a $7,000 Cash Bonus: Add and maintain New Assets of $1,000,000+
If all offer requirements are met, the bonus will be paid by August 31, 2026.
Wells Fargo Everyday Checking Account - $325 Bonus
- Get a $325 new checking customer bonus when you open an Everyday Checking account and receive $1,000 or more in qualifying direct deposits.
- Wells Fargo Bank, N.A.
Member FDIC
Chase Total Checking® - $400 Bonus
- New Chase checking customers can receive $400 when you open a Chase Total Checking® account and make direct deposits totaling $1,000 or more within 90 days of coupon enrollment.
- Unlock more offers with Chase. Get up to $500 per calendar year by referring friends and family. Plus, get cash back from top brands with Chase Offers when you use your debit card.
- Chase Total Checking® has a $15 monthly service fee, you can easily avoid the fee with direct deposits totaling $500 or more, or a minimum average daily balance each statement period.
- Chase Overdraft Assist℠ – no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
- Chase Mobile® app makes banking simple. Manage accounts, pay bills, send money to friends with Zelle® and deposit checks on the go with Chase Quick Deposit℠.
- Chase has the largest branch network in the U.S. with thousands of ATMs and branches. Use the Chase locator tool to find a branch or ATM near you.
- Chase helps keep your money protected with features like Zero Liability Protection, fraud monitoring and card lock.
- Chase Total Checking includes FDIC insurance up to the maximum amount allowed by law.
Business Checking Accounts
Bank of America® Business Advantage Banking - $400 or $750 Cash Bonus Offer
- The $400 or $750 cash bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new eligible business checking customers only.
- Offer expires 12/31/2026.
- To qualify, a new Business Advantage Relationship Banking or Business Advantage Fundamentals™ Banking account through the promotional page and deposit New Money* directly into that new eligible account within thirty (30) days of account opening (“Deposit Period”). At the
end of the Deposit Period, all New Money deposits made directly into new eligible Business Advantage Banking account will be totaled to determine which Balance Requirement you have met and which corresponding Cash Bonus Tier you
are eligible for.
Balance Requirement Cash Bonus Tier $5,000 $400 $15,000 $750 - Maintain a daily balance in that new Business Advantage Banking account that meets the applicable Balance Requirement during the Maintenance Period**
- After you satisfy all of the requirements, Bank of America will attempt to deposit your earned bonus directly into your new eligible Bank of America Business Advantage Banking account within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- *New Money is new funds deposited into your Business Advantage Banking account that are not transfers from other Bank of America accounts or Merrill investment accounts.
- ** The Maintenance Period begins thirty-one (31) calendar days after account opening and ends ninety (90) calendar days after account opening.
- Bank of America, N.A. Member FDIC
Business Advantage Relationship Banking
- Best for businesses with the need for extra accounts and robust banking needs.
- No fee for incoming wire, stop payment, electronic deposits and more.
- No fee for first 500 transactions per statement cycle.
- No fee for the first $20,000 in cash deposited per statement cycle at an ATM or Financial Center.
- Bank of America, N.A. Member FDIC
Business Advantage Fundamentals™ Banking
- Best for new businesses with simple banking needs.
- No fee for first 20 transactions per statement cycle.
- No fee for first $5,000 in cash deposited per statement cycle at an ATM or Financial Center.
- Bank of America, N.A. Member FDIC
Savings
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The savings account options are rather limited at Bank of America. You only have one choice for a "standard" savings account.
- Advantage Savings: Open this account with $100 and you'll have access to tiered interest rates.[2] You can earn higher interest rates if you are a member of Bank of America Preferred Rewards®.
Keep reading to learn about Bank of America's CD options.
Customer service representatives are available Monday-Friday, 8 AM to 11 PM ET, and Saturday and Sunday, 8 AM to 8 PM ET. They also offer automated support 24/7.
Compare Savings Account Promotion
CIT Bank Platinum Savings - $300 Bonus
- Qualify for a $300 cash bonus with a minimum deposit of $50,000
- This limited time offer to qualify for a $225 cash bonus with a minimum deposit of $25,000 or a $300 bonus with a minimum deposit of $50,000 is available to New and Existing Customers who meet the Platinum Savings promotion criteria. The Promotion begins on September 23, 2025 and can end at any time without notice.
UFB Portfolio Savings - Earn up to 3.26% APY
- Earn up to 3.26% APY.*
- No monthly maintenance fees.
- No minimum deposit required to open an account.
- Access your funds 24/7 with easy-to-use digital banking tools.
- Enjoy peace of mind with FDIC insurance up to the maximum allowance limit – Certificate #35546.
High-Yield Savings Premier - 3.80% APY
- No account fees
- Option to open individual or joint account
- FDIC insured up to $250,000 per depositor
- Only $500 minimum opening deposit
CDs
If you can tie your money up for a specific period, you may earn higher interest rates on it with a CD.
- Featured CD: If you won't need $1,000 of your money for at least 7 months, invest it in the Featured CD.
You'll receive a fixed interest rate for the five CD terms ranging from 7 months to 37 months. You'll have the ability to roll the money over into another CD upon maturity.
- Standard Term CD Account: If you have at least $1,000, but less than $10,000, you can invest in a Standard Term CD.
The maturity dates range between 28 days and 10 years, each of which has variable interest rates. You can opt for automatic renewal upon maturity.
With both types of Bank of America CD's, your balances are FDIC-insured up to $250,000.
Compare CD Rates
High-Yield CD Rates - Up to 3.60% APY
- No fees
- $1 minimum deposit
- FDIC insured
| Term | CD Rates |
|---|---|
| 3 Month | 3.60% APY |
| 4 Month | 3.50% APY |
| 5 Month | 3.40% APY |
| 6 Month | 3.50% APY |
| 9 Month | 3.40% APY |
| 12 Month | 3.30% APY |
CIT Bank No Penalty CD - 3.75% APY
- Option to withdraw full balance and interest after 7 days of CD funding date
- $1,000 minimum to open an account
- 11 months
- No monthly maintenance fee
- Member FDIC
CD Rates - Up to 3.75% APY
- $500 minimum opening deposit
- FDIC insured
| Term | CD Rates |
|---|---|
| 6 Month | 3.75% APY |
| 12 Month | 3.00% APY |
| 24 Month | 3.35% APY |
| 36 Month | 3.25% APY |
| 60 Month | 3.00% APY |
IRAs
If your employer doesn't offer a 401(k) or you have extra money to invest beyond your 401(k), Bank of America offers a couple of IRA options.
- Savings IRAs: If you like to keep things safe, Bank of America offers IRA CDs and money market accounts. You'll receive a predicted return and have the stability of FDIC insurance on your deposits and earnings.
- Investment IRAs: If you need a more aggressive retirement plan, open an IRA with Merrill Edge. You can then invest in stocks, bonds, mutual funds, and ETFs.
Reasons We Like Bank of America
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- Cashback rewards. You can earn cashback on your regular purchases. With BankAmeriDeals, you can opt in to receive deals on certain purchases.
You do this in your online or mobile banking platform. If you conduct these purchases with your Bank of America debit card, you'll receive cash back in your checking account.
- Automatically save with the Keep the Change Savings Program. If you opt into this program, Bank of America will automatically round up purchases made with your debit card to the nearest dollar.
They deposit the extra change into your savings account.
- Instant debit card lock. You can lock and unlock your debit card online or in the mobile app instantly.
If you think you've misplaced your debit card or it was stolen, you can freeze access instantly. When you find it, you can unlock it just as easily. If your card is gone for good, you'll need to call customer service for a replacement.
- Perks with Bank of America Preferred Rewards®. If you have a combined balance of $20,000 in Bank of America/Merrill Lynch products, you can become a member of the Bank of America Preferred Rewards® program.
This gives you access to higher savings rates, a rewards bonus on your BofA cashback credit cards, limited fee-free, third-party ATM transactions, and savings on Merrill Edge investment commission costs.
- Build good money habits for kids. Bank of America offers parents help in teaching kids about finances with their "Financial matters for families" page.
It offers tips on teaching kids as young as middle school how to budget, tips on saving for college, and many other age-appropriate financial tips for parents to discuss with their children.
- Mobile banking access. You can conduct a large amount of banking transactions online or on the mobile app.
Aside from checking your balances and viewing statements, you can pay your bills, transfer funds, and make mobile check deposits.
- Financial tools. The Bank of America mobile app has spending and budgeting tools.
These tools allow you to track your spending, create a budget, and potentially increase your savings by changing certain habits.
- Custom alerts. Set up custom alerts so that you never miss a low balance or payment that's due. You can receive the alerts via text, email, or through the mobile app.
Choose from a variety of alerts, including low balance alerts, payment due alerts, unusual activity alerts, or deals expiring alerts.
- Debit card security. Bank of America offers the option to add your picture to the front of your Bank of America debit card to prevent fraudulent activity from a stolen card.
- FDIC Insured. Your deposits at Bank of America are FDIC insured up to $250,000 per account.
If Bank of America went out of business, your money would remain safe. This does not apply to any investments opened with Merrill Edge or Merrill Lynch, though.
You can also find them in Bank of America's FAQs after you enter your state of residence.
Reasons You May Want to Look Elsewhere
- Monthly maintenance fee. Unless you're under the age of 25, there is monthly maintenance fee each statement cycle. Even for the more basic account, you need to maintain $500 to waive the service fee (or have $250 in a single direct deposit each statement cycle).
This may exclude the lower-income customers who can't meet the minimum balance requirements.
- Hefty non-BofA ATM fees. Bank of America charges $2.50 - $5.00 for every ATM transaction conducted on an ATM other than one owned by Bank of America.[3] This is in addition to the fees that the third-party bank will charge.
- Low interest. You have minimal account options and the accounts that do pay interest offer minimal interest rates.
If you need a place to just park money that will be safe and BofA is convenient for you, it may be feasible. If you are trying to grow your savings or need more account options, you may want to look elsewhere.
- Fee heavy. Bank of America has a lot of "miscellaneous account charges."
Even if you qualify to waive the monthly maintenance fee each statement cycle, you may incur a large number of other charges. Make sure to read the fine print to see if any of the charges may apply to your normal banking transactions.
How It Compares
See how Bank of America stacks up against its competition.
- Chase: Like Bank of America, Chase has many branches and ATMs throughout the US. Chase also offers a similar number of bank accounts as Bank of America, which means you have only a few options.
Chase does offer a variety of promotions in order to entice consumers to open an account with them, though. Chase tends to charge slightly higher fees, especially for their "premium" accounts for account holders with larger balances.
- Wells Fargo has branches throughout the United States. But you won't find as many as Bank of America offers.
Wells Fargo offers customer service around-the-clock and a larger variety of checking and savings accounts than Bank of America.
- U.S. Bank branches are scattered across the US as well. They tend to offer more checking and savings account options than Bank of America.
They also offer specialty products for teens and seniors. You may find slightly higher interest rates at U.S. Bank, but they still won't compare to your online bank options.
|  | |
| Learn More | Learn More | |
Bank of America | U.S. Bank | |
|---|---|---|
| Savings | Bank of America Advantage Savings Standard Rate: 0.01% APY | Bank Smartly® Savings: Minimum deposit $25. Monthly maintenance fee $5, unless you have a Bank Smartly® Checking, or Safe Debit account, or Bank Smartly™ Visa Signature® card, or for accounts with a minor under the age of 18. |
| CD |
| Standard Term CD: 0.05% - 0.25% APY. Terms ranging from 1 month - 60 months. Minimum deposit of $500. Maximum deposit $250,000. |
| Checking |  | |
| Mobile App | ||
| ATMs | 4,700+ U.S. Bank ATMs across the country | |
| Locations | ||
| Customer Service |
| 24/7 Live Customer Service (Telephone) |
| Learn More | Learn More | |
Bank of America: Pricing information from published website as of 01/09/2026 based on 91107 zip code. U.S. Bank: Pricing information from published website as of 01/18/2026 based on 91107 zip code. | ||
Bottom Line
Bank of America is a "convenient bank" because of its many locations. It's easier to avoid the third-party ATM fees that banks, including BofA, charge.
But its limited account options and low interest rates may have you looking elsewhere.
Read the fine print and focus on what you want out of your bank account before opening an account just for its convenience.
References
- ^ Bank of America. Bank of America Advantage Banking, Retrieved 03/15/2025
- ^ Bank of America. Bank of America Advantage Savings, Retrieved 03/15/2025
- ^ Bank of America. Bank Account Fees, Retrieved 03/15/2025
Bank of America Advantage Banking - Up to $500 Cash Offer
- The cash offer up to $500 is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 1/31/2026.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* into that new eligible account within 90 days of account opening. Your cash bonus amount will be based on the total amount of your Qualifying Direct Deposits received in the first 90 days.
Cash Bonus Total Qualifying Direct Deposits $100 $2,000 $300 $5,000 $500 $10,000+ - If all requirements are met 90 days after account opening, Bank of America will attempt to deposit your bonus into your new eligible account within 60 days.
- Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
Wells Fargo Everyday Checking Account - $325 Bonus
- Get a $325 new checking customer bonus when you open an Everyday Checking account and receive $1,000 or more in qualifying direct deposits.
- Wells Fargo Bank, N.A.
Member FDIC
U.S. Bank Business Essentials - $400 Bonus
Promo code Q1AFL26 MUST be used when opening a U.S. Bank Business Essentials® or Platinum Business Checking account. Limit of one bonus per business. A $100 minimum deposit is required to open one of the referenced accounts.
To earn a business checking bonus, open a qualifying U.S. Bank business checking account between 1/15/2026 and 3/31/2026. Make the required deposit(s) in new money within 30 days of account opening, maintain the same required daily balance through the 60th day, and complete 6 qualifying transactions based on posted date within 60 days of account opening.
Business Essentials: $400 bonus with $5,000 new money deposits, daily balance, and 6 qualifying transactions.
Qualifying transactions include debit card purchases, ACH and wire credits or debits, Zelle credits or debits, U.S. Bank Mobile Check Deposit, electronic or paper checks, Bill Pay (excluding payments made by credit card), and payment received via U.S. Bank Payment Solutions. Other transactions, such as person-to-person payments, credit card transfers, or transfers between U.S. Bank accounts, are not eligible.
New money is defined as funds from outside U.S. Bank and cannot be transferred from another U.S. Bank product or a U.S. Bank Affiliate. For accounts opened on non-business days, weekends or federal holidays, the open date is considered the next business day. Account fees may reduce the required daily balance during the qualifying period.
Bonus will be deposited into your new eligible U.S. Bank business checking account within 30 days after the month-end in which all offer requirements are met, provided the account remains open with a positive available balance.
Offer may not be combined with other business checking bonus offers. Existing businesses with a business checking account or had one closed within the past 12 months, do not qualify.
All regular account-opening procedures apply. For full checking account pricing, terms and policies, refer to your Business Pricing Information, Business Essentials Pricing Information, and YDAA disclosure. These documents are available at any U.S. Bank branch or by calling 800.872.2657.
Bonus will be reported as interest earned on IRS Form 1099-INT and recipient is responsible for any applicable taxes. Current U.S. Bank employees are not eligible. U.S. Bank reserves the right to withdraw this offer at any time without notice.
Member FDIC
CIT Bank Platinum Savings - $300 Bonus
- Qualify for a $300 cash bonus with a minimum deposit of $50,000
- This limited time offer to qualify for a $225 cash bonus with a minimum deposit of $25,000 or a $300 bonus with a minimum deposit of $50,000 is available to New and Existing Customers who meet the Platinum Savings promotion criteria. The Promotion begins on September 23, 2025 and can end at any time without notice.
Free Business Checking - Earn $500 Bonus
To earn the $500 bonus, customers must apply for a Bluevine Business Checking account anytime between now and 03/31/2026 using the referral code CD500.
After opening your account, deposit a total of $5,000 within the first 30 days. After 30 days, maintain a minimum daily balance of $5,000 while also completing at least one of the following eligibility requirements every 30 days for 90 days:
- Deposit at least $5,000 from eligible merchant services to your Bluevine account OR
- Make at least $5,000 of outbound payroll payments from your Bluevine account using eligible payroll providers OR
- Spend at least $2,000 on eligible transactions with your Bluevine Business Debit Mastercard® and/or Bluevine Business Cashback Mastercard®
Banking services provided by Coastal Community Bank, Member FDIC
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