Bank Of America Review 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.

In addition to personal bank accounts and banking services, you can also find various other financial products. Here’s a closer look at what else Bank of America offers.

Credit Cards

Bank of America features a number of credit card options, including:

• Cashback rewards credit cards
• Travel rewards credit cards
• Student credit cards
• Airline credit cards
• Credit-building cards
• 0% APR balance transfer cards

Bank of America also offers business credit cards, including cashback and travel rewards options. Comparing Bank of America card options to the best credit cards can help you find one that fits your spending style.

Loans

Bank of America is also a lender and offers various loans to qualifying applicants, including:

• Mortgage loans
• Home equity lines of credit (HELOCs)
• Auto loans
• Small business loans

There are certain types of loans you won’t find here, however. Bank of America doesn’t currently offer personal loans, personal lines of credit or private student loan financing.

Investing and Wealth Management

If you’re interested in building wealth, Bank of America can help. BofA’s Private Bank services are available to individuals, families, business owners and institutions who need help with:

• Portfolio management and diversification
• Specialty asset management
• Long-term financial planning
• Trusts and estates
• Charitable giving and philanthropy
• Sustainable and impact investing
• Family wealth planning and family office services
• Art management

You’ll need at least $250,000 in investable assets to qualify for Private Bank services. If you don’t have that much saved yet, you can open an individual retirement account (IRA) through Merrill Edge or IRA CDs with Bank of America.

Business Accounts

Bank of America features a range of business banking options, including:

• Business checking
• Business savings
• Small business loans
• Small business credit cards

You can also enroll in cash management solutions with Bank of America to help run your business more efficiently. Solutions include payroll services, remote deposit and credit card payment processing.

Student Accounts

Bank of America doesn’t offer specific bank accounts for students. Instead, students can apply for regular bank accounts without paying the monthly fees. To qualify for fee waivers, students must be under the age of 24 while enrolled in an eligible high school, college, university or vocational program.

Bank of America customers can use BofA’s mobile app to perform the following tasks:

• Manage all BofA accounts
• Transfer funds
• Pay bills
• Deposit checks
• Contact BOA representatives
• Schedule appointments with BofA specialists
• Find ATMs and financial centers
• Activate or replace debit and credit cards
• Order checks
• Set phone alerts

Bank of America’s mobile app also features Erica, a virtual financial assistant. You can use Erica to manage your accounts quickly, receive insights and bill reminders, get weekly snapshots of spending and more.

Interest rates on Bank of America’s savings account and CDs can’t compete with the best online banks, but the bank still offers plenty of value. It’s also hard to overlook the monthly fees, but they are also relatively easy to waive by meeting monthly account requirements.

Bank of America is a good choice for consumers who like the convenience of top-notch digital banking tools while still having access to local banking services. It’s also a viable option for college students who qualify for monthly fee waivers.

Chase vs. Bank of America

Chase and Bank of America offer many of the same products, and both have a similar footprint with regard to branch and ATM locations. Both banks periodically offer sign-up bonuses for new accounts, though Chase’s promotions tend to be more generous. You’re equally likely to pay maintenance fees for deposit accounts at either bank, and interest rates and deposit requirements are similar.

Private Client relationship benefits at Chase parallel some of the benefits you get as a Bank of America Preferred Rewards member. Chase accounts can be opened with a lower minimum deposit, while Bank of America sets the bar lower regarding the requirements to avoid monthly maintenance fees.

Bank of America vs. U.S. Bank

U.S. Bank is smaller than Bank of America, though it’s still among the largest banks in the U.S. Both banks offer a wide range of account options with similar account fees and interest offerings.

Students and seniors pay less in fees at U.S. Bank than Bank of America, which is a nice plus if you fall into either one of those categories. You can also find some unique rewards credit card options at U.S. Bank, including rewards cards that let you pick which spending categories earn the most cashback per month.

Wells Fargo vs. Bank of America

Wells Fargo is another “big” bank with an established reputation. Like Bank of America, you’ll find checking accounts, savings accounts, business accounts and credit cards with Wells Fargo. In terms of minimum deposit requirements and monthly maintenance fees, Wells Fargo has a slight edge.

However, Wells Fargo has a smaller ATM network and fewer branches, which could make a difference if you prefer to bank in person. But you can call Wells Fargo and speak with a customer service representative 24 hours a day, seven days a week, which is something Bank of America doesn’t offer.

Forbes Advisor rates banks based on various factors, including their fees, interest rates and ATM networks, among other characteristics. We assign separate ratings to financial institutions and their individual products, such as checking accounts, savings accounts and certificates of deposit (CDs). We rate banks based on a scale of one to five stars, with one star as the poorest rating and five stars as the best.

To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Banks.