Bank of America
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Our Rating
Current Promotion
APY Savings
Bank of America offers banking services and accessible ATMs anywhere in the country. Their savings rates and account fees are comparable to other banking services. Bank of American is a nationwide network that offers all-in-one bank deposits, loans, and credit cards. There are also higher daily limits on their ATM and debit purchases, which is an excellent incentive for growing your finances.
There are some drawbacks to banking with this company. There are lower than average savings account interest rates and fewer premium checking account options. Another drawback to banking with Bank of America is their use of higher fees than their competitors.
Bank of America is the third-largest bank in the country, with its 4,700 branch offices that operate in 35 states. It has a wide distribution that makes it a good choice for opening a checking account, but it has low deposit interest rates, which makes it less optimal when opening a savings account.
Bank of America can be a perfect fit if:
- You are happy to meet the requirements to waive maintenance fees
- You need multiple finance products
- You’re looking for mortgage products
- Variety of banking products
- Access to physical branches
- Decent digital experience
- Fees
- Lower Rates on Savings
- Low transfer limits
What is required to open a Bank of America account?
You must supply some personal information and prove your identification in order to open a Bank of America account, whether in person or online. Your Social Security number, current mailing address, email address, and phone number must be provided in this.
You must also supply the account number if you already have a Bank of America account.
State-issued photo ID, a driver's license, a passport, a military photo ID, or a Bank of America photo debit or credit card are all accepted forms of identification.
Why are Bank of America's rates so low in general?
You can observe that the savings and CD rates appear to be very low when compared to those offered by certain other banks.
The main cause of this is because internet banks, who don't have to spend to operate a physical branch network, offer many of the higher savings rates.
Can I open a Bank of America checking account online?
One of various checking accounts offered by Bank of America can be opened online. You must verify your identity and personal information.
The online application is on a secure site, though, and once you've finished it, you should hear back in one or two days.
Does Bank of America offer a free checking account?
Although Bank of America checking accounts typically carry a monthly maintenance fee, there are circumstances under which you may be exempt. The requirements for a waiver are simple.
For instance, you must achieve a minimum deposit requirement or minimum balance. The Safebalance checking account doesn't charge overdraft fees either.
Can you invest in cryptocurrency through Bank of America?
While Bank of America's connection with Merrill Edge makes it feasible to access various products, it is currently not possible to purchase or invest in cryptocurrencies with this bank.
You will require a brokerage account with a compatible platform if you decide to purchase cryptocurrency.
Bank of America Review
Banking Services | Credit Options | ||
|---|---|---|---|
Savings Accounts | Mortgage | ||
Checking Accounts | Government Mortgage | ||
CDs | Credit Cards | ||
Money Market Account | Debit Card | ||
Investing Capabilities | Personal Loans |
Customer Experience
Bank of America has a large customer service department, but live support is only available from 8 a.m. to 9 p.m. during the week and from 8 a.m. to 8 p.m. on weekends. However, you can contact the customer service team through the bank's website or its social media channels on Facebook or Twitter.
According to the J.D. Power 2023 U.S. retail banking satisfaction study, PNC bank gets high customer satisfaction in South Central, Illinois, Florida, North Central, and Mid-Atlantic, about average ratings in Texas, NY Tri-State and Pennsylvania, and lower than average in California, New England Lower Midwest.
This creates a solid online experience, especially if you're not sure which product is best for you. The Bank of America app has a rating of 4.8/5 in the Apple App Store and 4.6/5 in Google Play.
Bank of America | |
|---|---|
App Rating (iOS)
| 4.8 |
App Rating (Android) | 4.6 |
BBB Rating (A-F) | A+ |
Contact Options | phone |
Availability | 8 am – 11 pm |
Bank of America Savings
APY Savings
Minimum Deposit
Promotion
Fees
Bank of America Savings
APY Savings
Minimum Deposit
Promotion
Fees
Bank of America's Rewards Savings account offers a Keep the Change program that helps you automate your savings by rounding up your purchase when you use a Bank of America debit card.
The debit card is connected to your Bank of America checking account, which transfers the difference into your savings. This is a highly effective program that allows you to grow your financial savings in positive direction and help reach short and long-term goals.
Another great benefit of using the savings program is the mobile application can be used to deposit your checks into your savings account. This is a helpful way to keep your savings account current and up today with your finances.
A negative aspect of using Bank of America for savings purposes is the less than average APY. Bank of America’s highest APY for its savings account is less than the national average, making it less desirable compared to the best banking savings accounts. It is important to keep the APY rates in mind to make sure you are getting the most out of your savings account.
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Bank of America Checking Account
Fees
Minimum Deposit
Promotion
APY Checking
Bank of America Checking Account
Fees
Minimum Deposit
Promotion
APY Checking
Bank of America offers a range of checking accounts catering to different needs. The “SafeBalance®” account suits students under 25, featuring no monthly fees and protecting against overdrafts. It's available for sole ownership from age 16, with a monthly fee of $4.95 or $0 if the account owner is under 25 and qualifies as a student.
The “Advantage Plus Banking®” account provides flexibility to avoid the monthly fee through direct deposits of $250+, maintaining a $1,500 daily balance, or enrolling in Preferred Rewards. This account offers overdraft protection via Balance Connect®, paper checks, and a monthly fee of $12 or $0 based on the mentioned criteria.
For a more comprehensive option, the “Advantage Relationship” account offers fee waivers on select services and eligible linked accounts. It yields interest, provides overdraft protection, and offers paper checks with a monthly fee of $25 or $0 achievable by maintaining a $10,000 combined balance in linked accounts or enrolling in Preferred Rewards. These accounts present diverse features to accommodate various financial preferences.
Our Real Experiences with Bank of America
Taking an in-depth look at the Bank of America checking features, we scrutinized their features to evaluate how seamlessly they integrate into the routines of regular users. Here are our thoughts and findings.
Let's start with the dashboard summary. The dashboard can be customized by the user and include account balance, recent spending, deals, alerts and options to transfer money.
The Budgeting Chart in the Bank of America app provides a visual representation of our spending habits. Categorizing expenses allows us to see where our money is going, helping us make informed decisions to stay on track with our financial goals.
The Mobile Deposit feature lets us snap photos of checks, eliminating the need for physical visits to the bank. It's a time-saver that aligns with our on-the-go lifestyle.
Bank of America's Overdraft Protection feature has been a financial safety net. The app allows us to link accounts for automatic transfers to cover overdrafts, preventing unnecessary fees and ensuring financial stability.
Lastly, opting for paperless statements is an eco-friendly choice, and Bank of America's Paperless Settings make it easy to switch. The app provides clear options to receive statements and documents electronically, reducing clutter and environmental impact.
Bank of America CDs
APY Range
Minimum Deposit
Terms
Fees
Bank of America CDs
APY Range
Minimum Deposit
Terms
Fees
Bank of America CDs offer terms that range from one month to ten years. You have a choice between two different types of CDs. The standard CD has a low minimum deposit and the option to choose from multiple terms. This featured CD is available if you are interested in a short-term account and offers quite high rates, but still far from the best interest rates on CDs.
Some positive aspects of the CD program are the low minimum deposits needed to open a standard CD, this allows for financial flexibility. Also having a wide variety of CDs to choose from is a great addition to this savings plan.
CD Term | APY |
|---|---|
3 Months | 4.50% |
6 Months | 0.03% |
7 Months (Featured) | 5.00% |
12 Months | 0.03% |
13 Months (Featured) | 5.00% |
24 Months | 0.03% |
25 Months (Featured) | 3.00% |
36 Months | 0.03% |
Some penalties apply for early withdrawals. The penalty is 180 days of interest when the terms are between 12 months and five years. This forces you to make financially smart and stable decisions and not rush into anything major. Using the CD savings plan is for long-term goals and should be carefully considered.
One negative aspect of the CD program is the lack of daily compound interest. The interest is only accrued monthly through this program. Also, there are no special CDs available and when comparing CDs with other financial institutions Bank of America offers low yield.
Credit Cards
Bank of America offers a wide range of credit cards. If you want to keep things simple, the Bank of America Customized Cash Rewards card offers unlimited 1.5% cash back on all purchases.
If you want to transfer a balance, you can use the BankAmericard, which has a 0% APR for 21 billing cycles on purchases and balance transfers made within the first 60 days, or you can use the Travel card, which offers miles.
Bank of America also offers student credit cards as well as partnership cards with brands such as Amtrak, Alaska Airlines, and Free Spirit. There is even a secured card available if you want to earn rewards while building your credit.
Mortgage & Personal Loans Options
Bank of America offers a wide range of mortgage products. You can get ARMs, fixed-rate mortgages, and home equity lines of credit. FHA and VA loans are also available from Bank of America. Preferred Rewards members may be eligible for up to $600 in mortgage origination fee discounts. The bank's website also has some useful tools and calculators for estimating your home loan costs.
Bank of America does not offer traditional personal loans, but it does offer auto loans with no origination fees. You can lock in your Bank of America rate and shop around for mortgage options.
How to Open a Bank Account?
Step 1:
Visit the Bank of America homepage and click on any of the account options provided.
Step 2:
On the next page, fill in your personal information like your names, address, zip code, city, etc.
Step 3:
Go through all the three terms and conditions stated, and tick each of the boxes, and then click “Continue.”
Step 4:
Finally, your application summary comes up, go through to verify the details, and then click “Submit.”
And you are set!
Bank of America FAQs
Which Promotions Bank of America Offers?
Bank of America offers promotions on its checking account, as well as sign-up bonuses for new credit card customers. Check out our Bank of America promotions guide to maximize your rewards,
Is Bank of America trustworthy?
Bank of America is a large, national bank with a solid reputation. In fact, Bank of America has won awards based on its performance and reputation, so it is certainly a trustworthy brand.
Additionally, all Bank of America accounts are FDIC insured. You’ll have protection of up to $250,000 per depositor should the bank fail.
Is Bank of America good for online banking?
Like many of the large national banks, Bank of America has a wide network of branch offices and free ATMs.
However, it also offers well designed mobile and online banking tools. The online platform is easy to access and use, making it highly convenient.
Is Bank of America a good bank overall?
Bank of America is a solid choice for those who prefer access to a wide branch network and an abundance of free ATMs, but not included among the best banks to open an account.
However, this comes at a cost, as you will earn lower rates than online banks offer. You may also find the transfer limits are lower, and you may incur fees such as overdraft fees.
Fortunately, the basic monthly fees are quite easy to waive. So, if you don’t particularly care about the greatest interest and prefer in-person support, Bank of America is worthy of consideration.
Which is better: Bank of America or Wells Fargo?
Both Wells Fargo and Bank of America are banking giants, but while there are some similarities, there are some key differences. One of the main benefits of Wells Fargo Bank is lower checking fees and minimum opening deposits.
However, Bank of America does have a larger ATM network. So, if this is a priority for you, you may prefer Bank of America. In most cases, customers will appreciate the 24/7 customer support offered by Wells Fargo and the lower fee structure.
Is Bank of America better than Capital One?
Bank of America is one of the largest US banks with over 4,000 locations and an impressive 17,000 ATM network. It is well regarded for its customer service and extended opening hours. However, Capital One is one of the safest online banks, so its costs are lower, and this is reflected in its Capital One high rates. So, which is better will depend on your priorities.
If you prefer access to branches and lots of ATMs, do for Bank of America. But, if low fees and competitive rates are more important to you, opt for Capital One, which is one of our best checking accounts for 2024.
Is Flagstar Bank better than Bank of America?
Bank of America is a more well-known brand, but this doesn’t necessarily mean that it is a better choice for you. Both Flagstar and Bank of America have FDIC insurance and offer a variety of banking products.
However, Flagstar does have account minimums and two of the three checking account options do not interest earning. Additionally, Bank of America does have numerous credit card options.
So, unless you have very basic banking needs, you’re likely to find Bank of America has more to offer.
Which is better, Chase Bank or Bank of America?
Both Chase Bank and Bank of America are large national banks with solid reputations, so it can be tricky to see much distinction between the two. Both organizations have thousands of ATMs and branches, with a variety of product choices. Chase bank accounts offer a variety of options for many types of customers.
Bank of America is a better choice if you want to achieve slightly higher rates on some of the savings products or you want easier ways to waive monthly maintenance fees. However, Chase Bank is a better option if you have fewer funds for checking or saving accounts, or you want to access sign-up bonuses.
Which is better: Citibank or Bank of America?
Both Citibank and Bank of America are national banks that are known for convenience, but one of the main advantages of Citibank is the high savings rate of 4.30% APY. Both banks have a wide variety of banking products and top-shelf technology.
You can also access a large ATM network, but Citibank has a larger network. Additionally, Citibank offers access to live customer service, particularly during irregular hours. So, unless your priority is access to more physical branches, you are likely to find Citibank a better choice.
Alternatives Banks
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APY Savings
The annual percentage yield (APY) is a percentage that represents the amount of money or interest earned on your savings account over the course of a year. The APY factored in compound interest. A savings calculator can help you quickly determine how much you'll earn with a given APY.
| 4.50%
| 4.25%
| 0.01%
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Checking Account Fee
The monthly fee on checking account
| $0 | $0 | $12
Can be waived if you maintain a $1,500 minimum daily balance, making direct deposits or Associated SnapDeposits of $500 or more per statement cycle, or holding $5,000 in combined deposit accounts with the same statement cycle date or having a Health Savings Account or investment account
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Checking Minimum Deposit | $100 | $0 | $0 |
Mobile App Rating | 4.5/5 on iOS, 3.4/5 on Android | 4.9/5 on iOS, 4.7/5 on Android | 4.8/5 on iOS, 4.3/5 on Android
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BBB Rating | A+ | A+ | B- |
How We Rated Bank Of America : Review Methodology
The Smart Investor team extensively reviewed hundreds of banks and credit unions. We assessed them based on four main categories, each with specific features:
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Diversity of Products and Their Attractiveness (40%): We extensively analyzed the breadth and appeal of each bank's product offerings, including savings accounts, checking accounts, loans, investment options, and more. Higher ratings were assigned to banks with a diverse range of products that are attractive in terms of interest rates, fees, terms, and additional features. This category provides insights into the variety and value of the bank's offerings, crucial for meeting customers' diverse financial needs.
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Account Features (30%): This category delves into the features and benefits accompanying each bank's accounts. We scrutinized factors such as promotions, deposit and withdrawal options, ATM accessibility, online and mobile banking functionalities, as well as additional perks like overdraft protection and rewards programs. Banks offering comprehensive and convenient features received higher ratings, reflecting the overall value of their accounts to customers.
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Customer Experience (20%): A positive customer experience is paramount in banking, so we evaluated each bank's performance in this area. This included assessing the ease of account opening, quality of customer service, availability of support channels, and overall user satisfaction. Ratings were based on factors such as responsiveness, efficiency, and the bank's commitment to meeting customer needs, ensuring a seamless and satisfactory banking experience.
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Bank Reputation (10%): The reputation of a bank is a critical consideration for customers. We examined factors such as financial stability, regulatory compliance, and public perception to determine each institution's overall trustworthiness and reliability. Higher ratings were awarded to banks with strong reputations, reflecting their credibility and ability to inspire confidence among customers.
By considering these categories, individuals can make informed decisions that align with their financial needs and preferences, ensuring they choose a bank that offers competitive products, excellent features, a positive customer experience, and a solid reputation.
Compare BofA With Alternative Banks
Since its inception as a credit card provider, Discover has come a long way.Of course, credit cards are available, but you can also get home loans, personal loans, and a variety of checking and savings products such as retirement accounts, CDs, and money market accounts.
Bank of America offers a far more comprehensive range of banking services. There are numerous credit card options, as well as various savings and checking accounts.
Bank of America also provides mortgages, auto loans, and investments. This makes switching from a traditional bank much easier because you won't have to compromise on your banking products.
Read Full Comparison: Discover vs Bank of America: Compare Bank
Bank of America is a nationwide network that offers deposit, loan, and credit card services. There are also increased daily limits on ATM and debit purchases, which is an excellent incentive to improve your financial situation. Aspiration's company was presented in a very different manner than their bank competitors.
One feature that sets them apart from their competitors is that they let their customers decide how much they want to pay for their services. The fee that the customer believes is fair or appropriate for the level of service they receive is set by the customer.
Read Full Comparison: Aspiration vs Bank of America: Which Bank Account Is Better?
Wells Fargo's product offering is even more extensive. This bank offers checking accounts, a variety of savings accounts, mortgages, loans, and investment options such as IRAs, 401ks, and wealth management services. This makes switching from another bank even easier because you'll have access to all of your favorite banking products.
Bank of America offers a diverse range of banking services. Checking and savings accounts, auto loans, home loans, credit cards, and investment options are all available.
Read Full Comparison: Bank of America vs Wells Fargo: Which Bank Is Better?
Bank of America has an impressive line of banking products, as one would expect from a large banking institution. Aside from various checking and savings accounts, there are auto loans, home loans, a variety of credit cards, and investment options. This makes switching from your current bank easier because you'll find many familiar products.
Chase also has a good selection of banking products. There are checking and savings accounts, auto loans, home loans, and home equity options, as well as a fantastic selection of credit cards.
Read Full Comparison: Bank of America vs Chase: Where to Save Your Money?
US Bank offers an even more impressive range of banking services. Savings and checking account options, investments, personal loans, mortgage products, and wealth management are all available.
Bank of America offers a wide range of banking services. There are numerous credit cards available, as well as various checking and savings accounts, home loans, investments, and auto loans.
Read Full Comparison: Bank of America vs US Bank: Which is Best For You?
Bank of America is a large banking institution, and its impressive banking product line reflects this. Aside from savings and checking accounts, there are home loans, auto loans, investment options, and a variety of credit cards. Citi also has a diverse product offering. Credit cards, CDs, personal loans, mortgages, IRAs, investment options, wealth management plans, and checking and savings accounts are all available.
As a result, if you want to switch from your current bank, either bank is a viable option because you won't have to make any compromises in terms of banking products.
Read Full Comparison: Bank of America vs Citi: Which Bank Suits You Best?
Spend and Save is a SoFi savings and checking account hybrid. For the purposes of this comparison, we'll look at the savings features, of which there are a few. The most visible are the savings vaults. These enable you to set up separate funds to work toward different savings goals without the need for multiple accounts. This helps you organize your money, and you can even designate a vault for your round-up funds.
Bank of America offers a more traditional savings account, but it pays far less interest, ranging from 0.01 percent to 0.04 percent depending on your Preferred Rewards status, compared to SoFi's 0.25 percent. In addition, there is a $8 monthly maintenance fee that can be waived by keeping a balance of $500 or more in the account or linking your checking account. By linking your accounts, you can avoid going overdrawn with Balance Connect.
Read Full Comparison: SoFi Money vs Bank of America: Which Is Better For Your Needs?
Both banks have a decent selection of banking products, but there are some gaps in each line up. If you’re looking for the best returns, Capital One does have the edge in terms of CD and savings rates.
There is no clear winner as to whether Truist Bank or Bank of America is a better choice, but we prefer the latter. Here's why.
Truist Bank vs. Bank Of America: Which Bank Account Is Better?
Bank of America and PNC Bank offer various banking products, but which is a better fit for you? Let's compare and see our winner: PNC Bank vs. Bank Of America
We'll explore Bank Of America and TD Bank savings accounts, checking accounts, CDs, credit cards, and lending products. Here's our winner: TD Bank vs. Bank Of America
BMO is the winner when it comes to savings products, while Bank Of America offers many more credit card options. Here's our winner: Bank of America vs. BMO Bank
There is no clear-cut winner, but we prefer Bank Of America. But, there are cases when Citizens is best. Here's our comparison: Bank of America vs. Citizens Bank
While Bank of America and Fifth Third Bank offer a range of banking services, Fifth Third is our winner in this competition. Here's why.
Bank of America vs. Fifth Third Bank: Which Bank Account Is Better?
We'll explore Bank of America and M&T Bank savings accounts, checking accounts, CDs, credit cards, and lending products. Here's our winner: Bank of America vs. M&T Bank
We believe Bank Of America is the preferred option in this battle. But, there are significant differences to know. Here's our comparison: Bank of America vs. KeyBank
While Regions Bank offers better checking accounts, Bank of America wins in credit cards and CDs. Here's our side by side comparison: Regions Bank vs. Bank of America
If you feel comfortable with online-only banking and depending on your needs – Ally may be a better option than Bank Of America. Here's why.
Ally Bank vs. Bank of America: Which Bank Account Is Better?
For most consumers, Bank of America may be a better option. American Express is a solid option for customers with higher wealth. Here's why.
American Express Bank vs. Bank of America: Which Bank Account Is Better?
Compare BofA Certificate Of Deposit (CDs)
Bank Of America and Wells Fargo offers high CD rates only on specific terms. Compare rates, minimum deposit and early withdrawal fees.
While Citi Bank offers CD competitive rates on most terms, Bank Of America is the winner for specific terms. Citi also offers no penalty CD.
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