Banking » Reviews » Bank of America Review 2022 – Great Banking Experience, Low Rates
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Bank of America Review 2022 – Great Banking Experience, Low Rates

Bank of America offers amazing tools to stay connected physically and virtually to your finances. However, the negatives should be wisely considered.
Author: Jack Wickens
Jack Wickens

Writer, Contributor

Experience

Jack is a personal finance writer who has been writing for more than a decade. His passion for educating consumers and helping everyday families earn more and live better. He is most knowledgeable with years of experience covering topics such as savings, budgeting, and responsible credit use and always happy to share his expertise with readers.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Author: Jack Wickens
Jack Wickens

Writer, Contributor

Experience

Jack is a personal finance writer who has been writing for more than a decade. His passion for educating consumers and helping everyday families earn more and live better. He is most knowledgeable with years of experience covering topics such as savings, budgeting, and responsible credit use and always happy to share his expertise with readers.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

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Bank of America Review

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.  You should know these essential banking considerations when determining your short- and long-term financial goals.  Another drawback to banking with Bank of America is their use of higher fees than their competitors

The use of fees is a responsible way to increase your organization with your finances to eliminate the chance of overdrawing your funds.  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 make it less optimal when opening a savings account.

You decide what you want to benefit from with a thorough analysis of all the banking options offered at Bank of America. 

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
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. You can, however, contact the customer service team through the bank's website or through its social media channels on Facebook or Twitter.

You can browse the products on the Bank of America website to find one that meets your needs. There are also help sections to assist you in navigating a potentially perplexing minefield of financial products.

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+
WalletHub (+1,000 reviews)
3.9
Consumer Affairs (+1,000 reviews)
3.7
Contact Options
phone
Availability
8 am – 11 pm

Savings Account

Bank_of_America

Initial Deposit

$100

Min Balance

None

APY

0.01% – 0.04%

Initial Deposit

$100

Min Balance

None

APY

0.01% – 0.04%

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.

Savings account fee is $12 per month (can be waived by maintaining an account balance of $1,500, qualifying deposit of $250+ per month or enrol in Preferred Rewards) per month . Fees are also waived for enrolled students aged under 24).

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 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. 

Quontic High Yield Savings

  • 1.85% APY on savings
  • Interest is compounded daily
  • No Monthly Service Fees

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The product offers that appear on this site are from companies from which this website receives compensation. 

Checking Account

Bank_of_America

Initial Deposit

$25 – $100

APY

0%

Initial Deposit

$25 – $100

APY

0%

Bank of America offers a checking account program with its Advantage Relationship checking offer.  This account provides an interest-bearing with a $100 minimum opening deposit.  When you maintain a combined balance of $10,000 across your eligible linked accounts, you waive the $25 monthly maintenance fee—this great incentive to build your financial portfolio and organize your financial priorities.

Checking account fee is $12 per month (can be waived by maintaining an account balance of $1,500, qualifying deposit of $250+ per month or enrol in Preferred Rewards).

Another significant aspect of Bank of America's checking account system is the tiered rates offered on all of their balances.  You can also grow your checking account by declining or returning transactions when you do not have enough money.  This helps you to overdraw your account now and maintain your financial independence while preventing fees from adding up.

Some negative aspects of the checking account system are the interest rates are relatively low compared to other banking institutions.  Also, the requirements to waive the monthly fees are higher than average.  Also, there is a $2.50 fee when you use a non-Bank of America ATMs, which also increases the costs if you are traveling or in a financial bind.

All these are essential aspects to consider when deciding whether or not Bank of America is your institution.  There are a lot of positives, but the low-interest rates and maintenance fees can be too complicated and stressful to manage. Lastly, if you open your account at one of the bank's branches, make sure to bring the documents you need to open a bank account.

Top Checking Accounts From Our Partners

Axos Rewards Checking

  • Up to 1.25% APY
  • No monthly maintenance fees
  • No overdraft or NSF fees

SoFi Checking & Savings

  • 1.25% APY
  • No account fees
  • Cash bonus of $50 to $300

Chase Total Checking®

  • $200 bonus for new customers
  • Pay bills securely from anywhere
  • Send & receive money with Zelle

Advertiser Disclosure

The product offers that appear on this site are from companies from which this website receives compensation. 

Chase Total Checking®

  • $200 bonus for new customers
  • Pay bills securely from anywhere
  • Send & receive money with Zelle

Advertiser Disclosure

The product offers that appear on this site are from companies from which this website receives compensation. 

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Certificate Of Deposits (CDs)

Bank_of_America

Initial Deposit

$1,000

Min Balance

1 – 120 months

APY

0.03% (Standard term) and 0.06% (Featured)
Bank_of_America

Initial Deposit

$1,000

Min Balance

1 – 120 months

APY

0.03% (Standard term) and 0.06% (Featured)

Bank of America offers CDs with 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.

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.

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.  

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.

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 18 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.

How to Open a Bank Account on Bank of America Website

Step 1:

Visit the Bank of America homepage and click on any of the account options provided.

Bank of America_Homepage

Step 2:

On the next page, fill in your personal information like your names, address, zip code, city, etc.

Bank of America_Homepage

Step 3:

Go through all the three terms and conditions stated, and tick each of the boxes, and then click “Continue.”

Bank of America_Homepage

Step 4:

Finally, your application summary comes up, go through to verify the details, and then click “Submit.”

Bank of America_Homepage

And you are set!

Bank of America FAQs

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.

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.

Bank of America is a solid choice for those who prefer access to a wide branch network and an abundance of free ATMs.

However, this does come at a cost, as you will earn lower rates than purely 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.

Both Wells Fargo and Bank of America are banking giants, but while there are some similarities, there are some key differences. For example, Wells Fargo checking fees are lower, with lower 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.

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 primarily an online bank, so its costs are lower and this is reflected in its Capital One high savings 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 2022.

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.

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 checking 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.

Both Citibank and Bank of America are national banks that are known for convenience rather than higher savings rates, while Citi savings rate is 0.04% – 0.15%. Both banks have a wide variety of banking products and top-shelf technology. 

You can also gain access to a large ATM network, but Citibank does have 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

Quontic bank logo
discover logo
Chase_logo
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.
1.85%
1.50%
0.01% – 0.05%
Checking Account Fee The monthly fee on checking account
$0
$0
$12 per month Can be waived if electronic deposits made into this account totaling $500 or more every month OR balance at the beginning of each day of $1,500 or more OR combined total of $5,000 across your qualifying Chase accounts
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
BBB Rating
A+
A+
B-

Review Online Banks

Compare 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?

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quontic-saving

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The product offers that appear on this site are from companies from which this website receives compensation.