Reviews

Bank of America Review 2022

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Bank of America is one of the largest banks in the world — so as expected, it offers just about any type of account you might seek. But while the bank may offer a wide range of services and can function as a one-stop shop for many customers, its lineup of deposit accounts comes up well short of many of its competitors, particularly those of the online variety. Bank of America makes you jump through hoops to avoid fees on accounts that pay hardly anything at all by way of interest, meaning you should look elsewhere if you seek an easy-to-use account offering high yield and low cost.

Bank of America rates may vary by location, so the rates in this article apply to the bank’s headquarters location of Charlotte, N.C.

Bank of America savings accounts
2.5 out of 5

Bank of America Advantage Savings

  • APY: 0.01% – 0.04% on all balances
  • Minimum opening deposit: $100
  • Monthly fee: $8 (or $0 with qualifying activities)

Bank of America offers a single savings account — and it’s lackluster, at best. For starters, yields top out a 0.04% APY, below even the minuscule national average of 0.06% (as of May 2022). And while the minimum opening deposit requirement is just $100, many accounts in this day and age have a minimum of $0.

The monthly fee is a steep $8, although this can be avoided in a variety of ways, specifically the following:

  • Maintaining a daily balance of at least $500, or
  • Linking a Bank of America Advantage Relationship Banking® account, or
  • Becoming a Bank of America Preferred Rewards client, or
  • Being under age 18, or
  • Being under age 25 and qualifying as a student

Although none of these steps is particularly onerous on its own, they do require a conscious effort to avoid a relatively high fee and earn little interest.

Common features are included with the account as follows:

  • Mobile check deposit
  • Automatic transfers
  • Custom alerts
  • Overdraft protection
  • Federal Deposit Insurance Corporation (FDIC) insurance

The overdraft protection service charges a $12 fee to transfer money from another Bank of America account to cover an overdraft. If you overdraft and don’t have the funds in another account to cover it, Bank of America may charge you a $35 overdraft item fee.

You can open the Bank of America savings account in a branch or online here.

If, however, you’re looking to compare this account with more competitive rates, check out MagnifyMoney’s best high-yield online savings account roundup.

SEE DETAILS

on Bank Of America’s secure website

Member FDIC

Bank of America checking accounts
2.5 out of 5

Bank of America Advantage Relationship

  • APY: 0.01% on balances below $50,000; 0.02% on balances $50,000 and over
  • Minimum opening deposit: $100
  • Monthly fee: $25 (or $0 with qualifying activities)
  • ATM access: No fee for roughly 16,000 Bank of America ATMs; $2.50 for domestic out-of-network ATMs; $5 for international non-network ATMs

Bank of America’s top-tier checking option is the Advantage Relationship account. Of the three checking accounts offered at the bank, it’s the only one that pays interest, although the scant 0.01% to 0.02% APY is nothing to go out of your way for. The monthly fee is a hefty $25, which can be avoided only by keeping a significant average daily balance of at least $10,000 or through enrollment in the bank’s Preferred Rewards program. This account does waive the $12 overdraft protection fee, although the fairly large out-of-network ATM fees are not rebated; without overdraft protection, the standard $35 fee also applies. The account does waive some fees, including the $5 statement copy fee, the $5 card replacement fee, the $30 stop payment fee and the $15 incoming domestic wire fee.

To join the bank’s Preferred Rewards program, you’ll need a three-month combined average balance of $20,000 across all deposit and investment accounts. If you plan to do all of your banking at Bank of America, it makes sense to try to join.

In addition to benefits like the $25 monthly fee waiver for the Advantage Relationship checking account, other benefits include:

  • Interest rate boosts of up to 20% on the savings account (for example, a 1.00% rate could increase up to 1.20%)
  • A credit card rewards bonus of up to 75% on eligible Bank of America credit cards
  • Up to an unlimited amount of no-fee transactions at non-Bank of America ATMs
  • Up to a 0.15% program fee discount on Merrill Guided Investing
  • Up to a $600 reduction in the mortgage origination fee
  • Up to a 0.375% discount on home equity loans
  • Up to a 0.50% discount on auto loans
  • Fee waivers for select banking services

Bear in mind that there are three tiers to the Preferred Rewards program: Gold, Platinum and Platinum Honors. The benefits listed above are for the top tier of the program.

You can open an Advantage Relationship checking account at a branch or online here.

SEE DETAILS

on Bank Of America’s secure website

Member FDIC

Bank of America Advantage Plus

  • APY: None
  • Minimum opening deposit: $100
  • Monthly fee: $12 (or $0 with qualifying activities)
  • ATM access: No fee for roughly 16,000 Bank of America ATMs; $2.50 for domestic out-of-network ATMs; $5 for international out-of-network ATMs

The Advantage Plus checking account is the second primary checking option for the bank’s customers, offering lower fees and service levels. This account comes with a standard $12 monthly fee that can be avoided via the following options:

  • At least one qualifying direct deposit of $250 or more each statement cycle, or
  • A minimum daily balance of $1,500 or more, or
  • Enrollment in the Preferred Rewards program

This account doesn’t pay any interest and doesn’t offer any of the fee waivers of the bank’s flagship Advantage Relationship checking account. Beyond that, though, it does offer basic services like mobile deposits, custom alerts, debit card controls and fraud protection. Overdraft protection is available to drop the overdraft fee from $35 to $12, but ATM fees remain high for out-of-network transactions.

You can open an Advantage Plus checking out online here or in a branch.

SafeBalance

  • APY: None
  • Minimum opening deposit: $25
  • Monthly fee: $4.95 (or $0 with qualifying activities)
  • ATM access: No fee for roughly 16,000 Bank of America ATMs; $2.50 for domestic out-of-network ATMs; $5 for international out-of-network ATMs

The SafeBalance checking account at Bank of America is a good option for those who tend to overdraw their account, as it charges absolutely no overdraft fees. In the Bank of America ecosystem, the minimum opening deposit of $25 and the monthly fee of $4.95 are fairly low, and the fee can be avoided if the account owner is under age 18; under age 25 and an enrolled student; or a participant in the bank’s Preferred Rewards program. Beyond that, the account approximates the Advantage Plus account in terms of fees and services. You can open this account at a branch or online here.

MagnifyMoney’s best high-yield checking account roundup is a great way to compare all of Bank of America’s checking options with those of its competitors.

Bank of America CDs
1 out of 5

TermAPYMinimum opening deposit
1 year0.03%$1,000
3 years0.03%$1,000
5 years0.03%$1,000

Bank of America doesn’t offer jumbo or no-penalty CDs, but it does offer two basic types: standard and featured. Standard CDs have a $1,000 minimum deposit requirement, terms ranging from 28 days to 10 years and a 0.03% APY. Featured CDs have a $10,000 minimum deposit requirement, terms ranging from 7 to 37 months and slightly higher yields (0.05% APY). No additional deposits are accepted for these CDs after they’re opened, and early withdrawal penalties apply.

You can open a Bank of America CD in a branch or online here.

To see what types of yields competitors are posting on their CDs, check out MagnifyMoney’s best CD rates roundup.

SEE DETAILS

on Bank Of America’s secure website

Member FDIC

Customer experience at Bank of America

Bank of America offers 24/7 automated customer service, but its live representatives are also available weekdays from 8 a.m to 11 p.m. ET and weekends from 8 a.m. to 8 p.m. ET. The bank’s mobile apps offer extensive customer access and have earned numerous awards and accolades, such as Javelin Strategy & Research’s 2021 “Best in Class” awards for both mobile and online banking and J.D. Power’s #1 rating in Customer Satisfaction With Digital Banking Among National Banks. Not surprisingly, customer rankings for the bank’s apps are high, garnering 4.6 stars for the Google Play version and 4.8 stars on Apple’s App Store, based on over 3.6 million votes for the latter.