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 4,300 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 24 years of age. SafeBalance accounts aren’t eligible for overdraft protection. 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 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 $35 fee up to four 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
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.
Minor Savings accounts are joint accounts owned by the child and parent or guardian. The account requires a $25 minimum deposit but has no 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 3.75% depending on the term.
Bank of America Standard Term Certificates of Deposit offer 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.
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.
| | Standard Term CD | Featured CD |
|---|
| APY | 0.03% | 0.05% to 3.75% |
| Terms available | Can select any number of months, from one month to 120 months [10 years] | 7 months, 10 months, 13 months, 25 months, 37 months |
| Minimum opening deposit | $1,000 | $1,000 |
For CD opening deposits of more than $250,000, you will need to visit a Bank of America financial center to open your account.
Find The Best Bank Of America Credit Cards Of 2023
FAQs
Bank of America is best for customers who want a reliable digital banking experience, the option to visit a branch location and a full array of savings products and other financial services. Especially if having all your accounts under one institutional umbrella is a priority, Bank of America could be a good fit.
Is Bank of America a good Bank to deal with? ›
Bank of America is best for customers who value ease of access over higher interest rates. It may be particularly good for customers who want to: Be able to bank in person. Have easy access to bank ATMs.
Is Bank of America financially stable? ›
Fitch Affirms Bank of America at 'AA-'; Outlook Stable.
Is bofa better or Chase? ›
On the whole, Bank of America and Chase charge similar fees for their accounts. Bank of America has a higher monthly fee for its savings account. However, most its checking accounts have much lower monthly fees. This is due to Chase's many checking accounts increasing in rewards levels, making the fees more expensive.
Who is better Wells Fargo or Bank of America? ›
Generally speaking, Wells Fargo edges out Bank of America on checking accounts, while Bank of America is somewhat better for savings accounts.
What is the most trusted Bank in America? ›
The Lifestory Research 2022 America's Most Trusted® Bank Study found Chase the most trusted bank. The America's Most Trusted® Study is a large-scale survey of consumers in the United States that seeks to identify the brands that people trust the most within their respective industries.
Why is Bank of America doing so well? ›
One reason: Bank of America is built to serve consumers and Main Street companies, while JPMorgan has a bigger Wall Street focus. At Bank of America, the business lines are much different than after the last recession, or pre-pandemic: Fewer mortgages, higher credit scores, richer customers.
What is the number 1 Bank of America? ›
Is Bank of America good long term? ›
With a low forward price-to-earnings ratio of 9.5, and a solid and sustainable dividend yield of 2.6% at a 26.9% payout ratio, Bank of America is a good buy right now. It should navigate the choppy waters of 2023 and surge when the economy turns in 2024 or beyond.
Where does Bank of America rank? ›
Bank of America ranks No. 1 on the 2023 Just 100 list, and it's not alone among peers.
...
JUST 100 rankings for 2023.
| Rank | Company | Market cap |
|---|
| 1 | Bank of America CorporationBAC | $242.66B |
| 2 | NVIDIA CorpNVDA | $302.14B |
| 3 | Microsoft CorporationMSFT | $1.74T |
22 more rowsJan 10, 2023
In 2014, the CFPB ordered Bank of America to pay $727 million in redress to its victims for illegal credit card practices.
What is the forecast for Bank of America? ›
Stock Price Forecast
The 23 analysts offering 12-month price forecasts for Bank of America Corp have a median target of 40.00, with a high estimate of 53.00 and a low estimate of 33.00. The median estimate represents a +17.32% increase from the last price of 34.10.
Is there a lawsuit against Bank of America? ›
In January 2021, a class action lawsuit alleged Bank of America "breached its exclusive contract with the California Employment Development Department (EDD) and violated the rights of thousands of California benefits recipients." An additional eight similar class-action lawsuits were soon filed.
What are the pros and cons of Bank of America? ›
Bank of America Checking Account Pros & Cons
| Pros | Cons |
|---|
| Automatic savings program available Debit card shopping rewards Access to physical branches Mobile apps available | Monthly fee Doesn't earn interest |
1 more rowFeb 24, 2023
Vault ranks BofA as the ninth most prestigious bank, while survey respondents highlight the firm's internship program, which provides live deal experience and mentorship opportunities. Another US institution that's a global leader in financial services, JP Morgan is the investment bank of JPMorgan Chase & Co.
Why Chase is better than Bank of America? ›
When it comes to savings accounts, both banks offer the same interest rate, but Chase comes out slightly ahead with no initial deposit requirement and a lower monthly service fee (that's also easier to get waived).
How strong is Bank of America? ›
Any list of major American banks will include Bank of America—and rightfully so. With around 17,000 ATMs, 4,300 retail financial centers, 66 million clients, and over $2.3 trillion in assets, it's the second-largest bank in America.
Is Bank of America better than PNC? ›
Bank of America's brand is ranked #152 in the list of Global Top 1000 Brands, as rated by customers of Bank of America. Their current valuation is $298.80B. PNC's brand is ranked #693 in the list of Global Top 1000 Brands, as rated by customers of PNC.
What is the number 1 bank in US? ›
JPMorgan Chase
It currently has more than 4,700 branches and more than 16,000 ATMs. Chase has branches in all of the 48 contiguous United States and has more branches in the U.S. than any other bank.
What is the most reliable bank in USA? ›
Here are our picks for the best national banks of 2022-2023:
- Chase Bank: Best overall.
- Citibank: Best rate.
- PNC Bank: Best combo checking/savings account.
- TD Bank: Best checking perks.
- Wells Fargo: Best for mobile banking.
- U.S. Bank: Best for low fees.
- Truist: Best for relationship rewards.
The Safest Banks in the U.S.
- JPMorgan Chase.
- U.S. Bank.
- PNC Bank.
- Citibank.
- Wells Fargo.
- Capital One.
- M&T Bank Corporation.
- AgriBank.
Bank of America, Citibank, Union Bank, and HSBC, among others, have created accounts that come with special perquisites for the ultrarich, such as personal bankers, waived fees, and the option of placing trades. The ultrarich are considered to be those with more than $30 million in assets.
What are the top 3 banks in America? ›
List of largest banks in the United States
| Rank | Bank name | Total assets (billions of US$) |
|---|
| 1 | JPMorgan Chase | $3,773 |
| 2 | Bank of America | $3,072 |
| 3 | Citigroup | $2,381 |
| 4 | Wells Fargo | $1,877 |
81 more rowsThe 9 Best Banks of 2023
- TD Bank: Best for customer service.
- Regions Bank: Best for avoiding monthly fees.
- U.S. Bank: Best in-person bank for CDs.
- Chase Bank: Best for a large branch network.
- Axos Bank: Best for online account options.
- Capital One Bank: Best online checking account.
The Reserve Bank designated SBI and ICICI Bank as D-SIBs.
Which banks have the best reviews? ›
Best-of 2023 Banking Winners:
- Alliant Credit Union: Best credit union.
- Ally Bank: Best bank; best money market account.
- Capital One 360: Best online banking experience.
- Charles Schwab Bank: Best bank or credit union for ATM access.
- Chase: Best for sign-up bonuses and for branch access (tie).
Methodology: Behind the Rankings
| Rank | Company Name | Moody's |
|---|
| 1 | KfW | Aaa |
| 2 | Zuercher Kantonalbank | Aaa |
| 3 | BNG Bank | Aaa |
| 4 | Landwirtschaftliche Rentenbank | Aaa |
37 more rowsNov 8, 2019
Bank of America Corp (NYSE:BAC)
The 23 analysts offering 12-month price forecasts for Bank of America Corp have a median target of 40.00, with a high estimate of 53.00 and a low estimate of 33.00. The median estimate represents a +12.44% increase from the last price of 35.58.
Why is Bank of America so good? ›
Pros. Bank of America has approximately 4,300 branch locations and 17,000 ATMs, so you'll always have access to your money. The minimums to open a checking account are relatively low, so it's fairly easy to switch banks. If you can qualify for their Preferred Rewards program, it's worth it.
