Bank of America Reviews

Account Types

Personal Checking Accounts

Bank of America has three main personal checking accounts, each with its own requirements, perks, and fees:

• Advantage Plus: Best for everyday banking, this account comes with optional overdraft protection and a waivable monthly maintenance fee. It has a minimum opening deposit of $100.
• Advantage SafeBalance: Best for checkless banking, this account is free for students under 25 years old or those enrolled in Preferred Rewards. The minimum opening deposit is $25.
• Advantage Relationship: Best for those who keep a high account balance, this account comes with an account maintenance fee that can be waived if you have $10,000 across all linked accounts. It requires $100 to open it.

When you open a checking account online, you may get $100 added directly to your new account.

Personal Savings Account

The Advantage Savings Account comes with 24/7 customer support, custom alerts, and mobile check deposits. It can also be linked to a checking account for overdraft protection. The account also features the Keep the Change program, which automatically rounds up purchases and transfers the difference into the savings account to help you build savings.

Certificate of Deposit (CD)

Bank of America’s CDs come with locked rates and are FDIC-insured. When the term ends, the funds will be automatically reinvested to help build up your assets unless you opt to redeem the account instead. There are two types of CDs:

• Featured CD Account: This account has a minimum opening deposit of $10,000 and come with 7- to 37-month terms. The APY is 0.05% to 2.50%, depending on the balance and account term. There is an early withdraw penalty.
• Fixed Term CD Account: This account has a minimum opening deposit of $1,000, making it ideal for those who want to start with something smaller. Terms range from 28 days to 10 years. The standard APY is 0.03%.

Individual Retirement Account (IRA)

Bank of America’s IRAs are designed to help customers build their funds for retirement. The bank has two types of IRAs:

• Savings IRAs: These come with a locked interest rate for CDs or money market savings accounts and are FDIC insured.
• Investment IRAs: Through Merrill Edge, you can open one of these to invest in mutual funds, stocks, bonds, and ETFs.

Rewards Money Market Savings Account

The Rewards Money Market Savings Account is insured up to $250,000 through FDIC. It comes with a $12 monthly maintenance fee (may be waived). With this account, you can make up to 6 fee-free withdrawals or transfers. Interest rates vary.

Business Checking Account

This all-in-one checking account is ideal for business owners who need dedicated support and online financial tools and banking services. There are two options here:

• Business Advantage Fundamentals: This account features tools like Erica virtual assistance, mobile check deposit, cash flow monitoring, and Zelle. It also comes with fraud protection and access to small business specialists. It has a $16 monthly fee (waivable).
• Business Advantage Relationship Banking: This checking account includes all of the above plus customized account access for employees. It also features an additional business savings account for free. There is a waivable $29.95 monthly fee, but there are no fees for incoming wire transfers, electronic deposits, and so forth.

Business Savings Account

With a Business Advantage Savings Account, you get access to traditional online and mobile banking services. This makes managing your business expenses easier than ever. The account also comes with top-notch digital tools, such as Cash Flow Monitor, remote deposit, and overdraft protection. You can also link accounts.