Bank of America as it’s known today was founded in San Francisco, CA in 1998, but is currently headquartered in Charlotte, NC. It’s a multinational financial institution and the second largest bank in the USA. With nearly 70 million customers, the bank is a leader in financial services, including consumer loans, bank accounts and Certificates of Deposit (CDs).
Among other things, Bank of America is widely recognized for its advanced digital technology and convenient payment service through Zelle. The bank also has an exceptional mobile banking app and an AI virtual assistant called Erica, which helps with money management, expense tracking, and budgeting.
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Bank of America is well-known for its in-person branches and online banking services. It has a large variety of online tools and resources, as well as an award-winning mobile banking app. Online accounts include the standard checking and savings account, as well as a Certificate of Deposit and various investment options like IRAs. These online services are highly convenient. However, this convenience does come with a few drawbacks, such as potentially high fees and low savings rates.
BALANCE AMOUNT
$25
APY SAVINGS
Min 0.01%
ATM NETWORK
Wide network of atms nationwide
MIN CREDIT SCORE
660
OVERDRAFT FEES
10
MAINTENANCE FEE
12
OTHER FEES
Yes
Pros & Cons
Account Type
DEPOSIT AMOUNT
min $100
MIN BALANCE
$25
Pros & Cons
DEPOSIT AMOUNT
min $100
APY
Min 0.01%
MIN BALANCE
$25
Pros & Cons
DEPOSIT AMOUNT
min $100
MIN BALANCE
$25
Pros & Cons
| Personal Checking Account | No APY |
| Personal Savings Account | |
|---|---|
| Bank of America Advantage Savings | 0.01% to 0.04% APY |
| Certificate of Deposit | |
| Featured CD Account | 7 to 37 months / 0.05% to 2.50% APY |
| Fixed Term CD Account | 28 days to 10 years / 0.03% APY |
| IRA | |
| Savings IRA | Variable |
| Investment IRA | Variable |
| Rewards Money Market Savings Account | |
| Rewards Money Market Savings Account | Undisclosed |
| Business Checking Accounts | No APY |
| Business Savings Account | 0.01% to 0.04% APY |
Low overdraft fee and the possibility to waive certain account fees
Bank of America has three main personal checking accounts, each with its own requirements, perks, and fees:
When you open a checking account online, you may get $100 added directly to your new account.
| Advantage Plus |
|
| Advantage SafeBalance |
|
| Advantage Relationship |
|
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.
| Bank of America Advantage Savings |
|
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:
| Certificate of Deposit |
|
Bank of America’s IRAs are designed to help customers build their funds for retirement. The bank has two types of IRAs:
| IRA |
|
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.
| Rewards Money Market Savings 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 Checking 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.
| Business Advantage Savings Account |
|
To open an account with Bank of America, you’ll need the following information:
Some accounts will require additional information, so keep this in mind.
Next, choose the account type you want to open – ex. Personal or business checking or savings account. Look over the account requirements and any fees. You can open an account online or by visiting a local branch. The entire process online takes about 10 minutes.
When opening a checking account, you will be asked if you want to add a savings account. Doing so is optional. You’ll also be able to include an offer code (until December 31, 2022). If you’re already a customer, you can check the box for that and get certain information prefilled.
Once you’ve filled out your information, continue on to the account setup. At this stage, you must authorize Bank of America to run a credit check. Depending on the results, you may not be eligible for an account.
If everything looks good, you’ll be able to review the account terms and conditions. From there, simply submit the official application and wait for the account to be set up.
Bank of America: $100 to open account
To open an account with Bank of America, you’ll need the following information:
Some accounts will require additional information, so keep this in mind.
Next, choose the account type you want to open – ex. Personal or business checking or savings account. Look over the account requirements and any fees. You can open an account online or by visiting a local branch. The entire process online takes about 10 minutes.
When opening a checking account, you will be asked if you want to add a savings account. Doing so is optional. You’ll also be able to include an offer code (until December 31, 2022). If you’re already a customer, you can check the box for that and get certain information prefilled.
Once you’ve filled out your information, continue on to the account setup. At this stage, you must authorize Bank of America to run a credit check. Depending on the results, you may not be eligible for an account.
If everything looks good, you’ll be able to review the account terms and conditions. From there, simply submit the official application and wait for the account to be set up.
Available in all states
Bank of America takes a proactive approach to its customers’ privacy and security. It has a library of resources to help people recognize and prevent fraud and scams. It also makes it easy to protect your personal or business accounts, as well as the devices used to access them.
The bank offers an online and mobile security guarantee, too. This makes it where you are not liable for unauthorized transactions or purchases, though you’ll need to report them as soon as possible.
Besides this, Bank of America lets you set your own privacy preferences. It also offers customized alerts online and through the app. Plus, it has several free products to help boost security – such as IBM’s free Trusteer Rapport.
Overall, Bank of America is transparent about matters of privacy and data protection. Like other financial institutions, the bank may share personal information to improve its customers’ banking experience. It’s possible to limit some data sharing – such as data sent to direct affiliates – but not all.
Although Bank of America’s online support is generally good, it can be difficult to contact a representative. The wait time to speak with an agent on the phone tends to be long – anywhere from 10 to 30 minutes during peak times. It can also take multiple business days – or longer – to get a written response when requested.
You can schedule an appointment or phone call at a specific time through Bank of America’s website or mobile app to cut down on wait times. The bank also has 24/7 customer service for certain things, including lost or stolen cards. There’s also an international phone number for those calling from outside the USA. If you want to speak with an agent online instead, you can do so through the bank’s online chat option or through social media (Twitter or Facebook).
Bank of America has a long history of helping customers – and businesses – by serving their banking needs. The bank focuses on innovation and inclusivity. It’s also accessible throughout the United States with several thousand storefront locations, around 16,000 ATMs, and online (and mobile) access.
The bank has a large array of financial offerings. This includes consumer loans (mortgage, auto, business, personal, and refinancing), lines of credit, and traditional banking services. It also has investment and insurance options, such as CDs and IRAs (Individual Retirement Accounts).
The main drawback is Bank of America’s phone and in-person customer service. Its online support is generally good, but the phone and in-person wait times can be lengthy. Some accounts and loans also come with potentially high fees.
U.S. Bank, U.S. Bancorp Investments and their representatives do not provide tax or legal advice. Your tax and financial situation is unique. You should consult your tax and/or legal advisor for advice and information concerning your particular situation.
For U.S. Bancorp Investments: Investment and insurance products and services including annuities are available through U.S. Bancorp Investments, the marketing name for U.S. Bancorp Investments, Inc., member FINRA and SIPC, an investment adviser and a brokerage subsidiary of U.S. Bancorp and affiliate of U.S. Bank.
For U.S. Bank: U.S. Bank is not responsible for and does not guarantee the products, services or performance of U.S. Bancorp Investments. Mortgage, home equity and credit products are offered by U.S. Bank National Association. Deposit products offered by U.S. Bank National Association. Member FDIC.
The creditor and issuer of U.S. Bank credit cards is U.S. Bank National Association, pursuant to separate licenses from Visa U.S.A. Inc., MasterCard International Inc. and American Express. American Express is a federally registered service mark of American Express.
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