Bank of America Review
8.8
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Bank of America Reviews

8.8
Angela Mae Watson

WRITTEN BY

Angela Mae Watson

Accessible financial services and loans
Accessible financial services and loans
About Bank of America

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.

8.8

LS SCORE

9.6

CREDIBILITY

6.4

SUPPORT

8.9

ACCESSIBILITY

Bank of America Online Banking Review

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.

Bank of America Online Banking Highlights

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

  • Innovative technology and tools to help with money management, savings, and budgeting
  • User-friendly mobile app to manage all accounts in one place
  • Large network of free in-network ATMS and storefront locations for traditional banking
  • Variety of online banking accounts, including personal and business checking and savings accounts, CDs, and IRAs.
  • Low interest rates on savings accounts and certificates of deposit
  • Slow or poor customer phone support
  • Some accounts come with monthly fees (may be waived)

Account Type

  • Checking
  • Savings
  • Certificates of Deposit (CD)
  • Money Market Deposit Account (MMDA)
  • Business

Bank of America Checking Highlights

DEPOSIT AMOUNT

min $100

MIN BALANCE

$25

Pros & Cons

  • Innovative technology and tools to help with money management, savings, and budgeting
  • User-friendly mobile app to manage all accounts in one place
  • Large network of free in-network ATMS and storefront locations for traditional banking
  • Variety of online banking accounts, including personal and business checking and savings accounts, CDs, and IRAs.
  • Low interest rates on savings accounts and certificates of deposit
  • Slow or poor customer phone support
  • Some accounts come with monthly fees (may be waived)

Bank of America Savings Highlights

DEPOSIT AMOUNT

min $100

APY

Min 0.01%

MIN BALANCE

$25

Pros & Cons

  • Innovative technology and tools to help with money management, savings, and budgeting
  • User-friendly mobile app to manage all accounts in one place
  • Large network of free in-network ATMS and storefront locations for traditional banking
  • Variety of online banking accounts, including personal and business checking and savings accounts, CDs, and IRAs.
  • Low interest rates on savings accounts and certificates of deposit
  • Slow or poor customer phone support
  • Some accounts come with monthly fees (may be waived)

Bank of America Checking business Highlights

DEPOSIT AMOUNT

min $100

MIN BALANCE

$25

Pros & Cons

  • Innovative technology and tools to help with money management, savings, and budgeting
  • User-friendly mobile app to manage all accounts in one place
  • Large network of free in-network ATMS and storefront locations for traditional banking
  • Variety of online banking accounts, including personal and business checking and savings accounts, CDs, and IRAs.
  • Low interest rates on savings accounts and certificates of deposit
  • Slow or poor customer phone support
  • Some accounts come with monthly fees (may be waived)

APYs

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

 

Features Benefits & Rewards

Low overdraft fee and the possibility to waive certain account fees

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.

 

Advantage Plus
  • No monthly fee with $250 monthly direct deposit or a minimum balance of $1,500
  • Overdraft protection with Balance Connect

 

Advantage SafeBalance
    • No overdraft fees
  • Waived account fee in select cases

 

Advantage Relationship
    • No fees for incoming domestic wire transfers or stopping payments
  • Overdraft protection (optional)
  • Preferred Rewards members may be able to waive account maintenance fee

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.

 

Bank of America Advantage Savings
    • Comes with personalized planning to help you achieve immediate and long-term sayings goals
  • Comes with 0.01% to 0.04% APY
  • Earn up to 10% cash back through participating vendors

 

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%.

 

Certificate of Deposit
    • Up to 2.50% APY
  • Terms starting at 28 days (up to 10 years)

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.

 

IRA
    • Option to update your IRA beneficiary online
  • Option to choose from various investments (ex. Stocks or mutual funds) with Investment IRA

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.

 

Rewards Money Market Savings Account
  • FDIC insured
  • 6 free withdrawals within a period (terms apply)
  • Check-writing option
  • Overdraft protection

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 Checking Account
    • Waivable account maintenance fees
  • Fraud protection and security
  • Complete access to financial tools and services online

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.

Business Advantage Savings Account
  • 0.01% APY to 0.04% APY (for Preferred Rewards clients)
  • Account linking and overdraft protection
  • Up to 6 transfers and withdrawals a month

Opening an Account With Bank of America

To open an account with Bank of America, you’ll need the following information:

  • Full legal name and Social Security number
  • Current mailing address
  • Email address and phone number
  • Account number (if you have an existing account)
  • Two forms of identification (ex. State-issued ID, driver’s license, or military ID with photo)
  • Employment and income information
  • Country of residence

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.

step1: bankofamerica: get $100 by opening an account
Step 1

Bank of America: $100 to open account

To open an account with Bank of America, you’ll need the following information:

  • Full legal name and Social Security number
  • Current mailing address
  • Email address and phone number
  • Account number (if you have an existing account)
  • Two forms of identification (ex. State-issued ID, driver’s license, or military ID with photo)
  • Employment and income information
  • Country of residence

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.

State Availability

Available in all states

Privacy & Security

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.

Customer Support

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).

Phone Support
1 (800) 432-1000
Mon-Fri
8am-9pm EST
Sat
8am-8pm EST
Sun
8am-5pm EST
+
24/7 Automated support

In Conclusion

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.

FAQ

What can you do on Bank of America’s mobile app?
Through the app, you can access various online banking and mobile features, such as account monitoring, mobile check deposit, and more. You can also pay bills, dispute charges, send or receive money to others, and transfer money between accounts.
What is Bank of America’s Erica virtual assistant?
Erica is a personalized virtual assistant found on the mobile banking app. Through it, you can chat with a real person and get your questions answered. You can also receive alerts for things like duplicate charges, refunds, upcoming bills, scheduled payments, or other activity. Erica also offers weekly updates on monthly spending. And it provides FICO Score Insights so you can monitor your credit score.
What does Bank of America have to offer?
Bank of America offers checking and savings accounts, CDs, IRAs, a credit card, and loans - from auto to home loans.

Bank of America Disclaimer

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.

Equal Housing Lender

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WRITTEN BY

Angela Mae Watson

Angela Mae is a personal finance writer specializing in loans, debt management, investing, retirement planning, and financial literacy. She comes from a journalistic background and pulls from hands-on experience and deep-dive research to breathe life into her stories. Her goal is to help others achieve financial stability and independence. When not writing, she can be found traveling, honing her yoga skills, hiking, or exploring new means of healthy, sustainable living.