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Bank of America Review: A Gold Standard for Relationship Benefits and Customer Loyalty

Review Updated
Kailey Hagen
Author: Kailey Hagen
Kailey Hagen
Kailey Hagen
Writer

Kailey Hagen has been writing about small businesses and finance for almost 10 years. Articles she's written for The Motley Fool have been syndicated to USA Today, MSN, and Yahoo! Finance. She specializes in personal and business bank accounts and software for small to medium-size businesses. She lives on what's almost a farm in northern Wisconsin with her husband and three dogs.

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Ashley Maready
Reviewer: Ashley Maready
Ashley Maready
Ashley Maready
Writer and Editor

Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.

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Eric McWhinnie
Fact Checked: Eric McWhinnie
Eric McWhinnie
Eric McWhinnie

Eric McWhinnie has been writing and editing digital content since 2010. He specializes in personal finance and investing. He also holds a bachelor’s degree in Finance.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.
Award Icon 2025 Award Winner
Offer image for
Member FDIC.

Bank of America

Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Bottom Line

A top choice for those who want to do all of their banking in one place and value the face-to-face support that brick-and-mortar banks are known for. Its Preferred Rewards program provides some of the best relationship perks you'll find with any bank. To top it off, Bank of America's app shines with robust capabilities and great user ratings.

Pros
  • Excellent relationship benefits
  • Strong online and mobile banking tools
  • Large network of branches
  • Flexible checking account
  • Wide variety of CD terms
  • Quality mobile app
Cons
  • Low APYs on savings and CD accounts
  • Only one savings account option

  • Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

    These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

    We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

    Learn more about how Motley Fool Money rates bank accounts.

Is Bank of America right for you?

Bank of America is a good choice for you if:

  • You like doing your banking all in one place and can take advantage of perks offered for Preferred Rewards members.
  • You value branch access and in-person support.
  • You want strong online and mobile banking tools.

We tried it: Our team's firsthand experience

Here at Motley Fool Money, we pride ourselves as real users of most of the products across our site. One of our writers, Ashley Maready, has multiple accounts with Bank of America herself.

Here's Ashley's experience:
Image of reviewer

I've been a customer of Bank of America in some capacity for almost 20 years. Currently, I have a checking account, savings account, and multiple credit cards with B of A. The customer service is really excellent, and mobile and online banking can't be beat. I wish I was earning a higher APY on my savings there, but that's really my only complaint about Bank of America -- and I have the bulk of my saved cash earning a high APY in a high-yield savings account with an online bank.

Bank fees

Bank of America Fee Charge
Monthly maintenance $0 to $25 (depending on account requirements)
Out-of-network ATM $2.50 (plus any fee charged by ATM owner)
International ATM $5 (plus any fee charged by ATM owner)
Overdraft $10 (depending on account type and circumstances)
Incoming wire transfer $15
Outgoing wire transfer $30 domestic, $45 international
Cashier's checks $15
Stop payment $30
Data source: Bank of America

Savings accounts

The Bank of America Advantage Savings account offers the key features you'd expect from one of the largest banks in the nation. For example, it has a low monthly maintenance fee, which can be waived depending on age of the account holder, linking other accounts, or whether the account holder is a Preferred Rewards member. It also has an extensive national branch network.

It's a great choice for those who like banking in person -- but those who prefer banking online aren't left out, either. Bank of America has simple online account management tools and a highly rated mobile app.

The account's APY is nothing to brag about. Nevertheless, loyal Bank of America customers who enroll in its Preferred Rewards program can improve their rates.

Ratings Methodology
Rates as of Dec 20, 2024

Bank of America Advantage Savings

Read Review
Member FDIC.
Rating image, 2.50 out of 5 stars.
2.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 2.50 out of 5 stars.
2.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Read Review
APY
0.01% Rate info Circle with letter I in it. Preferred Rewards members are eligible for higher APY. Gold tier earns 0.02%, Platinum earns 0.03%, and Platinum Honors earns 0.04%.
Min. To Earn APY
N/A
  • FDIC insured 
  • Large network of local branches
  • Relationship benefits for Preferred Rewards members
  • Mobile check deposits
  • Low APY
  • Only one savings account option
  • Monthly fee unless you meet monthly requirements
  • Requires a $100 minimum opening deposit

Bank of America Advantage Savings does not earn a competitive APY, even for Preferred Rewards members, and it carries a monthly fee except for minor and college students under 25 years of age. Still, the savings account is a viable option for those wanting in-person local banking or an account with an established big bank.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
3.80%
Rate info Circle with letter I in it. 3.80% annual percentage yield as of December 28, 2024. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

up to 4.00%²
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
3.80%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

Certificates of deposit

Bank of America offers three types of CDs. The first is a Featured CD account, which pays a higher rate but has a higher minimum deposit. The second, the Fixed Term CD, has more flexible rates and balance requirements but lower APYs. The third type is the Flexible CD, which has a high APY but only comes in a 12-month term.

Fixed CD account

The interest rates on Bank of America's Fixed Term CDs aren't quite as high as its Featured CD rates. However, they're much more accessible to the average person. This CD has just a $1,000 minimum deposit.

CD terms are also much more flexible, ranging from as little as 28 days to as long as 10 years. Few banks give you this many CD term options.

As a result, Bank of America could be a good fit if you're interested in a non-traditional CD term. As with the Featured CDs, there's an early withdrawal penalty equal to 90, 180, or 365 days' worth of interest (depending on the CD term) if you take the money out too soon.

Rates as of Dec. 18, 2024

APY = Annual Percentage Yield

Offer image for Bank of America Standard CD
Bank of America Standard CD
MINIMUM DEPOSIT $1,000
Read Review
6 Mo. APY 1 Yr. APY 1.5 Yr. APY 2 Yr. APY 3 Yr. APY 4 Yr. APY 5 Yr. APY
0.03% 0.03% 0.03% 0.03% 0.03% 0.03% 0.03%

  • Bank of America's Featured CDs offer the highest APYs you'll find with this bank. They're still not as high as what you can find with some online banks, though.

    Plus, you'll need a $10,000 minimum deposit. That's steeper than what many of Bank of America's competitors charge. But if you're not satisfied with Bank of America's Advantage Savings rates (and you don't need access to your funds soon), this could be a good choice.

    Terms range from seven months to 37 months. Keep in mind that you'll pay an early withdrawal penalty if you try to take the money out before the term is up.

  • Bank of America's Flexible CDs are available in one term of 12 months, but they come with a fairly generous APY for a big bank. You'll have to open this account with $1,000 or more, and it auto-renews to a 9-month Flexible CD, which has a much lower APY. You'll probably want to do something else with your money at the end of your 12-month term.

Compare CD rates

Rates as of Dec. 18, 2024
Bank & CD Offer APY Term Min. Deposit Next Steps
APY: 4.00% Term: 1 Year Min. Deposit:  $0
Open Account for Discover® Bank CD

On Discover Bank's Secure Website.

Member FDIC.
APY: 4.25% Term: 10 Months Min. Deposit:  $2,500
Open Account for

On Secure Website.

Member FDIC.
APY: 4.25% Term: 6 Months Min. Deposit:  $500
Open Account for

On Secure Website.

Checking accounts

The Bank of America Advantage Banking account comes with three settings. You can change these at any time. Plus, Bank of America offers business checking accounts too.

Bank of America Advantage Banking

All flavors of the Bank of America Advantage Banking account come with a waivable monthly fee, custom alerts, debit card controls, mobile deposits, and online budgeting tools.

The three settings are:

  • Advantage SafeBalance: This is the most affordable option. It carries the lowest minimum opening deposit. Note it does not include checks or overdraft protection.
  • Advantage Plus: The Advantage Plus account is a happy medium. It has a reasonable waivable monthly fee. This option also has the opportunity to add checks and overdraft protection in addition to the standard payment options.
  • Advantage Relationship: Those with large checking account balances should consider the Advantage Relationship account. It offers all the features of the Advantage Plus account as well as the opportunity to earn interest. Its monthly fee is slightly higher; however, the fee can be waived.
Ratings Methodology
Rates as of Dec 20, 2024

Bank of America Advantage Banking

Member FDIC.
APY
up to 0.02% Rate info Circle with letter I in it. Advantage Relationship Banking members earn 0.01% APY on balances less than $50,000 and 0.02% APY on balances $50,000 and greater. Other Advantage banking tiers do not earn APY.
Min. To Earn APY
N/A
  • Advantage SafeBalance has no overdraft fees
  • Balance Connect for overdraft protection on Advantage Plus
  • Many ways to waive monthly maintenance fees
  • Advantage Relationship earns interest
  • Can manage account via well-rated mobile app
  • Advantage Safe Balance doesn't offer check writing
  • Monthly maintenance fees of $4.95 to $25 per month, depending on account tier

Bank of America Advantage Banking comes in three different tier options, depending on whether you're interested in "Simple," "Flexible," or "Comprehensive" services. The Advantage SafeBalance Banking is ideal for students and young adults. Advantage Plus Banking offers flexible digital banking. And Advantage Relationship Banking is best for those with lots of accounts at Bank of America.

  • Bank of America Business Advantage Fundamentals

    This account includes many of the features of its personal checking accounts. These include mobile banking, customizable alerts, and the option to waive monthly fees by meeting certain requirements.

    It also offers owner and employee debit cards to access company funds and a business investment account at no additional charge. It does charge incoming wire transfer fees and extra fees for those interested in its cash management tools, though.

    Bank of America Business Advantage Checking

    Carries a higher monthly fee than the Bank of America Business Advantage Fundamentals account. The requirements to waive the fee are a little more stringent, too. But if you can meet one of these criteria, you'll enjoy all the perks of the Business Fundamentals account, plus no incoming wire transfer fees, a free business savings account, and the option to add an extra business checking account at no cost.

    The Business Advantage Checking account also includes Bank of America's cash management tools. Some examples include payroll services and invoicing. There is no upcharge to use these tools.

Compare checking accounts

We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.

Account APY Promotion Next Steps
0%
Min. to earn: N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
Open Account for Discover® Cashback Debit

On Discover Bank's Secure Website.

up to 1.10%
Min. to earn: $1
High APY when you complete 10 or more qualifying debit card purchases each month

Customer experience

Like many banks, Bank of America has distinctly mixed reviews from real-life customers. Its mobile app and branch locations are solid and reliable, however.

Customer reviews

Bank of America draws a range of complaints from users on BBB and Trustpilot, including those about money lost to overdraft charges, late bill payments because of the bank's scheduling issues, and more. Other customers complain about being locked out of their accounts or having less-than-great experiences with customer service representatives. It's worth noting that BBB gives Bank of America an A grade.

Personally, I haven't had many occasions to call customer service, but I've always found Bank of America's representatives to be friendly and helpful. I have occasionally had to wait on hold for several minutes to speak to a live person, but this is to be expected, especially when banks increasingly offer DIY account services via phone and online.

  • Better Business Bureau rating: 1.1
  • Trustpilot rating: 1.3

You can reach a Bank of America customer service representative about your bank accounts at 800-432-1000. Humans are available Monday-Friday, 8 a.m. to 11 p.m. and Saturday-Sunday 8 a.m. to 8 p.m.

Mobile app

The Bank of America mobile app is stellar. When you log in, you can view your financial accounts all on the home page, and it's easy to pick one and dive in. You can view and activate cash back deals available through your debit and credit cards, deposit checks, pay bills, and even use Erica, Bank of America's "virtual financial assistant."

  • App Store rating: 4.8
  • Google Play rating: 4.6

Physical locations

Bank of America branches are widely spread and available. The bank has a handy map function on its website that will tell you where the closest branch to you is located. According to the bank, it has about 3,800 branches and 15,000 ATMs.

How does Bank of America compare?

Bank of America is fairly ubiquitous, but you have other options for bank accounts.

Bank of America vs. Chase

Chase is one of Bank of America's biggest competitors. While the two banks are similar, each stands apart in its own ways. Chase has one of the largest networks of bank branches in the country. It offers multiple checking and savings accounts.

In addition, it provides a variety of popular and less common CD terms. Chase also offers relationship benefits to its customers, including waived fees on select accounts. Nevertheless, Bank of America's relationship perks may be a little more enticing to those who want to be rewarded for their loyalty.

Bank of America vs. Ally

Ally is a smart choice for those who care more about high APYs than they do about branch access. It has fewer account options than Bank of America. But the ones it does offer are undeniably competitive. This includes an interest-bearing checking account and the Ally Savings account.

Brick-and-mortar banks can't come close to the rates offered on these accounts. Ally also offers some rarer options, like no-penalty and raise-your-rate CDs. It's definitely possible to do all of your banking with Ally Bank, but you won't earn any special perks for doing so.

FAQs

  • Bank of America is the second-largest bank in the U.S. and is a member of the FDIC. So yes, this bank is considered a safe one for consumers.

  • Absolutely. Bank of America offers bank accounts, mortgages, auto loans, investment accounts (via Merrill), and credit cards. Many of its financial offerings are well-rated and you can manage them via its stellar website and mobile app.

  • Unlike some banks, no, Bank of America hasn't done away with overdraft fees across all accounts. They are now only $10 though, and the Bank of America Advantage SafeBalance Banking account doesn't charge them at all. You can also link another account to automatically transfer money to cover an overdraft.