Bank of America Advantage SafeBalance Banking® account review
- Fee
- $4.95 per month
- Minimum deposit to open
- $25
Our verdict
A simple, low-cost checking account with no overdraft fees, ideal for students and young adults.
The Bank of America Advantage SafeBalance Banking account is a solid option for students, young adults and those seeking a basic, low-cost checking account with no overdraft fees. It shines with features like a decent, no-fee ATM network of 15,000, many branches nationwide for in-person support, a budgeting tool and no fees for users who meet waiver requirements. However, you won’t get any checkbooks, and there’s a $4.95 monthly fee if you can’t qualify for a fee waiver.
Best for: Students or young adults in need of a simple checking account.
Pros
-
Open to minors and young adults
-
Multiple ways to waive monthly fee
-
Budgeting tool
-
No overdraft fees
Cons
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$25 opening deposit requirement
-
$4.95 per month (waivable)
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No rewards or APY
What we like about the Bank of America Advantage SafeBalance Banking account
In addition to Bank of America’s (BofA) FDIC-insured deposits, fraud protection and custom alerts, this account has decent perks.
It’s pretty ideal for students and young adults. Minors can get the account with an adult co-owner, and BofA doesn’t charge the $4.95 monthly maintenance fee for account holders under age 25. Kids under 13 must go to a BofA branch with an adult to sign up for the account.
SafeBalance Banking also comes with Bank of America’s spending and budgeting tool to track spending habits and take control of your finances.
Easy access and few fees
This account comes with a Visa debit card and fee-free use within BofA’s ATM network of 15,000.
It has a monthly fee of $4.95, which you can waive if you maintain a minimum daily balance of $500, are under the age 25 or are a member of the BofA Preferred Preferred Rewards. Additionally, Preferred Rewards Program members also unlock benefits for other BofA products, such as pricing discounts and other account fee waivers.
Additionally, this account doesn’t charge overdraft fees. If you were to overdraft, BofA simply declines the transaction.
Where it falls short
No account is perfect — consider these drawbacks.
If you can’t waive the monthly fee, you’re charged $4.95 per month. There’s also a $25 opening deposit requirement. Plenty of no-fee checking accounts are available, some of which are interest-bearing or offer cashback rewards.
Additionally, if you make a purchase that brings your account balance below zero, the transaction will be declined. This feature could be frustrating in an emergency. This account also doesn’t come with checkwriting privileges, which may not be too big of a deal to younger account holders, but it’s still worth noting.
BofA Advantage SafeBalance Banking fees and access
| Type of fee | Fee details |
|---|---|
| Monthly service | $4.95 or $0 for eligible account holders |
| Opening deposit | $25 |
| ATMs |
|
| Debit card fees |
|
| Overdraft or nonsufficient funds | No overdraft fees |
| Wire transfers |
|
| Other fees |
|
Compare BofA’s Advantage SafeBalance Banking to other checking accounts
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What is the Finder Score?
The Finder Score crunches over 300 checking accounts from hundreds of financial institutions. It takes into account the product's monthly fees, overdraft fees, opening deposit, customer support options, ATM network and features — this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of checking accounts against what we consider is the best option: no monthly fees, no overdraft fees, a large ATM network of 50,000 or more, additional features outside of typical banking services, and the optional perk of earning interest. Accounts that are nearly free to maintain and use are scored the highest, while accounts with costly fees and few features are scored the lowest.
Customer reviews and ratings
| BBB accredited | Yes |
|---|---|
| BBB rating | A |
| BBB customer reviews | 1.11 out of 5 stars, based on 1171 customer reviews |
| Trustpilot score | 1.3 out of 5 stars, based on 2,287 customer reviews |
| Apple App Store Score | 4.8 out of 5 stars, based on 4,600,000 customer reviews |
| Google Play Score | 4.6 out of 5 stars, based on 1,120,000 customer reviews |
| Customer reviews verified as of | 04 November 2024 |
Frequently asked questions
What’s the difference between Bank of America Advantage Plus and SafeBalance?
The main difference between Bank of America’s Advantage Plus and SafeBalance accounts lies in features and fees. Advantage Plus offers checkwriting and overdraft options, providing more flexibility, though it has a $12 monthly fee if you don’t meet the requirements for a fee waiver.
In contrast, SafeBalance is a checkless account designed to prevent overdrafts, with a lower fixed fee of $4.95 if fee waiver requirements aren’t met, making it ideal for simpler budgeting. It’s also better for younger account holders because if you’re under the age of 25, you automatically waive the $4.95 monthly fee.
Can I open an Advantage SafeBalance Banking account if I’m under 18 years old?
Yes, if you’re 18 or older, you can open a Bank of America Advantage SafeBalance Banking account on your own. For those under 16, the account must be co-owned with a parent or legal guardian. However, if you’re under the age of 13, you’ll need to schedule an appointment at a Bank of America financial center to open it with the adult co-owner.
Checking account ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.
Your reviews
Gabriel Finder
Writer
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