Compare Bank of America products: Savings, Checking, and CDs

Bank of America is financially stable, has a vast network and offers a variety of saving and checking account options. But its APYs aren’t the highest, and you have to be careful to avoid monthly maintenance and other fees.

What banking products does Bank of America offer?

Bank of America offers plenty of financial products to meet a wide span of customers’ needs.

Checking accounts

Choose from accounts that keep you from overdrafting your account or go with an interest-bearing option, whichever suits you best.

• Bank of America Advantage SafeBalance Banking®. A checking account that’s designed to prevent overspending by rejecting your card if your balance is low. It costs $4.95 per month which can be waived if you maintain a minimum daily balance of $500, are under the age 25, or are a member of the BofA Preferred Rewards program..
• Bank of America Advantage Plus Banking®. This mid-range account gives you access to Balance Connect, BofA’s optional overdraft protection service, which costs $12 per use. This account also lets you avoid the $12 monthly fee by scheduling a direct deposit of $250 or more, keeping a $1,500 minimum daily balance or enrolling in Preferred Rewards.
• Bank of America Advantage Relationship Banking®. A checking account that earns interest. The $25 monthly fee is waived if you keep a balance of $20,000 or more in linked accounts or are enrolled in Preferred Rewards.

Savings accounts

Bank of America’s main savings account offers tiered interest rates, or you can choose one of its CDs or kids accounts.

• Bank of America Advantage Savings. The more you save, the higher your APY. Plus, you’ll qualify for BankAmeriDeals and Keep the Change.
• Bank of America Minor Savings Account. Meant for kids, but parents have joint ownership. No fee until the child is 18 and requires a minimum opening deposit of $25.
• Bank of America Custodial Savings. Also for kids, but parents are custodians and there’s a minimum opening deposit of $100. The $8 monthly fee can be waived with a minimum daily balance of $500.
• Bank of America Minor Savings Account. Requires an initial deposit of $1,000, but rates are guaranteed and it offers term lengths of 13, 25 or 37 months.
• Bank of America Standard Term CD account. Open with at least $1,000 and choose a term length from between 28 days to 10 years. Rates vary by term.

Business accounts

These business accounts welcome small business owners and reward businesses with a healthy flow of revenue and transactions by waiving the monthly fee.

• Bank of America Business Fundamentals Checking. Meant for business owners, the $15 monthly fee is waived if you spend $250 on new purchases, maintain an average monthly balance of $5,000 or a minimum daily balance of $3,000, or enroll in the Business Advantage Relationship program.
• Bank of America Business Advantage Checking. There’s a monthly maintenance of $29.95, but you can waive it with a $2,500 debit card purchase, average monthly balance greater than $15,000 or enrollment in the Business Advantage Relationship Program.

Special programs

Extra benefits you can tap into as a Bank of America account holder include:

• Bank of America Keep the Change Savings Program. Bank of America rounds up to the nearest dollar amount on every purchase you make with a debit card and transfers the difference into your savings account.
• Bank of America Preferred Rewards. Earn benefits to help your banking and investment accounts grow. You’ll need $20,000 to qualify.
• BankAmeriDeals. Earn cash back on eligible purchases when you have a Bank of America credit or debit card.
• Bank of America’s Life Plan. This new digital tool uses user data to create and track personalized financial goals.

Other products

You can cover most of your financing and wealth-building needs in one place with this bank.

• Credit cards. Choose from eight different standard credit cards and more than a dozen cobranded credit card options, each with their own perks and rewards.
• Home loans. Take out a mortgage or home equity loan, or refinance your house.
• Auto loans. Get coverage on your vehicle with quick approval.
• Investing. Prepare for retirement, college or other investment goals with its Merrill Edge account.

Compare Bank of America’s student banking options

Pros and cons of Bank of America financial products

Bank of America has been on the Fortune 500 list for over 25 years, proving its stability as a major industry player. Its product offerings are similar to direct competitors.

However, Bank of America’s customer service isn’t available 24/7 as with Wells Fargo or Chase. Chase also provides top-notch credit card choices, especially if you’re looking for travel perks. Or you may like using TD Bank because it keeps fees to a minimum and offers 24/7 customer support.

Checking accounts

Bank of America gvies you several checking account options with overdraft protection, but you have to work to avoid maintenance fees.

Pros

• Overdraft protection. If you activate BofA’s Balance Connect overdraft protection service, you’ll pay $12 (instead of $35) if you overdraw your account.
• Budgeting tools. Get access to budgeting tools that help you take control of your money when you open a BofA checking account.

Cons

• Account fees. All checking accounts require account holders to meet certain requirements, like a minimum account balance, to waive the monthly fees.
• Overdraft fee. If you don’t have a linked BofA account and you overdraw on your account, you’ll pay a $35 fee each time, up to four times daily. This is true unless you have a Bank of America Advantage SafeBalance account, which declines overdrafts.

Savings accounts

You’ll get the most out of your savings account if you qualify for the Preferred Rewards program, but don’t expect high-yielding interest rates.

Pros

• Tiered APYs. You’ll earn a higher interest rate as your account balance grows.
• Automatic savings.Bank of America Keep the Change Savings helps you build savings without thinking about it, rounding every purchase you make up to the nearest dollar to deposit directly into your account.
• Preferred rewards program. You may qualify for higher APYs, free ATM transactions and other rewards when you’re a Preferred Rewards customer.

Cons

• Low interest rates. Compared with Goldman Sachs’ Marcus Savings account or Ally’s Savings account, the APYs on Bank of America’s savings accounts are unimpressive to say the least.
• Opening deposit requirements. You’ll need at least $100 to open most savings accounts.
• Excessive transaction fee. You’ll pay $10 each time you make more than six outgoing transactions a month.

CDs

You get the flexibility of varying timelines for keeping your money in the CD account, but it requires a higher opening deposit than other banks.

Pros

• Wide range of term lengths. Bank of America CD terms range from 28 days to 10 years, so you’re bound to find a term that’s right for you.
• Two types of CDs. Open a standard CD with as little as $1,000. Or, lock in a higher rate with a featured CD when you deposit at least $1,000.
• Partial withdrawals. Unlike other banks, BofA doesn’t force you to withdraw your total balance if you need to access your CD early.

Cons

• High minimum deposits. You’ll need $1,000 to open a standard CD and $1,000 to open a Featured CD, which is higher than the competition.
• Low APYs. BofA offers some of the lowest CD rates we’ve ever seen. Standard CD rates range from 4% to 0.03% depending on the term length and Featured CD rates are 4.05% APY.
• Early withdrawal fees. Like other CDs at other banks, you’ll pay an early withdrawal penalty if you access your money before it matures.

Overall banking

You can cover most of your financial needs with Bank of America’s breadth of products. You’ll also have banking access all across the US if you move or travel. But if you’re looking for simplistic, fee-free accounts and high interest earnings, you may want to compare other banks.

Compare Bank of America banking products

See how Bank of America’s many banking products stack up against each other.

Bank of America reviews and complaints

It has an A+ rating from the Better Business Bureau (BBB) and has been accredited since 1949, but customer reviews average out to one star. Most of the complaints are about muddled customer service experiences or unexpected fees, likewise on the CFPB more info button complaint database.

The FFIEC more info button has given Bank of America’s branch locations either an “Outstanding” or “Satisfactory” rating, and it’s financially backed by the FDIC. In 2019, it received awards for “Outstanding Customer Service” by J.D. Power, and also got ranked highest in customer satisfaction for retail banking advice by the same research company.

Bank of America customer service

Get support from Bank of America’s customer service on weekdays from 8 a.m. to 11 p.m. EST or weekends from 8 a.m. to 8 p.m. EST.

• Phone: Call 800-432-1000. Spanish speakers can call 800-688-6086.
• Account messaging: Log into your account to send a note securely online or through the app.
• Branch: Get face-to-face service at one of its 4,475 branch locations.
• Mail: If regular mail is more your thing, send a letter to:
  Bank of America
  PO Box 25118
  Tampa, FL 33622–5118

Bottom line

If you’re looking for close proximity to a branch along with in-person banking all across the US, Bank of America may appeal to you. This bank also serves as a one-stop shop for nearly all of your banking, lending and investing needs. But if you’re trying to open an account with few fees or high-yielding interest rates, compare other bank accounts like online-only options.