How Much Does It Cost To Open a Checking Account at Bank of America?

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Bank of America, Member FDIC, is the second-largest commercial U.S. bank, with over 3,800 branches. It provides a full range of consumer banking products, including three checking account options, but you might assume a large bank may charge more than you’ll want to pay for its services. 

So how much does it cost to open a checking account at Bank of America, and what is the monthly fee? The following is an overview of minimum opening deposit requirements and how to avoid Bank of America’s monthly fees.

How Much Does It Cost To Open a Checking Account at Bank of America?

There is no charge to open a Bank of America checking account, but you will need a minimum opening deposit of $25 or $100, depending on which account you choose. This table provides the minimum required to open each account type and the monthly fee you’ll pay if you don’t meet the minimum account requirements:

Account Minimum Opening Deposit Monthly Fee
Bank of America Advantage Plus Banking® $100.00 $12.00
Bank of America Advantage SafeBalance Banking® $25.00 $4.95
Bank of America Advantage Relationship Banking® $100.00 $25.00

How Can You Avoid a Bank of America Checking Account Monthly Fee?

Each of Bank of America’s checking accounts has specific minimum account requirements for avoiding the monthly fee.

  • Advantage Plus: Maintain a minimum daily balance of of $1,500 or receive a qualifying direct deposit of at least $250 during the statement cycle.
  • Advantage SafeBalance: Account holder must be under age 25.
  • Advantage Relationship: Maintain a minimum combined balance of $20,000 or more each statement cycle across eligible Bank of America accounts.

You can also avoid the monthly fee for any Advantage checking account by enrolling in the Preferred Rewards program, although the eligibility requirements may be steep for some. To be eligible for the lowest reward tier, you must maintain a three-month combined average daily balance of $20,000 or more across all your Bank of America accounts.

Upgrade Your Checking Account

How Can You Avoid Bank of America Overdraft Fees?

Bank of America’s overdraft fee is only $10 — but it can charge you two overdraft fees per day. The SafeBalance account doesn’t charge overdraft fees, because it doesn’t allow you to overdraw your account.

Advantage Plus and Advantage Relationship accountholders can enroll in Balance Connect to avoid overdraft fees. This will link another account to your checking account and cover any overdrafts with funds from the linked account.

What Do You Need To Open an Account at Bank of America?

To open a Bank of America account, whether at a local branch or online, have the following information handy for yourself — and your co-applicant if opening a joint account.

  • Social Security number
  • Address
  • Email address
  • The account or debit card number you’ll use for the initial deposit


Before opening a Bank of America checking account, consider the minimum account requirements and monthly fees. If you don’t think you’ll meet minimum requirements most months, you can find many checking account options without requirements or monthly fees.

Also, carefully consider additional account fees. Overdraft, out-of-network ATM transaction and other fees could make some checking options expensive, depending on your banking needs and habits, even if you can avoid a monthly maintenance fee.


  • Is it free to open a Bank of America account?
    • There is no fee to open the account itself, but you will need to have enough money to cover the minimum opening deposit, which is $25 or $100, depending on the checking account.
  • How do I avoid the $12 monthly fee at Bank of America?
    • To avoid having to pay the $12 monthly fee for the Advantage Plus checking account, you'll need to maintain a minimum daily balance of at least $1,500 or receive a qualifying direct deposit of at least $250 during the statement cycle.
  • Can I open a checking account with no money?
    • Yes, you can open a checking account with no money at many banks, including Capital One, Axos Bank and Varo.
Upgrade Your Checking Account

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