Bank of America Review: One-Stop, Full-Service Relationship Banking
Written by
Rudri Patel
Edited by
Melanie Grafil
Commitment to Our Readers
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Earn $300 if you open a new Bank of America personal checking account and have qualifying direct deposits of at least $2,000 in the first 90 days
If you like to do all of your banking through one financial institution, Bank of America has you covered with its deposit accounts, loans, credit cards and investment services. And you probably won’t have to look too far if you need a Bank of America teller or in-branch representative.
Bank of America, Member FDIC, offers everything from checking and savings accounts to a full roster of investment and loan options, including credit cards. Customers who utilize its many services may be eligible for significant perks through the Bank of America Preferred Rewards program. It’s best for those looking for one financial institution to accommodate most or all of their banking and investing needs.
GOBankingRates has ranked it among the Best Banks of 2025 in two categories, including Best National Banks and Best Premium Checking Accounts.
Bank of America Checking Accounts
Bank of America offers three tiers of its Advantage Banking account, each with different balance requirements and fees. However, Advantage Banking may best suit those with a significant checking account balance or first-time checking account holders.
- Bank of America Advantage SafeBalance Banking® offers no paper checks and declines transactions that exceed the available balance. The monthly maintenance fee is $4.95, but it can be waived.
- With Bank of America Advantage Plus Banking® you can write checks and access overdraft protection, and a $12 monthly maintenance fee can be waived.Â
- Bank of America Advantage Relationship Banking® earns interest on balances. Select banking services have no fees, and a monthly maintenance fee of $25 can be waived.Â
- Extensive ATM network
Best For
National Banks
Premium Checking Accounts
Branch Locations
Mobile App
Loan Options
An Award-Winning Checking Account Option
A rock-solid checking account option for savers looking for a good all-around banking option.
Fees
$4.95 waivable monthly maintenance fee for Advantage Safe Banking accounts, $12 waivable monthly maintenance fee for Advantage Plus Banking accounts, $25 waivable monthly maintenance fee for Advantage Relationship Banking accounts
APY
to
Min Opening
$25 to $100
Pros
- Advantage Relationship Banking allows you to earn interest
- Low minimum opening depositÂ
- Automatic membership to the Preferred Rewards Program
Cons
- Monthly maintenance fees
- Overdraft fees
- Non-Bank of America fees will add up if you frequently use out-of-network ATMs
Why We Like Bank of America
Bank of America has an extensive network of branches and ATMs, diverse product offerings, and was voted a winner for the 2025 GOBankingRates Best National Bank and Best Premium Checking Account categories.
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Bank of America Savings Accounts
Bank of America offers a single primary savings account, their Advantage Savings account. It’s not a high-yield account; the annual percentage yield ranges from to based on your Bank of America banking relationship. However, Preferred Rewards members receive an interest rate booster of 5% to 20%, depending on the rewards tier.
- Minimum deposit of $100
- New accounts have fees waived for the first six months
- Multiple ways to waive the fee after the first six months
- FDIC insured
Best For
National Banks
Premium Checking Accounts
Branch Locations
Mobile App
Loan Options
Solid Savings Account Option for Customers
A reliable, no-frills savings account option that covers the basics without doing anything special.
Fees
$8 waivable monthly maintenance fee per statement cycle
APY
to for most accounts, 5% to 20% booster for Preferred Rewards members
Min Opening
$100
Pros
- Fees waived in the first six monthsÂ
- An initial deposit of $100
- Preferred Rewards Members may receive a higher interest rate
Cons
- Low APY
- Interest compounded monthly
- It may seem like a high minimum deposit for some
Why We Like Bank of America
Although Bank of America offers a savings account option, you will likely find other choices with higher APYs.
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Bank of America CD Accounts
Bank of America offers Featured, Fixed Term, and Flexible CDs. Depending on the type of CD, term, and balance, APYs range from to , comparable to the APYs of many other banks.
- Can be opened with a $1,000 minimum deposit
- Terms from 28 days to 10 yearsÂ
- FDIC insuredÂ
- Can be opened in-person and online
Best For
National Banks
Premium Checking Accounts
Branch Locations
Mobile App
Loan Options
Multiple, Low-Risk CD Options for Customers
Bank of America offers a variety of CD options, but customers will need to look elsewhere for high APY options.
Fees
Early withdrawal fees apply
APY
to
Min Opening
$1,000
Pros
- Variety of lengths of CDs
- No-penalty CD options
- Early withdrawal penalty waived on Flexible CDs
Cons
- High minimum deposit
- Low APYsÂ
- Rates vary from location to location
Why We Like Bank of America
Bank of America offers several CD options, but competitors offer higher APYs.
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Banking Experience
Because of its breadth of products and services and thousands of locations, Bank of America can likely meet your every financial need, making it a convenient, one-stop shop for all of your financial accounts. Bank of America also has an award-winning digital banking platform and a highly rated mobile app. It’s the No. 22 finance app on Apple’s App Store with a 4.8 out of 5-star rating. On Google Play, it has a 4.6-star rating and more than 10 million downloads.
You can contact a Bank of America representative by phone, chat, or email if you require customer service. However, if you prefer in-person customer service, you can also schedule an appointment to visit one of its branch locations. This allows you to get help when and how it’s most convenient.
How Does Bank of America Compare?
Here’s a look at a few Bank of America competitors that also ranked in GOBankingRates’ Best National Banks of 2024.
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$4.95 waivable monthly maintenance fee for Advantage Safe Banking accounts, $12 waivable monthly maintenance fee for Advantage Plus Banking accounts, $25 waivable monthly maintenance fee for Advantage Relationship Banking accounts
No monthly service fee
$35 waivable monthly service fee
APY
APY
APY
to
N/A
Min Opening
Min Opening
Min Opening
$25 to $100
$0
$25
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$8 waivable monthly maintenance fee per statement cycle
See Citi’s website for details on monthly fees.
Up to $12 monthly service fee – can be waived
APY
APY
APY
to for most accounts, 5% to 20% booster for Preferred Rewards members
Up to
Up to for Platinum Savings accounts
Min Opening
Min Opening
Min Opening
$100
$0
$25
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
Early withdrawal fees apply
No monthly service fee
Early withdrawal penalty may apply
APY
APY
APY
to
Up to
Up to
Min Opening
Min Opening
Min Opening
$1,000
$500
$2,500 to $5,000
Capital One
Like Bank of America, Capital One provides deposit accounts and credit cards, but loan options are limited to auto loans. Capital One has high-yield APYs on 360 Performance Savings and 360 CDs. You can open any deposit account without worrying about minimum account requirements or monthly maintenance fees.
Citi®
Citi offers a full suite of banking and investing services and products, making it another good option for anyone seeking a single financial institution that can meet almost any banking need. Like Bank of America, Citi provides member benefits like higher APYs and loan APR discounts to those who qualify for a Citi relationship tier.
Wells Fargo
Wells Fargo offers comprehensive bank coverage similar to Bank of America. Bank of America provides a broader network of ATMs with 16,000 ATMs, while Wells Fargo has 12,000 ATMS. However, Wells Fargo has more branches than Bank of America. Wells Fargo offers a $525 signing bonus for those customers who open savings accounts provided they meet qualification requirements.
Final TakeÂ
Bank of America is a good option for anyone needing a financial institution that provides banking products, loans, and credit cards. It’s typically best for someone opening their first basic checking account or with a high net worth who would like to integrate banking with wealth management. Its large branch network and robust digital presence cover the needs of nearly any type of customer. Best of all, the bank rewards customers with relationship rates for using multiple Bank of America products.
Bank of America FAQ
Bank of America is a household name in banking, boasting a wide range of financial products and services. But with so much on offer, is Bank of America the right fit for you? Explore our Bank of America FAQ to see if their accounts, rates, and features align with your financial goals.- Is Bank of America a good bank?
- Bank of America is a good banking option if you want access to a full suite of banking and investment products and services from one financial institution. GOBankingRates ranked it one of the Best National Banks for 2024. Also, Bank of America funds are FDIC-insured.
- What are the fees for Bank of America?
- Bank of America charges fees on its checking accounts, but many of these charges can be waived if you meet specific requirements. Advantage Safe Balance checking account has a monthly maintenance fee of $4.95 but can be waived if you’re under 18, qualify as a student under 25, maintain a minimum daily balance of $500, or if you’re enrolled in Preferred Rewards. Advantage Plus Banking and Relationship Banking also has a $12 monthly fee but can waived if you meet specific criteria. The overdraft item fee is $10, and non-Bank of America ATMs charge $2.50 per transaction.
- How to avoid the $12 fee from Bank of America?
- You can avoid the $12 fee on the Advantage Plus Banking check account if you make at least one qualifying direct deposit of $250, maintain a minimum daily balance of $1,500 or are a student under 24.
- What products does Bank of America offer?
- Bank of America offers checking, savings, and money market accounts. They also offer CDs, credit cards, auto and home loans, and investment options.
- What is the Zelle transfer limit for Bank of America?
- You can receive unlimited amounts using Zelle, but you can also send only limited amounts. In 24 hours you send up to $3,500 or 10 total payments. In seven days, you can send $10,000 or a total of 30 payments. In 30 days, you can send $20,000 or a total of 60 payments.
Andrea Norris, Cynthia Bowman and Caitlyn Moorhead contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 20, 2024.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
To determine rankings GOBankingRates looked at the following factors from all banks: (1) minimum deposit to open an account; (2) monthly savings fee ratio (percent the minimum to avoid fee compared to the monthly fee itself); (3) minimum needed to earn APY; (4) savings APY; and (5) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (2) and (3) weighed 1.5 times, factor (4) weighed 4 times; and factor (5) weighed 0.5 times. To be considered for the HYSA, the product offered had to have an APY above 0.45%. All products and offerings had to be available as of Nov. 1, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 20, 2024.
To discover the Best National Banks of 2025, GOBankingRates analyzed the top national institutions, (excluding online banks and neobanks) that have branches in at least 25 states and have over $400 billion in total assets, or both. GOBankingRates considered the following factors (1) total assets as sourced from the FDIC; (2) checking product minimum deposit; (3) monthly checking fee ratio (percentage of the minimum to avoid fees compared to the monthly fee itself); (4) savings product minimum deposit; (5) savings product APY; (6) Bauer rating (out of 5 stars); (7) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (8) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (1), (2) and (4) were weighed 0.5 times, factor (5) was weighed 2.5 times; and factor (7) was weighed 1.5 times. All products and offerings had to be available as of Nov. 1, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 20, 2024.
To determine the Best Premium Checking Accounts of 2025, GOBankingRates looked at the following factors from the most premier or costly checking product from the top 25 banks (in terms of total assets): (1) total assets as sourced from the FDIC; (2) minimum deposit to open an account; (3) monthly checking fee ratio (percentage of the minimum to avoid fees compared to the monthly fee itself); (4) APY on the checking account; and (6) associated and advertised benefits or perks from these premium products. All factors were then scored and combined, with the lowest score being the best. Factor (1) and (2) were weighed 0.5 times, and factor (6) was weighed 3 times. All products and offerings had to be available as of Nov. 1, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 20, 2024.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
