Bank of America Review: Online and In-Person Convenience
- Large variety of accounts and services
- Highly rated mobile app
- Wide network of branches and ATMs
- High fees for low-value accounts
- High overdraft fees or fees for non-Bank of America ATMs
- Low rates on CD accounts
Bank of America Overview
Headquartered in Charlotte, North Carolina, Bank of America casts a very wide net, with roughly 4,100 retail financial centers around the world and about 16,000 ATMs. It also offers extensive digital banking options that serve around 41 million active users, including 32 million mobile users.
If you’re ever in need of a teller or an in-branch representative, you probably won’t have to look too far to find a Bank of America branch. GOBankingRates has not only ranked Bank of America, Member FDIC, as one of the Top Banks of 2023, but has also included it among the Best Checking Accounts and Best Savings Accounts of 2023.
Bank of America Checking Account
GOBankingRates has ranked the Advantage Banking checking account as one of the Best Checking Accounts of 2023. Though Bank of America technically only offers this account for checking it comes in three different levels.
- Bank of America Advantage SafeBalance Banking®
- Bank of America Advantage Plus Banking®
- Bank of America Advantage Relationship Banking®
Only Advantage Relationship Banking checking accounts pay interest and the annual percentage yield depends on the size of your account. All Advantage Banking checking accounts have monthly maintenance fees, although these can be waived. Fees range from $4.95 for the Advantage SafeBalance account to $12 for Advantage Plus and $25 for Advantage Relationship Banking.
On the downside, Bank of America charges a pretty high overdraft fee of $35 as well as fees of $5 or more for using non-Bank of America ATMs.
Bank of America Savings Account
Bank of America offers a single primary savings account, the Advantage Savings account, which GOBankingRates has ranked one of the Best Savings Accounts in the Best Bank rankings of 2023. It also has two additional savings account options for children. To avoid the $8 monthly fee with the Advantage Savings account you must do the following:
- Maintain a minimum daily balance of at least $500
- Link your account to an Advantage Relationship checking account
- Become a Bank of America Preferred Rewards client
The fee is also waived for account holders under 18 years old. The required opening balance for the Advantage Savings account is $100. Annual percentage yields vary based on the type of relationship you have with Bank of America.
Bank of America CD Accounts
Bank of America has two main types of CDs.
- Standard Term
It also offers a line of IRA CDs. Standard Term CDs have a $1,000 minimum opening deposit, while Featured CDs have a $10,000 minimum.
All CDs come with no monthly service charge and are protected by the Federal Deposit Insurance Corp. Unless specifically stated otherwise, all Bank of America CDs automatically renew. The APY on Standard Term CDs is and the APY on Featured CDs starts at , so you don’t get nearly as much bang for your buck as you would at other banks. But Bank of America does have a wider range of terms than many other banks.
Bank of America 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’s Preferred Rewards program offers perks like loan rate discounts and ATM fee rebates. Customers who enroll in Preferred Rewards can also avoid monthly account maintenance fees on checking and savings accounts.
Bank of America Mobile App
Bank of America offers mobile apps for nearly any type of platform, from Apple and Android to Windows 10. You can use the app to log in to your account, deposit checks, set up alerts, send money and check your accounts. It has a 4.8-star rating on the App Store and a 4.6-star rating on Google Play.
Bank of America boasts about 4,200 branch locations and 17,000 ATMs around the world, with services in more than 30 countries, making it one of the most wide-reaching companies in the banking industry. With 24-hour customer service and a massive branch network, you’ll find no shortage of ways to access accounts and services at Bank of America.
Bank of America vs. Competitors
Here’s a look at how Bank of America and its competitors compare.
Bank of America vs. Chase
Bank of America has slightly higher APYs available on its savings accounts, giving it the edge in that regard. But Chase has the advantage in the number of branch locations, with more than 4,700.
Bank of America vs. Wells Fargo
Bank of America pays a slightly higher APY on its savings accounts than Wells Fargo, and also offers a robust rewards program. Wells Fargo gets the nod in terms of the number of investment, retirement and wealth management products and services it offers.
Bank of America vs. Citi®
Citi has the biggest fee-free ATM network among any major U.S. bank, at more than 70,000. It also has a big edge with its high-yielding savings account, which offers an APY of for its Citi Accelerate Savings Account. If you desire in-branch services, however, Citi’s branch network is pretty sparse compared with Bank of America’s.
For anyone in search of a financial institution that provides banking and loans such as car loans and mortgages, Bank of America is a good option. It is typically best for someone just getting started and in need of basic checking, or someone with a high net worth who would like to integrate banking with wealth management. Its network of branches nationwide and robust digital presence covers the needs of nearly any type of customer. Best of all, the bank rewards customers by providing relationship rates when multiple products are selected.
Bank of America FAQHere are the answers to some commonly asked questions about Bank of America.
- Is Bank of America a good bank?
- Bank of America is ranked as one of the Top Banks for 2023 by GOBankingRates which includes being ranked for Best Checking Accounts and Best Savings Accounts for 2023.
- What are the cons of Bank of America?
- Bank of America has high fees for using non-Bank of America ATMs, as well as high overdraft fees. There are also monthly fees if you do not maintain a certain minimum in your account, and relatively low interest rates.
- Which is better: Bank of America or Chase?
- Bank of America has slightly higher APYs available on its savings accounts, giving it the edge in that regard. But Chase has the advantage in the number of branch locations, with more than 4,700. Do your research to make sure the bank you choose fits all your banking needs.
Caitlyn Moorhead contributed to the reporting for this article.
To discover the Top Banks, GOBankingRates looked at the top national institutions (excluding credit unions) with over $100 billion in total assets. To determine rankings, GOBankingRates looked at the following factors: (1) checking product minimum deposit; (2) monthly checking fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (3) savings product minimum deposit; (4) savings product APY; (5) Bauer rating (out of 5 stars); (6) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (7) the average mobile app rating between the Android and Apple app stores. All factors were then scored and combined, with the lowest score being best. Factors (1) and (3) were weighted 0.5 times, factor (4) was weighted 2.5 times, and factor (6) was weighted 1.5 times.
To determine rankings for the Best Savings Accounts, GOBankingRates looked at the following factors from all banks (excluding online, neobanks and credit unions): (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) monthly savings fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (5) minimum balance needed in account to earn APY; (6) savings APY; and (7) the average mobile app rating between the Android and Apple app stores. All factors were then scored and combined, with the lowest score being best. Factors (1) and (2) were weighted 0.5 times, factor (4) was weighed 1.5 times and factor (6) was weighted 3 times.
To determine rankings for the Best Checking Accounts, GOBankingRates looked at the following factors from all banks (excluding credit unions): (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) monthly checking fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (5) APY on the checking account; (6) overdraft fee amount; and (7) the average mobile app rating between the Android and Apple app stores. All factors were then scored and combined, with the lowest score being best. Factors (1), (2 and (5) were weighted 0.5 times, and factor (4) was weighted 1.5 times.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of January 2023.
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.