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On This Page
- At a glance
- Overall
- Bank of America bank products
- Bank fees
- Customer experience
- About Bank of America
- How Bank of America compares to other banks
- FAQs
- Review Methodology
At a glance
3.8
Rating: 3.8 stars out of 5
Bankrate Score
CDs
Rating: 4.2 stars out of 5
Checking
Rating: 3.7 stars out of 5
Savings
Rating: 2.7 stars out of 5
About Bankrate Score
Overview
Bank of America could be a good fit for consumers who want access to a local branch, plenty of ATMs and a highly rated app. But, like many big banks, it generally offers low rates of return compared with what other financial institutions are paying out.
Highlights
- Digital Leader
- Large Branch Network
- Highly Rated App
Compare offers
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
Savings Account
4.25
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 4/27/2024
Rating: 4.4 stars out of 5
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$1
Min. balance for APY
Promoted offer:
American Express
Member FDIC
Savings Account Details
4.25
%
APY
$1
Min balance for APY
Offer rate as of4/27/2024
Interest rate4.16%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Member FDIC
Savings Account
5.15
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 4/27/2024
Rating: 5 stars out of 5
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$0
Min. balance for APY
Promoted offer:
EverBank
Member FDIC
Savings Account Details
5.15
%
APY
$0
Min balance for APY
Offer rate as of4/27/2024
Interest rate5.02%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Member FDIC
Savings Account
5.00
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 4/27/2024
Rating: 4.9 stars out of 5
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$100
Min. balance for APY
Promoted offer: Plus, no monthly fees and unlimited free external transfers
LendingClub
Member FDIC
Savings Account Details
5.00
%
APY
$100
Min balance for APY
Offer rate as of4/27/2024
Interest rate5.00%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Plus, no monthly fees and unlimited free external transfers
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
Savings Account
4.4
Rating: 4.4 stars out of 5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Score
4.25
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 4/27/2024
$1
Min. balance for APY
Promoted offer
American Express
Member FDIC
Savings Account Details
4.25
%
APY
$1
Min balance for APY
Offer rate as of4/27/2024
Interest rate4.16%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Member FDIC
Savings Account
5.0
Rating: 5 stars out of 5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Score
5.15
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 4/27/2024
$0
Min. balance for APY
Promoted offer
EverBank
Member FDIC
Savings Account Details
5.15
%
APY
$0
Min balance for APY
Offer rate as of4/27/2024
Interest rate5.02%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Member FDIC
Savings Account
4.9
Rating: 4.9 stars out of 5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Score
5.00
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 4/27/2024
$100
Min. balance for APY
Promoted offer: Plus, no monthly fees and unlimited free external transfers
LendingClub
Member FDIC
Savings Account Details
5.00
%
APY
$100
Min balance for APY
Offer rate as of4/27/2024
Interest rate5.00%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Plus, no monthly fees and unlimited free external transfers
Member FDIC
Savings Account
4.7
Rating: 4.7 stars out of 5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Score
5.10
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 4/27/2024
$0
Min. balance for APY
Promoted offer: 0 Monthly Acct Fees. No Balance Cap to Earn APY.
Texas Capital Bank, NA
Member FDIC
Savings Account Details
5.10
%
APY
$0
Min balance for APY
Offer rate as of4/27/2024
Interest rate4.97%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
0 Monthly Acct Fees. No Balance Cap to Earn APY.
Member FDIC
Savings Account
4.9
Rating: 4.9 stars out of 5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Score
4.35
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 4/27/2024
$0
Min. balance for APY
Promoted offer
Barclays
Member FDIC
Savings Account Details
4.35
%
APY
$0
Min balance for APY
Offer rate as of4/27/2024
Interest rate4.35%
Minimum to avoid fees$0
Monthly fees$0
Check writingYes
Overall
Bank of America is the second-largest financial institution (based on assets) in the country. It’s a digital leader with a global presence and roughly 69 million customers. It offers a wide variety of products for consumers and small businesses.
Pros
The bank is accessible across the country and has about 15,000 ATMs.
It has an award-winning mobile banking app and has invested heavily in digital technology.
Artificial intelligence-driven virtual assistant Erica makes tracking expenses easier.
Bank of America reduced overdraft fees to $10.
While yields are generally low, some of the bank’s certificate of deposit (CD) offerings come with high APYs.
Cons
Fees are avoidable but could easily rack up for customers who can’t meet certain requirements.
Savings and CD yields are generally below the national average.
The number of branches has decreased over the past few years to about 3,800 total.
Bank of America banking products
2.7
Rating: 2.7 stars out of 5
Bankrate Score
Compare top savings rates
FEATURES
0.01% APY
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY as of4/27/2024
$100 minimum deposit to open
Bank of America savings overview
Bank of America’s Advantage Savings has a minimal APY that is lower than the national average. It requires a $100 minimum deposit to open the account, and there is an $8 monthly maintenance fee, which can be avoided by maintaining a $500 minimum balance. You can also link a Bank of America Advantage savings account or become a Bank of America Preferred Rewards client to avoid the monthly service fee. An account owner under 18 years old (or 25 as a student) can also have the fee waived.
The Bank of America Advantage Savings offers tiered APYs — with a tier for under $2,500 and a tier for $2,500 or more. But during Bankrate’s review, both tiers were the same — at 0.01 percent APY.
Bank of America’s Keep the Change program helps to automate your savings by rounding up purchases made with a Bank of America debit card and transferring the difference into your savings account.
Pros
While there is a monthly fee, the fee can be waived in several ways, including by keeping a $500 minimum balance.
Bank of America’s Keep the Change program helps to automate your savings by rounding up your purchase when you use a Bank of America debit card.
The mobile app can be used to deposit checks into your savings account.
Cons
Bank of America’s highest APY on its Advantage Savings account is much less than the national average for savings accounts.
There are savings accounts at FDIC-insured online banks with higher yields that don’t have a monthly service fee.
-
See how rates for this account have changed over time.Interact with the trend lines to view APY by date.
Bank of America
APY
APY
National average APY
How do we get this data?
Bank of America savings rates
Date
Bank of America
APY
APY
National average APY
Compare Offer
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
Savings Account
4.25
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 4/27/2024
Rating: 4.4 stars out of 5
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$1
Min balance for APY
American Express
Member FDIC
Savings Account Details
4.25
%
APY
$1
Min balance for APY
Offer rate as of4/27/2024
Interest rate4.16%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Promoted offer:
4.2
Rating: 4.2 stars out of 5
Bankrate Score
Compare top CD rates
FEATURES
0.03% – 4.00% APY
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY as of4/27/2024
$1,000 minimum deposit to open
1 month – 5 years
Bank of America CD overview
Bank of America offers nearly any CD term you’d ever need since they range from around one month to 10 years. (Available terms may vary by region.) Customers have the choice between a few different types of CDs.
The standard CD has a minimum deposit of $1,000 and the option to choose from multiple terms. The featured CD is available for customers interested in a short-term account and it has a $1,000 minimum opening deposit requirement. Featured CDs come only in five terms, ranging from seven to 37 months. Lastly, Bank of America offers a 12-month flexible CD, which lets you withdraw your money without a penalty so long as you don’t withdraw from the account within the first six days.
APYs on the bank’s regular CDs are below the national average. But a few of Bank of America’s promotional CDs offered competitive yields at the time of this review.
A penalty applies for early withdrawals. For CDs with terms between 12 months and five years, the penalty is 180 days of interest.
Pros
Standard CDs have a $1,000 minimum opening deposit requirement. Some banks have higher deposit requirements for CDs.
Customers can choose from a variety of different terms of CDs.
Some of the terms offer solid APYs.
Cons
Bank of America CDs have a much lower yield than the national average.
There aren’t any special CDs available, such as bump-up or no-penalty CDs.
-
See how rates for this account have changed over time.Select the CD term length from the dropdown and interact with the trend lines to view APY by date.
Bank of America
APY
APY
National average APY
How do we get this data?
Bank of America CD rates
Date
Bank of America
APY
APY
National average APY
Compare Offer
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
CD
4.90
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 4/27/2024
Rating: 4.9 stars out of 5
Bankrate CD rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$500
Min. deposit
1yr
Term
Marcus by Goldman Sachs
Member FDIC
CD Details
4.90
%
APY
$500
Min. deposit
1yr
Term
Offer rate as of4/27/2024
Minimum deposit$500
Promoted offer:
3.7
Rating: 3.7 stars out of 5
Bankrate Score
Compare top checking rates
Bank of America checking overview
You’ll only need $100 to have an Advantage Plus Banking checking account at Bank of America. There’s a $12 maintenance fee unless you keep at least $1,500 in your account. Other ways to waive the monthly fee include having at least one qualifying direct deposit of $250 or more each statement cycle or enrolling in Preferred Rewards.
Bank of America Advantage Relationship Banking offers an interest-bearing checking account with a $100 minimum opening deposit. The $25 monthly maintenance fee is waived for those with a combined balance of $20,000 across eligible linked accounts or Preferred Rewards customers.
Pros
Opening deposits for checking accounts are reasonable.
Checking customers can use the mobile app's virtual banking assistant, Erica.
An overdraft protection option called Balance Connect is available with no fees.
Cons
Advantage Plus Banking doesn’t earn interest.
The out-of-network ATM fee is $2.50, which is higher than the average.
There are no checking account options that don't have a monthly service fee.
Compare Offer
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
Checking Account
0.50
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 4/27/2024
Rating: 4.9 stars out of 5
Bankrate Checking rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$0
To open
$0
To avoid fees
SoFi
Member FDIC
Checking Account Details
0.50
%
APY
$0
To open
$0
To avoid fees
Offer rate as of4/27/2024
Minimum to avoid fees$0
Monthly fees$0
Overdraft/NSF fees$0
Out of network ATM fee$0
Has online accessYes
Compare more:Bankrate's best CD rates
Bank fees
| Fees | Charged? |
|---|---|
| Overdraft fee | $10 |
| Non-sufficient funds fee | N/A |
| Account maintenance fees | Fees range from $4.95 to $25 |
| Out-of-network ATM fee | $2.50 (domestic), $5.00 (international) |
| Excessive transaction fee | None |
Find out:Tips to avoid common bank fees
Customer experience
Customer support
Customer service. You can reach customer service members from 8 a.m. to 9 p.m. ET on weekdays. Saturday hours are 8 a.m. to 8 p.m. ET, while on Sunday the phone hours are 8 a.m. to 5 p.m. ET. “I’ve contacted Bank of America’s customer support by phone a few times, and they’ve always been very friendly and helpful,” said a Bankrate staff member who uses Bank of America personally. “For instance, when I called with some questions about a Bank of America credit card, the representative talked about which cards he personally likes the best and why. I appreciated this insight.”
Physical Presence. Bank of America offers access to around 3,800 branches across 38 states and about 15,000 ATMs nationwide.
Mixed customer satisfaction. Bank of America customer satisfaction varies with region, according to J.D. Power’s 2023 U.S. Retail Banking Satisfaction Study. For example, while Bank of America tied for first place for overall satisfaction in the South Central Region, it ranked almost last in the Northwest.
Digital experience
Highly rated mobile app. Bank of America’s mobile app receives high marks on both the Apple App and Google Play stores. The app has been reviewed by more than five million users across both platforms. Customers have access to Zelle, a person-to-person payment platform that lets you send and receive money directly from family and friends.
Digital assistant. Bank of America’s mobile app experience includes a few extra touches when compared to rivals. On the app, you can customize your dashboard as well as get insight and guidance from Erica, the bank’s virtual assistant. It can send you periodic spending updates and send reminders when bill payments are scheduled to be made, according to a Bankrate staff member with an account. Erica surpassed a billion user interactions in October 2022.
Complaints
CFPB enforcement action. In July 2023, the Consumer Financial Protection Bureau (CFPB) found that Bank of America had charged duplicative non-sufficient fees arising from the same transaction. From September 2018 until February 2022, Bank of America “generated substantial additional revenue by illegally charging multiple $25 fees,” the CFPB said. Bank of America was ordered to pay more than $100 million in remediation and $150 million in penalties to the CFPB and the Office of the Comptroller of the Currency.
Bankrate staff insights
“The app lets you set up savings goals for which you can name the goal and a target date,” said a Bankrate staff member with an account. “It shows you a breakdown of your spending, which can help pinpoint areas where you might be overspending, and you can also view your credit score. But the savings account rate is very low. I opted not to open a savings account there since I could find much better rates elsewhere.”
About Bank of America
One of the largest banks in the country, Bank of America began as Bank of Italy in San Francisco in 1904. It changed its name to Bank of America in 1930 following its expansion into a branching system. It is now headquartered in Charlotte, North Carolina.
Today, the bank is known for its large branch presence across the U.S. as well as its technological advancement. While it offers many unique digital tools, including the virtual assistant Erica, Bank of America’s savings yields remain some of the lowest.
Learn more:Bank of America CD rates
How Bank of America compares to other banks
Bank of America vs. Wells Fargo
Wells Fargo offers customers around 740 more branches than Bank of America, as of June 30, 2023. Wells Fargo has locations in around 39 states while Bank of America has locations in around 38 states. Both banks also have locations in Washington, D.C.
The Wells Fargo Platinum Savings account offers the option of writing checks. Bank of America didn’t offer a money market account or a savings account with check-writing privileges during Bankrate’s review.
Learn more:The best banks of 2024
Bank of America FAQs
Review methodology
With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
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