Bank of America Review (April 2024)

As the second largest bank in the country by assets, Bank of America serves roughly 69 million customers and has thousands of branches and ATMs across 38 states and Washington, D.C.

Along with its extensive branch network, the bank provides a solid mobile app and online platform, giving customers access to some of the best online and in-person banking features. In this review, we look at Bank of America’s checking and savings accounts, certificates of deposit (CDs) and overall customer experience. We also examine how it compares to some of the other big banks in the U.S.

Based on our research on more than 100 traditional and online banks and credit unions, we give Bank of America 4 out of 5 stars overall. The bank largely stands out because of its long-standing reputation and the accessibility of its branch locations and ATMs in much of the country.

However, Bank of America receives lower ratings for its savings accounts and CDs because most options have low annual percentage yields (APYs). Its savings account earns as little as 0.01% APY, which is among the lowest rates in the industry. And its CD rates for longer terms, while typical of many large financial institutions, are often lower than what competitors such as Synchrony Bank, Ally Bank and USAA Bank offer.

Flip Card Bank of America

Bank of America Rating 4.0 / out of 5 stars

Rating breakdown

Banking Experience and Access Bank of America received an A- rating from the BBB and has over 15,000 ATMs nationwide. 4.5 / 5

Checking Bank of America offers Advantage SafeBalance Banking, Advantage Plus Banking and Advantage Relationship Banking for checking accounts. 4.4 / 5

Savings Bank of America savings accounts have a relatively low minimum deposit of $100. 3.5 / 5

Certificate of Deposits (CDs) A Bank of America CD will have an early withdrawal penalty, but the bank offers competitive rates on short-term options. 3.8 / 5

Bank of America is headquartered in Charlotte, N.C., and has banking history that dates back 240 years. It operates across much of the U.S. and its territories and offers financial services in more than 35 countries. As with most major banks, all deposits in Bank of America CD, checking and savings accounts are insured up to $250,000 per depositor through the Federal Deposit Insurance Corp. (FDIC).

Bank of America offers checking and savings accounts and CDs, but not money market accounts. It also offers these financial products:

• Home loans
• Auto loans
• Retirement accounts
• Brokerage accounts
• Credit cards

Bank of America CDs

3.8

Bank of America CD Overview

Bank of America offers three types of CDs: featured, fixed term and flexible. Based on the bank’s offerings, rates and terms, we give its CDs a rating of 3.8 stars. This skews higher than our CD ratings for other large banks, mainly due to the competitive APYs offered for select term lengths with Bank of America’s featured CDs.

While some of the bank’s featured CD rates beat national averages for similar term lengths, there are higher rates available with other financial institutions.

All Bank of America CD accounts have early withdrawal penalties:

• Featured and fixed-term CDs: Penalties apply to any withdrawal outside of the grace period. The grace period begins on the maturity date and is one calendar day for CD terms of up to 27 days and seven calendar days for CD terms of 28 days or more. The penalty is deducted from the accrued interest first, and if there’s not enough interest to cover it, the rest comes from the principal.
• Flexible CDs: The early withdrawal penalty only applies in the first six days after the term begins or the first six days after a partial withdrawal.

Pros and Cons

Pros Offers CD terms ranging from 28 days to 10 years Competitive yields on some short-term CDs Cons Early withdrawal penalties Competitive yields on some short-term CDs

Bank of America CD Options

Bank of America Featured CD

The bank’s featured CD account has a fixed interest rate and a minimum deposit of $1,000. There are no annual fees or transfer fees.

Bank of America Fixed-Term CD

The fixed-term CD from Bank of America offers terms in one-month increments from one month to 10 years. This account is best for short-term savings, as the CDs with the highest rates are the three-, four- and five-month terms at 4.00% for deposits under $10,000. Otherwise, most terms have APYs of 0.03%.

Like the featured CD, this account requires a $1,000 minimum deposit and doesn’t have transfer or annual fees.

Bank of America Flexible CD

With this account, you can withdraw money without a penalty as long as it has been seven days since you opened the CD or made a withdrawal. If you make a withdrawal within the first six days of the account term (or within six days after making a partial withdrawal or term renewal), you’ll pay a penalty equal to seven days of interest.

The flexible CD comes with a one-year term and an APY of 4.00%. Its minimum deposit is $1,000, and it doesn’t have transfer or annual fees.

Bank of America Fees

In addition to monthly service fees on checking and savings accounts, Bank of America charges fees for some services. Select fees are waived for Preferred Rewards members in certain tiers and Advantage Relationship Banking account holders. Other banks may charge additional fees if you use a non-Bank of America ATM, or send or receive a wire transfer.

Bank of America does well when it comes to reputation and customer satisfaction. The Better Business Bureau (BBB) gives the company an A- rating and accreditation. BauerFinancial gives Bank of America 4 out of 5 stars, which is an Excellent rating.

However, the average customer rating on the BBB is low at nearly 1.1 out of 5.0 stars. It’s important to note that this is from just over 1,000 reviews, which is a small fraction of Bank of America’s customers.

Our review team reached out to Bank of America for comment on its BBB customer rating and MarketWatch Guides’ review scores for its savings and CD accounts but did not receive a response.

Bank of America App Ratings

Bank of America also gets great ratings for its banking app. The app has 4.6 out of 5 stars on Google Play from over 1 million reviews and 4.8 out of 5 stars on the App Store from over 4.4 million ratings. Reviews of the app say it’s efficient but can be slow at times. Bank of America developers have responded to reviews that mention struggles and complaints, which is a sign the company is paying attention.

Bank of America has a good reputation and may be the right choice for your banking needs. However, it’s important to compare several banks before making a decision so you know all of your options. Here’s how Bank of America compares to some of the top banks in the country based on deposit account offerings, minimum deposit requirements and fees:

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Rating

At Least 3.5 4 4.5

Bank of America Rating 4.0 Number of Branch Locations 3,900 Number of ATM Locations 15,000 Available deposit products Checking, savings, CDs Compare Rates

Wells Fargo Rating 3.8 Number of Branch Locations 4,600 Number of ATM Locations 11,000 Available deposit products Checking, savings, CDs Compare Rates

Citibank Rating 4.2 Number of Branch Locations 650 Number of ATM Locations Access to over 65,000 Available deposit products Checking, savings, CDs Compare Rates

Chase Bank Rating 4.0 Number of Branch Locations 4,700 Number of ATM Locations 16,000 Available deposit products Checking, savings, CDs Compare Rates

Bank	Rating	Number of Branch Locations	Number of ATM Locations	Available deposit products	See More
Bank of America Compare Rates	4.0	3,900	15,000	Checking, savings, CDs	Compare Rates
Wells Fargo Compare Rates	3.8	4,600	11,000	Checking, savings, CDs	Compare Rates
Citibank Compare Rates	4.2	650	Access to over 65,000	Checking, savings, CDs	Compare Rates
Chase Bank Compare Rates	4.0	4,700	16,000	Checking, savings, CDs	Compare Rates

Bank	Rating	Number of Branch Locations	Number of ATM Locations	Available deposit products	See More
Bank of America Compare Rates	4.0	3,900	15,000	Checking, savings, CDs	Compare Rates
Wells Fargo Compare Rates	3.8	4,600	11,000	Checking, savings, CDs	Compare Rates
Citibank Compare Rates	4.2	650	Access to over 65,000	Checking, savings, CDs	Compare Rates
Chase Bank Compare Rates	4.0	4,700	16,000	Checking, savings, CDs	Compare Rates

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Bank of America is one of the nation’s largest banks, giving customers plenty of access to physical branches and ATMs. It can be good for customers looking for different options for checking accounts and CDs. However, it only has one option for savings accounts. But if you value online or mobile banking, then it could be a solid option for you.

Our team researched more than 100 of the country’s largest and most prominent financial institutions, collecting information on each provider’s account options, fees, rates, terms and customer experience. We then scored each firm based on the data points and metrics that matter most to potential customers. Read our full methodology. 

¹APY accurate as of Apr. 17, 2024. Rates may vary by location. The rates in this review are based on Bank of America’s headquarters city, Charlotte, N.C.

²The bank offers a low fee that is waivable if at least one requirement is met, such as a recurring direct deposit, a minimum monthly balance or a linked savings account. Requirements vary by bank.

³Data accurate at time of publication