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Cheri Read is a former accountant turned professional personal finance writer. As someone who struggled as a single mom for many years, she’s passionate about helping others tame their finances and enjoy their lives. Her work has been featured in a variety of publications over the last decade, including Money Saving Mom and She Owns It. Cheri lives in West Texas and spends most of her free time reading books dedicated to financial freedom or checking out the latest new side hustle.
Rashawn Mitchner is a MarketWatch Guides team editor with over 10 years of experience covering personal finance and insurance topics.
Bank of America is a reputable option for customers who want both in-person and online service, but its deposit accounts generally have low rates.
Updated:May 1, 2024
Key Takeaways:
We rate Bank of America 4 out of 5 stars, making it our eighth highest-rated of the 10 largest banks in the country.
The bank has checking accounts with low or no monthly fees, a rewards debit program and relatively low overdraft fees.
In our December 2023 MarketWatch Guides banking survey, 63% of people who use Bank of America as their primary bank reported being “extremely satisfied” overall.
We may earn a commission from partners featured in the table below. However, the article on this page was written independently and not influenced by our affiliate partnerships. For more information, visit our editorial guidelines.
Why You Can Trust the MarketWatch Guides Team
Here’s a breakdown of how we reviewed and rated top banks and credit unions
130
Institutions MonitoredOur team reviewed more than 100 of the country’s largest and most prominent financial institutions, from big banks like Chase and Bank of America to credit unions like Navy Federal Credit Union and PenFed Credit Union.
688
Products StudiedTotal number of checking, saving, CDs, and money-market accounts that inform our review ratings.
719
Rates TrackedThe accounts with an annual percentage yield (APY) several times the national average rate receive the highest scores. Accounts with the lowest APY offering (under 1%) earn the least points.
10
Professionals ConsultedBefore we began our research process, we consulted with financial advisors and industry experts to ensure our evaluations covered the banking product aspects that matter most to potential customers.
Our Bank of America Ratings
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.
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. It earns points for its extensive branch network and solid mobile app and online platform, but loses points for offering lower interest rates than its competitors on deposit accounts.
The bank receives lower individual 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 CardBank 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 a history that dates back 120 years. It operates in 38 states and Washington, D.C., and has more than 3,900 branches and 15,000 ATMs. Worldwide, Bank of America operates in more than 35 countries.
If you’re looking for a well-established in-person bank where you can handle all of your financial needs in one spot, Bank of America is an excellent option. If you’re more interested in fee-free banking and the highest rates on your deposit accounts, you may want to consider an online bank or credit union.
In our latest MarketWatch Guides consumer banking survey, respondents who are Bank of America customers have been with the bank for an average of 13.6 years, close to the overall average of 13.4 years. They keep a median of $14,673 in their checking accounts and $36,606 in their savings accounts. This is higher than our overall median checking and savings account balances.
Bank of America Products
Bank of America offers checking and savings accounts and CDs, but not money market accounts. It also offers these financial products:
*Waived for ages 0-25 or with a $500 minimum balance, or for Preferred Rewards members
**Waived for $1,500 minimum balance, $250 or more direct deposit made, or for Preferred Rewards members
***Waived for $20,000 minimum balance, for Preferred Rewards members, or linking to other eligible Bank of America account
^Offers optional overdraft protection
Bank of America Checking Account Overview
Bank of America offers three checking accounts: Advantage SafeBalance Banking, Advantage Plus Banking and Advantage Relationship Banking. Based on account features, fees and access to ATMs, we give Bank of America’s checking options a rating of 4.4 stars.
Pros and Cons
ProsLow $25 to $100 minimum depositOne interest-bearing checking account, though it has a low APYNo overdraft option for Advantage SafeBalance Banking, which can help account owners avoid feesConsPossible $10 overdraft fee on Advantage Plus Banking and Advantage Plus Relationship Banking accounts
Bank of America Checking Account Options
Bank of America Advantage SafeBalance Banking
Advantage SafeBalance Banking is a basic checking account option and doesn’t offer interest or paper checks. You can use your debit card, digital wallet or Zelle to pay others. It has a minimum opening deposit of $25 and a monthly maintenance fee of $4.95. The fee is waived if you meet one of the following requirements:
A Preferred Rewards program member
Under 25 years old
Maintain a minimum daily balance of $500
To become a Preferred Rewards member, you must:
Open or have an existing Bank of America checking account
Have a three-month combined average daily balance of $20,000 or more in your Bank of America deposit and/or Merrill investment accounts
Bank of America Advantage Plus Banking
Advantage Plus Banking has the same payment methods as the SafeBalance account, plus the option to buy paper checks. This type of checking account requires a minimum opening deposit of $100 and doesn’t earn interest. There’s a monthly service fee of $12, but that can be waived if you meet one of these requirements:
Be a Preferred Rewards member
Have a minimum daily balance of $1,500
Have at least one qualifying direct deposit of at least $250 per month
A perk of this type of checking account is that you can link it to another Bank of America account and opt into overdraft protection. You can also set your account to decline transactions if there aren’t sufficient funds. If you don’t choose either of these settings, you’ll pay a $10 overdraft fee each time your account is overdrawn by more than $1. Bank of America charges up to two overdraft fees per day.
Bank of America Advantage Relationship Banking
This account has the same payment methods and optional overdraft protection as the Advantage Plus Banking account, and it’s Bank of America’s only interest-bearing checking account. It has a 0.01% APY when your checking balance is under $50,000 and 0.02% APY when your balance is over $50,000.
The minimum opening deposit The minimum opening deposit is $100. There’s also a monthly service fee of $25. Like the other checking accounts, this option has a few ways to get the fee waived:$100. There is also a monthly service fee of $25. Like the other checking accounts, this option has a few ways to get the fee waived:
Be a Preferred Rewards member
Keep a minimum daily balance of $20,000
Bank of America Savings Accounts
3.5
*Waived for $500 minimum balance, for ages 0-25, accounts linked to a Bank of America checking account, or for Preferred Rewards members
Bank of America Savings Account Overview
Advantage Savings is Bank of America’s only savings account, and we rate it 3.5 stars. It’s best for customers who want easy access to their money and aren’t looking for a high-yield savings account.
While the standard APY is 0.01%, it can reach 0.02% to 0.04% based on your Preferred Rewards Membership status. These rates are low compared to the national average savings rate of 0.47% as of Jan. 16, but they’re fairly typical for a large bank.
Pros and Cons
ProsLow $100 minimum depositMobile app tools for tracking savings goalsOptional Keep the Change feature for automating savingsConsOnly offers one savings account optionAPYs below the national average interest rate for savings accounts
Bank of America Savings Account Options
Bank of America Advantage Savings
The Advantage Savings account requires an opening deposit of $100. It also has an $8 monthly maintenance fee that’s waived for the first six months. You can continue to get this fee waived if you meet one of these requirements:
Preferred Rewards member
Under the age of 25
Link your account to an Advantage Relationship Banking, Advantage with Tiered Interest Checking or Advantage Regular Checking account
Maintain a minimum daily balance of $500
Bank of America Keep the Change
Noteworthy features include the optional Keep the Change feature, which rounds your Bank of America debit card purchases to the nearest dollar and deposits the change in your savings. And the Life Plan tools on the mobile app help you set and track savings goals.
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.
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
ProsOffers CD terms ranging from 28 days to 10 yearsCompetitive yields on some short-term CDsConsEarly withdrawal penaltiesCompetitive 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 Fee
Cost
Non-Bank of America ATM
Domestic: $2.50
International: $5
Overdraft
$10 per item (max two fees per day)
CD early withdrawal fee
Up to 365 days’ worth of interest on the amount you withdraw
Stop payment
Cashier’s checks
Cashier’s checks
$15
Incoming wire transfers
Domestic: $15
International: $15
Outgoing wire transfers
Domestic: $30
International: $45 if sent in U.S. dollars, free if sent in foreign currency
Bank of America Mobile App
Bank of America gets fairly high ratings for its banking app. The app earns 4.6 out of 5 stars on Google Play from over 1 million reviews and 4.8 out of 5 stars on the Apple App Store from over 4.4 million ratings.
Reviews of the app say it’s efficient but can be slow at times. One respondent in our survey said “The app runs very smoothly and has no hiccups or errors.” Another said, “[Bank of America’s] app is excellent.” However, one user indicated “it could be faster” and another person complained, “They need to improve their mobile app.”
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 vs. Other Top Banks
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:
*The 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.
Bank of America vs. Wells Fargo
While Wells Fargo has more branches (4,600) than Bank of America (4,000), BoA has more ATMs. Bank of America also beats Wells on the APYs it offers on its savings accounts and CDs. Wells Fargo has lower minimum deposit requirements on checking and savings accounts but Bank of America has a lower minimum to open a CD.
The Wells Fargo mobile app has more reviews and higher ratings than the BoA mobile app. But Bank of America has a much higher BBB rating (A-) than Wells Fargo (F).
Bank of America vs. Citibank
Citibank has just 650 physical branches, but it has more than four times the number of ATMs as Bank of America. Citibank’s checking accounts don’t have a minimum balance requirement, unlike BoA’s, but Citi’s fees are similar.
Citi beats Bank of America slightly on savings account rates. Both banks have similar CD APYs , although Bank of America requires double the money — $1,000 compared with Citi’s minimum requirement of $500 — to open a new CD. Citi has slightly better reviews on its mobile app, but once again, Bank of America beats Citi’s F rating from the BBB.
Bank of America vs. Chase
While Chase has a larger physical presence than Bank of America, BoA has several advantages: Bank of America has lower overdraft fees, its monthly fees are slightly easier to waive and it has IRA options whereas Chase does not. Chase has a much better sign-on bonus than Bank of America, though. Chase offers up to $300 for new checking account customers who make a direct deposit of at least $500 in the first 90 days. The offer expires July 24. Bank of America’s offer only goes up to $200, and requires you to direct-deposit at least $2,000. The offer expires on May 31.
Both banks offer nominal interest rates for their savings accounts. Chase offers slightly higher CD rates than Bank of America. Bank of America’s mobile app gets better reviews than Chase’s, but Chase’s BBB rating of A is slightly better.
Keep in mind that many large banks have similar fees, rates and perks, so ultimately, if you’re interested in a bank with a physical presence, it may come down to the location that’s most convenient for you.
If you’re interested in fee-free banks like many of our survey respondents, you may want to consider a smaller regional bank or credit union. If a brick-and-mortar branch is not important, try one of our best online bank recommendations.
Bank of America Reputation and Customer Satisfaction
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. In our consumer banking survey, 45% of respondents who are Bank of America customers said the customer service they receive is excellent, and 30% indicated it is very good. Less than 3% said that the customer service at Bank of America is poor.
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.
FAQ: Bank of America Reviews
Bank of America could be good for personal banking if you want to manage accounts such as checking, savings, CDs and investments in one place. It could also be a good choice for you if you value online and mobile banking, as its mobile app has high reviews.
Yes, Bank of America is a trusted financial institution. It’s a member of the FDIC, so deposits are insured up to $250,000 per depositor.
Bank of America’s online and mobile banking features include:
Mobile check deposit
Bill pay
Money transfers with Zelle
Customizable alerts
Budgeting and goal-setting tools
Investment data and news from Merrill
Our Methodology
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.
1APYs accurate as of May 01, 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.
Cheri Read is a former accountant turned professional personal finance writer. As someone who struggled as a single mom for many years, she’s passionate about helping others tame their finances and enjoy their lives. Her work has been featured in a variety of publications over the last decade, including Money Saving Mom and She Owns It. Cheri lives in West Texas and spends most of her free time reading books dedicated to financial freedom or checking out the latest new side hustle.