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Bank of America Review 2019: Open a Checking & Savings Account Online

Updated: December 2019

Bank of America ReviewBank of America is one of the largest banks in the country, with a reported 4,700 branches across 35 states. This scale has meant that it has quite a substantial number of customers, which has also meant that many people have considered switching their accounts to it.

Table of Contents

Overview

Like with many other financial decisions, you should put a large amount of thought into it before you choose to move. There are a variety of factors at hand with a bank, which means that there are a few things that you’ll need to consider.

While Bank of America offers easy access to ATMs and other services, it does have a few drawbacks. This is especially seen with the fees associated with the accounts that it offers. The convenience that the company offers can make it a wise choice for consolidating your finances.

However, it may not be a great choice if you’re looking for a bank that offers a high interest rate for your money. There are a few benefits that Bank of America offers aside from its convenience, with higher daily limits on debit purchases and ATM withdrawals being prominent.

These can come with several fees, many of which may be larger than other banks. There can also be more fees per transaction than many of its competitors.

Much of this can be driven by which type of account you open with Bank of America. This means that it’s worth taking a look at what the company offers with both checking and savings accounts, and what the pros and cons of each are.

Bank of America Review

Checking Account

There are three main Bank of America checking account options. The first of these, which is arguably the most popular, is the Core Checking Account, which requires $25 to open. In terms of fees, you can typically expect to pay $17 per month, plus any costs associated with credit card use, etc.

The reason that this is so popular is that it offers a variety of benefits while being relatively inexpensive. The most obvious of these benefits is the convenience that Bank of America provides across the country, with this extending to each of its other accounts.

Core Checking Account

With the Core Checking Account, in particular, customers can expect low fees associated with non-network ATMs, which average at $2.50. There’s also a large withdrawal limit of $1,000, which can be beneficial for large cash purchases.

Bank of America Interest Checking account

Alongside this is the company’s mobile app, which allows customers to keep control of their transactions and finances easily. There’s also the Bank of America Interest Checking account, which may be attractive to people looking to save money. While there is a large amount of interest on offer per month, much of this can be negated by the $25 in monthly fees.

These can be avoided if you have over $10,000 in your account, or if you’re a Gold Rewards Tier member, or higher. This offers an APY of between 0.01% and 0.02% for account holders.

SafeBalance Banking Account

One of the more unique accounts that Bank of America has on offer is the SafeBalance Banking Account, which operates much differently than those provided by other institutions. This is because it’s designed with much more security in mind.

The first of these features is more reliable and focused fraud prevention, which is what it’s specifically been designed for. Alongside this is a photo ID that’s printed on the back of your debit card, which helps to enhance its security.

While many accounts will allow you to waive monthly fees under certain circumstances, this isn’t the case here; you’ll always have to pay the $4.95 each month. Another large factor in this is that the SafeBalance Banking Account prevents any overdrafts from occurring.

This could be a positive or a negative, depending on your outlook, although it does mean that account holders will be better able to manage their money.

Regardless of which Bank of America account you choose, there are a few common benefits. One of these is focused on art lovers, as the company has a Museums on Us program. This provides free access to participating institutions for the first full weekend every month.

There are over 150 participating museums and galleries across the country, which includes relatively well-known institutions such as the Los Angeles County Museum of Art and New York’s Museum of Modern Art. You will be able to check with Bank of America to determine which organizations near you participate.

If you’re looking to visit many of these museums, then you may want to consider the Travel Rewards credit card, which can provide more benefits in tandem with the Museums on Us initiative. This could make the choice a smart one for those who travel the country regularly.

Savings Account

Naturally, Bank of America’s checking accounts shouldn’t be a choice for those looking to save, as only one offers interest on funds. This means that those who want to put money away for a rainy day will have to consider its savings accounts. This is especially true if you’re looking to receive a high amount of interest on your money.

There are four options to choose from here, ranging from the Regular and Minor Savings accounts to Custodial (UTMA) and Rewards Money Market. While each of the accounts offer more interest than the Interest Checking account, some aren’t by too much; the Regular and Minor Savings accounts, for example, only offer 0.03% APY.

This is also the case with the Custodial (UTMA) account. However, both of the more basic accounts offer a variety of ways to wave any fees that are associated with the account. This means that they can provide a larger interest rate than you might expect, with the costs being unable to negate any earnings.

In most cases, this fee is $5, which should be much less than any interest on your money, depending on how much you have deposited. Should you be looking for the highest yields possible with Bank of America, then you may have to choose the Reward Money Market account.

This offers an APY of 2.10%, which is considerably higher than each of the other accounts, while still having the same monthly fee. Each of the Bank of America savings account doesn’t have a set minimum for receiving your APY, which can be beneficial.

Much of these interest rates are considerably lower than other banks. However, Bank of America does have a unique program that you may be able to take advantage of. This is called its Keep the Change initiative, which allows customers to link their credit and savings accounts to receive some rewards.

The most notable of these is that customers can transfer money from their credit to their savings account when they make a purchase. For example, if a product costs $4.56, then you’ll be able to pay $5 and have the $0.44 sent to your savings account.

While this may seem small, it can be beneficial if you make a large number of regular purchases. This is somewhat uncommon in the banking sector and could offset the lower interest rate that you’ll see with Bank of America.

Outside of this, however, if you’re looking for high interest yields, then you may need to consider choosing another bank for your account.

Bank of America Review

Credit Cards

There are four main types of credit cards that Bank of America offers, with each of these providing their pros and cons. The first of these is the Business Advantage card, which is geared specifically for small businesses and offers no additional fees for customers who have to travel for work.

Unless you’re a small business owner, however, you’ll primarily consider one of the three other credit cards. Similar to Business Advantage is the Travel Rewards card, which provides 1.5 points for every dollar you spend with it. This is alongside the zero fees associated with using it abroad. If you travel relatively frequently and want to earn rewards while you do so, this can be a wise choice for you.

The BankAmericard can be a smart decision for people looking to consolidate their finances and pay off any debt. This is driven by a 0% APR period and no annual fees for quite a long period. After 18 billing cycles, you should expect to see between 15.24% and 25.24% variable APR.

This can make it a wised decision if you’re looking to purchase a new car or have another large purchase coming up. Outside of the introductory period, however, there are few incentives to use this card. This means that, unless you’re looking to reduce fees and pay off a debt quickly, there aren’t many reasons to choose this, especially long-term.

Lastly is the Bank of America Cash Rewards credit card, which is what many people may want to choose for typical use. The main advantage with this is a large amount of cash-back that you’ll be able to receive, especially with the first $2,500 of purchases within a quarter. This will get you 3% cash-back, while any purchases after this will net you 1%.

This is limited to certain categories, however, such as travel, dining, online shopping, and a select few others. One of the only large drawbacks here is the cap that it places on your rewards. While many customers will reap dividends, the cap means that it mightn’t be ideal for big spenders. This is especially true when compared to other banks, which can offer as much as 5% cash-back.

The Cash Rewards credit card also offers an introductory 0% APR for the first 12 billing cycles, which is another reason to consider it. After this, you should expect an APR of between 16.24% and 26.24%.

Each of the factors above should play a large role in your decision of whether to open an account with Bank of America. Your finances are something that you should always pay close attention to; this extends to your choice of financial institution.

If you’re looking for convenience and don’t mind being charged for most of your transactions, then Bank of America may be a wise choice for you. Aside from this, the company is similar to much of its competition, which makes the fees and a few other notable factors what you should focus on.

On the other hand, if you’re looking for a savings account that offers a large amount of interest, then you may want to consider a different bank. While Bank of America does offer its advantages, interest rates aren’t one of them, with fees helping to eat away at what you may earn.

Credit accounts may be something that you should consider, as the company does offer much more convenience than its competitors without having overwhelming monthly fees. As a result, the decision could come down to exactly what you’re looking for with the bank.

With some of the accounts and credit cards, there are a number of introductory offers that you could take advantage of. This means that you may be able to give Bank of America a trial run while you make up your mind.

Other Banks to Consider

FAQ

General Bank of America Questions

This section covers some of the most basic questions people have about Bank of America. 

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What is Bank of America?

Bank of America is one of the nation’s largest privately-owned banks. It is a member FDIC and millions of people use it for their banking services.

Does Bank of America have Zelle?

Yes, Bank of America uses Zelle to transfer money between family and friends with different accounts.

Is Bank of America a good bank?

Yes. Bank of America is one of the largest banks in the country and services millions of people every day. Many people have talked about liking the Capital One savings account recently too.

Is Bank of America FDIC insured?

Yes, Bank of America is FDIC insured, so your money will be protected should the worst happen.

How to receive money from Bank of America?

You’ll need to provide account and routing numbers to the bank to facilitate a wire transfer. You can also ask for a check, depending on why you’re getting the money.

When was Bank of America founded?

Bank of America was formed in 1998 after NationsBank acquired BankAmerica.

How many employees does Bank of America have?

As of this writing, Bank of America has about 204,500 employees.

Bank of America Checking Accounts

We’ll answer the most popular questions about Bank of America checking accounts in this section.

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Can I get a single check from Bank of America?

Yes, you can get a counter check by going in to any branch of Bank of America.

How to fill a check Bank of America?

You can fill a check with Bank of America by filling out the entity you’re paying, the amount you’re paying in numbers and written form, and signing the check.

How to send money from Chase to Bank of America?

You can send money from Chase to Bank of America by using the Chase mobile app to send money with Zelle.

How to get a voided check from Bank of America?

You can get a voided check or a direct deposit form from Bank of America by requesting one at a branch or through their mobile app.

How to send money from Bank of America to Chase?

The best way to send money from Bank of America to Chase is to use Zelle to transfer funds to the account you want to use.

How to set up autopay Bank of America?

You need to go to your Bank of America account and find the section titled “Automatic Payments”. This will start the process of setting up Autopay.  

Does Bank of America have free checking?

In some circumstances, yes. However, these are usually limited to things like student accounts. You’ll need to talk to a Bank of America representative for more information on your account.

Bank of America Savings Accounts

This section covers the most common questions people have about Bank of America Savings accounts.

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How to avoid monthly maintenance fee Bank of America?

The best way to avoid monthly fees for your Bank of America account is to have a qualifying direct deposit of at least $250 each month.

What is Bank of America interest rate on savings account?

The exact rate you get will depend on your deposit amount and term length, but rates range from 0.03% APY to 0.75% APY. If you’re looking for higher returns then read our other article about how to start trading stocks.

Do Bank of America savings accounts earn interest?

Yes, you’ll earn interest on your money with a Bank of America savings account. The rate will depend on your deposit term and amount. However, if you’re looking for higher interest you may want to check out Barclays Savings.

How to put money in savings account Bank of America?

The best way to put money into a Bank of America savings account is by using their mobile app to transfer the money directly from your checking account. You can also ask about 6% CD rates if they have that currently or look at other banks.

What is Bank of America rewards savings?

The Bank of America Rewards Savings account gives you additional rewards based on how much you save. You can get more information from the app or your local branch. You may also want to look into a Discover savings account for similar benefits.

How to transfer savings to checking Bank of America?

The best way to transfer savings to checking with Bank of America is to use the app to link your accounts. This will let you transfer money between them easily.

How to avoid Bank of America savings account fees?

You can avoid monthly savings account fees by maintaining a minimum daily balance of $500 or by linking your Bank of America Advantage Relationship Banking Account to your savings account. With a Wells Fargo open savings account you can have an even lower balance with no fees.

How to create a savings account Bank of America?

You have a few options to create a savings account with Bank of America. You can sign up for one in person at one of the branches, open one using their app, or by going online to their website.

How does a savings account work at Bank of America?

Bank of America Savings accounts will charge you a monthly maintenance fee unless you meet certain requirements. You earn interest on your savings deposit every month the money is in your account.

Can you overdraft a savings account Bank of America?

No, savings accounts cannot be over-drafted at Bank of America. Your transaction will be declined.

How many transfer from savings Bank of America?

The best way to transfer money from your Bank of America savings account is by going online or using their app to facilitate the transfer. Be aware that fees may apply.

How many withdrawals from savings Bank of America?

You can make up to 6 withdraws or transfers each month with no fee with a Bank of America savings account.

Does my Bank of America savings account earn interest?

Yes, a Bank of America savings account earns interest. The amount of interest you earn depends on your deposit term and amount.

Does Bank of America have a high yield savings account?

Bank of America doesn’t offer a high-yield savings account as a dedicated product. However, you can get higher yields if you deposit a larger amount of money for an extended term.

What is the minimum for Bank of America savings account?

There’s no minimum for a Bank of America savings account. However, you must maintain a minimum balance to avoid service fees on the account.

How to get rid of savings account Bank of America?

The best way to get rid of a savings account with Bank of America is to go to your local branch and ask to close the account.

Can I have multiple savings accounts with Bank of America?

Yes, you can have as many savings accounts as you like at Bank of America. Keep in mind that they may be subjected to fees if you don’t meet certain requirements. You may also want to consider looking at the best money market accounts which can earn you interest too.

Do Bank of America savings accounts have debit cards?

Not really. You can link your savings to your checking account to access your savings account with your standard debit card.

Do state interest rates affect Bank of America savings?

No, Bank of America savings accounts rates are set when you open the account according to the standards the bank offers at that time.

Does Bank of America charge transfer fees for savings account?

You can get up to 6 transfers or withdrawals from a Bank of America savings account each month without incurring a fee.

Does Bank of America have Christmas Club savings accounts?

No, like most other major banks, Bank of America does not offer Christmas Club savings accounts.            

Does Bank of America pull credit for savings account?

In some cases, yes, but not all. You’ll need to talk to a representative to find out more information about your situation.

How do I check my Bank of America savings account?

There are a few ways to check your BoA savings account. You can go into a branch and ask for an update on the account, use the Bank of America mobile app, or log into your account online.

How to add existing saving account Bank of America?

That depends on what you’re trying to do. If you’re trying to add an existing savings account to the app, then you’ll just need to enter the information for the savings account to link it to your primary account.

How to stop recurring payments to savings Bank of America?

You can stop recurring payments to your savings account with Bank of America by talking to a teller, logging online and selecting the option to edit automatic transfers, or through the Bank of America mobile app.

How to upgrade my Bank of America savings account?

The best ways to upgrade your Bank of America savings account to get a better rate are to deposit more money in the account or to agree to a longer deposit term.

How to consolidate savings and checking account Bank of America?

The best way to consolidate savings and checking accounts with Bank of America is to transfer all of your funds to the type of account you want to keep and then close the other account.

Other Bank of America Accounts and Services

This section answers your questions about Bank of America accounts and services other than Savings and Checking accounts.

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Does Bank of America do personal loans?

No, Bank of America doesn’t offer personal loans. They do offer a variety of specific loan products though such as home equity loans. Learn more about how to get a home equity loan. If you were searching for a way to consolidate debt then home equity and personal loans usually double as the best debt consolidation loans since they are lower interest than other debt types.

Does Bank of America have a notary?

You can get notary public services free of charge from Bank of America if you’re a customer of the bank.

How to check credit score Bank of America?

You’ll get free access to your credit score by logging in to your Bank of America account online. You may also want to consider credit monitoring services which come with identity theft protection. Learn more about getting protection from identity theft or check out our Identity Force vs Lifelock review.

Does Bank of America do currency exchange?

Bank of America offers currency exchange for customers at any of its full-service financial centers.

How to apply for Bank of America credit card?

The best way to apply for a Bank of America credit card is through their website. You can also apply in person at any Bank of America branch.

What is adv plus banking Bank of America?

Advantage Plus banking by Bank of America is a specialized checking account that offers more flexibility and options than other checking accounts.

Can I get Euros at Bank of America?

Yes, however, you’ll need to order Euros online in order to have them ready for you at your local branch.

Does Bank of America have a coin machine?

No, Bank of America branches do not have coin machines. Coins must be rolled before you try to deposit them.

How to increase credit limit Bank of America?

You can request a credit limit increase by logging on to your account online. This may result in a credit check, depending on your situation.

Does Bank of America offer health savings accounts?

Yes, Bank of America offers the MyHealth account for individual health savings account customers.

Does Bank of America redeem savings bonds?

Yes. You can redeem unlimited savings bonds once you’ve been a customer for at least 6 months. You can also get up to $1,000 per day for non-customers.

How to activate health savings account Bank of America?

Once you’ve opened your HSA with Bank of America, you’ll just need to follow the instructions on the debit card they give you to activate the card and the account.

Does Bank of America have a stock investing app?

We weren’t able to find information on an investing app offer by this bank. However we did recently review the best stock investment apps that should help you make your choice. Also compare the pros and cons of an Ally Investment account.

Does Bank of America offer mortgage refinancing?

Yes they offer this product. Be sure to compare rates to find the best one. Learn more about when to refinance mortgage rates.

Bank of America Account Services

We’ll answer the most common questions about Bank of America account services in this section.

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Does Bank of America have 24/7 customer service?

In many cases, yes. It depends on what you want to do with customer service. You can call BoA for more information about your needs. According to Chime Bank reviews they have 24/7 customer service if you’re looking for different banking options.

How to change address Bank of America?

You can change your address with Bank of America by going online to your account and editing your account information. You can also stop by any of their branches.

How to change billing address Bank of America?

The best way to change your Bank of America billing address is to log on to your account online and edit your account information to include your new billing address.

How to create an online id for Bank of America?

You can create an online ID for Bank of America by going to their website and clicking on “Enroll in Online Banking” under the top search box. You’ll enter information and follow the steps to get your ID.

How to dispute a charge Bank of America?

The best way to dispute a charge for Bank of America is to call the number on the back of your credit or debit card to reach account services.

Is Bank of America freezing accounts?

Not in a wide-spread way. However, Bank of America has frozen some accounts while they wait to get updated information from the account holder.

How to save check images on Bank of America?

Check images are automatically saved to your account statements. You can access these statements online any time by logging in to your account.

What is the swift code for Bank of America?

The SWIFT code for Bank of America is BOFAUS3N.

How to save recent transactions Bank of America app?

All of your transactions will be recorded on your Bank of America statements, which the Bank gives you each month.

Rachel Carey

Rachel Carey

Financial Guru

Rachel is dedicated to helping individuals and families boost their budgets so they can enjoy the lifestyle they deserve. Rachel graduated with a degree in Family and Consumer Sciences. She’s a prolific finance writer, producing tons of articles on different aspects of personal and family budget management.