Bank of America Review 2022 Bankrate
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Our articles, interactive tools, and hypothetical examples contain information to help you conduct research but are not intended to serve as investment advice, and we cannot guarantee that this information is applicable or accurate to your personal circumstances. Any estimates based on past performance do not a guarantee future performance, and prior to making any investment you should discuss your specific investment needs or seek advice from a qualified professional.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
The Bank of America Advantage Savings offers tiered APYs – with a tier for under $2,500 and a tier for $2,500 or more.
Like most banks, there’s a fee for making more than six withdrawals or transfers during a monthly statement cycle. Bank of America charges $10 for each withdrawal or transfer exceeding the six-withdrawal limit.
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.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
A penalty applies for early withdrawals. For CDs with terms between 12 months and five years, the penalty is 180 days of interest.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
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 $10,000 across eligible linked accounts or Preferred Rewards customers.
At the time of our review, Bank of America offered a for the SafeBalance Banking, Advantage Plus Banking and the Relationship Banking accounts.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
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. .
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.Our articles, interactive tools, and hypothetical examples contain information to help you conduct research but are not intended to serve as investment advice, and we cannot guarantee that this information is applicable or accurate to your personal circumstances. Any estimates based on past performance do not a guarantee future performance, and prior to making any investment you should discuss your specific investment needs or seek advice from a qualified professional.
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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. 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.Editorial disclosure
All reviews are prepared by our staff. Opinions expressed are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including any rates, terms and fees associated with financial products, presented in the review is accurate as of the date of publication. Bank of AmericaBank of America Review 2022
Matthew Goldberg is a consumer banking reporter at Bankrate. Matthew has been in financial services for more than a decade, in banking and insurance. Updated November 10, 2022 Bankrate logoThe Bankrate promise
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At a glance
3.3 Bankrate Score CDs Checking Savings About Bankrate Score Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.Overview
Bank of America offers top-notch digital features, an extensive branch network and plenty of ATMs. But if you want to avoid bank fees and seek to earn a high rate of return, this bank is not the best choice.Highlights
24/7 Customer Service Digital Leader Large Branch Network Compare offers Advertiser DisclosureAdvertiser 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. 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 3.00 % APY Info 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. Info 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. Min. balance for APY Offer detailsCapital One
Member FDIC Savings Account Details 3.00 % APY Min balance for APY It only takes about 5 minutes to open a fee-free account. Member FDIC Savings Account 3.00 % APY Info 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. Info 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. Min. balance for APY Offer detailsCapital One
Member FDIC Savings Account Details 3.00 % APY Min balance for APY It only takes about 5 minutes to open a fee-free account. Member FDIC Savings Account 3.60 % APY Info 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. Info 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. Min. balance for APY Offer detailsBask Bank
Member FDIC Savings Account Details 3.60 % APY Min balance for APY 0 Monthly Acct Fees. No Balance Cap to Earn APY.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 67 million customers.Pros
Bank of America reduced overdraft fees to $10 in May 2022, per a January 2022 press release. Bank of America’s overdraft fee was previously $35. The bank is accessible across the country and has about 3,900 branches and about 16,000 ATMs. It has an award-winning mobile banking app and has invested heavily in digital technology. Customers have access to the person-to-person payment service Zelle, making it easier to transfer money directly into the bank accounts of friends and family. Artificial intelligence-driven virtual assistant Erica makes budgeting, money management and tracking expenses easier.Cons
Fees are avoidable but could easily rack up for customers who can’t meet certain requirements. Savings and CD yields are low. The number of branches has decreased over the past few years to about 3,900 total.Bank of America bank products
Savings CD Checking 2.7 Bankrate ScoreBank 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.
Like most banks, there’s a fee for making more than six withdrawals or transfers during a monthly statement cycle. Bank of America charges $10 for each withdrawal or transfer exceeding the six-withdrawal limit.
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
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 — connected to your Bank of America checking account — and transferring the difference into your savings. 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 other savings accounts with higher yields that don’t have a monthly service fee. Compare Offer Advertiser DisclosureAdvertiser 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. 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 3.00 % APY Info 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. Min balance for APY Offer details Offer detailsCapital One
Member FDIC Savings Account Details 3.00 % APY Min balance for APY It only takes about 5 minutes to open a fee-free account. 2.0 Bankrate ScoreBank 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. Customers have the choice between two different types of CDs. The standard CD has a low 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 $10,000 minimum opening deposit requirement. Featured CDs come only in limited terms, ranging from seven months to 37 months.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 with standard term CDs.Cons
Bank of America CDs have a low yield compared to what online banks offer. Featured CDs require a $10,000 minimum to open. There aren’t any special CDs available, such as bump-up or no-penalty CDs. Compare Offer Advertiser DisclosureAdvertiser 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. 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 4.10 % APY Info Bankrate CD 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. Min. deposit Term Offer details Offer detailsCapital One
Member FDIC CD Details 4.10 % APY Min. deposit Term Get peace of mind with fixed rates and guaranteed returns. 3.9 Bankrate ScoreBank 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 $10,000 across eligible linked accounts or Preferred Rewards customers.
At the time of our review, Bank of America offered a for the SafeBalance Banking, Advantage Plus Banking and the Relationship Banking accounts.
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.Cons
Advantage Plus Banking doesn’t earn interest. There are no checking account options that don't have a monthly service fee. Compare Offer Advertiser DisclosureAdvertiser 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. 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 2.50 % APY Info Bankrate Checking 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. To open To avoid fees Offer details Offer detailsSoFi
Member FDIC Checking Account Details 2.50 % APY To open To avoid feesBank experience
Bank of America offers access to about 3,900 branches and about 16,000 ATMs. Customers also have access to Zelle, a person-to-person payment platform that lets you send and receive money directly from family and friends. Bank of America’s mobile app experience also 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. You can also reach customer service members seven days a week.About Bank of America
What’s known today as Bank of America was originally the Bank of Italy, a local bank in San Francisco founded in 1904 by Amadeo Peter Giannini to support immigrants whom other financial institutions wouldn’t serve. The bank expanded until it became the only statewide bank in California. Offices were opened in Italy and other U.S. cities and by 1945, it was the world’s largest bank. A merger with NationsBank in 1998 made Bank of America the first bank that operated from coast to coast. Today, the bank is headquartered in Charlotte, North Carolina. Bank of America offers a wide range of banking, small business and wealth management services. It has top-notch digital features, an extensive branch network and plenty of ATMs. But if you want to avoid bank fees or you’re trying to earn a high rate of return, it’s best to look elsewhere.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. .