Bank of America Review: Checking, Savings and CDs
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at Bank of America, N.A., Member FDIC
- Checking
- Savings
- Certificates of deposit
- Customer experience
- Overdraft fees
Overall institution rating
3.5
Editor’s note: Some of the information on this page may be outdated as of the publication date.
Like many national banks, Bank of America offers access to a wide network of free ATMs and branch offices. Well-designed online and mobile banking tools complete the banking experience.
But easy access and a solid digital experience come at the price of hefty fees and weak savings rates.
Best for: Those who prioritize branch and ATM access, are unlikely to overdraft their accounts and don’t care about maximizing interest.
Pros
- Large branch network.
- Large ATM network.
- Extended phone customer service hours.
Cons
- Low rates on savings accounts and some CDs.
- Monthly fees (though they are avoidable).
Full review
Checking
![Bank of America Advantage Plus Banking® Bank of America Advantage Plus Banking®](https://www.nerdwallet.com/cdn-cgi/image/quality=85/cdn/banking/rates/3510_1.jpg)
Checking
Member FDIC
3.5
/5 NerdWallet ratingat Bank of America, N.A.
Bank of America’s Advantage Plus Banking option is the standard choice of its three checking account options to get convenient checking account features — including check writing and overdraft programs — with fairly easy ways to avoid the $12 monthly fee, including receiving monthly direct deposits of at least $250 or maintaining a minimum daily account balance of at least $1,500. Being a member of the Bank of America Preferred Rewards® program also helps you dodge the monthly fees on all three checking accounts.
Bank of America also offers the SafeBalance Banking® account, which can help frequent overdrafters. In lieu of charging overdraft fees, the bank simply declines transactions if the account holder doesn’t have enough funds. But the account comes with downsides, such as the lack of check-writing privileges and a $4.95 monthly fee monthly fee (though it is avoidable). The only interest-bearing checking account that Bank of America offers, Advantage Relationship Banking, requires at least $20,000 as a daily minimum balance to avoid a $25 monthly fee and pays minimal interest.
You can earn a $200 bonus offer for opening any of the three accounts. See details and more bonus options at NerdWallet's list of best bank bonuses.
Customers that use non-Bank of America ATMs are charged a $2.50 fee for U.S. ATMs, and a $5 fee abroad. The bank also limits consumers to sending $1,000 per day in external transfers — much lower than some other banks' limits.
Savings
![Bank of America Advantage Savings Bank of America Advantage Savings](https://www.nerdwallet.com/cdn-cgi/image/quality=85/cdn/banking/rates/3510_1.jpg)
Savings
Member FDIC
3.5
/5 NerdWallet ratingBank of America’s Advantage Savings has an unimpressive 0.01% annual percentage yield. Customers can secure higher rates by being a member of the Bank of America Preferred Rewards® program (which requires a three-month combined average daily balance of at least $20,000 across deposit and/or investment accounts), but those rates top out at 0.04%. The account requires an initial deposit of $100. It offers a potentially useful Keep The Change program, which rounds up debit card transactions from your linked Bank of America checking account to the nearest dollar and transfers the difference to your savings account.
The bank waives the $8 monthly maintenance fee on the savings account for customers who either maintain a daily balance of at least $500, link to a Bank of America Advantage Banking checking account, are a member of the Bank of America Preferred Rewards® program or under the age of 25.
» Want to see more options? Check out NerdWallet’s best savings accounts
Certificates of deposit
![Bank of America CD Bank of America CD](https://www.nerdwallet.com/cdn-cgi/image/quality=85/cdn/banking/rates/3510_1.jpg)
CD
Member FDIC
2.5
/5 NerdWallet ratingGenerally low rates. Most of Bank of America’s CDs don’t come close to matching the rates on high-yield CDs or savings accounts available elsewhere. Compare with NerdWallet's list of the best CD rates.
No-penalty CD option. Bank of America has a decent rate on its flexible CD, also known as a no-penalty CD, which lets a CD be fully redeemed without a penalty after the first six days. These CDs aren’t that common but offer more flexibility than a typical CD does.
The standard CD can be opened with $1,000. The annual percentage yield is a flat rate of 0.03%, no matter the term length and balance.
» Learn more details about Bank of America CDs
Customer experience
5.0
NerdWallet ratingBank of America shines with an easy online banking experience and digital tools. The website design is straightforward, and information about fees and rates is relatively easy to find. Its mobile app lets you deposit checks, pay bills, send money, monitor account activity and balances and use its virtual assistant, Erica. Android and iOS phone users gave the bank’s app high marks.
Customer service hours and channels are convenient. You can get a real human on the phone from 8 a.m. until 11 p.m. ET on weekdays and 8 p.m. on weekends. The bank also provides live chat support for existing customers and answers questions on X (Twitter).
History of CFPB settlements. The Consumer Financial Protection Bureau has brought multiple lawsuits against Bank of America in the past decade for practices deemed unfair or deceptive, including charging overdraft-related fees multiple times for the same transaction, opening unauthorized credit cards in customers’ names, and withholding promised credit card rewards, among other practices. NerdWallet previously had a star-ratings penalty on Bank of America’s institutional rating, but the penalty has expired. See our ratings methodology page for more details.
Overdraft fees
4.0
NerdWallet ratingBank of America has a $10 overdraft fee, and the bank can charge it up to two times per day. There’s no fee for a continuous negative balance, which some banks charge.
You can opt for Balance Connect®, the bank’s overdraft protection service, which allows free transfers from linked accounts to prevent you from overdrawing your account. Other banks also provide the same type of service for free.
How does Bank of America, N.A. compare?
Current Product
![]() Member FDIC | ![]() Member FDIC | ![]() Member FDIC | ![]() Deposits are FDIC Insured |
---|---|---|---|
NerdWallet rating 3.5 /5 | NerdWallet rating 5.0 /5 | NerdWallet rating 5.0 /5 | NerdWallet rating 4.5 /5 |
Monthly fee $12.00 Learn about ways to waive the fee. Click 'Learn More' | Monthly fee $0 | Monthly fee $0 | Monthly fee $0 |
APY N/A | APY 0.50% With $0 min. balance for APY | APY N/A | APY N/A |
Bonus $200 Requirements to qualify | Bonus $300 Earn up to $300 with direct deposit. Terms apply. | Bonus $360 Up to $360 per year. See website for details. | Bonus N/A |
Learn more at Bank of America, N.A. | Learn more at SoFi Bank, N.A. | Learn more at Discover® Bank | Learn more at Chime® |
Methodology
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.