One of the biggest banks in the country, Bank of America provides a vast array of goods and services.
Bank of America provides a variety of options for checking accounts. To assist you with managing your finances, each link goes to the highly regarded mobile app from the bank. You will also have access to a wide network of bank branches and ATMs as a BofA customer.
Bank of America checking accounts
BofA offers these checking accounts:
|Bank of America Advantage SafeBalance Banking
|Bank of America Advantage Plus
|Bank of America Advantage Relationship
|Note: Annual percentage yields (APYs) shown are as of Jan. 12, 2023, and may vary by region for some products.
1. Bank of America Advantage SafeBalance Banking
The Benefit There are safeguards in place with a SafeBalance Banking checking account to assist you in keeping your spending within the parameters of your balance.
If the funds aren’t available in your account, BofA will reject your transactions to prevent an overdraft fee from occurring.
This account does not allow checks; instead, transactions can be made online through digital banking, Zelle, and debit cards.
$25 is the minimal opening deposit.
Bank of America Advantage SafeBalance Banking Fees
The $4.95 monthly maintenance fee for the SafeBalance Banking account is waived for customers who are under 25 and those who are enrolled in Bank of America’s Preferred Rewards program. Additionally, it is not charged if you keep your account balance at least $500.
2. Bank of America Advantage Plus
Compared to the SafeBalance banking account, the Bank of America Advantage Plus checking account comes with more standard features. Debit cards, Zelle, online and mobile banking, or checks can all be used to pay for purchases.
The Advantage Plus account also has the option to add an overdraft protection transfer feature, which automatically transfers money from a linked savings or checking account to cover purchases.
$100 is the minimal opening deposit.
Bank of America Advantage Plus Fees
A $12 monthly fee applies to the Advantage Plus account, but it can be waived if you:
- Maintain a $1,500 minimum daily balance
- Have at least one eligible direct deposit of at least $250.
- Enroll in BofA’s Preferred Rewards program
ATMs operated by Bank of America offer free cash withdrawals. In the United States, money taken out of out-of-network ATMs is subject to a $2.50 fee in addition to any fees levied by the ATM operator.
There can be no more than two overdrafts per day on the account, and there is a $10 overdraft fee. No fee for insufficient funds applies.
A few other notable fees that you might have to contend with include:
- Incoming domestic wire transfer fee ($15)
- Printed statement copies ($5)
- Stop payment ($30)
3. Bank of America Advantage Relationship
Although the APYs on offer are somewhat low, the Advantage Relationship checking account is an interest-bearing account with tiered rates on all balances.
You can use the account to pay with checks, debit cards, Zelle, mobile and online banking, and other payment methods. There is a $10 overdraft fee for each item, just like with the Advantage Plus account. Additionally, you will only be assessed a maximum of two fees each day.
$100 is the minimal opening deposit.
Bank of America Advantage Relationship Fees
Although the Advantage Relationship account has several fees that could quickly deplete any earnings, it is an interest-bearing checking account.
The $25 monthly maintenance fee is the only one; however, if you have linked accounts that are eligible and have a combined balance of $20,000 or more every statement cycle, you can avoid paying this fee. A different method of avoiding the charge is to sign up for BofA’s Preferred Rewards program.
Overdraft fees for the Advantage Relationship account are $10 per item. However, BofA will transfer money from a linked account to cover overdrafts if you enroll in overdraft protection.
Balance Connect is available on both the Advantage Plus and Advantage Relationship accounts. This enables you to use this checking account as a backup for up to five other accounts. Additionally, there is no transfer fee.
With the Advantage Relationship account, a number of additional Bank of America fees are waived, such as stop payment and card replacement fees. However, fees for cashier’s checks, outgoing domestic wire transfers, and international wire transfers sent in US dollars will still apply.
Bank of America checking account promotions and bonuses
Customers of Bank of America can take advantage of a rewards program that offers reduced and waived fees in addition to extra cashback.
Preferred Rewards program
Customers of Bank of America can earn more rewards through the tiered balance program Preferred Rewards as their account balances increase. Benefits include lower mortgage origination costs, higher APYs on savings accounts, credit card rewards bonuses, lower interest rates on auto and home equity loans, and more.
Balance tiers for members of the Preferred Rewards program, based on a three-month average daily balance at Bank of America:
- Gold: $20,000 to $49,999
- Platinum: $50,000 to $99,999
- Platinum Honors: $100,000 to less than $1 million
- Diamond: $1 million to $9,999,999
With Bank of America’s BankAmeriDeals rewards program, you can get paid with cash back on purchases made using a credit or debit card from the company. Cash-back offers are available through online and mobile banking portals, and they are applied to your account 30 days following the date of purchase.
New customers may qualify for the sign-up bonus
On occasion, Bank of America offers $100 sign-up bonuses on their website for checking accounts. Customers who open a BofA personal checking account are eligible for the offer as soon as they receive a qualifying direct deposit into the account. To be eligible, you must enter a code when creating an account.
Alternatives to Bank of America checking accounts
While many branches offer the typical features of a checking account, these checking accounts are lacking in other respects. Fees for these accounts can mount up rapidly if the minimal requirements aren’t fulfilled.
Look at other banking options if branch banking isn’t your top priority. Products from NBKC Bank, Capital One, and LendingClub Bank are a few substitutes. If branch banking is not required for you, each of these banks has features that might be a better fit for your financial situation.