at Bank of America,

Member, FDIC

Pros

About 4,300 branches and 16,300 free ATMs.
Monthly fee on basic checking account is easy to avoid.
Strong savings tools and mobile app.

Cons

Up to 0.06% APY on savings account; better rates available elsewhere.
Rates on certificates of deposit are low.
$35 overdraft fee can be charged up to four times daily.

At NerdWallet, we adhere to strict standards of editorial integrity to help you make decisions with confidence. Many or all of the products featured here are from our partners. Here’s how we make money.

Overall

3.5

Bank of America, like many national banks, 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.

 

Ratings methodology | Updated January 17, 2019

Checking

3.5

Of its three checking account options, Bank of America’s Advantage Plus option is the standard choice to get a full suite of services — including check writing and overdraft programs — with fairly easy ways to avoid the $12 monthly fee. You can receive monthly direct deposits of at least $250 or maintain a minimum daily account balance of at least $1,500, among other options.

 

Bank of America also offers the Advantage SafeBalance 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 in checking. But the account comes with downsides, such as the inability to write checks and a $4.95 monthly fee that’s hard to waive for nonstudents. The only interest-bearing checking, Advantage Relationship Banking, requires at least $10,000 at the bank to avoid a $25 monthly fee. Being enrolled in the Preferred Rewards program also helps you dodge the fee. Interest is minimal.

 

The bank charges all checking customers a $2.50 fee for using non-Bank of America ATMs in the U.S., and a $5 fee when doing so abroad.

Rewards Savings Account
APY
0.03%
Min. balance for APY
$1

at Bank of America,

Member, FDIC

How does Bank of America compare?

Bank of America

Rewards Savings Account

NerdWallet Rating

APY

0.03%

Monthly Fees

$8

Bonus features

2,000+ branches

Mobile-friendly

Goldman Sachs Bank USA

Online Savings

NerdWallet Rating

at Goldman Sachs Bank USA,

Member, FDIC

APY

2.25%

Monthly Fees

$0

Bonus features

No Monthly Fee

Competitive APY

American Express National Bank

High Yield Savings Account

NerdWallet Rating

at American Express National Bank,

Member, FDIC

APY

2.10%

Monthly Fees

$0

Bonus features

Competitive APY

Live help 24/7

No Monthly Fee

Not for you? Read more bank reviews
NerdWallet reviews are the result of independent research by our editorial team while accountholder reviews are contributions from independent users not affiliated with NerdWallet. Banks, issuers and credit card companies are not responsible for any content posted on the NerdWallet site, nor do they endorse or guarantee any posted comments or reviews.
Overall
Customer service
Poor
Website / app
Poor
Rates
Poor
Fees
High
Don’t waste your time with BofA. They just don’t care
So tired of feeling like just another person causing them to do work when I walk Into the bank. Have several business accounts with them and they just don’t care at all. Will be finding a local bank or credit union that appreciates my business.
Overall
Customer service
Poor
Website / app
Fair
Rates
Poor
Fees
High
BOA rips off it customers
This place is terrible for banking in almost every way. They put a $1500 min. balance restriction on checking account and if you go below that, they hit you up with a $15 fee. They don't even pay interest on the account and they have the nerve to charge me a fee if I need to use my money below the min. They use my money to make loans to others so they make interest off my money but don't pay me anything for using my money. Instead, they charge me fees! Then if I make an ACH transfer, they want to charge me a $3. I've dealt with many other banking institutions that don't charge for ACH transfers but BOA does. Phone customer service sucks as you are on hold forever before your call is answered and you have to go through an interrogation by their automated phone system before they even get you to a live agent, and they ask you the same questions all over again, wasting my time. The actual branches are a pain as well, as they are not helpful at all when others go in to make a deposit into my account to pay rent or something else, they use to ask for your thumbprint, and ask you a bunch of questions if they have a bank account there and such. Then they give people a hard time for depositing cash. They have shortened branch hours where you only get a 6 hr day access. Closed by 4 before most people even get off work. Basically they are a pain to deal with and they nickel and dime you to death and show no appreciation for their customers!
Some of the reviews on the NerdWallet site were purchased through a third party provider. Users who post a review directly on the NerdWallet site will not be compensated in any way. Please see our Terms of Use and Posting Guidelines for more information.