at Bank of America,

Member, FDIC

Pros

About 4,300 branches and 16,600 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.
Low rates on certificates of deposit.
$35 overdraft fee can be charged up to four times daily.

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Overall

3.5

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.

 

Ratings methodology | Updated August 1, 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 non-students. 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.

Advantage Savings
APY
0.03%
Min. balance for APY
$0

at Bank of America,

Member, FDIC

Advantage Plus Banking®
APY
Monthly fee
$12
Balance to waive monthly fee
$1,500

at Bank of America,

Member, FDIC

Standard CD
APY
0.05%
Min. balance for APY
$1,000
Length of term
1 year

at Bank of America,

Member, FDIC

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
Fair
Rates
Poor
Fees
High
Their Customer Service Sucks!
Called customer service and stayed on hold 40 minutes. When the service representative finally answer she acted very uninterested in solving my problem with my account. They really need t work on their customer service skills! Their service representative really need more training!
Overall
Customer service
Good
Website / app
Excellent
Rates
Fair
Fees
Fair
Best Brick and Mortar Bank Period!
I have been a customer for close to a decade and have never had a problem.I don’t understand all the bad reviews.Most of the problems people encounter are self inflicted.
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