About 4,500 branches and 16,000 free ATMs.
Monthly fee on basic checking account is easy to avoid.
Strong tools and mobile app.


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.



Bank of America, like many of its jumbo-bank competitors, 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 April 20, 2018



Bank of America has a basic checking account and one that bears a minimal amount of interest. It’s fairly easy to avoid the monthly fees for both, which isn't true for every big bank's checking accounts. Receiving monthly direct deposits of at least $250 or maintaining a minimum daily account balance of at least $1,500 will allow you to avoid the $12 fee on the basic account.


Bank of America also offers the SafeBalance Banking account, which is a good option for frequent overdrafters. In lieu of charging overdraft fees, Bank of America will simply decline transactions if the account holder doesn’t have sufficient funds in his or her account. But the account comes with significant downsides, such as an unavoidable $4.95 monthly fee.


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.

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