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.

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

Citizens Access

Online Savings Account

NerdWallet Rating

at Citizens Access,

Member, FDIC

APY

2.20%

Monthly Fees

$0

Bonus features

No Monthly Fee

Competitive APY

Barclays

Online Savings Account

NerdWallet Rating

at Barclays,

Member, FDIC

APY

2.10%

Monthly Fees

$0

Bonus features

No Monthly Fee

Competitive APY

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
It’s not possible
I was just told by an agent that it is not possible to pay bills from savings accounts, because they are not set up for that. When I explained that I had fraud on my checking account, so it was shut down, and I’ve successfully been paying bills from my savings account for the last month, he again claimed it’s not possible, savings accounts aren’t set up that way. The correct response should have been that Bank of America is not set up to take payments from savings accounts. Educate your staff, Bank of America.
Overall
Customer service
Poor
Website / app
Poor
Rates
Poor
Fees
High
They don’t care
I have had a number of issues come up in the time I’ve been a customer, and every time I talk to someone it is SO evident that they couldn’t care less about you or your situation. Needless to say, I am no longer a customer, and have found a bank that does whatever they can to help.
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