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.

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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

HSBC

Online Savings Account

NerdWallet Rating

at HSBC,

Member, FDIC

APY

2.30%

Monthly Fees

$0

Bonus features

Competitive APY

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
Excellent
Website / app
Excellent
Rates
Poor
Fees
Low
Best bank ever
I’ve been with this bank for 15 years and have no problems whatsoever with on line banking,,,haven’t had to change anything EVER,,, what the heck are you people doing that you have so many problems.....I find their customer service is very good,,,and easy to talk to,,,with VERY minimal waiting time,,,I just don’t get what some of these people have a problem with,,,loads of ATM,s. All over the country.....I could go on ,,,but I won’t because some naysayers will disagree.....it’s your choice,,I have mine,,,,, IF IT ISNT BROKE,DONT FIX IT!
Overall
Customer service
Poor
Website / app
Good
Rates
Poor
Fees
High
Drive thru is gone.
I went to my local Bank of America. When I went to the drive thru I noticed that in 3 cars in the drive thru were pulled in backwards. I went to the window drive thru and waited. Inside there were 2 tellers working a long line of customers. Finally a teller turned to the window and saw me. She pointed to a small red sign taped to the window, right in my blind sight not over the window drawer where someone could see it, that said the drive thru was closed and customers need to go inside. I am disabled and can't do that very well. My husband doesn't have a debit card and that causes a problem because the tellers won't even talk to him unless he swipes one. Once I figure out how to change my auto pay I'm outta there and on to a better bank.
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