Bank of America Review 2026: Checking, Savings and CDs
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Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Overview
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.
Large branch network.
Large ATM network.
Extended phone customer service hours.
Low rates on savings accounts and some CDs.
Monthly fees (though they are avoidable).
Product reviews
Checking
Bank of America’s Advantage Plus Banking option is the standard choice of its four checking account options to get convenient checking account features — including check writing and overdraft programs — with fairly easy ways to avoid the $12 monthly fee, including receiving monthly direct deposits of at least $250 or maintaining a minimum daily account balance of at least $1,500.
Bank of America also offers the SafeBalance Banking® 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. But the account comes with downsides, such as the lack of check-writing privileges and a $4.95 monthly fee monthly fee (though it is avoidable). The only interest-bearing checking account that Bank of America offers, Advantage Relationship Banking, requires at least $20,000 as a daily minimum balance to avoid a $25 monthly fee and pays minimal interest.
Customers that use non-Bank of America ATMs are charged a $2.50 fee for U.S. ATMs, and a $5 fee abroad. The bank also limits consumers to sending $1,000 per transaction in external transfers — much lower than some other banks' limits.
» COMPARE: See NerdWallet’s picks for best checking accounts
Savings
Bank of America’s Advantage Savings has an unimpressive 0.01% annual percentage yield. It offers a potentially useful Keep The Change program, which rounds up debit card transactions from your linked Bank of America checking account to the nearest dollar and transfers the difference to your savings account.
The bank waives the $8 monthly maintenance fee on the savings account for customers who either maintain a daily balance of at least $500, link to a Bank of America Advantage Banking checking account or are under the age of 25.
» Want to see more options? Check out NerdWallet’s best savings accounts
Bank of America Advantage Savings
Certificates of deposit
Generally low rates. Most of Bank of America’s CDs don’t come close to matching the rates on high-yield CDs or savings accounts available elsewhere. Compare with NerdWallet's list of the best CD rates.
No-penalty CD option. Bank of America has a decent rate on its flexible CD, also known as a no-penalty CD, which lets a CD be fully redeemed without a penalty after the first six days. These CDs aren’t that common but offer more flexibility than a typical CD does.
The standard CD can be opened with $1,000. The annual percentage yield is a flat rate of 0.03%, no matter the term length and balance.
» Learn more details about Bank of America CDs
Full List of CD Rates
| Term | APY | Min Deposit |
|---|---|---|
| 7 months | 3.25% | $1,000 |
| 10 months | 2.95% | $1,000 |
| 1 year | 3.51% | $100,000 |
| 1 year | 3.00% | $1,000 |
| 1 year | 0.03% | $1,000 |
| 1 year | 0.03% | $10,000 |
| 13 months | 2.00% | $1,000 |
| 37 months | 0.11% | $10,000 |
| 10 years | 0.03% | $1,000 |
Bank of America CD
Customer experience & overdraft fees
Customer experience
Bank of America shines with an easy online banking experience and digital tools. The website design is straightforward, and information about fees and rates is relatively easy to find. Its mobile app lets you deposit checks, pay bills, send money, monitor account activity and balances and use its virtual assistant, Erica. Android and iOS phone users gave the bank’s app high marks.
Customer service hours and channels are convenient. You can get a real human on the phone to get assistance in English or Spanish from 8 a.m. until 11 p.m. ET on weekdays and 8 p.m. on weekends. The bank also provides live chat support for existing customers. Language interpretation is free and available by request at branches and when speaking with customer service by phone.
History of CFPB settlements. The Consumer Financial Protection Bureau has brought multiple lawsuits against Bank of America in the past decade for practices deemed unfair or deceptive, including charging overdraft-related fees multiple times for the same transaction, opening unauthorized credit cards in customers’ names, and withholding promised credit card rewards, among other practices. NerdWallet previously had a star-ratings penalty on Bank of America’s institutional rating, but the penalty has expired. See our ratings methodology page for more details.
Overdraft fees
Bank of America has a $10 overdraft fee, and the bank can charge it up to two times per day. There’s no fee for a continuous negative balance, which some banks charge.
You can opt for Balance Connect®, the bank’s overdraft protection service, which allows free transfers from linked accounts to prevent you from overdrawing your account. Other banks also provide the same type of service for free.
» Tend to overdraw your account? See our picks for best banks for overdrafts
Rating methodology
How we rate banks and credit unions
Banking writers and editors use an objective methodology to rate banks, credit unions, and other providers, and to recommend the best products.
100+
Financial institutions reviewed
100+
Financial institutions reviewed
We took a close look at around 100 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
30+
Categories assessed
30+
Categories assessed
Each provider is evaluated across five weighted categories and 30 subcategories, including checking and savings accounts, certificates of deposit, customer experience, and overdraft services. For banks or credit unions without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
60+
Data points analyzed
60+
Data points analyzed
We considered more than 60 data points for each provider. Depending on the category, these included account fees and rates (such as annual percentage yields), ATM and branch access, account features, account bonuses, customer service access and user-facing technology, such as innovative tools and mobile apps. We gathered this information for each financial institution from its website, a media representative or both.
Star rating categories
The review team is made up of seasoned writers and editors who cover personal banking deposit accounts, such as checking, savings and certificates of deposit, as well as related banking services, such as overdraft programs and ATM networks. For providers without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
Financial institutions and providers surveyed are: Affirm, All America Bank, Alliant Credit Union, Ally Bank, Alto, Amalgamated Bank, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5 Connect, Barclays, Bask Bank, BMO, Boeing Employees Credit Union, Bread Savings®, BrioDirect, Capital One, Cash App, CFG Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens Access, Citizens Bank, Climate First Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Customers Bank, Discover® Bank, E*TRADE, EverBank, Fifth Third Bank, First Foundation, First Internet Bank, First Tech Federal Credit Union, FNBO Direct, Forbright Bank, FourLeaf Federal Credit Union, GO2bank, Golden 1 Credit Union, Hope Credit Union, HSBC Bank, Huntington Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, My Banking Direct, NASA Federal Credit Union, Navy Federal Credit Union, NBKC, Newtek Bank, OMB Bank, OnePay, Openbank, PayPal, Peak Bank, Pentagon Federal Credit Union, PNC, Poppy Bank, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Valley Bank, Varo, Venmo, Vio Bank, Wells Fargo, Western Alliance Bank, Zolve and Zynlo Bank.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for banks and credit unions and our editorial guidelines.