Key Takeaways
- We rate Bank of America 4 out of 5 stars, making it our eighth highest-rated of the 10 largest banks in the country.
- The bank has checking accounts with low or no monthly fees, a rewards debit program and relatively low overdraft fees.
- In our December 2023 MarketWatch Guides banking survey, 63% of people who use Bank of America as their primary bank reported being “extremely satisfied” overall.
Bank of America at a Glance
Bank of America
4.4
# of ATM Locations 15,000
# of Branch Locations 3,900
Advantage Savings APY 0.01% to 0.06%
Savings Minimum Deposit $100
Checkings Minimum Deposit $25-$100
BBB Rating A-
Bank of America is headquartered in Charlotte, N.C., and has ahistorythat dates back 120 years. It operates in 38 states and Washington, D.C., and has more than 3,900 branches and 15,000 ATMs. Worldwide, Bank of America operates in more than 35 countries.
If you’re looking for a well-established in-person bank where you can handle all of your financial needs in one spot, Bank of America is an excellent option. If you’re more interested in fee-free banking and the highest rates on your deposit accounts, you may want to consider anonline bankorcredit union.
In our latest MarketWatch Guidesconsumer banking survey, respondents who are Bank of America customers have been with the bank for an average of 13.6 years, close to the overall average of 13.4 years. They keep a median of $14,673 in their checking accounts and $36,606 in their savings accounts. This is higher than our overall median checking and savings account balances.
Bank of America does well when it comes to reputation and customer satisfaction. The Better Business Bureau (BBB) gives the company anA- ratingand accreditation. BauerFinancial gives Bank of America4 out of 5 stars, which is an Excellent rating.
However, the average customer rating on the BBB is low at nearly 1.1 out of 5.0 stars. It’s important to note that this is from just over 1,000 reviews, which is a small fraction of Bank of America’s customers. In our consumer banking survey, 45% of respondents who are Bank of America customers said the customer service they receive is excellent, and 30% indicated it is very good. Less than 3% said that the customer service at Bank of America is poor.
Our review team reached out to Bank of America for comment on its BBB customer rating and MarketWatch Guides’ review scores for its savings and CD accounts but did not receive a response.
Bank of America Ratings
As the second largest bank in the country by assets, Bank of America serves roughly 69 million customers and has thousands of branches and ATMs across 38 states and Washington, D.C.
Based on our research on more than 100 traditional and online banks and credit unions, we give Bank of America 4 out of 5 stars overall. It earns points for its extensive branch network and solid mobile app and online platform, but loses points for offering lower interest rates than its competitors on deposit accounts.
The bank receives lower individual ratings for its savings accounts and CDs because most options have low annual percentage yields (APYs). Its savings account earns as little as 0.01% APY, which is among the lowest rates in the industry. And its CD rates for longer terms, while typical of many large financial institutions, are often lower than what competitors such as Synchrony Bank, Ally Bank and USAA Bank offer.
Flip Card Bank of America
Bank of America Rating 4.0 / out of 5 stars
Rating breakdown
Banking Experience and Access Bank of America received an A- rating from the BBB and has over 15,000 ATMs nationwide. 4.5 / 5
Checking Bank of America offers Advantage SafeBalance Banking, Advantage Plus Banking and Advantage Relationship Banking for checking accounts. 4.4 / 5
Savings Bank of America savings accounts have a relatively low minimum deposit of $100. 3.5 / 5
Certificate of Deposits (CDs) A Bank of America CD will have an early withdrawal penalty, but the bank offers competitive rates on short-term options. 3.8 / 5
Bank of America vs. Other Top Banks
Bank of America has a good reputation and may be the right choice for your banking needs. However, it’s important to compare several banks before making a decision so you know all of your options. Here’s how Bank of America compares to some of the top banks in the country based on deposit account offerings, minimum deposit requirements and fees:
Filters
Rating
At Least
Rating 4.0 Number of Branch Locations3,900 Number of ATM Locations15,000 Available deposit productsChecking, savings, CDs |
Rating 3.8 Number of Branch Locations4,600 Number of ATM Locations11,000 Available deposit productsChecking, savings, CDs |
Rating 4.2 Number of Branch Locations650 Number of ATM LocationsAccess to over 65,000 Available deposit productsChecking, savings, CDs |
Rating 4.0 Number of Branch Locations4,700 Number of ATM Locations16,000 Available deposit productsChecking, savings, CDs |
| Bank | Rating | Number of Branch Locations | Number of ATM Locations | Available deposit products | See More |
|---|---|---|---|---|---|
4.0 | 3,900 | 15,000 | Checking, savings, CDs | Compare Rates | |
| 3.8 | 4,600 | 11,000 | Checking, savings, CDs | Compare Rates |
4.2 | 650 | Access to over 65,000 | Checking, savings, CDs | Compare Rates | |
| 4.0 | 4,700 | 16,000 | Checking, savings, CDs | Compare Rates |
| Bank | Rating | Number of Branch Locations | Number of ATM Locations | Available deposit products | See More |
|---|---|---|---|---|---|
4.0 | 3,900 | 15,000 | Checking, savings, CDs | Compare Rates | |
| 3.8 | 4,600 | 11,000 | Checking, savings, CDs | Compare Rates |
4.2 | 650 | Access to over 65,000 | Checking, savings, CDs | Compare Rates | |
| 4.0 | 4,700 | 16,000 | Checking, savings, CDs | Compare Rates |
No results were found.
*The bank offers a low fee that is waivable if at least one requirement is met, such as a recurring direct deposit, a minimum monthly balance or a linked savings account. Requirements vary by bank.
Bank of America Products
Bank of America offers checking and savings accounts and CDs, but not money market accounts. It also offers these financial products:
- Home loans
- Auto loans
- Retirement accounts
- Brokerage accounts
- Credit cards
| Bank of America Account | APY1 | Minimum Opening Deposit |
|---|---|---|
| Bank of America Advantage SafeBalance Banking | 0% | $25 |
| Bank of America Advantage Plus Banking | 0% | $100 |
| Bank of America Advantage Relationship Banking | 0.01% to 0.02% | $100 |
| Bank of America Advantage Savings | 0.01% to 0.06% | $100 |
| Bank of America featured CD | 0.05% to 4.75% | $1,000 |
| Bank of America fixed-term CD | 0.03% to 4.00% | $1,000 |
| Bank of America flexible CD | 4.25% | $1,000 |
Bank of America Checking Accounts
4.4
| Bank of America Checking Account | Monthly Service Fee | Overdraft Fee |
| Advantage SafeBalance Banking | $4.95* | $0 |
| Advantage Plus Banking | $12** | $10^ |
| Advantage Relationship Banking | $25*** | $10^ |
*Waived for ages 0-25 or with a $500 minimum balance, or for Preferred Rewards members
**Waived for $1,500 minimum balance, $250 or more direct deposit made, or for Preferred Rewards members
***Waived for $20,000 minimum balance, for Preferred Rewards members, or linking to other eligible Bank of America account
^Offers optional overdraft protection
Bank of America Checking Account Overview
Bank of America offers threechecking accounts: Advantage SafeBalance Banking, Advantage Plus Banking and Advantage Relationship Banking. Based on account features, fees and access to ATMs, we give Bank of America’s checking options a rating of 4.4 stars.
Pros and Cons
Pros Low $25 to $100 minimum deposit One interest-bearing checking account, though it has a low APY No overdraft option for Advantage SafeBalance Banking, which can help account owners avoid fees Cons Possible $10 overdraft fee on Advantage Plus Banking and Advantage Plus Relationship Banking accounts
Bank of America Checking Account Options
Bank of America Advantage SafeBalance Banking
Advantage SafeBalance Banking is a basic checking account option and doesn’t offer interest orpaper checks. You can use your debit card, digital wallet or Zelle to pay others. It has a minimum opening deposit of $25 and a monthly maintenance fee of $4.95. The fee is waived if you meet one of the following requirements:
- A Preferred Rewards program member
- Under 25 years old
- Maintain a minimum daily balance of $500
To become a Preferred Rewards member, you must:
- Open or have an existing Bank of America checking account
- Have a three-month combined average daily balance of $20,000 or more in your Bank of America deposit and/or Merrill investment accounts
Bank of America Advantage Plus Banking
Advantage Plus Banking has the same payment methods as the SafeBalance account, plus the option to buy paper checks. This type of checking account requires a minimum opening deposit of $100 and doesn’t earn interest. There’s a monthly service fee of $12, but that can be waived if you meet one of these requirements:
- Be a Preferred Rewards member
- Have a minimum daily balance of $1,500
- Have at least one qualifying direct deposit of at least $250 per month
A perk of this type of checking account is that you can link it to another Bank of America account and opt into overdraft protection. You can also set your account to decline transactions if there aren’t sufficient funds. If you don’t choose either of these settings, you’ll pay a $10 overdraft fee each time your account is overdrawn by more than $1. Bank of America charges up to two overdraft fees per day.
Bank of America Advantage Relationship Banking
This account has the same payment methods and optional overdraft protection as the Advantage Plus Banking account, and it’s Bank of America’s only interest-bearing checking account. It has a 0.01% APY when your checking balance is under $50,000 and 0.02% APY when your balance is over $50,000.
The minimum opening deposit The minimum opening deposit is $100. There’s also a monthly service fee of $25. Like the other checking accounts, this option has a few ways to get the fee waived:$100. There is also a monthly service fee of $25. Like the other checking accounts, this option has a few ways to get the fee waived:
- Be a Preferred Rewards member
- Keep a minimum daily balance of $20,000
Bank of America Savings Accounts
3.5
| Bank of America Savings Account | Monthly Service Fee | Overdraft Fee | APY | Minimum Deposit |
| Advantage Savings | $8* | $0 | 0.01% to 0.06% | $100 |
*Waived for $500 minimum balance, for ages 0-25, accounts linked to a Bank of America checking account, or for Preferred Rewards members
Bank of America Savings Account Overview
Advantage Savings is Bank of America’s only savings account, and we rate it 3.5 stars. It’s best for customers who want easy access to their money and aren’t looking for ahigh-yield savings account.
While the standard APY is 0.01%, it can reach 0.02% to 0.06% based on your Preferred Rewards Membership status. These rates are low compared to the national average savings rateof 0.51%, but they’re fairly typical for a large bank.
Pros and Cons
Pros Low $100 minimum deposit Mobile app tools for tracking savings goals Optional Keep the Change feature for automating savings Cons Only offers one savings account option APYs below the national average interest rate for savings accounts
Bank of America Savings Account Options
Bank of America Advantage Savings
The Advantage Savings account requires an opening deposit of $100. It also has an $8 monthly maintenance fee that’s waived for the first six months. You can continue to get this fee waived if you meet one of these requirements:
- Preferred Rewards member
- Under the age of 25
- Link your account to an Advantage Relationship Banking, Advantage with Tiered Interest Checking or Advantage Regular Checking account
- Maintain a minimum daily balance of $500
Bank of America Keep the Change
Noteworthy features include the optional Keep the Change feature, which rounds your Bank of America debit card purchases to the nearest dollar and deposits the change in your savings. And the Life Plan tools on the mobile app help you set and track savings goals.
Bank of America CDs
3.8
| Featured CD Term | APY | Minimum Deposit |
| 7 months | 4.80% | $1,000 |
| 10 months | 4.70% | $1,000 |
| 13 months | 4.00% | $1,000 |
| 25 months | 3.20% | $1,000 |
| 37 months | 0.05% | $1,000 |
Bank of America CD Overview
Bank of America offers three types of CDs: featured, fixed term and flexible. Based on the bank’s offerings, rates and terms, we give its CDs a rating of 3.8 stars. This skews higher than our CD ratings for other large banks, mainly due to the competitive APYs offered for select term lengths with Bank of America’s featured CDs.
While some of the bank’s featured CD rates beat national averages for similar term lengths, there are higher rates available with other financial institutions.
AllBank of America CD accountshave early withdrawal penalties:
- Featured and fixed-term CDs: Penalties apply to any withdrawal outside of the grace period. The grace period begins on the maturity date and is one calendar day for CD terms of up to 27 days and seven calendar days for CD terms of 28 days or more. The penalty is deducted from the accrued interest first, and if there’s not enough interest to cover it, the rest comes from the principal.
- Flexible CDs: The early withdrawal penalty only applies in the first six days after the term begins or the first six days after a partial withdrawal.
Pros and Cons
Pros Offers CD terms ranging from 28 days to 10 years Competitive yields on some short-term CDs Cons Early withdrawal penalties Competitive yields on some short-term CDs
Bank of America CD Options
Bank of America Featured CD
The bank’s featured CD account has a fixed interest rate and a minimum deposit of $1,000. There are no annual fees or transfer fees.
Bank of America Fixed-Term CD
The fixed-term CD from Bank of America offers terms in one-month increments from one month to 10 years. This account is best for short-term savings, as the CDs with the highest rates are the three-, four- and five-month terms at 4.00% for deposits under $10,000. Otherwise, most terms have APYs of 0.03%.
Like the featured CD, this account requires a $1,000 minimum deposit and doesn’t have transfer or annual fees.
Bank of America Flexible CD
With this account, you can withdraw money without a penalty as long as it has been seven days since you opened the CD or made a withdrawal. If you make a withdrawal within the first six days of the account term (or within six days after making a partial withdrawal or term renewal), you’ll pay a penalty equal to seven days of interest.
The flexible CD comes with a one-year term and an APY of 4.25%. Its minimum deposit is $1,000, and it doesn’t have transfer or annual fees.
Bank of America Fees
In addition to monthly service fees on checking and savings accounts, Bank of America charges fees for some services. Select fees are waived for Preferred Rewards members in certain tiers and Advantage Relationship Banking account holders. Other banks may charge additional fees if you use a non-Bank of America ATM, or send or receive a wire transfer.
| Bank of America Fee | Cost |
|---|---|
| Non-Bank of America ATM | Domestic: $2.50 International: $5 |
| Overdraft | $10 per item (max two fees per day) |
| CD early withdrawal fee | Up to 365 days’ worth of interest on the amount you withdraw |
| Stop payment | $30 |
| Cashier’s checks | $15 |
| Incoming wire transfers | Domestic: $15 International: $15 |
| Outgoing wire transfers | Domestic: $30 International: $45 if sent in U.S. dollars, free if sent in foreign currency |
Bank of America Mobile App
Bank of America gets fairly high ratings for its banking app. The app earns 4.6 out of 5 stars on Google Play from over 1 million reviews and 4.8 out of 5 stars on the Apple App Store from over 4.4 million ratings.
Reviews of the app say it’s efficient but can be slow at times. One respondent in our survey said “The app runs very smoothly and has no hiccups or errors.” Another said, “[Bank of America’s] app is excellent.” However, one user indicated “it could be faster” and another person complained, “They need to improve their mobile app.”
Bank of America developers have responded to reviews that mention struggles and complaints, which is a sign the company is paying attention.
*The bank offers a low fee that is waivable if at least one requirement is met, such as a recurring direct deposit, a minimum monthly balance or a linked savings account. Requirements vary by bank.
Bank of America vs. Wells Fargo
While Wells Fargo has more branches (4,600) than Bank of America (4,000), BoA has more ATMs. Bank of America also beats Wells on the APYs it offers on its savings accounts and CDs. Wells Fargo has lower minimum deposit requirements on checking and savings accounts but Bank of America has a lower minimum to open a CD.
The Wells Fargo mobile app has more reviews and higher ratings than the BoA mobile app. But Bank of America has a much higher BBB rating (A-) than Wells Fargo (F).
Bank of America vs. Citibank
Citibank has just 650 physical branches, but it has more than four times the number of ATMs as Bank of America. Citibank’s checking accounts don’t have a minimum balance requirement, unlike BoA’s, but Citi’s fees are similar.
Citi beats Bank of America slightly on savings account rates. Both banks have similar CD APYs , although Bank of America requires double the money — $1,000 compared with Citi’s minimum requirement of $500 — to open a new CD. Citi has slightly better reviews on its mobile app, but once again, Bank of America beats Citi’s F rating from the BBB.
Bank of America vs. Chase
While Chase has a larger physical presence than Bank of America, BoA has several advantages: Bank of America has lower overdraft fees, its monthly fees are slightly easier to waive and it has IRA options whereas Chase does not. Chase has a much better sign-on bonus than Bank of America, though. Chase offers up to $300 for new checking account customers who make a direct deposit of at least $500 in the first 90 days. The offer expires July 24. Bank of America’s offer only goes up to $200, and requires you to direct-deposit at least $2,000. The offer expires on May 31.
Both banks offer nominal interest rates for their savings accounts. Chase offers slightly higher CD rates than Bank of America. Bank of America’s mobile app gets better reviews than Chase’s, but Chase’s BBB rating of A is slightly better.
Keep in mind that many large banks have similar fees, rates and perks, so ultimately, if you’re interested in a bank with a physical presence, it may come down to the location that’s most convenient for you.
If you’re interested in fee-free banks like many of our survey respondents, you may want to consider a smaller regional bank or credit union. If a brick-and-mortar branch is not important, try one of our best online bank recommendations.
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FAQ: Bank of America Reviews
Bank of America could be good for personal banking if you want to manage accounts such as checking, savings, CDs and investments in one place. It could also be a good choice for you if you value online and mobile banking, as its mobile app has high reviews.
Yes, Bank of America is a trusted financial institution. It’s a member of the FDIC, so deposits are insured up to $250,000 per depositor.
Bank of America’s online and mobile banking features include:
- Mobile check deposit
- Bill pay
- Money transfers with Zelle
- Customizable alerts
- Budgeting and goal-setting tools
- Investment data and news from Merrill
Our Methodology
Our team researched more than 100 of the country’s largest and most prominent financial institutions, collecting information on each provider’s account options, fees, rates, terms and customer experience. We then scored each firm based on the data points and metrics that matter most to potential customers. Read our full methodology.
- Savings and money market accounts (35% of total score): The best scores go to banks, loans and fintech companies with high interest rates and low or no fees or minimum opening deposits.
- Checking accounts (30% of total score): High marks are given to those with multiple accounts and minimal fees, plus benefits such as reward programs and mobile check deposit.
- Certificates of deposit (20% of total score): Top-rated financial institutions have low or no minimum opening deposits, as well as a variety of term options and specialty CDs for flexibility.
- Banking experience and access (15% of total score): Providers that excel in this category have large branch and ATM networks and multiple checking and savings accounts, and they earn more points for offering CDs and money market accounts.
All America Bank,Alliant Credit Union,Ally Bank, Amerant Bank, America First Credit Union, American Airlines Credit Union, American Express National Bank, Apple Bank, Arvest Bank, Associated Bank, Axos Bank, Banesco Bank,Bank of America, Bank of Hope, Bank Purely, Bank5 Connect,Barclays,Bask Bank, BECU (Boeing Employees Credit Union), Bethpage Federal Credit Union,BMO,BMO Alto Bank, Bread Savings (formerly Comenity Direct), BrioDirect,Capital One Bank, CFG Bank, Charles Schwab, Charlie Financial,Chase Bank, Chime, CIBC USA, CIT Bank,Citibank, Citizens,Citizens Bank, Colorado Federal Savings Bank, Comerica Bank,Connexus Credit Union, Consumers Credit Union, Credit One Bank, Cross River Bank, Current, Customers Bank, Delta Community Credit Union,Discover Bank, East West Bank, Emigrant Direct,EverBank (formerly TIAA Bank), Federal Savings Bank, Fifth Third Bank, First Citizens Bank, First Internet Bank (of Indiana), First National Bank of America, First Tech Federal Credit Union, FNBO Direct, Frost Bank, Golden 1 Credit Union, Heritage Bank NA, HSBC,Huntington Bank, KeyBank, Lafayette Federal Credit Union, Lake Michigan Credit Union,LendingClub, Limelight Bank, Live Oak Bank, Lonestar Bank, M.Y. Safra Bank, M&T Bank,Marcus by Goldman Sachs, Mercury Bank, Merrick Bank, Michigan State University Federal Credit Union,Milli, Morgan Stanley Private Bank, Mountain America Credit Union, My eBanc, MySavingsDirect, National Bank of Kansas City, Navy Federal Credit Union, NBKC Bank, North American Savings Bank (NASB), Northpointe Bank, Patelco Credit Union, PenFed Credit Union (Pentagon Federal),PNC Bank, Popular Direct, Presidential Bank, Provident Bank,Quontic Bank, Quorum Federal Credit Union, Randolph-Brooks Federal Credit Union, Regions Bank, Ridgewood Savings Bank, Rising Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union,SoFi Bank, South State Bank, Spectrum Credit Union, Spring Bank, Star One Credit Union, State Bank of Texas, State Department Federal Credit Union, State Employees’ Credit Union, Suncoast Credit Union, Sutton Bank,Synchrony Bank, Synovus Bank,TD Bank, Texas Capital Bank, Third Federal Savings & Loan, Transportation Alliance Bank (TAB Bank),Truist Bank, U.S. Bank, UFB Direct, Umpqua Bank, Upgrade,USAA Bank, USAlliance Financial, Valley National Bank,Varo Bank, Vio Bank, VyStar Credit Union, Webbank, Webster Bank,Wells Fargo, Western State Bank, Zions Bank,Zynlo Bank
1APYs accurate as of July 17, 2024. Rates may vary by location. The rates in this review are based on Bank of America’s headquarters city, Charlotte, N.C.
2The bank offers a low fee that is waivable if at least one requirement is met, such as a recurring direct deposit, a minimum monthly balance or a linked savings account. Requirements vary by bank.
3Data accurate at time of publication
Editor’s Note: Parts of this story were auto-populated using data from Curinos, a research firm that collects data from more than 3,600 banks and credit unions. For more details on how we compile daily rate data, check out our methodology here.
If you have feedback or questions about this article, please email the MarketWatch Guides team at editors@marketwatchguides.com.
