At a glance

3.8

Bankrate Score

CDs

Checking

Savings

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Overview

Bank of America could be a good fit for consumers who want access to a local branch, plenty of ATMs and a highly rated app. But, like many big banks, it generally offers low rates of return compared with what other financial institutions are paying out.

Highlights

Digital Leader
Highly Rated App
Large Branch Network

Overall

Bank of America is the second-largest financial institution (based on assets) in the country. It’s a digital leader with a global presence and roughly 69 million customers. It offers a wide variety of products for consumers and small businesses.

Pros

The bank is accessible across the country and has about 15,000 ATMs.
It has an award-winning mobile banking app and has invested heavily in digital technology.
Artificial intelligence-driven virtual assistant Erica makes tracking expenses easier.
Bank of America reduced overdraft fees to $10.
While yields are generally low, some of the bank’s certificate of deposit (CD) offerings come with high APYs.

Cons

Fees are avoidable but could easily rack up for customers who can’t meet certain requirements.
Savings and CD yields are generally below the national average.
The number of branches has decreased over the past few years to about 3,800 total.

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Bank of America banking products

2.7

Bankrate Score

Compare top savings rates

Bank of America savings overview

Bank of America’s Advantage Savings has a minimal APY that is lower than the national average. It requires a $100 minimum deposit to open the account, and there is an $8 monthly maintenance fee, which can be avoided by maintaining a $500 minimum balance. You can also link a Bank of America Advantage savings account or become a Bank of America Preferred Rewards client to avoid the monthly service fee. An account owner under 18 years old (or 25 as a student) can also have the fee waived.

The Bank of America Advantage Savings offers tiered APYs — with a tier for under $2,500 and a tier for $2,500 or more. But during Bankrate’s review, both tiers were the same — at 0.01 percent APY.

Bank of America’s Keep the Change program helps to automate your savings by rounding up purchases made with a Bank of America debit card and transferring the difference into your savings account.

Pros

While there is a monthly fee, the fee can be waived in several ways, including by keeping a $500 minimum balance.
Bank of America’s Keep the Change program helps to automate your savings by rounding up your purchase when you use a Bank of America debit card.
The mobile app can be used to deposit checks into your savings account.

Cons

Bank of America’s highest APY on its Advantage Savings account is much less than the national average for savings accounts.
There are savings accounts at FDIC-insured online banks with higher yields that don’t have a monthly service fee.

Rate history for Bank of America's Savings account

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Bank of America

APY

APY last updated between 7/3 and 7/9.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Bank of America

APY

APY last updated between 7/3 and 7/9.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

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Bank of America CD overview

Bank of America offers nearly any CD term you’d ever need since they range from around one month to 10 years. (Available terms may vary by region.) Customers have the choice between a few different types of CDs.

The standard CD has a minimum deposit of $1,000 and the option to choose from multiple terms. The featured CD is available for customers interested in a short-term account and it has a $1,000 minimum opening deposit requirement. Featured CDs come only in five terms, ranging from seven to 37 months. Lastly, Bank of America offers a 12-month flexible CD, which lets you withdraw your money without a penalty so long as you don’t withdraw from the account within the first six days.

APYs on the bank’s regular CDs are below the national average. But a few of Bank of America’s promotional CDs offered competitive yields at the time of this review.

A penalty applies for early withdrawals. For CDs with terms between 12 months and five years, the penalty is 180 days of interest.

Pros

Standard CDs have a $1,000 minimum opening deposit requirement. Some banks have higher deposit requirements for CDs.
Customers can choose from a variety of different terms of CDs.
Some of the terms offer solid APYs.

Cons

Bank of America CDs have a much lower yield than the national average.
There aren’t any special CDs available, such as bump-up or no-penalty CDs.

Rate history for Bank of America's CD accounts

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Bank of America

APY

APY last updated between 7/3 and 7/9.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Bank of America

APY

APY last updated between 7/3 and 7/9.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

3.7

Bankrate Score

Compare top checking rates

Bank of America checking overview

You’ll only need $100 to have an Advantage Plus Banking checking account at Bank of America. There’s a $12 maintenance fee unless you keep at least $1,500 in your account. Other ways to waive the monthly fee include having at least one qualifying direct deposit of $250 or more each statement cycle or enrolling in Preferred Rewards.

Bank of America Advantage Relationship Banking offers an interest-bearing checking account with a $100 minimum opening deposit. The $25 monthly maintenance fee is waived for those with a combined balance of $20,000 across eligible linked accounts or Preferred Rewards customers.

Pros

Opening deposits for checking accounts are reasonable.
Checking customers can use the mobile app's virtual banking assistant, Erica.
An overdraft protection option called Balance Connect is available with no fees.

Cons

Advantage Plus Banking doesn’t earn interest.
The out-of-network ATM fee is $2.50, which is higher than the average.
There are no checking account options that don't have a monthly service fee.

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Bank fees

Fees	Charged?
Overdraft fee	$10
Non-sufficient funds fee	N/A
Account maintenance fees	Fees range from $4.95 to $25
Out-of-network ATM fee	$2.50 (domestic), $5.00 (international)
Excessive transaction fee	None

Find out: Tips to avoid common bank fees

Customer experience

Customer support

Customer service. You can reach customer service members from 8 a.m. to 9 p.m. ET on weekdays. Saturday hours are 8 a.m. to 8 p.m. ET, while on Sunday the phone hours are 8 a.m. to 5 p.m. ET. “I’ve contacted Bank of America’s customer support by phone a few times, and they’ve always been very friendly and helpful,” said a Bankrate staff member who uses Bank of America personally. “For instance, when I called with some questions about a Bank of America credit card, the representative talked about which cards he personally likes the best and why. I appreciated this insight.”

Physical Presence. Bank of America offers access to around 3,800 branches across 38 states and about 15,000 ATMs nationwide.

Mixed customer satisfaction. Bank of America customer satisfaction varies with region, according to J.D. Power’s 2023 U.S. Retail Banking Satisfaction Study. For example, while Bank of America tied for first place for overall satisfaction in the South Central Region, it ranked almost last in the Northwest.

Digital experience

Highly rated mobile app. Bank of America’s mobile app receives high marks on both the Apple App and Google Play stores. The app has been reviewed by more than five million users across both platforms. Customers have access to Zelle, a person-to-person payment platform that lets you send and receive money directly from family and friends.

Digital assistant. Bank of America’s mobile app experience includes a few extra touches when compared to rivals. On the app, you can customize your dashboard as well as get insight and guidance from Erica, the bank’s virtual assistant. It can send you periodic spending updates and send reminders when bill payments are scheduled to be made, according to a Bankrate staff member with an account. Erica surpassed a billion user interactions in October 2022.

Complaints

CFPB enforcement action. In July 2023, the Consumer Financial Protection Bureau (CFPB) found that Bank of America had charged duplicative non-sufficient fees arising from the same transaction. From September 2018 until February 2022, Bank of America “generated substantial additional revenue by illegally charging multiple $25 fees,” the CFPB said. Bank of America was ordered to pay more than $100 million in remediation and $150 million in penalties to the CFPB and the Office of the Comptroller of the Currency.

Bankrate staff insights

“The app lets you set up savings goals for which you can name the goal and a target date,” said a Bankrate staff member with an account. “It shows you a breakdown of your spending, which can help pinpoint areas where you might be overspending, and you can also view your credit score. But the savings account rate is very low. I opted not to open a savings account there since I could find much better rates elsewhere.”

About Bank of America

One of the largest banks in the country, Bank of America began as Bank of Italy in San Francisco in 1904. It changed its name to Bank of America in 1930 following its expansion into a branching system. It is now headquartered in Charlotte, North Carolina.

Today, the bank is known for its large branch presence across the U.S. as well as its technological advancement. While it offers many unique digital tools, including the virtual assistant Erica, Bank of America’s savings yields remain some of the lowest.

Learn more: Bank of America CD rates

How Bank of America compares to other banks

Compare different account types offered by Bank of America. Annual percentage yields (APYs) shown were updated between July 3, 2024 and July 9, 2024.

Selected bank Bank of America savings account Member FDIC Bankrate score Rating: 2.7 stars out of 5 2.7 Bankrate Savings rating = 2.7/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score.	Most comparable Chase Bank savings account Member FDIC Bankrate score Rating: 2.9 stars out of 5 2.9 Bankrate Savings rating = 2.9/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review	Search for or select a bank: Bankrate score Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between July 3, 2024 and July 9, 2024.
0.01%	0.01%
Minimum balance for APY
$100.00	$0.00
Estimated earnings Interest earned calculation based on a $25,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
$3	$3

Bank of America has very low yields on its Bank of America Advantage Savings account. Its APY is well below the savings national average.	The Chase Savings account is the bank’s standard savings account. It offers a yield well below the national average for savings accounts. The Chase Savings account has a $5 monthly maintenance fee. Starting every day with at least $300 or automatically transferring at least $25 per month from your Chase checking account to this savings account are two ways to waive the fee.

You only need $100 to open Bank of America’s Advantage Savings account. Bank of America might be a good choice for you if its branches and ATMs are convenient to where you live.	Those who already bank with Chase might find it convenient to have a savings account at this bank. Chase’s many branches and ATMs might also make this a good fit for people who live in a Chase market.	N/A
The account’s yield is very uncompetitive. You’ll need to qualify for the bank’s Platinum Honors Tier to earn its highest yield. And that APY is well below the national average.	The Chase Savings account has a waivable $5 monthly maintenance fee. Many online banks don’t have monthly service fees. The Chase Savings account doesn’t earn a competitive yield.	N/A

APY offering: 0.01% 1/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. Minimum balance to earn interest: $100.00 4/5 The lowest deposit amount an account must have before it can earn interest. Monthly service fee: $8.00 2/5 A monthly charge a financial institution deducts from an account if certain requirements are not met. Minimum balance to avoid fee: $500.00 3/5 The lowest balance an account must maintain in order to avoid a fee. Access to funds: Great 5/5 A procedure that allows an individual or organization to access and manage the funds of another account holder.	APY offering: 0.01% 1/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. Minimum balance to earn interest: $0.00 5/5 The lowest deposit amount an account must have before it can earn interest. Monthly service fee: $5.00 2/5 A monthly charge a financial institution deducts from an account if certain requirements are not met. Minimum balance to avoid fee: $300.00 4/5 The lowest balance an account must maintain in order to avoid a fee. Access to funds: Great 5/5 A procedure that allows an individual or organization to access and manage the funds of another account holder.	APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. The lowest deposit amount an account must have before it can earn interest. A monthly charge a financial institution deducts from an account if certain requirements are not met. The lowest balance an account must maintain in order to avoid a fee. A procedure that allows an individual or organization to access and manage the funds of another account holder. Bankrate does not currently track additional product details for this bank.

Selected bank Bank of America CD Member FDIC Bankrate score Rating: 4.2 stars out of 5 4.2 Bankrate CD rating = 4.2/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score.	Most comparable CIT Bank CD Member FDIC Bankrate score Rating: 4.3 stars out of 5 4.3 Bankrate CD rating = 4.3/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review	Search for or select a bank: Bankrate score Bankrate CD rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between July 3, 2024 and July 9, 2024.
0.03%	0.30%
Minimum deposit
$1,000.00	$1,000.00
Term
1 yr	1 yr

Bank of America’s one-year CD doesn’t offer a competitive yield. And you’ll need at least $1,000 to open a Bank of America one-year CD.	CIT Bank’s 11-month no-penalty CD offers a yield similar to some high-yield savings accounts and some one-year CDs. But unlike the latter, you can withdraw your money from this no-penalty CD, at least seven days after you open it, without incurring a penalty.

Those who live near a Bank of America location might find it convenient to open a CD at a branch near their home.	This no-penalty CD pays a yield that’s near what top regular one-year CDs – with a penalty – are offering. You won’t pay a penalty with this CD if you need to make an early withdrawal – after having the CD for at least seven days.	N/A
The yield on Bank of America’s one-year CD is well below the national average. There’s an $8 monthly service fee if you don’t qualify to waive it. Bank of America’s $1,000 minimum opening deposit requirement is higher than at some other banks.	The minimum opening deposit requirement of $1,000 is higher than some online banks. You can get higher yields on savings accounts. And those savings accounts don’t have early withdrawal penalties either.	N/A

APY offering: 0.03% - 1 yr 1/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less. Minimum deposit: $1,000.00 4/5 The minimum deposit amount a financial institution requires in order to open a CD. Range of term lengths: 1 mo - 5 yrs 5/5 A designated amount of time that funds must be held within a CD. Early withdrawal penalty: Good 4/5 A penalty incurred when funds have been withdrawn from a CD before its maturity date. Offer no-penalty or bump-up CDs: No 0/5 A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date. Offer IRA CDs: Yes 5/5 An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.	APY offering: 0.30% - 1 yr 1/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less. Minimum deposit: $1,000.00 4/5 The minimum deposit amount a financial institution requires in order to open a CD. Range of term lengths: 6 mos - 5 yrs 4/5 A designated amount of time that funds must be held within a CD. Early withdrawal penalty: Great 5/5 A penalty incurred when funds have been withdrawn from a CD before its maturity date. Offer no-penalty or bump-up CDs: Yes 5/5 A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date. Offer IRA CDs: No 0/5 An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.	APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less. The minimum deposit amount a financial institution requires in order to open a CD. A designated amount of time that funds must be held within a CD. A penalty incurred when funds have been withdrawn from a CD before its maturity date. A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date. An IRA account which consists of CDs that typically earns fixed interest over a specified period of time. Bankrate does not currently track additional product details for this bank.

Selected bank Bank of America checking account Member FDIC Bankrate score Rating: 3.7 stars out of 5 3.7 Bankrate Checking rating = 3.7/5 Bankrate scores are objectively determined by our editorial team. Minimum balances to avoid monthly service fees, whether the bank has a monthly service fee, minimum opening deposit requirements, fees to use out-of-network ATMs and overdraft fees are some of the things that make up Bankrate’s score.	Most comparable Chase Bank checking account Member FDIC Bankrate score Rating: 3.8 stars out of 5 3.8 Bankrate Checking rating = 3.8/5 Bankrate scores are objectively determined by our editorial team. Minimum balances to avoid monthly service fees, whether the bank has a monthly service fee, minimum opening deposit requirements, fees to use out-of-network ATMs and overdraft fees are some of the things that make up Bankrate’s score. Read review	Search for or select a bank: Bankrate score Bankrate Checking rating Bankrate scores are objectively determined by our editorial team. Minimum balances to avoid monthly service fees, whether the bank has a monthly service fee, minimum opening deposit requirements, fees to use out-of-network ATMs and overdraft fees are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between July 3, 2024 and July 9, 2024.
0.01%	0.01%
Minimum balance to open
$100.00	$25.00

Bank of America’s Advantage Plus checking account can be opened with $100. There’s a $12 monthly fee, but there are multiple ways to waive it. Those not enrolled in Balance Connect can be charged an overdraft fee. Bank of America’s mobile app includes a virtual banking assistant called Erica.	Chase Bank’s Total Checking account doesn’t have a minimum opening deposit requirement, but does come with a $12 monthly fee, which can be waived. Chase has the largest branch presence in the U.S., so customers won’t find it difficult to find fee-free ATM access.

Waiving the monthly fee is easy. An overdraft protection option called Balance Connect is available without fees. Customers get access to Bank of America’s mobile app, which comes with a suite of digital tools. Bank of America has about 15,000 ATMs nationwide.	Customers have access to more than 4,700 branches and 15,000 ATMs. The monthly maintenance fee can be waived.	N/A
There’s a $12 monthly fee. There’s a $10 overdraft fee for those not enrolled in Balance Connect.	There’s a $12 monthly maintenance fee and a $3 fee for using out-of-network ATMs. Checks come at a cost.	N/A

Bank of America vs. Wells Fargo

Wells Fargo offers customers around 740 more branches than Bank of America, as of June 30, 2023. Wells Fargo has locations in around 39 states while Bank of America has locations in around 38 states. Both banks also have locations in Washington, D.C.

The Wells Fargo Platinum Savings account offers the option of writing checks. Bank of America didn’t offer a money market account or a savings account with check-writing privileges during Bankrate’s review.

Learn more: The best banks of 2024

Bank of America FAQs

Bank of America had 66 million customers as of Dec. 16, 2021 and had 69 million customers as of Oct. 17, 2023.

Over the years, Bank of America has reduced its number of locations. Back in June 2022, Bank of America had around 3,955 locations. And now it has about 3,811 locations in the U.S.
Bank of America is best for people who live near one of the bank’s branches and like the option of banking in person or would like to open a safe deposit box.
Bank of America is a member of the FDIC, which insures deposits up to $250,000 per account type, per depositor, for each account ownership category.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.

Bank of America Review 2024

The Bankrate promise

At a glance

Overview

Highlights

Overall

Pros

Cons

We want to know what you think about Bank of America

Bank of America banking products

Bank of America savings overview

Pros

Cons

Rate history for Bank of America's Savings account

Bank of America CD overview

Pros

Cons

Rate history for Bank of America's CD accounts

Bank of America checking overview

Pros

Cons

Bank fees

Customer experience

Customer support

Digital experience

Complaints

Bankrate staff insights

About Bank of America

How Bank of America compares to other banks

Bank of America vs. Wells Fargo

Bank of America FAQs

Has Bank of America lost customers?

Who is Bank of America best for?

Is Bank of America safe?

Review methodology

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