Bank of America Checking Accounts | Bankrate

Bank of America is one of the largest banks in the U.S. and it offers a across-the-board excerpt of products and services. Bank of America offers several different checking explanation options. Each connects to the bank ’ s highly rated mobile app to help you manage your finances. As a BofA customer, you ’ ll besides have entree to a large net of bank branches and ATMs. Bank of America earned 3.2 out of 5 stars in Bankrate ’ s overall revue of its deposit accounts. here ’ s a close look at the checking accounts offered by BofA to help you decide whether one is a effective choice for you.

Bank of America checking accounts

BofA offers these checking accounts :

Account name APY Minimum deposit Monthly fee
Bank of America Advantage SafeBalance Banking None $25 $4.95
Bank of America Advantage Plus None $100 $12
Bank of America Advantage Relationship 0.01%-0.02%* $100 $25

note : annual share yields ( APYs ) shown are as of Jan. 24, 2021, and may vary by region for some products. *APY varies based on account symmetry Find out everything you need to know about them below :

1. Bank of America Advantage SafeBalance Banking

The Advantage SafeBalance Banking checking account has safeguards in station to help you keep outgo within the bounds of your account proportion. rather of allowing an overdraft to occur, BofA will decline your transactions if the funds aren ’ thymine available in your report, avoiding an overdraft fee. Checks are not offered with this explanation ; transactions are conducted using a debit menu, Zelle and digital bank. Minimum opening deposit: $ 25

Bank of America Advantage SafeBalance Banking Fees

The SafeBalance Banking account has a monthly care fee of $ 4.95 that is waived for eligible students under age 25 and customers enrolled in Bank of America ’ sulfur Preferred Rewards broadcast. BofA charges no ATM fees for disengage from one of its more than 16,000 ATMs. Using an ATM outside of Bank of America ’ second network in the U.S. results in a $ 2.50 charge for each ATM secession — plus any fees charged by the ATM owner. Other fees to be aware of with this account include: paper affirmation copy fee ( $ 5 ) ; stop requital tip ( $ 30 ) ; calling card successor fee ( $ 5 ) ; cashier ’ sulfur check fee ( $ 15 ) ; and outgoing international electrify fee ( $ 45 ). There are no overdraft fees as the account can not be overdrawn .

2. Bank of America Advantage Plus

The Advantage Plus checking explanation offered by Bank of America offers more standard features than the SafeBalance banking account. Purchases can be paid by debit batting order, Zelle, mobile and on-line bank, or checks. In addition, an overdraft protection transfer feature can be added to the Advantage Plus score, which automatically transfers funds from a linked savings or checking account to cover purchases. Minimum opening deposit: $ 100

Bank of America Advantage Plus Fees

A $ 12 monthly fee applies to the Advantage Plus history, but it can be waived if you :

  • Maintain a $1,500 minimum daily balance
  • Enroll in BofA’s Preferred Rewards program
  • Are an eligible student under age 25. (Effective Feb. 18, 2022, BofA will no longer waive the monthly fee for students with Advantage Plus accounts.

cash withdrawals are dislodge at Bank of America ATMs. Funds withdrawn from out-network ATMs in the U.S. are subject to $ 2.50 fee, plus any fees charged by the ATM operator. Unlike the SafeBalance Banking score, the Advantage Plus Fees account charges an overdraft fee ( $ 35 per detail ). If you choose the overdraft protection transfer feature of speech, BofA automatically transfers funds from other linked accounts to cover the outstanding amount — but at a cost : $ 12 each example. A few other noteworthy fees that you might have to contend with include :

  • Card replacement fee ($5)
  • Incoming domestic wire transfer fee ($15)
  • Printed statement copies ($5)

3. Bank of America Advantage Relationship

The Advantage Relationship checking report is an interest-bearing account that offers tiered rates on all balances, though the APYs offered are relatively moo. The history allows you to pay for purchases with a debit card, Zelle, assay, or mobile and on-line bank. Like the Advantage Plus account, you ’ ll have the option to add overdraft protective covering to cover for any overdraft transactions. Minimum opening deposit: $ 100 .

Bank of America Advantage Relationship Fees

The Advantage Relationship history is an interest-bearing check report, but there are respective fees that could easily eat away any earnings. The monthly alimony fee entirely is $ 25, though, you can avoid this fee with a combine balance wheel of $ 10,000 or more each affirmation cycle across eligible linked accounts. Another way to waive the tip is to enroll in BofA ’ mho Preferred Rewards program. The Advantage Relationship account imposes an overdraft tip of $ 35 an token. But if you sign up for overdraft protection, BofA will transfer funds from a linked account to cover overdrafts. Unlike the Advantage Plus account, the Advantage Relationship bill charges no fee for the transfer feature. many of the early fees imposed by Bank of America are waived on the Advantage Relationship explanation, including poster surrogate and stop payment fees. But you will still have to contend with fees for cashier ’ south checks and electrify transfers .

Bank of America checking account promotions and bonuses

Bank of America offers its customers a reward program that include benefits such as extra cash second, and reduce and waive fees .

Preferred Rewards program

prefer Rewards is a tiered-balance program that allows Bank of America customers to earn extra rewards as their account balances grow. Perks include higher APYs on savings, credit-card rewards bonuses, reduced mortgage initiation fees, interest-rate discounts on home equity and car loans, and more. balance tiers for prefer Rewards course of study members :

  • Gold: $20,000 to $49,999
  • Platinum: $50,000 to $99,999
  • Platinum Honors: $100,000 and more

BankAmeriDeals

BankAmeriDeals is Bank of America ’ s rewards that allows you to earn cash back for purchases made with a BofA credit or debit tease. Cash-back deals can be found in the mobile and on-line deposit portals and are credited to your account within 30 days after buy.

New customers may qualify for sign-up bonus

Bank of America occasionally offers $ 100 sign-up bonuses for its crack accounts on its web site. New customers who sign up for a BofA personal check explanation are eligible once they receive a qualifying calculate deposit in the report. A code is required when opening an account to qualify .

Alternatives to Bank of America checking accounts

Although you can enjoy the standard features of a checking report with a multitude of branches, these checking accounts fall short in other areas. The price of fees associated with these accounts can add up promptly if minimum requirements aren ’ metric ton met. If branch bank international relations and security network ’ t a priority, you might want to explore early banking options. A few alternatives include products from NBKC Bank, Capital One and LendingClub Bank. Each of these banks offer features that might be a better match for your finances — if arm bank international relations and security network ’ t a necessity .

Learn more:

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Category : Finance

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