Our verdict
Bank of America offers a robust suite of banking products and one of the largest branch networks for those who value in-person services. While it excels in accessibility and product variety, its monthly maintenance fees, low interest rates on savings and mixed customer service reviews may be drawbacks. Still, it’s a solid choice for those wanting a comprehensive banking experience.
Best for: Those who prefer a traditional bank with modern digital tools.
Pros
- Wide product selection
- Sophisticated mobile app
- Extensive branch and ATM network
- High APYs on CDs
Cons
- Low APYs on savings
- Monthly fees on many accounts
- Poor customer reviews
Is Bank of America a trustworthy and good bank?
Bank of America is largely considered a trustworthy bank. It has FDIC deposit insurance, covering deposits up to $250,000 per account category. It serves nearly 70 million customers and offers a wide range of financial products, including personal and business banking, loans and retirement accounts.
Bank of America has over 3,700 financial centers in all 50 states and around 15,000 fee-free ATMs nationwide. For those who prefer traditional banking, it’s a solid choice.
However, the bank isn’t perfect. Customer reviews reflect service reliability and fee concerns, and it’s had trouble with regulators within the last few years.
Bank of America in the news
Bank of America has faced two major lawsuits in recent years.
In 2023, the Consumer Financial Protection Bureau (CFPB) fined it for allegedly double-charging overdraft fees, withholding credit card rewards and opening accounts without authorization. The CFPB ordered the bank to pay over $100 million to affected customers and $150 million in penalties and also required it to halt these practices.
In April 2024, a US district judge found that Bank of America misled customers about a Covid-19 relief program that promised to refund overdraft fees. Bank of America continued promoting this program after it ended in August 2020, leading customers to believe they would still receive refunds. The case is still ongoing.
Additional security measures
Bank of America takes many steps to keep your account and information safe. They have secure facilities, monitored 24/7 by staff, with protections like firewalls and backup power sources so your information stays protected even in emergencies.
To help prevent fraud, Bank of America monitors accounts for any unusual activity and will send you alerts if something seems off. Like most banks, it may temporarily lock your account to stop suspicious transactions. When you log in, the bank uses a multi-step process called “multi-factor authentication” to confirm it’s really you and not someone else entering your password.
If someone makes unauthorized transactions on your account, Bank of America offers a $0 Liability Guarantee. As long as you report any unauthorized activity promptly, you won’t be responsible for those charges. Dedicated support teams are also on hand to help answer security questions and assist if any issues arise.
Bank of America customer feedback and reviews
| BBB accredited | No |
|---|---|
| BBB rating | A |
| BBB customer reviews | 1.1 out of 5 stars, based on 1168 customer reviews |
| Trustpilot score | 1.3 out of 5 stars, based on 2,301 customer reviews |
| App Store Score | 4.8 out of 5 stars, based on 4,700,000 customer reviews |
| Google Play Score | 5 out of 5 stars, based on 1,120,000 customer reviews |
| Customer reviews verified as of | 19 November 2024 |
Most banks don’t do very well on customer review platforms, and Bank of America is no exception. Customer feedback on the bank highlights recurring challenges with service consistency, fees and strict policies across major review platforms.
On the Better Business Bureau (BBB), customers frequently report difficulties with overdraft charges, as well as unresolved issues with customer service. Trustpilot reflects similar concerns, with complaints about support and account security.
Meanwhile, Reddit discussions include frustration about monthly fees and concerns about private information. Users often recommend credit unions over Bank of America as a more customer-friendly option, especially for younger users. Some Redditors, however, note that the bank’s cashback offerings are competitive for those with substantial assets.
Bank of America’s popular banking products
Bank of America offers a range of banking products tailored to diverse needs, from basic personal accounts to advanced business solutions. It’s also integrated with Zelle for easy peer-to-peer payments, and many of its personal accounts have monthly fees that can be waived.
Here’s a quick look at its flagship products and offerings.
Advantage SafeBalance Banking
The Advantage SafeBalance Banking account is a low-cost option for students and young adults. For those under age 25, you won’t have to pay the $4.95 monthly fee. You can also waive the fee by holding a minimum daily balance of $500 or more or if you’re a member of the Preferred Rewards program.
The account requires a $25 opening deposit, includes the bank’s $0 Liability Guarantee, has custom alerts and provides access to Bank of America’s virtual assistant Erica. But you won’t receive paper checks.
Advantage Plus Banking
Bank of America’s Advantage Plus Banking account offers flexibility with a $12 monthly fee, which can be waived by maintaining a $1,500 daily balance, setting up $250 in monthly direct deposits or being a Preferred Rewards member.
It requires a $100 opening deposit and includes the $0 Liability Guarantee, has custom alerts and provides access to the Erica virtual assistant.
Advantage Relationship Banking
Designed for those with higher balances, the Advantage Relationship Banking account has a $25 monthly fee that can be waived with a $20,000 daily balance or Preferred Rewards membership.
This account earns up to 0.02% APY, offers fee waivers on select services and allows a $0 monthly fee on up to seven linked accounts. Like the other options, you can set up custom alerts, access the virtual assistant and get the $0 Liability Guarantee.
Business Advantage Fundamentals Banking
Tailored for new and smaller businesses, the Business Advantage Fundamentals account has no monthly fee for the first 12 months. Afterward, the $16 monthly fee can be waived with a $5,000 balance or $500 in debit card purchases. It includes a business debit card with a $0 Liability Guarantee, QuickBooks integration and access to Zelle for business transactions.
Business Advantage Relationship Banking
Business Advantage Relationship Banking. Designed for businesses with more complex needs, this account includes all fundamental features, plus extra benefits like an additional relationship banking account, a business savings account and waived fees on incoming wires and stop payments.
The $29.95 monthly fee can be waived with a $15,000 balance across linked accounts or Preferred Rewards for Business membership.
Bank of America savings accounts
Bank of America offers a range of savings accounts and CDs to suit various financial needs.
- Bank of America Advantage Savings. The Advantage Savings account offers flexible saving, with a $100 opening deposit, a waivable $8 monthly fee and perks like goal tracking with Bank of America Life Plan, the cashback program BankAmeriDeals to search for savings and Balance Connect for overdraft protection.
- Business Advantage Savings Account. This account earns 0.01% to 0.04% APY, depending on your balance. There’s a $100 minimum deposit and a waivable $10 monthly fee. It includes mobile banking, Balance Connect and cash flow tools.
- Featured CD Account. Bank of America’s Featured CD offers flexible terms from 7 to 37 months, a $1,000 minimum deposit and APYs up to 4.05%. There are also automatic renewal options at maturity.
- Fixed Term CD Account. The Bank of America Fixed Term CD offers terms from 28 days to 10 years, a $1,000 minimum deposit and APYs up to 3.75%. Automatic renewal options are at maturity unless adjusted within the 7-day grace period.
- Flexible CD Account. The Bank of America Flexible CD is a one-year certificate of deposit with a 3.51% APY, a $1,000 minimum deposit and automatic renewal options. You can waive early withdrawal penalties outside the first six days of the term.
Lending products
Bank of America offers a variety of lending products, including home and auto loans, to support customers in purchasing, refinancing or tapping into the value of their assets.
- Home loans. Offers options for mortgages, mortgage refinancing and home equity loans, enabling customers to purchase a new home, refinance an existing mortgage or leverage home equity for extra funding.
- Auto loans. There’s a wide range of auto loan options with competitive rates, including loans for new purchases, lease buyouts and refinancing. You can prequalify online without impacting your credit score if you have a Bank of America login. Additionally, the bank provides resources for customers interested in electric vehicles.
Other Bank of America products
Bank of America provides a selection of additional financial products, including retirement accounts and credit cards, to meet diverse savings and spending needs.
- IRAs. Bank of America offers both Traditional and Roth IRAs, providing tax-advantaged retirement savings options to meet varying financial goals.
- Credit cards. Bank of America offers a range of credit cards, from cash back and travel rewards to low-interest and student options — all with no annual fees.
Bank of America fees
| Monthly service fees |
|
| Opening deposit requirements |
|
| Overdraft fees | $0 or $10 per item |
| Late fees | Up to $40 |
Compare with leading bank accounts
- 0.50% APY on checking balance
- Up to 3.80% APY on savings
- $0 account or overdraft fees
- Get up to a $300 bonus with direct deposits of $5,000 or more
- $0 monthly fee with $500 in monthly direct deposits
- Earn 4% on savings
- Get up to 8% cashback on purchases
- FDIC-insured up to $1 million
- $0 monthly fees
- Up to 1.80% on checking balance
- Up to 3.55% APY on savings
- Unlimited 1% cashback rewards
See how other banks compare to each other.
When choosing the best bank for your needs, comparing options side-by-side can make all the difference. Check out some of our detailed comparisons:
Bottom line
Bank of America is a solid choice for those seeking a well-rounded bank with an extensive branch network, advanced digital tools and a wide variety of account options.
While its low interest rates and monthly fees may not appeal to those prioritizing growth or low-cost accounts, it remains a reputable institution with nearly 70 million customers and strong security measures.
If you’re comparing your options, check our list of the best banks and credit unions in the US.
Frequently asked questions
Does Bank of America have a rewards program for checking accounts?
Yes, Bank of America offers the Preferred Rewards program for checking account holders who meet certain balance requirements, providing benefits like credit card reward bonuses and fee waivers.
Can I use Bank of America accounts internationally, and are there foreign transaction fees?
Yes, you can use Bank of America debit and credit cards internationally, but fees may apply. Debit card purchases abroad incur a 3% foreign transaction fee, with an additional $5 fee per withdrawal from non-partner ATMs. For credit cards, many also charge a 3% foreign transaction fee, but some, like the Bank of America Travel Rewards card, do not.
What is Balance Connect for Overdraft Protection at Bank of America?
Balance Connect is Bank of America’s overdraft protection service that covers transactions by transferring available funds from up to five linked accounts, such as other checking, savings or credit card accounts. This feature helps prevent overdraft fees and declined transactions. While there’s no transfer fee, interest may apply to transfers from linked credit accounts.
