Bank of America review — is this banking giant worth your money? Bank of America is one of the largest financial institutions in the United States. It serves over 69 million consumer and small business clients. The bank operates approximately 3,800 branches and 15,000 ATMs nationwide. It is FDIC insured under certificate number 3510.
For many Americans, Bank of America is a household name. However, big name recognition does not always mean the best rates or lowest fees. This bank of America review will break down checking accounts, savings options, fees, bonuses, and rewards. We will help you decide if Bank of America fits your financial goals. In most cases, Bank of America appeals to customers who value convenience and a wide branch network over high interest rates.
Bank Of America: Account Types and Features
Bank of America offers three checking accounts and one main savings account. The checking options are Advantage SafeBalance, Advantage Plus, and Advantage Relationship Banking. Each account serves a different type of customer. Advantage SafeBalance is a no-overdraft account designed for simple banking. Advantage Plus is the standard option for everyday use. Advantage Relationship Banking is the premium tier with interest-earning potential. For example, only the Relationship account pays interest on balances above $10,000.
The Advantage Savings account is the bank’s primary savings product. It earns between 0.01% and 0.04% APY depending on your balance tier. This bank of America review must note that these savings rates are far below the national average. Typically, online banks offer 4.00% APY or higher on savings. Bank of America also offers CDs with promotional rates up to 3.25% APY on select terms. The minimum CD deposit is $1,000. A no-penalty Flexible CD is available in a 12-month term.
| Account Type | APY | Monthly Fee | Minimum to Waive Fee |
|---|---|---|---|
| Advantage SafeBalance Checking | None | $4.95 | Under age 25 |
| Advantage Plus Checking | None | $12.00 | $1,500 balance or $250/mo direct deposit |
| Advantage Relationship Checking | 0.01%–0.02% | $25.00 | $20,000 combined balance or Preferred Rewards |
| Advantage Savings | 0.01%–0.04% | $8.00 | $500 balance or linked to Advantage checking |
| Featured CDs (select terms) | Up to 3.25% | None | $1,000 minimum deposit |
Bank Of America Review: Fees and Costs
Fees are a major factor in any bank of America review. Monthly maintenance fees range from $4.95 to $25.00 depending on the account. However, all fees can be waived by meeting specific requirements. The Advantage Plus fee disappears with a $1,500 daily balance or $250 in monthly direct deposits. The Relationship Banking fee requires a $20,000 combined balance across linked accounts.
Overdraft fees have improved significantly. Bank of America now charges just $10 per overdraft. The maximum is two fees per day, capping your exposure at $20. This is much lower than the old $35 fee. As a result, Bank of America is now more competitive on overdraft costs. You can also set up Balance Connect to link a savings account for free overdraft transfers.
ATM fees are standard for a big bank. Using Bank of America ATMs is free. Out-of-network ATMs cost $2.50 per transaction plus any operator fee. Domestic outgoing wire transfers cost $30. International wires cost $45. However, Preferred Rewards Platinum members and above get wire transfer fees waived.
Bank Of America Sign-Up Bonuses and Promotions
This bank of America review found a solid sign-up bonus available through May 31, 2026. New checking account holders can earn up to $500. The bonus tiers are based on qualifying direct deposits within 90 days. Deposit $2,000 or more to earn $100. Deposit $5,000 or more to earn $300. Deposit $10,000 or more to earn the full $500 bonus.
In most cases, the $300 tier is the sweet spot for average earners. The bonus applies to all three checking account types. Bank of America also offers a Merrill Edge investment bonus up to $600. That requires depositing between $20,000 and $200,000 or more into a new Merrill account. For example, a $50,000 deposit earns a $150 investment bonus.
This bank of America review recommends acting before the May 2026 deadline. Bonus offers change frequently. Typically, Bank of America runs similar promotions throughout the year. However, the amounts and requirements can shift without notice.
Bank Of America Mobile App and Online Banking
The Bank of America mobile app is one of the highest-rated banking apps available. It scores 4.8 stars on the Apple App Store. It scores 4.7 stars on Google Play. The app includes mobile check deposit, bill pay, and account transfers. Zelle is built in for instant person-to-person payments. You can also set up alerts, lock your debit card, and schedule appointments.
Any thorough bank of America review must praise the digital experience. The online banking platform is clean and easy to navigate. Erica, the bank’s AI virtual assistant, can help with balance inquiries, transaction searches, and spending insights. Customer service is available by phone, chat, and in-branch. With approximately 3,800 branches nationwide, in-person support is rarely far away.
Bank of America is also expanding its footprint. The bank plans to open over 165 new financial centers by the end of 2026. As a result, access to in-person banking will improve even further. This is a major advantage over online-only banks.
Pros and Cons of Bank Of America
Pros:
- Massive branch and ATM network with 3,800 locations and 15,000 ATMs
- Sign-up bonus up to $500 for new checking accounts
- Low $10 overdraft fee capped at $20 per day
- Highly rated mobile app with Zelle, Erica AI, and mobile deposit
- Preferred Rewards program offers credit card boosts and fee waivers
Cons:
- Savings APY of 0.01%–0.04% is far below online bank competitors
- Monthly fees up to $25 unless balance or deposit requirements are met
- $2.50 out-of-network ATM fee adds up for frequent travelers
- CD rates lag behind online banks and credit unions
Who Is Bank Of America Best For?
This bank of America review concludes that the bank is best for customers who value convenience. If you want a large branch network, a top-rated mobile app, and one-stop banking, Bank of America delivers. It is also a strong choice for those who can maintain higher balances. The Preferred Rewards program unlocks credit card boosts, fee waivers, and interest rate discounts on loans.
However, this bank of America review does not recommend it for rate-chasers. If your priority is the highest savings APY, look elsewhere. Online banks consistently offer 10 to 20 times higher rates on savings accounts. Similarly, CD shoppers can find better returns at online institutions.
In most cases, Bank of America works best for people who want a full-service relationship bank. The checking bonus is generous. The overdraft policy is fair. The digital tools are excellent. For customers already in the Merrill Lynch or Preferred Rewards ecosystem, this bank of America review gives a strong recommendation. For everyone else, weigh the low rates against the unmatched convenience before you decide.
Frequently Asked Questions
Is Bank of America a good bank in 2026?
Bank of America is a solid choice for full-service banking. However, it falls short on savings rates compared to online banks. Typically, it works best for customers who value branch access and digital tools over high APY.
How do I avoid monthly fees at Bank of America?
Each account has specific waiver requirements. For example, Advantage Plus requires a $1,500 balance or $250 in direct deposits. As a result, most working adults can avoid the fee with a regular paycheck.
Does Bank of America have a sign-up bonus right now?
Yes, Bank of America offers up to $500 for new checking accounts through May 31, 2026. You need qualifying direct deposits of $2,000 to $10,000 within 90 days. In most cases, the bonus posts within 60 days of meeting the requirement.
Explore More Banking Guides
Looking for the best bank bonuses, savings rates, and financial strategies? Browse our complete library of banking guides and find the right account for you.
(paid link)
Official Sources & Resources
For verified information on banking regulations and consumer protection:
- FDIC (Federal Deposit Insurance Corporation): fdic.gov
- CFPB (Consumer Financial Protection Bureau): consumerfinance.gov
- Federal Reserve: federalreserve.gov
- NCUA (National Credit Union Administration): ncua.gov
- SEC (Securities and Exchange Commission): sec.gov
Content last reviewed April 2026. If you notice any outdated information, please contact us.