Bank of America Checking Accounts | Bankrate

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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 poise Find out everything you need to know about them below :

1. Bank of America Advantage SafeBalance Banking

The Advantage SafeBalance Banking checking explanation has safeguards in plaza to help you keep spending within the bounds of your bill balance. alternatively of allowing an overdraft to occur, BofA will decline your transactions if the funds aren ’ triiodothyronine available in your account, avoiding an overdraft tip. Checks are not offered with this account ; transactions are conducted using a debit circuit board, Zelle and digital bank. Minimum opening deposit: $ 25

Bank of America Advantage SafeBalance Banking Fees

The SafeBalance Banking account has a monthly care tip of $ 4.95 that is waived for eligible students under age 25 and customers enrolled in Bank of America ’ sulfur Preferred Rewards program.

BofA charges no ATM fees for recluse from one of its more than 16,000 ATMs. Using an ATM outside of Bank of America ’ randomness network in the U.S. results in a $ 2.50 charge for each ATM withdrawal — plus any fees charged by the ATM owner. Other fees to be aware of with this account include: composition instruction copy tip ( $ 5 ) ; diaphragm requital fee ( $ 30 ) ; card successor fee ( $ 5 ) ; cashier ’ south check fee ( $ 15 ) ; and outgoing external wire fee ( $ 45 ). There are no overdraft fees as the account can not be overdrawn .

2. Bank of America Advantage Plus

The Advantage Plus checking account offered by Bank of America offers more standard features than the SafeBalance banking bill. Purchases can be paid by debit card, Zelle, mobile and on-line bank, or checks. In accession, an overdraft protection transfer feature can be added to the Advantage Plus account, which mechanically 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 score, 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 free 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 account, the Advantage Plus Fees score charges an overdraft fee ( $ 35 per item ). If you choose the overdraft auspices transmit feature, BofA mechanically transfers funds from other linked accounts to cover the outstanding sum — but at a cost : $ 12 each example. A few early luminary 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 bill is an interest-bearing account that offers tiered rates on all balances, though the APYs offered are relatively low. The account allows you to pay for purchases with a debit card, Zelle, check, or mobile and on-line bank. Like the Advantage Plus account, you ’ ll have the option to add overdraft protection to cover for any overdraft transactions. Minimum opening deposit: $ 100 .

Bank of America Advantage Relationship Fees

The Advantage Relationship explanation is an interest-bearing check report, but there are several fees that could easily eat away any earnings. The monthly alimony tip alone is $ 25, though, you can avoid this fee with a combine balance of $ 10,000 or more each instruction motorbike across eligible linked accounts. Another way to waive the fee is to enroll in BofA ’ mho Preferred Rewards program. The Advantage Relationship account imposes an overdraft fee of $ 35 an item. But if you sign up for overdraft security, BofA will transfer funds from a linked report to cover overdrafts. Unlike the Advantage Plus account, the Advantage Relationship account charges no fee for the transfer feature of speech. many of the early fees imposed by Bank of America are waived on the Advantage Relationship report, including card surrogate and stop payment fees. But you will distillery have to contend with fees for cashier ’ s checks and wire 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 spinal column, and reduce and forfeit fees .

Preferred Rewards program

favored 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. counterweight tiers for prefer Rewards program 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 card. Cash-back deals can be found in the mobile and on-line bank portals and are credited to your history within 30 days after leverage .

New customers may qualify for sign-up bonus

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

Alternatives to Bank of America checking accounts

Although you can enjoy the criterion features of a checking bill with a battalion of branches, these checking accounts fall short in early areas. The price of fees associated with these accounts can add up quickly if minimum requirements aren ’ deoxythymidine monophosphate met. If branch bank international relations and security network ’ t a priority, you might want to explore other bank 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 burst for your finances — if branch bank international relations and security network ’ t a necessity .

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