You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the technical advice and tools needed to succeed throughout life ’ s fiscal travel. Bankrate ’ s column team writes on behalf of YOU – the lector. Our finish is to give you the best advice to help you make smart personal finance decisions. We follow rigorous guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no steer compensation from advertisers, and our message is thoroughly fact-checked to ensure accuracy. so, whether you ’ re reading an article or a review, you can trust that you ’ re getting credible and dependable information. We rate your trust. Our mission is to provide readers with accurate and unbiased information, and we have column standards in locate to ensure that happens. Our editors and reporters thoroughly fact-check column content to ensure the information you ’ re read is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct recompense from our advertisers. Bankrate follows a stern column policy, so you can trust that we ’ re putting your interests first base. Our award-winning editors and reporters create honest and accurate message to help you make the right fiscal decisions. Our bank reporters and editors focus on the points consumers care about most — the best banks, latest rates, different types of accounts, money-saving tips and more — so you can feel confident as you ’ re managing your money. Bankrate follows a nonindulgent editorial policy, so you can trust that we ’ ra putting your interests first. All of our capacity is authored by highly qualified professionals and edited by subject topic experts, who ensure everything we publish is aim, accurate and trustworthy. Founded in 1976, Bankrate has a long track record of helping people make bright fiscal choices. We ’ ve maintained this repute for over four decades by demystifying the fiscal decision-making process and giving people confidence in which actions to take adjacent. While we adhere to strict editorial integrity, this post may contain references to products from our partners. hera ‘s an explanation for how we make money. Bank of America is one of the largest banks in the U.S. and it offers a wide selection of products and services. Bank of America offers several different checking report options. Each connects to the bank ’ s highly rated fluid app to help you manage your finances. As a BofA customer, you ’ ll besides have access to a large network of trust branches and ATMs. Bank of America earned 3.2 out of 5 stars in Bankrate ’ s overall inspection of its deposit accounts. here ’ s a closer look at the checking accounts offered by BofA to help you decide whether one is a good 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 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 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.
Read more: 5 Easy Ways to Cut Metal Safely
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 .