Bank of America Review 2024 | Bankrate (2024)

Table of Contents
At a glance Overview Highlights Advertiser Disclosure How We Make Money American Express Jenius Bank Capital One Advertiser Disclosure How We Make Money American Express Jenius Bank Capital One BMO Alto EverBank Overall Pros Cons Bank of America banking products Bank of America savings overview Bank of America savings rates Advertiser Disclosure How We Make Money American Express Bank of America CD overview Bank of America CD rates Advertiser Disclosure How We Make Money BMO Alto Bank of America checking overview Advertiser Disclosure How We Make Money SoFi Bank fees Customer experience Customer support Digital experience Complaints About Bank of America How Bank of America compares to other banks Bank of America vs. Wells Fargo Bank of America FAQs Review methodology FAQs

On This Page

At a glance

Bank of America Review 2024 | Bankrate (1)

3.8

Rating: 3.8 stars out of 5

Bankrate Score

CDs

Rating: 4.2 stars out of 5

Checking

Rating: 3.7 stars out of 5

Savings

Rating: 2.7 stars out of 5

About Bankrate Score

Overview

Bank of America could be a good fit for consumers who want access to a local branch, plenty of ATMs and a highly rated app. But, like many big banks, it generally offers low rates of return compared with what other financial institutions are paying out.

Highlights

  • Digital Leader
  • Large Branch Network
  • Highly Rated App

Compare offers

Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

Bank of America Review 2024 | Bankrate (2)

Member FDIC

Savings Account

4.25

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 4/29/2024

Rating: 4.4 stars out of 5

Bankrate Savings rating = 4.4/5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

$1

Min. balance for APY

View offerArrow Right

Promoted offer:

Bank of America Review 2024 | Bankrate (4)

Member FDIC.

Savings Account

5.25

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 4/29/2024

Rating: 5 stars out of 5

Bankrate Savings rating = 5/5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

$0

Min. balance for APY

View offerArrow Right

Promoted offer: No fees. Easy deposits and quick withdrawals.

Bank of America Review 2024 | Bankrate (6)

Member FDIC

Savings Account

4.25

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 4/29/2024

Rating: 4.4 stars out of 5

Bankrate Savings rating = 4.4/5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

$0

Min. balance for APY

View offerArrow Right

Promoted offer: It only takes about 5 minutes to open a fee-free account.

Overall

Bank of America is the second-largest financial institution (based on assets) in the country. It’s a digital leader with a global presence and roughly 69 million customers. It offers a wide variety of products for consumers and small businesses.

Pros

  • The bank is accessible across the country and has about 15,000 ATMs.

  • It has an award-winning mobile banking app and has invested heavily in digital technology.

  • Artificial intelligence-driven virtual assistant Erica makes tracking expenses easier.

  • Bank of America reduced overdraft fees to $10.

  • While yields are generally low, some of the bank’s certificate of deposit (CD) offerings come with high APYs.

Cons

  • Fees are avoidable but could easily rack up for customers who can’t meet certain requirements.

  • Savings and CD yields are generally below the national average.

  • The number of branches has decreased over the past few years to about 3,800 total.

Bank of America banking products

2.7

Rating: 2.7 stars out of 5

Bankrate Score

Compare top savings rates

FEATURES

0.01% APY

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY as of4/29/2024

$100 minimum deposit to open

Bank of America savings overview

Bank of America’s Advantage Savings has a minimal APY that is lower than the national average. It requires a $100 minimum deposit to open the account, and there is an $8 monthly maintenance fee, which can be avoided by maintaining a $500 minimum balance. You can also link a Bank of America Advantage savings account or become a Bank of America Preferred Rewards client to avoid the monthly service fee. An account owner under 18 years old (or 25 as a student) can also have the fee waived.

The Bank of America Advantage Savings offers tiered APYs — with a tier for under $2,500 and a tier for $2,500 or more. But during Bankrate’s review, both tiers were the same — at 0.01 percent APY.

Bank of America’s Keep the Change program helps to automate your savings by rounding up purchases made with a Bank of America debit card and transferring the difference into your savings account.

Pros

  • While there is a monthly fee, the fee can be waived in several ways, including by keeping a $500 minimum balance.

  • Bank of America’s Keep the Change program helps to automate your savings by rounding up your purchase when you use a Bank of America debit card.

  • The mobile app can be used to deposit checks into your savings account.

Cons

  • Bank of America’s highest APY on its Advantage Savings account is much less than the national average for savings accounts.

  • There are savings accounts at FDIC-insured online banks with higher yields that don’t have a monthly service fee.

  • See how rates for this account have changed over time.Interact with the trend lines to view APY by date.

    Bank of America

    APY

    APY

    National average APY

    How do we get this data?

Compare Offer

Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

Bank of America Review 2024 | Bankrate (18)

Member FDIC

Savings Account

4.25

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 4/29/2024

Rating: 4.4 stars out of 5

Bankrate Savings rating = 4.4/5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

$1

Min balance for APY

View offerArrow Right

Promoted offer:

4.2

Rating: 4.2 stars out of 5

Bankrate Score

Compare top CD rates

FEATURES

0.03% – 4.00% APY

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY as of4/29/2024

$1,000 minimum deposit to open

1 month – 5 years

Bank of America CD overview

Bank of America offers nearly any CD term you’d ever need since they range from around one month to 10 years. (Available terms may vary by region.) Customers have the choice between a few different types of CDs.

The standard CD has a minimum deposit of $1,000 and the option to choose from multiple terms. The featured CD is available for customers interested in a short-term account and it has a $1,000 minimum opening deposit requirement. Featured CDs come only in five terms, ranging from seven to 37 months. Lastly, Bank of America offers a 12-month flexible CD, which lets you withdraw your money without a penalty so long as you don’t withdraw from the account within the first six days.

APYs on the bank’s regular CDs are below the national average. But a few of Bank of America’s promotional CDs offered competitive yields at the time of this review.

A penalty applies for early withdrawals. For CDs with terms between 12 months and five years, the penalty is 180 days of interest.

Pros

  • Standard CDs have a $1,000 minimum opening deposit requirement. Some banks have higher deposit requirements for CDs.

  • Customers can choose from a variety of different terms of CDs.

  • Some of the terms offer solid APYs.

Cons

  • Bank of America CDs have a much lower yield than the national average.

  • There aren’t any special CDs available, such as bump-up or no-penalty CDs.

  • See how rates for this account have changed over time.Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

    Bank of America

    APY

    APY

    National average APY

    How do we get this data?

Compare Offer

Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

Bank of America Review 2024 | Bankrate (20)

Member FDIC

CD

5.05

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 4/29/2024

Rating: 4.7 stars out of 5

Bankrate CD rating = 4.7/5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

$0

Min. deposit

1yr

Term

View offerArrow Right

Promoted offer:

3.7

Rating: 3.7 stars out of 5

Bankrate Score

Compare top checking rates

Bank of America checking overview

You’ll only need $100 to have an Advantage Plus Banking checking account at Bank of America. There’s a $12 maintenance fee unless you keep at least $1,500 in your account. Other ways to waive the monthly fee include having at least one qualifying direct deposit of $250 or more each statement cycle or enrolling in Preferred Rewards.

Bank of America Advantage Relationship Banking offers an interest-bearing checking account with a $100 minimum opening deposit. The $25 monthly maintenance fee is waived for those with a combined balance of $20,000 across eligible linked accounts or Preferred Rewards customers.

Pros

  • Opening deposits for checking accounts are reasonable.

  • Checking customers can use the mobile app's virtual banking assistant, Erica.

  • An overdraft protection option called Balance Connect is available with no fees.

Cons

  • Advantage Plus Banking doesn’t earn interest.

  • The out-of-network ATM fee is $2.50, which is higher than the average.

  • There are no checking account options that don't have a monthly service fee.

Compare Offer

Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

Bank of America Review 2024 | Bankrate (22)

Member FDIC

Checking Account

0.50

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 4/29/2024

Rating: 4.9 stars out of 5

Bankrate Checking rating = 4.9/5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

$0

To open

$0

To avoid fees

View offerArrow Right

Compare more:Bankrate's best CD rates

Bank fees

FeesCharged?
Overdraft fee$10
Non-sufficient funds feeN/A
Account maintenance feesFees range from $4.95 to $25
Out-of-network ATM fee$2.50 (domestic), $5.00 (international)
Excessive transaction feeNone

Find out:Tips to avoid common bank fees

Customer experience

Customer support

Customer service. You can reach customer service members from 8 a.m. to 9 p.m. ET on weekdays. Saturday hours are 8 a.m. to 8 p.m. ET, while on Sunday the phone hours are 8 a.m. to 5 p.m. ET. “I’ve contacted Bank of America’s customer support by phone a few times, and they’ve always been very friendly and helpful,” said a Bankrate staff member who uses Bank of America personally. “For instance, when I called with some questions about a Bank of America credit card, the representative talked about which cards he personally likes the best and why. I appreciated this insight.”

Physical Presence. Bank of America offers access to around 3,800 branches across 38 states and about 15,000 ATMs nationwide.

Mixed customer satisfaction. Bank of America customer satisfaction varies with region, according to J.D. Power’s 2023 U.S. Retail Banking Satisfaction Study. For example, while Bank of America tied for first place for overall satisfaction in the South Central Region, it ranked almost last in the Northwest.

Digital experience

Highly rated mobile app. Bank of America’s mobile app receives high marks on both the Apple App and Google Play stores. The app has been reviewed by more than five million users across both platforms. Customers have access to Zelle, a person-to-person payment platform that lets you send and receive money directly from family and friends.

Digital assistant. Bank of America’s mobile app experience includes a few extra touches when compared to rivals. On the app, you can customize your dashboard as well as get insight and guidance from Erica, the bank’s virtual assistant. It can send you periodic spending updates and send reminders when bill payments are scheduled to be made, according to a Bankrate staff member with an account. Erica surpassed a billion user interactions in October 2022.

Complaints

CFPB enforcement action. In July 2023, the Consumer Financial Protection Bureau (CFPB) found that Bank of America had charged duplicative non-sufficient fees arising from the same transaction. From September 2018 until February 2022, Bank of America “generated substantial additional revenue by illegally charging multiple $25 fees,” the CFPB said. Bank of America was ordered to pay more than $100 million in remediation and $150 million in penalties to the CFPB and the Office of the Comptroller of the Currency.

Bankrate staff insights

“The app lets you set up savings goals for which you can name the goal and a target date,” said a Bankrate staff member with an account. “It shows you a breakdown of your spending, which can help pinpoint areas where you might be overspending, and you can also view your credit score. But the savings account rate is very low. I opted not to open a savings account there since I could find much better rates elsewhere.”

About Bank of America

One of the largest banks in the country, Bank of America began as Bank of Italy in San Francisco in 1904. It changed its name to Bank of America in 1930 following its expansion into a branching system. It is now headquartered in Charlotte, North Carolina.

Today, the bank is known for its large branch presence across the U.S. as well as its technological advancement. While it offers many unique digital tools, including the virtual assistant Erica, Bank of America’s savings yields remain some of the lowest.

Learn more:Bank of America CD rates

How Bank of America compares to other banks

Bank of America vs. Wells Fargo

Wells Fargo offers customers around 740 more branches than Bank of America, as of June 30, 2023. Wells Fargo has locations in around 39 states while Bank of America has locations in around 38 states. Both banks also have locations in Washington, D.C.

The Wells Fargo Platinum Savings account offers the option of writing checks. Bank of America didn’t offer a money market account or a savings account with check-writing privileges during Bankrate’s review.

Learn more:The best banks of 2024

Bank of America FAQs

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.

Bank of America Review 2024 | Bankrate (2024)

FAQs

Bank of America Review 2024 | Bankrate? ›

Overview. Bank of America could be a good fit for consumers who want access to a local branch, plenty of ATMs and a highly rated app. But, like many big banks, it generally offers low rates of return compared with what other financial institutions are paying out.

Find Out More ›
Does Bank of America have good reviews? ›

We rate Bank of America 4 out of 5 stars, making it our eighth highest-rated of the 10 largest banks in the country. The bank has checking accounts with low or no monthly fees, a rewards debit program and relatively low overdraft fees.

Discover More ›
What is the best Bank for 2024? ›

Best-of 2024 Banking Winners:
  • Alliant Credit Union: Best credit union.
  • Ally Bank: Best bank; best CDs.
  • Charles Schwab Bank: Best for ATM access.
  • Chase: Best for sign-up bonuses; best for branch access.
  • Discover® Bank: Best online banking experience.
May 10, 2024

Continue Reading ›
How stable is Bank of America right now? ›

Fitch Affirms Bank of America at 'AA-'; Outlook Stable. Fitch Ratings - New York - 19 Sep 2022: Fitch Ratings has affirmed Bank of America Corporation's (BAC) Long- and Short-Term Issuer Default Rating (IDRs) at 'AA-' and 'F1+', respectively. The Rating Outlook is Stable.

Tell Me More ›
Is Bank of America going under? ›

Overall, Bank of America appears to be in a relatively healthy financial position and is not currently in imminent danger of collapse. However, as with any financial institution, there are always risks involved, and customers and investors should always monitor the bank's financial health and risk profile.

Get More Info ›
What bank is better than Bank of America? ›

Capital One: APYs. Annual percentage yield (APY) is a place of major difference between Bank of America and Capital One. Capital One pays consistently higher APYs on savings account and CD products, more like an online-only bank would, plus its checking accounts earn interest, too.

Read More ›
Is Bank of America or Chase better? ›

Bank of America pays slightly higher interest on your account balance. It also has a lower monthly fee and more options to have it waived. While the comparison between the two banks' checking accounts stacks up as a draw, the clear winner among savings accounts is Bank of America Advantage Savings.

Show Me More ›
Is Bank of America financially safe? ›

Is Bank of America FDIC insured? Yes, all Bank of America bank accounts are FDIC insured (FDIC #3510) up to $250,000 per depositor, for each account ownership category, in the event of a bank failure.

See More ›
What are the weaknesses of Bank of America? ›

Weaknesses. High Levels of Debt: Despite its strong balance sheet, BAC has high levels of debt, which could pose financial risks. High debt levels can increase the company's interest expenses and reduce its financial flexibility, potentially impacting its profitability and ability to invest in growth opportunities.

Read On ›
What bank is safest right now? ›

Summary: Safest Banks In The U.S. Of May 2024
BankForbes Advisor RatingProducts
Chase Bank5.0Checking, Savings, CDs
Bank of America4.2Checking, Savings, CDs
Wells Fargo Bank4.0Savings, checking, money market accounts, CDs
Citi®4.0Checking, savings, CDs
1 more row
May 20, 2024

Keep Reading ›

What Bank collapse in 2024? ›

Republic First Bank reported unrealized securities losses in excess of its equity as early as June 2022. State regulators closed Republic First Bank in April 2024, marking the first bank failure of the year.

Read More ›
Is Bank of America having problems right now? ›

User reports indicate no current problems at Bank of America

Clients can review their account balances and transactions, deposit checks and tranfer money through online banking and mobile banking apps for iPhone, iPad, Android, Windows Phone, Blackberry, Kindle Fire and other mobile operating systems.

Get More Info Here ›
What is the future of Bank of America? ›

CHARLOTTE, NC – Bank of America today announced it will expand its financial center network into nine new markets over the next four years, bringing banking, investing, retirement, lending and small business services and solutions to more clients and communities.

Discover More ›
What are the disadvantages of Bank of America? ›

High fees: Bank of America charges a monthly $8 maintenance fee plus an additional $10 fee per transfer when you make more than six in a month. There is also a fee when you make a transaction on a non-network ATM ($2.50 in the US, $5 outside of the US). And there's a $5 replacement fee if you lose your ATM card.

See Details ›
Is it safe to bank at Bank of America? ›

Is Bank of America FDIC insured? Yes, all Bank of America bank accounts are FDIC insured (FDIC #3510) up to $250,000 per depositor, for each account ownership category, in the event of a bank failure.

Read The Full Story ›
Is Bank of America better than Wells Fargo? ›

The Wells Fargo Everyday Checking slightly beats out the Bank of America Advantage Plus Banking® because it requires a lower minimum opening deposit and monthly service fee. It also boasts a higher bank bonus for new customers. However, Bank of America has slightly easier requirements to waive monthly fees.

Know More ›
What is the best bank in the US? ›

What are the top five banks in America? The top five banks in America are JPMorgan Chase, Bank of America, Citibank, Wells Fargo and U.S. Bank.

Tell Me More ›
Top Articles
5 Ingredient Cheese Sauce Recipe - Sweetphi
Bond Ladder: Overview, Benefits, FAQ and Examples
Leesburg Regional Medical Center Medical Records
Anna Malygon Wiki, Biography, Age, Spouse, Height, Net Worth, Fast Facts - Wikibious
Nws Goodland Ks
Los Paisanos Autobuses, Inc.
Alexey Tatarov Face
Nala Ray (TikTok Star) Bio, Photos, Age, Net Worth, Wiki, Boyfriend, Height, Nationality, Family
Aarponlinegames
Erovizor
Fool's Paradise Showtimes Near Marcus Gurnee Mills Cinema
Giving You A Brutal Kin Quiz
Latest Posts
65 Anne Frank Quotes Which Are Extracted From Her Diary
Knockwurst Sausage Over Braised Cabbage Recipe
Article information

Author: Van Hayes

Last Updated:

Views: 5571

Rating: 4.6 / 5 (46 voted)

Reviews: 93% of readers found this page helpful

Author information

Name: Van Hayes

Birthday: 1994-06-07

Address: 2004 Kling Rapid, New Destiny, MT 64658-2367

Phone: +512425013758

Job: National Farming Director

Hobby: Reading, Polo, Genealogy, amateur radio, Scouting, Stand-up comedy, Cryptography

Introduction: My name is Van Hayes, I am a thankful, friendly, smiling, calm, powerful, fine, enthusiastic person who loves writing and wants to share my knowledge and understanding with you.