Does Bank of America have a good rating?
We rate Bank of America 4 out of 5 stars, giving it high marks for branch and ATM access but lower scores for its rates on deposit accounts.
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.
| Type | Moody's | Fitch |
|---|---|---|
| Outlook | Stable | Stable |
| Long-term senior | A1 | AA- |
| Short-term | P-1 | F1+ |
| Subordinated | A3 | A |
Bank of America regards the confidentiality, security and protection of your personal and financial information as our highest priority. We value your trust and we understand that handling your financial information with care is one of our most important responsibilities.
Based on the analysis of Bank of America's financial health, risk profile, and regulatory compliance, we can conclude that the bank is relatively safe from any trouble or collapse.
JPMorgan Chase, or Chase Bank, is the biggest bank in America with nearly $3.4 trillion in assets. It boasts a vast network of over 4,800 physical branches and more than 15,000 ATMs. With generous bonuses and promotions and a variety of products, Chase is a popular choice for consumers across the country.
Following one of the most successful years in United's long history, United Bank has been named the Most Trustworthy Bank in America by Newsweek for 2023.
| Global Top 100 | ||
|---|---|---|
| Rank | Name | S&P Rating |
| 1 | KfW | AAA |
| 2 | Zuercher Kantonalbank | AAA |
| 3 | BNG Bank | AAA |
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.
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.
Do I need to worry about my money in Bank of America?
Finally checking & savings accounts are FDIC insured up to $250,000 in case the bank goes bankrupt. The $250,000 is a total for all accounts at the given bank.
You'll be treated as retiring under The Bank of America 401(k) Plan if, when your employment ends, you have at least 10 years of vesting service and your age plus years of vesting service equal at least 60. Make the most of what you've accumulated. It's wise to review your options with your personal advisor.
| SHFS | SHF Holdings | $0.50 |
|---|---|---|
| WAL | Western Alliance | $27.32 |
| ECBK | ECB Bancorp | $11.24 |
| PACW | PacWest Bancorp | $5.97 |
| FFWM | First Foundation | $4.35 |
Companies Considered Too Big to Fail
Bank of America Corp. The Bank of New York Mellon Corp. Citigroup Inc. The Goldman Sachs Group Inc.
No, we are not detecting any problems with Bank of America right now. The last outage detected for Bank of America was on Friday, April 12, 2024 with a duration of about 31 minutes.
| Rank | Bank name | Market cap (US$ billion) |
|---|---|---|
| 1 | JPMorgan Chase | 491.76 |
| 2 | Bank of America | 266.45 |
| 3 | Industrial and Commercial Bank of China | 219.45 |
| 4 | Wells Fargo | 178.74 |
Money coach and certified financial planner Ohan Kayikchyan says it can make sense for a household to maintain four accounts: one checking account for monthly recurring bills and another for variable expenses, plus one savings account for emergency funds and a second for other savings goals.
| Rank & Bank Name | Type | Market Cap (Rs Lakh Crore) |
|---|---|---|
| #1 HDFC Bank | Private | 11.16 |
| #2 ICICI Bank | Private | 7.70 |
| #3 SBI | Public | 6.75 |
| #4 Kotak Mahindra | Private | 3.56 |
| Bank | Forbes Advisor Rating | Learn More |
|---|---|---|
| Chase Bank | 5.0 | Learn More Read Our Full Review |
| Bank of America | 4.2 | |
| Wells Fargo Bank | 4.0 | Learn More Read Our Full Review |
| Citi® | 4.0 |
Capital One received the highest customer satisfaction score among the largest banks in the United States as of 2023, with a score reaching 706 points out of 1,000. JPMorgan Chase, TD Bank, and U.S. Bank followed, while Bank of America, Wells Fargo, and Truist received the lowest scores.
How to check a bank's rating?
Welcome to the FFIEC Interagency CRA Rating Search. This search engine will enable you to find the latest CRA ratings of financial institutions supervised by the Federal Reserve, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and/or Office of Thrift Supervision.
Germany is home to KfW (Kreditanstalt für Wiederaufbau), the #1 safest bank in the world, as reported by Global Finance. In all, Germany is home to seven of the world's fifty safest banks, including Landwirtschaftliche Rentenbank (#4), L-Bank (#5), NRW Bank (#8), and more.
The 10 largest banks in the U.S. are Chase, Bank of America, Wells Fargo, Citibank, U.S. Bank, PNC Bank, Goldman Sachs Bank, Truist Bank, Capital One and TD Bank.
If higher APYs on savings accounts and CDs are important to you, Capital One is likely the better fit for you. But if in-person banking is your jam and you live near a Bank of America branch (of which there are many more than Capital One locations), that might be your pick.
To choose a bank that's right for you, consider your current financial situation, your existing banking habits and your future needs. Then look for a financial institution that can provide the account types, products, services and additional features you want most.
