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Bank of America Review 2024

Updated January 2, 2024
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At a glance

3.9
Rating: 3.9 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.5 stars out of 5

Checking

Rating: 3.7 stars out of 5

Savings

Rating: 2.9 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
Info
Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 3/19/2024
Rating: 4.9 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
CD
5.05
%
APY
APY
Info
As of 3/19/2024
Rating: 4.9 stars out of 5
$500
Minimum deposit
View offer Arrow Right
Promoted offer: Expires 4/17/24. APY may change before CD is opened & funded.
Bank logo
Member FDIC
CD
5.05
%
APY
APY
Info
As of 3/19/2024
Rating: 4.7 stars out of 5
$0
Minimum deposit
View offer Arrow Right
Promoted offer:

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

  • Checkmark

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

  • Checkmark

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

  • Checkmark

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

  • Checkmark

    Bank of America reduced overdraft fees to $10.

  • Checkmark

    While yields are generally low, some of the Bank’s 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

2.9
/5
Rating: 2.9 stars out of 5
See methodology Compare savings rates

SCORE BREAKDOWN

APY offering:
0.01%
Rating: 1 stars out of 5
1/5
Info
Minimum balance to earn interest:
$100.00
Rating: 4 stars out of 5
4/5
Info
Monthly service fee:
$0.00
Rating: 5 stars out of 5
5/5
Info
Minimum balance to avoid fee:
$100.00
Rating: 5 stars out of 5
5/5
Info
Access to funds:
Great
Rating: 5 stars out of 5
5/5
Info

FEATURES

Invest Rate
0.01% APY
Info
Loan
$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

  • Checkmark

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

  • Checkmark

    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.

  • Checkmark

    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
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Info
Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 3/19/2024
Rating: 4.9 stars out of 5
Info
$1
Min balance for APY
View offer Arrow Right
Promoted offer:

Bank fees

Fees Charged?
Overdraft fee $10
Non-sufficient funds fee N/A
Account maintenance fees Fees range from $4.95 to $25
Out-of-network ATM fee $2.50 (domestic), $5.00 (international)
Excessive transaction fee None

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. While the app has been reviewed by more than one million Android users, it has only been reviewed by about 6,000 iOS users. 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.

Lightbulb

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.

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.

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.