Bank of America Review 2024
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At a glance
CDs
Checking
Savings
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
- Highly Rated App
- Large Branch Network
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
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.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate CD rating = 4.5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
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
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The bank is accessible across the country and has about 15,000 ATMs.
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It has an award-winning mobile banking app and has invested heavily in digital technology.
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Artificial intelligence-driven virtual assistant Erica makes tracking expenses easier.
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Bank of America reduced overdraft fees to $10.
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While yields are generally low, some of the bank’s certificate of deposit (CD) offerings come with high APYs.
Cons
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Fees are avoidable but could easily rack up for customers who can’t meet certain requirements.
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Savings and CD yields are generally below the national average.
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The number of branches has decreased over the past few years to about 3,700 total.
Bank of America banking products
Bank of America savings overview
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
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While there is a monthly fee, the fee can be waived in several ways, including by keeping a $500 minimum balance.
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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.
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The mobile app can be used to deposit checks into your savings account.
Cons
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Bank of America’s highest APY on its Advantage Savings account is much less than the national average for savings accounts.
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There are savings accounts at FDIC-insured online banks with higher yields that don’t have a monthly service fee.
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Bank of AmericaAPYAPY last updated between 12/1 and 12/7.APYAPY last updated between 12/1 and 12/7.National average APYHow do we get this data?Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
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 more than 3,700 branches across 38 states and Washington D.C., and maintains about 15,000 ATMs nationwide.
Mixed customer satisfaction. Bank of America customer satisfaction varies with region, though the bank generally tends towards lower scores, according to J.D. Power’s 2024 U.S. Retail Banking Satisfaction Study.
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.
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.”
Disclosure: To enhance our product reviews, Bankrate employees often open accounts and provide feedback. They may have been compensated for their time and account maintenance, but this does not affect the integrity of their review.
The above images were last updated on August 20, 2024.
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
Compare different account types offered by Bank of America. Annual percentage yields (APYs) shown were updated between Dec. 1, 2024 and Dec. 7, 2024.
Selected bank
Bank of America savings account
Bankrate score
2.7
Bankrate Savings rating = 2.7/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
Most comparable
Chase Bank savings account
Bankrate score
2.9
Bankrate Savings rating = 2.9/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
Search for or select a bank:
Bankrate score
Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
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APY
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Dec. 1, 2024 and Dec. 7, 2024.
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0.01% | 0.01% | |
Minimum balance for APY
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$100.00 | $0.00 | |
Estimated earnings
Interest earned calculation based on a $50,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
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$5 | $5 | |
Bank of America has very low yields on its Bank of America Advantage Savings account. Its APY is well below the savings national average. | The Chase Savings account is the bank’s standard savings account. It offers a yield well below the national average for savings accounts. The Chase Savings account has a $5 monthly maintenance fee. Starting every day with at least $300 or automatically transferring at least $25 per month from your Chase checking account to this savings account are two ways to waive the fee. | |
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N/A
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N/A
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APY offering:
0.01%
1/5
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
Minimum balance for APY:
$100.00
4/5
The lowest deposit amount an account must have before it can earn interest.
Monthly service fee:
$8.00
5/5
A monthly charge a financial institution deducts from an account if certain requirements are not met.
Minimum balance to avoid fee:
$500.00
3/5
The lowest balance an account must maintain in order to avoid a fee.
Access to funds:
Great
5/5
A procedure that allows an individual or organization to access and manage the funds of another account holder.
|
APY offering:
0.01%
1/5
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
Minimum balance for APY:
$0.00
5/5
The lowest deposit amount an account must have before it can earn interest.
Monthly service fee:
$5.00
5/5
A monthly charge a financial institution deducts from an account if certain requirements are not met.
Minimum balance to avoid fee:
$300.00
4/5
The lowest balance an account must maintain in order to avoid a fee.
Access to funds:
Great
5/5
A procedure that allows an individual or organization to access and manage the funds of another account holder.
|
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
The lowest deposit amount an account must have before it can earn interest.
A monthly charge a financial institution deducts from an account if certain requirements are not met.
The lowest balance an account must maintain in order to avoid a fee.
A procedure that allows an individual or organization to access and manage the funds of another account holder.
Bankrate does not currently track additional product details for this bank.
|
Bank of America FAQs
Review methodology
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 customer reviews
Bank of America has 23 reviews
Dive into community reviews below and see what others think about Bank of America.
In July 2024, Bankrate collaborated with a third-party vendor to survey 1,200 bank account holders nationwide. Bankrate and our vendor collected and summarized account holder responses to five rating questions on a 5-point scale as well as open-ended reviews of the banking experience. Responses are based on individual account holder product details, and therefore cannot be verified for accuracy. Reviewers received an incentive for their feedback. Their ratings are unedited and have not been reviewed or approved by the associated bank or credit union, nor do these responses reflect Bankrate's own expert review of these banking products.
Community Reviews
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