Bank of America Review 2023
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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 offers low rates of return compared with what other financial institutions are paying out.
Highlights
- Digital Leader
- Large Branch Network
- Highly Rated App
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
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 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 Savings 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.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
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.
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.
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.
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.
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.
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 68 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 16,000 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 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 3,800 total.
Bank of America banking products
FEATURES
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY as of 12/9/2023
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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See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
Bank of AmericaAPYAPYNational average APYHow do we get this data?
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
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.
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 11 p.m. ET on weekdays. Weekend times are 8 a.m. to 8 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 16,000 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.
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 has around 600 more branches than Bank of America. Wells Fargo has locations in around 40 states while Bank of America has locations in around 38 states.
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
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.
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