Bank of America Review 2023
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At a glance
CDs
Checking
Savings
About Bankrate Score
Overview
Bank of America offers top-notch digital features, an extensive branch network and plenty of ATMs. But, like many big banks, it offers low rates of return compared to what other financial institutions are paying out.
Highlights
- Digital Leader
- Large Branch Network
- Highly Rated App
Bankrate Savings 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.
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.
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.
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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Bank of America reduced overdraft fees from $35 to $10 in May 2022, per a January 2022 press release.
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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.
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 low.
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The number of branches has decreased over the past few years to about 3,900 total.
Bank of America bank 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.
Like most banks, there’s a fee for making more than six withdrawals or transfers during a monthly statement cycle. Bank of America charges $10 for each withdrawal or transfer exceeding the six-withdrawal limit.
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 — connected to your Bank of America checking account — and transferring the difference into your savings.
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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 other savings accounts with higher yields that don’t have a monthly service fee.
Bankrate Savings 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.
Bank experience
Bank of America offers access to about 3,900 branches and about 16,000 ATMs. Customers also have access to Zelle, a person-to-person payment platform that lets you send and receive money directly from family and friends.
Bank of America’s mobile app experience also 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. Erica surpassed a billion user interactions in October 2022.
You can also reach customer service members from 8 a.m. to 11 p.m. ET on weekdays and 8 a.m. to 8 p.m. on the weekend.
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.
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.
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.
