Bank of America Review 2025
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Edited by
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At a glance
Best mobile banking app
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 NetworkHighlights:
CDs
Checking
Savings
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 = 4.6/5
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.
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 = 4.2/5
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.
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 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 3,600 total.
Bank of America bank products
Savings
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.
Rate history for Bank of America's Savings account
See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
CD
Pros
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Customers can choose from a variety of different terms of CDs.
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Bank of America’s Flexible CD account earns a competitive yield.
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Some of the Featured CD terms offer solid APYs.
Cons
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Bank of America CDs have a much lower yield than the national average.
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You’ll need at least $1,000 to open a CD at Bank of America.
Rate history for Bank of America's CD accounts
See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.
Checking
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Overdraft fees:Good4/5Charges applied when a customer spends more money than is available in their account, resulting in a negative balance.NSF fees:Great5/5Non-sufficient funds fees are incurred when a transaction is attempted without enough money in the account to cover it.APY offering:0.00%0/5APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.ATM network:Great5/5Accessibility to ATMs for account holders within a specific network or financial institution, facilitating cash withdrawals and transactions.
Pros
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Opening deposits for checking accounts are reasonable.
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Checking customers can use the mobile app's virtual banking assistant, Erica.
Cons
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Advantage Plus Banking doesn’t earn interest.
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The out-of-network ATM fee is $2.50, which is higher than the average.
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There are no checking account options that don't have a monthly service fee.
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 June 14, 2025 and June 20, 2025.
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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. |
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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 June 14, 2025 and June 20, 2025.
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| 0.01% | 0.01% | |
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Minimum balance for APY
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| $0.00 | $0.00 | |
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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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Bankrate does not currently track additional product details for this bank.
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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:
$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.
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Bankrate does not currently track additional product details for this bank.
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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 3,600 locations 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 below average 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.
The above images were last updated on August 20, 2024.
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 $35 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. It also shows you a breakdown of your spending by categories like groceries, transportation, entertainment, etc. This helps if you want to pinpoint areas where you might be overspending. 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.
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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 50 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.
