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Bank of America Review 2023

Updated February 2, 2023
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At a glance

3.4
Rating: 3.4 stars out of 5
Bankrate Score
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CDs

Rating: 2.4 stars out of 5

Checking

Rating: 3.8 stars out of 5

Savings

Rating: 2.9 stars out of 5

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
Compare offers
Bank logo
Member FDIC
Savings Account
3.40
%
APY
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.50
%
APY
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
4.25
%
APY
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

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

  • Checkmark

    Bank of America reduced overdraft fees from $35 to $10 in May 2022, per a January 2022 press release.

  • Checkmark

    The bank is accessible across the country and has about 16,000 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.

Cons

  • Fees are avoidable but could easily rack up for customers who can’t meet certain requirements.

  • Savings and CD yields are low.

  • The number of branches has decreased over the past few years to about 3,900 total.

Bank of America bank products

2.9
Rating: 2.9 stars out of 5
Bankrate Score

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.

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

  • 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 — connected to your Bank of America checking account — and transferring the difference into your savings.

  • 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 other savings accounts with higher yields that don’t have a monthly service fee.

Compare Offer
Bank logo
Member FDIC
Savings Account
3.40
%
APY
Rating: 4.9 stars out of 5
Info
$0
Min balance for APY
View offer Arrow Right

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

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.