Bank of America Review 2026
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At a glance
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 savings rates, especially compared with what other financial institutions are paying out.
Highlights:
Highly Rated App Large Branch NetworkHighlights:
CDs
Checking
Savings
Customer Experience
In the news
In March 2026, Bank of America agreed to a $2.25 million class-action settlement over allegations it charged customers duplicate out-of-network fees for balance inquiries at certain ATMs inside 7-Eleven stores between 2018 and 2021. Bank of America has not admitted wrongdoing in the matter.
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.
Bankrate Savings 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.
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 = 4.8/5
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.
Bank of America pros and cons
Pros
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Nearly 3,600 branches in 38 states and Washington, D.C.
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About 15,000 fee-free ATMs.
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Highly rated banking app.
Cons
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Costly monthly fees for most accounts.
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Savings and CD yields are generally low.
Bank of America bank products
Bank of America Advantage Savings
Pros
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Keep the Change program helps to automate your savings.
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Life Plan service can help you track big and small savings goals.
Cons
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High monthly maintenance fee, though it can be waived in several ways.
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Extremely low APY.
The yield on the standard savings account at Bank of America, as with many big banks, is so low as to be almost nonexistent. Plus, it comes with an $8 monthly service fee — though it can be waived. You can find much higher yield at FDIC-insured online banks and avoid monthly service fees, too.
What a savings account from Bank of America does offer is a number of tools to help manage your goals. The Life Plan program connects you with personalized advice and digital savings goal tracking, while Keep the Change automates some savings by rounding up Bank of America debit card purchases and sending the amount to savings.
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.
Bank of America CDs
Pros
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Good variety of CD terms to choose from.
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Some of the Flexible and Featured CD terms offer solid APYs.
Cons
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Most fixed-rate 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.
Most CDs at Bank of America pay low rates but there are a select few that have decent ones. If your needs coincide with the term lengths of the good ones — usually a non-standard term like seven or 10 months — then you could be in luck. But you’ll still likely find higher rates for similar term lengths elsewhere.
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.
Bank of America Advantage Plus Checking
Pros
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$100 opening deposit for the Advantage Plus checking account is reasonable.
Cons
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High monthly maintenance fee of $12, though you can get it waived if you meet requirements.
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Out-of-network ATM fee of $2.50.
This account comes with one of the highest maintenance fees of all the checking accounts Bankrate reviews. If you don’t manage to meet the requirements to waive it — like receiving at least $250 in direct deposits or maintaining a minimum daily balance of $1,500 or more — you’re out $12 a month. That’s $144 in a year of possible fees.
Not sure you can meet the requirements to waive the monthly fee?
The monthly fee here is high. If there's a chance you can't waive it, you might be better off looking elsewhere. There are plenty of great checking account options, especially at online banks, that don’t come with monthly fees.
Customer experience
Customer support
Customer service. You can reach customer service members from 8 a.m. to 11 p.m. ET on weekdays. Saturday and Sunday hours are 8 a.m. to 8 p.m. ET. You can also get customer service help through the bank’s social media accounts, like Instagram and Facebook.
In-person banking. Bank of America offers access to nearly 3,600 branches in 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 across half the regions surveyed, according to J.D. Power’s 2026 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 6 million users across both platforms. Customers have access to Zelle, a peer-to-peer payment platform that lets you send and receive money directly from family and friends.
Digital assistant. Bank of America’s app experience includes an extra touch when compared to rivals: financial insights and guidance from Erica, the bank’s virtual assistant. Erica can track your budget and send you bill reminders, for example, so you don’t miss a payment.
Complaints
CFPB enforcement action. In July 2023, the Consumer Financial Protection Bureau (CFPB) found that Bank of America had charged duplicative nonsufficient 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.
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 Oct. 24, 2026 and Oct. 30, 2026.
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Selected bank
Bank of America savings account
Bankrate score
2.2
Bankrate Savings rating = 2.2/5 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
2.6
Bankrate Savings rating = 2.6/5 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 Oct. 24, 2026 and Oct. 30, 2026.
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| 0.04% | 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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| $20 | $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 and offers a yield well below the national average for savings accounts. It also 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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APY offering:
0.04%
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 deposit for APY:
$100.00
3/5
The minimum deposit amount a financial institution requires in order to open a savings account.
Monthly service fee:
$8.00
3/5
A monthly charge a financial institution deducts from an account; can sometimes be waived if certain requirements are met.
Minimum balance to avoid fee:
$500.00
2/5
The lowest balance an account must maintain to avoid a monthly fee.
Access to funds:
Great
5/5
Access to funds scores how many and which ways you can withdraw and deposit funds from a savings account.
Additional savings tools:
Yes
5/5
Additional savings tools include features such as sub-accounts, roundup savings or other automatic savings features.
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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 deposit for APY:
$0.00
5/5
The minimum deposit amount a financial institution requires in order to open a savings account.
Monthly service fee:
$5.00
4/5
A monthly charge a financial institution deducts from an account; can sometimes be waived if certain requirements are met.
Minimum balance to avoid fee:
$300.00
3/5
The lowest balance an account must maintain to avoid a monthly fee.
Access to funds:
Great
5/5
Access to funds scores how many and which ways you can withdraw and deposit funds from a savings account.
Additional savings tools:
Yes
5/5
Additional savings tools include features such as sub-accounts, roundup savings or other automatic savings features.
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APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
The minimum deposit amount a financial institution requires in order to open a savings account.
A monthly charge a financial institution deducts from an account; can sometimes be waived if certain requirements are met.
The lowest balance an account must maintain to avoid a monthly fee.
Access to funds scores how many and which ways you can withdraw and deposit funds from a savings account.
Additional savings tools include features such as sub-accounts, roundup savings or other automatic savings features.
Bankrate does not currently track additional product details for this bank.
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