Neither Wells Fargo nor Bank of America has accounts that come close to matching (let alone outpacing) the APYs for those from the average U.S. bank, as you can see from our table above. You can find several different checking account options at B of A. It also gives you access to the second largest bank-owned ATM network, with over 16,000 fee-free ATMs in the US. While we adhere to strict Check your mobile device We can't identify you at this time. The bank charges all checking customers a $2.50 fee for using non-Bank of America ATMs in the U.S., and a $5 fee when doing so abroad. When you are a Bank of America Preferred Rewards client (waiver applies to first 4 checking and savings accounts) Or pay $8/month. Op… Bank of America’s cashier’s check fee is fairly standard for the industry — Wells Fargo, Citibank and Capital One also charge $10 and also offer cashier’s checks for free on certain accounts. After that, you’ll automatically see the cash back credited to your account within 30 days. There is no minimum deposits or service fees for any of their banking products. show less . While this is in the same ballpark as many traditional banks, it’s considerably lower than the rates you may be able to get with online banks. BR Tech Services, Inc. NMLS ID #1743443 | NMLS Consumer Access. Passive income ideas to help you make money, Best age for Social Security retirement benefits, Bank of America Advantage SafeBalance Banking, Best free checking accounts in January 2021, Privacy policy / California privacy policy, $100,000 and more for Platinum Honors members. Bank of America checking accounts only offer interest APY on the top-tier account. If you are interested in getting a checking account with Bank of America, take advantage of the financial institution’s sign-up offer. With the Advantage Plus account, you’ll have to pay a monthly maintenance fee of $12. There’s a limit of … This is not a commitment to lend. Recipients have 14 days to register to receive money or the transfer will be canceled. Credit and collateral are subject to approval. Bank Of America Personal Checking $100 Offer. As Bank of America’s website says, its heritage banks helped grow the whaling industry in Nantucket, rebuild Chicago after the Great Fire and develop the first nationally licensed credit card, which ultimately grew to become Visa. However, you can have this fee waived if you are an eligible student under the age of 24 or if you enroll in the Preferred Rewards program. To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review Bank of America Online Privacy Notice and our Online Privacy FAQs. Unlike the SafeBalance Banking account, this account charges overdraft fees ($35 per item). So until interest rates rise, most of the savings gains BofA's customers will make from other accounts. Bank Of America Savings vs CIT Bank Savings Unlike BofA, CIT Bank makes everything much easier for … Stay in the know with our expert-backed … no Monthly Maintenance fee. Bankrate has answers. Find out today's checking, savings, IRA and CD account interest rates from Bank of America. Bank of America® Clarity Statement® Bank of America Advantage Relationship Banking ® Overview of key policies and fees This account earns interest at a variable rate. Terms and conditions apply. Terms and conditions apply. © 2020 Bank of America Corporation. I will be closing my accounts with them and will never recommend them to anyone. Bankrate, LLC NMLS ID# 1427381 | NMLS Consumer Access Bank of America Overview. Customers can also link their Bank of America Interest Checking account to remove the charge. Bank of America then holds thousands of dollars in limbo so they can earn interest off it and screw their clients. Jay F Alipit. Bank of America and Chase offer thousands of branches and ATMs, and a wide selection of checking and savings accounts. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. Bank of America Safe Balance Banking comes with a Monthly Maintenance fee of $4.95 which cannot be waived. But you can sign up for the overdraft protection transfer feature. All rights reserved. Select View PDF to access checking, savings, CD and IRA account rates and APYs specific to your area. Unlike Wells Fargo, Bank of America doesn’t offer 24/7 customer service. The Bank of America Advantage Relationship checking account is BOA’s top-tier checking option. The basic Core Checking account offers two possibilities of avoiding fees – holders must have at least one qualifying direct deposit of $250+ or maintain an average daily balance of … If you have a cashier’s check be prepared to pay a $10.00 checking fee at the Bank of America. How All America Bank’s checking accounts compare All America Bank has two checking accounts that offer good value: Ultimate Rewards and Mega Money Market Checking. Equal Housing Lender new window. At Bankrate we strive to help you make smarter financial decisions. This is not a commitment to lend. In many ways, Bank of America truly is “America’s bank,” as the company traces its roots back 240 years. Not only that, but its offerings of banking products have grown to include home loans, auto loans, investment opportunities with Merrill Lynch and more. Opinions expressed here are the author’s alone and have not been reviewed, approved or otherwise endorsed by … Banking, credit card, automobile loans, mortgage and home equity products are provided by Bank of America, N.A. However, there are several ways to sidestep this fee, including: if you make at least one qualifying direct deposit of $250, maintain a minimum daily balance of $1,500, enroll in the Preferred Rewards Program, or are an eligible student under the age of 24. If you prefer that we do not use this information, you may opt out of online behavioral advertising. The Advantage Plus checking account offered by Bank of America offers standard features. 0. Note: The APYs (Annual Percentage Yield) shown are as of Jan. 15, 2021. Bank of America checking account options Bank of America Interest Checking® Account Bank of America’s Interest Checking® Account offers a minuscule amount of interest and a few extra perks in exchange for a higher monthly fee. Bank of America offers one checking account with 3 settings. If you choose to use the overdraft protection transfer feature, then B of A would automatically take funds from your other linked accounts to cover the outstanding amount. However, the interest rates offered are relatively low. Our experts have been helping you master your money for over four decades. This information may be used to deliver advertising on our Sites and offline (for example, by phone, email and direct mail) that's customized to meet specific interests you may have. The Takeaway. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. You’ll earn interest and receive perks like no service fees and the option to open three other checking or savings accounts with no monthly maintenance fees. But you will have the option to complete transactions with a debit card, Zelle and digital banking. The biggest difference is that you need … You’ll enjoy extra benefits, such as waived fees with minimal effort. show more . It is known for good customer service with extended hours. The APYs for some products may vary by region. It also offers interest checking and multiple CD options, including No Penalty and Raise Your Rate CDs. You have money questions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Bank of America Interest Checking® Overview of key policies and fees Monthly Maintenance fee $25.00 each month You can avoid the Monthly Maintenance fee when you maintain combined balances of $10,000 or more each statement cycle. With this protection, you will not have to worry about overdraft fees. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Find out what the different interest rates are across America’s biggest banks. Open a Bank of America Core Checking or Interest Checking account, and, Set up a qualifying direct deposit totaling $4,000 or more within the first 90 days of opening your account to get the $300 bonus. The Advantage Relationship account will impose an overdraft fee of $35 per item. Even then, the rate for under $50,000 deposited is 0.01%. All Rights Reserved. It has several perks you won’t find with any of its other accounts. Financial Tips Straight to Your Inbox. Many of the fees imposed by Bank of America are waived on the Advantage Relationship account, including the card replacement and stop payment fee. In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation. This aligns with the company’s goal to provide financial products and insights … You’ll enjoy tiered interest rate offers on all balances. But you will still have to contend with fees for cashier’s checks, wire transfers and more. The bank charges $25 for its interest bearing checking account. Please use your Online ID/Passcode to sign in. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. Although you can enjoy the standard features of a checking account with a multitude of physical branches, these checking accounts fall short in other areas. Bank of America checking accounts only offer interest APY on the top-tier account. Sort by: Name Product APY Minimum deposit to open ATMs Out-of-network ATM fee Wells Fargo Preferred Checking. Bank of America reviews and complaints It has an A+ rating from the BBB and has been accredited since 1949, but customer reviews average out to one star as of October 2020. If you want deals on items, then using the BankAmeriDeals program is a good option. This is Bank of America’s basic savings account, and an option if you’re just looking for a basic, no-frills place to store your cash. Bank Of America Savings Account Interest Rate BofA offers a relatively low annual percentage rate (APR) of just 0.01% on its regular savings account. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. Check your mobile device If you're enrolled in this security feature, we sent a notification to your registered device. They only care about the bottom line. You’ve worked hard for what you have. The SafeBalance Banking account has a monthly maintenance fee of $4.95. Overall, if you’re choosing between Chase and Bank of America, the better option for you will really depend on your personal banking needs and preferences. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. After that, future transfers … You will have the option to add an overdraft protection transfer feature to your Advantage Plus account. Bank of America’s Interest Checking account is closest to the Chase Sapphire Banking account, for comparison’s sake. Bank of America only has branches in 38 states compared to Wells Fargo‘s 40. The Advantage Relationship checking account comes with a Bank of America Visa debit card to use almost anywhere. We strive to provide you with information about products and services you might find interesting and useful. Available nationwide, you can earn up to a $100 checking offer for opening a new eligible checking account and meeting certain requirements.. What you’ll get: $100 offer; Where it’s available: Nationwide; How to earn it: . Bank of America Interest Checking Account has a Monthly Maintenance fee of $25 which is waived if the balance of all linked accounts is above $10,000.