Do you want to know all the types of checking accounts that you can open with Bank of America and the main characteristics of each one. Alfredo Barandiarán analyzes each account and also compares the best accounts you can open in the United States. Welcome!
Types of checking accounts
There are 3 types of checking accounts you can open with Bank of America:
- SafeBalance: ideal account for those under 25 who do not have a monthly income
- Advantage Plus: you can easily avoid commissions
- Advantage Relationship: Higher interest but it is difficult to avoid commissions
Advantange Relationship Banking
This Bank of America checking account has a fee of $25 per month unless you meet one of the following two requirements:
- Maintain a combined balance of $10,000 in eligible linked accounts.
- Are enrolled in Preferred Rewards
You have access to CDs with a guaranteed interest rate of more than 3%, you can withdraw money from Bank of America ATMs without commissions and bank overdraft service.
This is the best Bank of America option for all those who have money saved and can also deposit money in CDs.
Advantage Plus Banking
This account has a monthly commission of $12 unless you meet one of the following requirements:
- Have at least one qualifying direct deposit of $250.
- Maintain a $1,500 minimum daily balance
- Are enrolled in Preferred Rewards
In this bank account it is very easy to avoid bank commissions and it has overdraft services but the negative part is that you do not have access to CDs with high interest rates.
SafeBalance Banking
This bank account has a commission of $4.95 per month unless you meet one of the following conditions:
- Are an owner of this account under age 25 and qualify as a Student
- Are an owner of this account under age 18
- Are enrolled in Preferred Rewards
SafeBalance Banking is only recommended for those under 25 who have no monthly income.
Pros
We’ve highlighted the following benefits of Bank of America checking accounts:
- Bank of America has more than 16,000 ATMs and nearly 4,000 branches in the United States
- It has one of the best banking apps
- You can get very high interest rates with CDs
- It is very easy to open a new bank account
Cons
Here we highlight all the disadvantages:
- It is necessary to meet certain minimum requirements to avoid paying monthly commissions
- To get high interest rates you need to have money saved in the checking account
- You can only withdraw money without fees at Bank of America ATMs
Requirements
As we already said, opening a bank account is very easy because you only have to meet the following requirements:
- Reside in the United States
- have social security number
- Have an American phone number
Learn more about Bank of America
Here you have information of interest about Bank of America:
| Information | Description |
|---|---|
| Website | https://www.bankofamerica.com/ |
| https://www.facebook.com/BankofAmerica | |
| https://www.linkedin.com/company/bank-of-america/ | |
| https://twitter.com/BankofAmerica | |
| Phone number | 1 (800) 432-1000 |
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Updated the day 20 January, 2023 by Alfredo Barandiarán
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