Bank of America checking accounts

Would you like to know about all the different types of checking accounts available at Bank of America and their key features? Responsible Economy analyzes each account and also compares the top checking accounts you can open in the United States. Welcome!

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Bank of America checking accounts

Types of checking accounts

Here are three types of checking accounts you can open with Bank of America:

  • SafeBalance: This account is ideal for individuals under 25 who do not have a monthly income. It has a monthly fee of $4.95 unless you meet one of the following conditions
  • Advantage Plus: you can easily avoid commissions
  • Advantage Relationship: Higher interest but it is difficult to avoid commissions

Advantange Relationship Banking

Bank of America Advantange Relationship checking account charges a $25 monthly fee unless you meet one of the following two requirements:

  • Maintain a combined balance of $10,000 in eligible linked accounts.
  • Enroll in Preferred Rewards.

With this account, you have access to CDs with a guaranteed interest rate of over 3%, can make withdrawals from Bank of America ATMs without fees, and have access to bank overdraft services.

This is the best option Bank of America offers for individuals who have savings and can also deposit money into CDs.

Advantage Plus Banking

Bank of America Advantage Plus Banking has a monthly fee of $12 unless you meet one of the following requirements:

  • Have at least one qualifying direct deposit of $250.
  • Maintain a minimum daily balance of $1,500.
  • Enroll in Preferred Rewards.

In this checking account, it is easy to avoid bank fees, and it provides overdraft services. However, the drawback is that it does not offer access to CDs with high interest rates.

SafeBalance Banking

SafeBalance Banking charges a $4.95 monthly fee unless you meet one of the following conditions:

  • You are an account owner under the age of 25 and qualify as a student.
  • You are an account owner under the age of 18.
  • Enroll in Preferred Rewards.

SafeBalance Banking is only recommended for those under 25 who have no monthly income.

Pros

We’ve outlined the following benefits of Bank of America checking accounts:

  • Bank of America has over 16,000 ATMs and nearly 4,000 branches across the United States.
  • It offers one of the top banking apps available.
  • You can obtain highly competitive interest rates with CDs (Certificates of Deposit).
  • Opening a new bank account is a straightforward process.

Cons

Here, we outline the disadvantages of Bank of America checking accounts:

  • Meeting certain minimum requirements is necessary to avoid monthly commissions.
  • To obtain high interest rates, it is necessary to have money saved in the checking account.
  • Free withdrawals are only available at Bank of America ATMs.

Requirements

As mentioned before, opening a bank account is a straightforward process as long as you meet the following requirements:

  • Reside in the United States.
  • Have a social security number.
  • Possess an American phone number.

Best banks to open a checking accounts

We have made a comparison of Bank Of America checking accounts with the best banks to open a checking account in 2023:

Logo Chase
  • It is very easy to avoid monthly commissions
  • Welcome bonus of 200 dollars fulfilling conditions
  • More than 16,000 ATMs in the United States
  • $25 minimum deposit
  • Very low interest rates
Bank of America logo
  • It is very easy to avoid monthly commissions
  • More than 16,000 ATMs in the United States
  • $100 minimum deposit
  • No welcome bonus
  • High interest rates if you have a lot of savings
Wells Fargo logo
  • It is very easy to avoid monthly commissions
  • Nearly 12,000 ATMs
  • $25 minimum deposit
  • Welcome bonus of 300 dollars fulfilling conditions
  • High interest rates on CDs
Logo Sofi
  • No fees and no requirements
  • Nearly 60,000 ATMs
  • Welcome bonus of 250 dollars fulfilling conditions
  • High interest rates on CDs
Charles-Schwab-Logo
  • No fees no direct deposits
  • Fee-free withdrawals from ATMs around the world
  • Without minimum deposit
  • No welcome bonus
  • High interest rates on CDs
Chime checking account Logo
  • No fees no direct deposits
  • More than 60,000 commission-free ATMs
  • Without minimum deposit
  • No welcome bonus
  • High interest rates on Savings
Ally logo
  • No fees no direct deposits
  • More than 50,000 commission-free ATMs
  • Without minimum deposit
  • No welcome bonus
  • High interest rates on CDs and Savings
Citibank-logo
  • Commissions of $10 if you do not meet requirements
  • No fees at Citibank ATMs
  • Without minimum deposit
  • No welcome bonus
  • High interest rates on CDs

Best banks to open a checking account

Here you have a very complete video with the best banks to open a checking account:

Best banks to open a checking accounts

All Bank of America checking accounts

In the following list you have the checking accounts that you can open with Bank of America:

Learn more about Bank of America

Here you have information of interest about Bank of America:

InformationDescription
Websitehttps://www.bankofamerica.com/
Facebookhttps://www.facebook.com/BankofAmerica
Linkedinhttps://www.linkedin.com/company/bank-of-america/
Twitterhttps://twitter.com/BankofAmerica
Phone number1 (800) 432-1000
Information about Bank of America

Related content

Finally, we show you related content about Bank of America:

Updated the day 1 September, 2023 by Alfredo Barandiarán

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