Would you like to read a comprehensive review of the Bank of America Advantage Relationship Checking Account? Responsible Economy has conducted a thorough analysis of its features, including fees, interest rates, welcome bonuses, requirements, and all the essential details you need to know. We also provide a comparison of the top checking accounts available for opening in the United States in 2023. Welcome!
Video Bank of America Advantage Relationship
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Features
In this section, we will provide a detailed explanation of each feature of Bank of America’s Advantage Relationship Banking.
Fees
The account comes with a monthly fee of $25 unless you meet one of the following requirements:
- Maintain a combined balance of $10,000 in eligible linked accounts.
- Enroll in Preferred Rewards.
Minimum deposit
There is no minimum deposit requirement, but you will need to deposit at least $100 to open the account.
Overdraft Services
The account offers overdraft services, but please note that there may be associated fees in most cases.
Zelle
You can enjoy the convenience of instant money transfers through the Zelle application.
ATMs
Withdrawals made at Bank of America ATMs are fee-free. However, for withdrawals made at other ATMs, a fee of $2.5 per transaction, plus any additional fees charged by the ATM itself, will apply. For international withdrawals, there is a $5 fee per transaction, in addition to any ATM fees.
Summary table
Here is a summary table with all features:
Feature | Description |
---|---|
Fees | $25 per month, unless requirements are met |
– Maintain a combined balance of $10,000 | |
in eligible linked accounts | |
– Enroll in Preferred Rewards | |
Minimum Deposit | No minimum deposit requirement, but $100 to open |
Overdraft Services | Available with associated fees in most cases |
Zelle | Instant money transfers through Zelle |
ATMs | Fee-free withdrawals at Bank of America ATMs |
Requirements
To open an Advantage Relationship Banking account, you must meet the following requirements:
- Reside in the United States.
- Be at least 18 years old (minors under 18 require an additional adult account holder).
- Have a US phone number.
- Have a Social Security number.
Documents
When opening the account, you will need to provide one of the following documents for identity verification:
- State-issued or US territory driver’s license.
- State-issued or US territory ID card.
- Passport.
- US Armed Forces ID.
- Permanent resident card.
- Employment authorization card.
- Tribal identification issued by a federally recognized US tribal government.
Fees
As mentioned earlier, Advantage Relationship Banking has a monthly fee of $25 unless you meet one of the following requirements:
- Maintain a combined balance of $10,000 in eligible linked accounts.
- Enroll in Preferred Rewards.
Pros
Here are the advantages of Advantage Relationship Banking:
- Access to high interest rates through Certificates of Deposit (CDs) with rates exceeding 3%.
- Bank of America offers one of the best mobile banking apps.
- Bank of America has a vast network of over 16,000 ATMs and nearly 4,000 branches across the United States.
Cons
Now let’s discuss the disadvantages:
- It can be challenging to avoid monthly fees.
- To access high interest rates, you need to invest in Certificates of Deposit (CDs).
How to open Advantage Relationship Banking
You can open this account online or in person at a branch. If you have any questions, we recommend scheduling an appointment at a branch to speak with a banker.
Comparison of the best checking accounts in 2023
Here is a ranking of the best banks to open a checking account in The United States in 2023:

- 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

- 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

- 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

- No fees and no requirements
- Nearly 60,000 ATMs
- Welcome bonus of 250 dollars fulfilling conditions
- High interest rates on CDs

- No fees no direct deposits
- Fee-free withdrawals from ATMs around the world
- Without minimum deposit
- No welcome bonus
- High interest rates on CDs

- No fees no direct deposits
- More than 60,000 commission-free ATMs
- Without minimum deposit
- No welcome bonus
- High interest rates on Savings

- 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

- 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
Video with the best checking accounts
You can see our complete video with the best checking accounts in the United States:
Video with Bank of America checking accounts
Here is an explanatory video with all the features of Bank of America checking accounts:
Frequent questions
Here we answer all the questions you may have about Advantage Relationship Banking:
Conclusion
After conducting the review, our opinion is that Bank of America’s Advantage Relationship Banking is not a competitive checking account option. It requires you to meet certain requirements to avoid fees (monthly fee of $25), and the interest rate it offers is very low. However, it’s worth noting that Bank of America is one of the major banks in the United States.
Other Bank of America financial products
Here we present a list of all Bank of America products:
- Bank of America checking accounts
- Bank of America savings account.
- Bank of America certificates of deposit.
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 1 September, 2023 by Alfredo Barandiarán

Alfredo Barandiarán is not only passionate about finance and the economy, but also has more than 10 years of experience helping people find the best possible financial product. He has worked for 5 years at Iahorro and 2 years at Atrapacrédito. He has currently been running the financial comparator Responsible Economy for 3 years. I graduated in business from Complutense University of Madrid and has studied at ESIC and CEF. You can see all the professional experience of Alfredo Barandiarán on his LinkedIn profile