Bank of America Advantage Relationship Banking review

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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Bank of America Advantage Relationship

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:

FeatureDescription
Fees$25 per month, unless requirements are met
– Maintain a combined balance of $10,000
in eligible linked accounts
– Enroll in Preferred Rewards
Minimum DepositNo minimum deposit requirement, but $100 to open
Overdraft ServicesAvailable with associated fees in most cases
ZelleInstant money transfers through Zelle
ATMsFee-free withdrawals at Bank of America ATMs
Advantage Relationship Checking Account features

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:

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

Video with the best checking accounts

You can see our complete video with the best checking accounts in the United States:

Video with the Best checking accounts in 2023

Video with Bank of America checking accounts

Here is an explanatory video with all the features of Bank of America checking accounts:

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:

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

Finally, we show you related post from Bank of America:

Updated the day 1 September, 2023 by Alfredo Barandiarán

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