Bank of America Review 2024 (2024)

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Bank of America Review: Overall Rating

Bank of America Pros and Cons

Bank of America Advantage Savings Account Review

Like most large brick-and-mortar banks, Bank of America savings rates are pretty low. On the bright side, you may have an easier time waiving the $8 monthly service feethan with some banks. Here are your options for waiving it:

• Be a student under age 25
• Have an account holder be under age 18
• Keep a $500 daily balance
• Sign up for the bank's Preferred Rewards program, a rewards group for people with higher balances
• Link to an Advantage Relationship Checking Account, which is best for customers with at least $10,000 in checking

The monthly fee is also waived for all account holders for the first six months.

Bank of America Advantage Plus Checking Account Review

You might like the Bank of America Advantage Plus Checking Account if you can waive the $12 monthly service fee by completing one of the following each month:

• Make at least one qualifying direct deposit of $250 or more
• Keep at least $1,500 in your account daily
• Be enrolled in the bank's Preferred Rewards
• Be a student under age 25

Bank of America has reduced overdraft fees from $35 to $10.

Bank of America Fixed Term CD Review

The bank has more term options for than most institutions, with terms ranging from 28 days to 10 years. Bank of America CD rates are low on most terms, but it does pay relatively high rates for terms of 90 to 179 days. Still, you'll earn the best CD rates with online banks.

About Bank of America

Bank of America is one of the largest banks in the US. There are over 3,900 branches in 37 states and DC, and 15,000 free ATMs. You can use ATMs outside the Bank of America network, but you'll pay a $2.50 fee each time.

The Bank of America mobile app has 4.8 out of 5 stars in the Apple store, and 4.6 out of 5 stars in the Google Play store.

To speak with customer support about your bank accounts, call Monday through Friday from 8 a.m. to 11 p.m. ET. Or call weekends from 8 a.m. to 8 p.m. ET.

Your deposits are insured by the FDIC insured for up to $250,000, or $500,000 for joint accounts.

Is Bank of America Trustworthy?

The Better Business Bureau gives Bank of America an A- rating because of government action taken against the business. A strong BBB grade indicates a company responds to customer complaints effectively and is transparent about business practices.

Bank of America has been involved in the following recent controversies:

• Bank of America paid over $100 million to customers in a settlement when accused of repeatedly charging a $35 overdraft fee for the same transaction, withholding credit card rewards, and enrolling customers in credit card accounts without them knowing or authorizing it (2023).
• The Consumer Financial Protection Bureau fined Bank of America for freezing customers' accounts because its automatic fraud filter incorrectly detected fraud on accounts. The CFPB claimed that the bank made it difficult for customers to un-freeze their accounts (2022).

If these issues bother you, you may prefer to use a different bank.

Bank of America FAQs

Methodology: How we Reviewed Bank of America

To review Bank of America, we rated accounts and services using Personal Finance Insider's bank account methodology.

In general, we look at ethics, customer support, and mobile apps when rating an account. Other factors we consider depend on which type of account we're reviewing. For example, we look at overdraft protection for checking accounts, and early withdrawal penalties for CDs.

How Bank of America Compares

Bank of America vs. Chase

Bank of America and Chase charge similar monthly fees, but Bank of America makes it a little easier to waive the charges. You might prefer Chase for a checking account, though, because Chase Total Checking® pays a $300 bonus when you open an account and make direct deposits totaling $500 or more within 90 days of coupon enrollment (offer expires on 04/17/2024).

Chase has branches in more states than Bank of America, so it may be the more convenient option depending on where you live.

Read Personal Finance Insider's review of Chase vs. Bank of America>>

Bank of America vs. Wells Fargo

You may prefer Bank of America for CDs. It has more term options than Wells Fargo, and the minimum opening deposit is lower. For checking accounts, Bank of America's overdraft fee is significantly lower.

But the Wells Fargo Way2Save® Savings Account includes an ATM card, which is unusual for savings accounts. This makes it easy to access your savings quickly at an ATM.

Read Personal Finance Insider's review of Bank of America vs. Wells Fargo>>