Bank of America Accounts


Updated: May 15, 2019


BoA offers different types of checking, savings accounts, and CDs. In this article, we will disclose all the most important details about account types, their APY, monthly fees, and anything that might be deemed important in this matter.

Checking Accounts from Bank of America

Bank of America accounts offers several options of checking accounts, and here we will disclose the details about each of them. Each of the accounts comes with a monthly fee, which, nonetheless, can be waived. Checking accounts from BoA is a good option if you need to store your money somewhere in safety.

Bank of America checking accounts


Bank of America Core Checking Account

Monthly fee: $12 (can be waived).

Required opening deposit: $25.

Bank account features:

  • You can access your bank account anytime in different ways.
  • Overdraft protection helps you avoid staggering fees.
  • Auto alerts.
  • Secure debit card.

Apply Here

 

This checking account from Bank of America may be a good choice for you if you succeed to waive a monthly fee. There are several ways how you can waive a monthly fee of this checking account: make sure that your minimum daily balance remains not lower than $$1,500 or have at least one (or more) qualifying direct deposit of $250 (or higher). Students under 24 who are enrolled in a high school, college, vocational program, or university are also eligible to waive this fee. After all, the members of the Preferred Rewards program have also this fee waived.

In order to open this bank account, one has to make a direct deposit of at least $25. Once you have got your account opened with Bank of America, you will get a secure credit card. The card comes with a chip technology (it ensures higher protection) and photo security. There also the following fees you will incur when withdrawing cash from ATMs: $0 if it’s a Bank of America ATM, $2.50 per transaction from a non-BoA ATM in the United States, and $5 per transaction from a non-BoA ATM outside of the United States.

Once you have opened this checking account with BoA, you will be able to access in different ways: text, mobile, and online banking, as well as you can visit a branch of the Bank of America. The account also comes with overdraft protection, which means that you can link another eligible BoA account to your checking account and the funds will be automatically transferred from there (so you will avoid hefty fees).

Additionally, there are also a couple of other noteworthy features. This bank account also has a $0 liability guarantee, which means that you are not responsible if any fraudulent transactions are made with your account. You can also set up account alerts, which will notify about any important action with your bank account. After all, you can lock and unlock your debit card (if you have lost it somewhere, for example) through the mobile app.


Bank of America Interest Checking Account

Monthly fee: $25 (can be waived).

Required opening deposit: $100.

Bank account features:

  • You can access your bank account anytime in different ways.
  • Overdraft protection helps you avoid staggering fees.
  • Auto alerts.
  • Secure debit card.
  • You get access to different no-fee services (incoming domestic wires, standard checks).
  • Earn interest on your funds.

Apply Here

 

This checking account from Bank of America would be perfectly suitable for anyone who wants to earn some return on funds while storing them in a checking account (so they can be used anytime). However, you shouldn’t expect to get a significant return from using this bank account. Also, it makes sense to open this checking account only if you manage to waive a monthly fee, which, otherwise, may amount up to $400 per year.

To begin with, it’s worth to mention that you need a combined balance of at least $10,000 or more every statement cycle in order to waive a monthly fee. A combined balance includes the average daily balance in eligible checking and savings accounts, the current balances in linked personal IRAs and CDs, and your current balance in your eligible investment accounts with Merrill Lynch and Merrill Edge. If you can’t waive this fee, it barely makes sense to open this bank account.

But there is another way how you can waive the monthly fee: become a member of the Preferred Rewards program. In order to enroll in this program, you should have two things: have an eligible personal checking account with Bank of America and have a 3-month average combined balance of $20,000 (or more) in qualifying BoA and Merrill Lynch/Merrill Edge bank and investment accounts. Once you are a member of the Preferred Rewards program, you can waive monthly fees of up to 4 checking accounts with Bank of America.

In regards to the return on the funds you get with this bank account, you should not expect huge rewards. The rewards are the following: 0.01% interest rate (0.01% APR) for accounts that have less than $50,000 and 0.02% interest rate (0.02% APR) for accounts that have $50,000 or more. While the initial direct deposit requirement in somewhat higher than of the previously reviewed bank account, the ATM fees are same: $0 at BoA ATMs, $2.50 at non-BoA ATMs that are located in the U.S., and $5 at non-BoA ATMs that are located outside of the U.S.

Many of the features of this bank account are the same as of the previously reviewed one (like alerts, enhanced security, overdraft protection, and access through online/mobile/text banking). Once you have this interest checking account from Bank of America, you get also get access to receiving incoming domestic wires and standard checks with no fee. In addition to that, you can also apply for up to 3 additional checking accounts from BoA and link them to your principal account (and pay no fee for those accounts).

You can also use BankAmeriDeals and choose categories for cash back deals right in the mobile banking app. The cash back rewards then get credited into your account by the end of the month. Besides, you can build up your savings by using the Keep the Change program from BoA. All in all, this is a worthy bank account if you manage to waive the monthly fee.


Rewards Savings Account from Bank of America

Monthly fee: $8 (can be waived).

Required opening deposit: $100.

Bank account features:

  • You can access your bank account anytime in different ways.
  • Overdraft protection helps you avoid staggering fees.
  • Auto alerts.
  • Secure debit card.
  • FDIC insured.

Apply Here

 

If you are seeking to get more return on your money than you would earn with an interest checking account, you may decide to apply for a Bank of America savings account. While holding your money in such an account will barely bring you huge returns, you will be earning an interest rate on your accounts while your money will be fully insured by FDIC.

This bank account has a monthly fee of $8, but it can be relatively easy waived. There are a few ways how you can waive this monthly fee. First of all, you can retain the minimum daily balance of at least $500. Secondly, you can link your savings account to the interest checking account from Bank of America (read above). At third, you can become a member of the Bank of America Preferred Rewards program and get a monthly fee waived for the first 4 checking and savings account.

In regards to the interest rate you will earn on your money, it actually varies but not that sharply. There is, however, no difference regarding whether you are going to deposit less than $2,500 or more – the APY will be the same. The APY will be different only if you are a member of the Preferred Rewards program: you will receive 0.03% APY with a usual bank account (without Preferred Rewards), 0.04% APY if you are in the Gold Tier Preferred Rewards, 0.05% APY if you are in the Platinum Tier Preferred Rewards, and 0.06% if you are in the Platinum Honors Tier Preferred Rewards program.

Once you have got this bank account from BoA, you can withdraw or transfer money during the first 6 times per monthly statement cycle with no withdrawal limit fee. After the first 6 times, you will be charged a fee of $10 for each transfer or withdrawal. With this bank account, you will also be able to use the BankAmeriDeals program and earn up to 15% cash back at stores.


Certificates of Deposit (CDs) from Bank of America

Unlike savings accounts, certificates of deposits allow the customers to enjoy relatively higher interest rates. But with a CD, you cannot withdraw the money earlier than the maturity date – or an early withdrawal fee will apply otherwise. Bank of America has two options of CDs, and in this part of our review, we will disclose all the details about these accounts.

savings accounts from bank of america


Standard Term CD Account

Minimum opening balance: $1,000.

Term: from 28 days to 10 years.

APY (annual return on investments): from 0.03% to 0.75%.

Bank account features:

  • FDIC insured.
  • Automatic renewal after the maturity date.
  • No additional deposits until the maturity date.

Apply Here

 

This certificate of deposit from Bank of America offers a pretty solid interest rate on your funds. In fact, this CD comes with a great deal of flexibility: while its required sum for opening a balance is not too high ($1,000), the bank allows the customers to choose the term they want for their CDs on their own.

In regards to the CD terms, you can choose any term from 1 month up to 120 months. As it was pointed out above, the APY will vary from 0.03% to 0.75%, and the interest rate will largely depend on the term of your CD. For instance, the APY will be only equal to 0.03% if you deposit your money only for 6 months, while a CD for 45 months will come with an interest rate of 0.55%. This way, you can earn up to 0.75% on your money (starting from 60 months and more).

There are no annual or transfer fees for this CD but bear in mind that early withdrawal penalties will apply if you decide to withdraw your money earlier than the maturity date. Also, this CD will be auto-renewed for another CD with the same term and the current interest rate after the maturity date. You will receive a notice before the renewal takes place.

After all, you can become a member of the Banks of America Preferred Rewards and enjoy an even greater interest rate on your CD. The CD comes with numerous security features (same as bank accounts), while you can deposit your money in any branch of this bank – there are thousands of branches across the United States. Besides, online banking from Bank of America allows you to access your CD anytime.


Featured CD Account

Minimum opening balance: $10,000.

Term: 12 months.

APY (annual return on investments): 0.07%.

Bank account features:

  • FDIC insured.
  • Automatic renewal after the maturity date.
  • No additional deposits until the maturity date.

Apply Here

 

Same as the previously reviewed CD, this one also comes without any annual or transfer fee (and with a hefty early withdrawal penalty). It also requires you to deposit at least $10,000, which is quite a significant sum. So, there are not many customers who may consider depositing funds in this CD.

But if you can afford to deposit $10,000, then depositing your money in this CD may be a far better idea as in the previous one. If you deposit more than $1,000 with a standard term CD for a year, you will get no more than 0.05% return on your money. This CD tends to be far more advantageous in terms of return, but also requires solid investments. Considering that FDIC insurance covers up to $250,000, you will definitely keep your money safe and with a good return.

This CD from BoA also comes with all standard features of the previous CD. The key difference between them is the minimum required amount and interest rate. And if you can afford to invest $10,000, we would suggest you opt for this certificate of deposit.

Bank of America Accounts
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