Financial institution of America is among the largest banks within the U.S., and it gives a wide array of services.
Financial institution of America gives a number of totally different checking account choices. Every connects to the financial institution’s extremely rated cellular app that can assist you handle your funds. As a BofA buyer, you’ll even have entry to a big community of financial institution branches and ATMs.
Financial institution of America earned 3.8 out of 5 stars in Bankrate’s general overview of its deposit accounts. Its checking account earned 3.7 out of 5 stars.
Right here’s a more in-depth take a look at the checking accounts provided by BofA that can assist you resolve whether or not one is an efficient selection for you.
Financial institution of America checking accounts
BofA gives these checking accounts:
| Account identify | APY | Minimal deposit | Month-to-month price |
|---|---|---|---|
| Word: Annual share yields (APYs) proven are as of Might 17, and will range by area for some merchandise. | |||
| Financial institution of America Benefit SafeBalance Banking | None | $25 | $4.95 |
| Financial institution of America Benefit Plus | None | $100 | $12 |
| Financial institution of America Benefit Relationship | 0.01-0.02% | $100 | $25 |
1. Financial institution of America Benefit SafeBalance Banking
The Benefit SafeBalance Banking checking account has safeguards that can assist you keep throughout the bounds of your account stability.
As a substitute of permitting an overdraft to happen, BofA will decline your transactions if the funds aren’t out there in your account, avoiding an overdraft price.
Checks will not be provided with this account. As a substitute, transactions are made with a debit card, Zelle and digital banking.
Minimal opening deposit: $25
Financial institution of America Benefit SafeBalance Banking Charges
The SafeBalance Banking account has a month-to-month upkeep price of $4.95 that’s waived for account homeowners beneath age 25 and prospects enrolled in Financial institution of America’s Most popular Rewards program. It’s additionally waived for those who keep an account stability of a minimum of $500.
BofA prices no ATM charges for withdrawals from considered one of its roughly 15,000 ATMs. Utilizing an ATM exterior of Financial institution of America’s community within the U.S. ends in a $2.50 cost for every ATM withdrawal — plus any charges charged by the ATM proprietor.
Different charges to pay attention to with this account embrace: cease fee price ($30); debit card and ATM card rush supply ($15); and outgoing worldwide wire in U.S. {dollars} ($45). There aren’t any overdraft charges because the account can’t be overdrawn.
2. Financial institution of America Benefit Plus
The Benefit Plus checking account provided by Financial institution of America contains extra normal options than the SafeBalance banking account. Purchases could be paid by debit card, Zelle, cellular and on-line banking, or checks.
As well as, an overdraft safety switch characteristic could be added to the Benefit Plus account, which routinely transfers funds from a linked financial savings account or checking account to cowl purchases.
Minimal opening deposit: $100
Financial institution of America Benefit Plus Charges
A $12 month-to-month price applies to the Benefit Plus account, however it may be waived for those who:
- Preserve a $1,500 minimal each day stability
- Have a minimum of one eligible direct deposit of a minimum of $250.
- Enroll in BofA’s Most popular Rewards program
Money withdrawals are free at Financial institution of America ATMs, however you’ll need to pay a $2.50 price for utilizing an out-of-network ATM, plus any charges charged by the ATM operator.
The account has a $10 overdraft price, with a most of two overdrafts in a day. There’s no nonsufficient funds price.
Just a few different notable charges that you simply may need to take care of embrace:
- Incoming home wire switch price ($15)
- Cease fee ($30)
3. Financial institution of America Benefit Relationship
The Benefit Relationship checking account is an interest-bearing account that gives tiered charges on all balances, although the APYs provided are comparatively low.
The account means that you can pay for purchases with a debit card, Zelle, test, or cellular and on-line banking. Just like the Benefit Plus account, there’s a $10 overdraft price per merchandise. And also you’ll solely be charged for a most of two charges in a day.
Minimal opening deposit: $100
Financial institution of America Benefit Relationship Charges
The Benefit Relationship account is an interest-bearing checking account, however there are a number of charges that would simply eat away any earnings.
The month-to-month upkeep price alone is $25, although, you possibly can keep away from this price with a mixed stability of $20,000 or extra every assertion cycle throughout eligible linked accounts. One other approach to waive the price is to enroll in BofA’s Most popular Rewards program.
The Benefit Relationship account imposes an overdraft price of $10 an merchandise. However for those who join overdraft safety, BofA will switch funds from a linked account to cowl overdrafts.
Each the Benefit Plus and Benefit Relationship accounts characteristic Stability Join. This lets you hyperlink as much as 5 accounts to again up this checking account. And it doesn’t have a switch price.
Most of the different charges imposed by Financial institution of America are waived on the Benefit Relationship account, together with card substitute and cease fee charges. However you’ll nonetheless need to take care of charges for cashier’s checks and outgoing home wire transfers and worldwide wire transfers despatched in U.S. {dollars}.
Financial institution of America gives its prospects a rewards program that embrace advantages similar to extra money again and lowered and waived charges.
Most popular Rewards program
Most popular Rewards is a tiered-balance program that permits Financial institution of America prospects to earn extra rewards as their account balances develop. Perks embrace increased APYs on financial savings, credit-card rewards bonuses, lowered mortgage origination charges, interest-rate reductions on residence fairness and auto loans, and extra.
Stability tiers, based mostly on a three-month mixed common each day stability at Financial institution of America, for Most popular Rewards program members:
- Gold: $20,000 to $49,999
- Platinum: $50,000 to $99,999
- Platinum Honors: $100,000 to lower than $1 million
- Diamond: $1 million to $9,999,999
BankAmeriDeals
BankAmeriDeals is Financial institution of America’s rewards that means that you can earn money again for purchases made with a BofA credit score or debit card. Money-back offers could be discovered within the cellular and on-line banking portals and are credited to your account inside 30 days after buy.
New prospects might qualify for sign-up bonus
Financial institution of America presently gives a $200 sign-up bonus for its checking accounts on its web site. When the provide is obtainable, prospects who join a BofA private checking account are eligible as soon as they obtain a qualifying direct deposit within the account. A code is required when opening an account to qualify.
Alternate options to Financial institution of America checking accounts
Though you possibly can get pleasure from the usual options of a checking account with a mess of branches, these checking accounts fall quick in different areas. The price of charges related to these accounts can add up rapidly if minimal necessities aren’t met.
If department banking isn’t a precedence, you may wish to discover different banking choices. Just a few alternate options embrace merchandise from NBKC Financial institution, Capital One and LendingClub Financial institution. Every of those banks provide options that is perhaps a greater match in your funds — if department banking isn’t a necessity.
