Financial institution of America is likely one of the largest banks within the U.S., and it presents a wide array of services and products.
Financial institution of America presents a number of completely different checking account choices. Every connects to the financial institution’s extremely rated cell 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 3.9 out of 5 stars in Bankrate’s general evaluate of its deposit accounts. Its checking account additionally earned 3.7 out of 5 stars.
Right here’s a better take a look at the checking accounts provided by BofA that can assist you resolve whether or not one is an effective selection for you.
Financial institution of America checking accounts
BofA presents these checking accounts:
| Account identify | APY | Minimal deposit | Month-to-month price |
|---|---|---|---|
| Observe: Annual proportion yields (APYs) proven are as of April 12, and should fluctuate 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 inside the bounds of your account steadiness.
As a substitute of permitting an overdraft to happen, BofA will decline your transactions if the funds aren’t obtainable in your account, avoiding an overdraft price.
Checks should not 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 below age 25 and prospects enrolled in Financial institution of America’s Most well-liked Rewards program. It’s additionally waived in the event you keep an account steadiness of a minimum of $500.
BofA prices no ATM charges for withdrawals from one in every of its roughly 15,000 ATMs. Utilizing an ATM outdoors 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: paper assertion copy price ($5); cease cost 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 consists of extra commonplace options than the SafeBalance banking account. Purchases might be paid by debit card, Zelle, cell and on-line banking, or checks.
As well as, an overdraft safety switch function might 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 in the event you:
- Preserve a $1,500 minimal each day steadiness
- Have a minimum of one eligible direct deposit of a minimum of $250.
- Enroll in BofA’s Most well-liked Rewards program
Money withdrawals are free at Financial institution of America ATMs, however you’ll should 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.
A number of different notable charges that you simply might need to deal with embrace:
- Incoming home wire switch price ($15)
- Printed assertion copies ($5)
- Cease cost ($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, examine, or cell 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 may keep away from this price with a mixed steadiness of $20,000 or extra every assertion cycle throughout eligible linked accounts. One other strategy to waive the price is to enroll in BofA’s Most well-liked Rewards program.
The Benefit Relationship account imposes an overdraft price of $10 an merchandise. However in the event you join overdraft safety, BofA will switch funds from a linked account to cowl overdrafts.
Each the Benefit Plus and Benefit Relationship accounts function Steadiness 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 alternative and cease cost charges. However you’ll nonetheless should deal with charges for cashier’s checks and outgoing home wire transfers and worldwide wire transfers despatched in U.S. {dollars}.
Financial institution of America presents its prospects a rewards program that embrace advantages akin to extra money again and decreased and waived charges.
Most well-liked Rewards program
Most well-liked Rewards is a tiered-balance program that enables Financial institution of America prospects to earn extra rewards as their account balances develop. Perks embrace larger APYs on financial savings, credit-card rewards bonuses, decreased mortgage origination charges, interest-rate reductions on house fairness and auto loans, and extra.
Steadiness tiers, based mostly on a three-month mixed common each day steadiness at Financial institution of America, for Most well-liked 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 might be discovered within the cell 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 at present presents a $200 sign-up bonus for its checking accounts on its web site. When the supply 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.
Options to Financial institution of America checking accounts
Though you may get pleasure from the usual options of a checking account with a large number 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 would possibly need to discover different banking choices. A number of options embrace merchandise from NBKC Financial institution, Capital One and LendingClub Financial institution. Every of those banks supply options that is perhaps a greater match to your funds — if department banking isn’t a necessity.
