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The information for the following product(s) has been collected independently by Business Insider: Alaska Airlines Visa Signature® credit card, Bank of America® Customized Cash Rewards Credit Card for Students. The details for these products have not been reviewed or provided by the issuer.
The bottom line: Business Insider's personal finance team compared Bank of America bank accounts to ones at the best banks and found them to be standard offerings. Bank of America is a worthwhile option if you want a bank with a large branch presence that makes it relatively easy to waive monthly fees. But, you can find higher savings rates at online banks, and many don't charge monthly fees at all.
| Feature | Business Insider rating (out of 5) |
| Personal Bank Accounts | 3.25 to 3.75 |
| Credit Cards | 3.4 to 4.35 |
| Mortgages | 3.98 |
| Trustworthiness | 3 |
| Total: | 3.5 |
Bank of America is one of the largest banks in the U.S. and serves customers in all 50 states.
It has over 3,800 financial centers and 15,000 free ATMs. You can become a digital customer if you live in a state that doesn't have branches.
You can use ATMs outside the Bank of America network, but you'll pay a $2.50 fee each time.
Financial centers are available in the following states: Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Iowa, Idaho, Illinois, Indiana, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nebraska, North Carolina, New Hampshire, New Jersey, New Mexico, Nevada, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, and Washington, DC.
Bank of America has several different types of checking accounts, savings accounts, and CDs.
You can choose between three checking accounts: a checkless option, a standard account, or a premium account.
If you'd like to get a savings account, there's only one option, but you qualify for a slightly higher interest rate if you're a Preferred Rewards member.
To qualify for the Bank of America Preferred Rewards program, you must have a Bank of America checking account and keep a certain three-month total average balance in all your Bank of America bank accounts and Merrill Lynch investments.
Bank of America also has three types of CDs. Featured CDs are promotional CDs with higher interest rates. Fixed Term CDs are the bank's traditional CDs. Flexible CDs are a type of no-penalty CD — you won't have to pay for any withdrawals after the first six days of opening an account.
Your deposits are insured by the FDIC insured for up to $250,000 or $500,000 for joint accounts.
You can use Bank of America mobile banking to manage Bank of America bank accounts and credit cards, as well as Merrill investment accounts.
We've rated it as one of the best mobile banking apps because it has strong digital and security features.
Through the app, you can set bank account alerts, replace your debit card, and get recommendations on how to make your mobile banking more secure. You can also make mobile check deposits, send money through Zelle, or use online bill pay.
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.
According to the J.D. Power 2024 Banking Mobile App Satisfaction Study, Bank of America ranks second in banking mobile satisfaction among national banks but lower than the segment average in online banking satisfaction.
Bank of America customer support is available at branches or by phone. Exact customer service hours vary depending on what products you're inquiring about.
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. If you have questions about credit cards, customer service is available 24/7, including stolen and lost credit card assistance. To help about auto loans, existing customers must call between 8 a.m. to 8 p.m. ET on weekdays.
Understanding Bank of America's Fee Structure
All Bank of America checking and savings accounts have monthly bank maintenance fees, so you'll need to meet certain criteria each month to avoid paying them.
Monthly service fees are a common charge among most national brick-and-mortar banks but are not typical for online banks. If your priority is to find a national brand with fee-free bank accounts, the best online banks may be a better match.
Bank of America also has out-of-network ATM fees, stop payment fees, cashier's check fees, and various wire transfer fees.
There isn't a fee for international outgoing wire transfers sent in foreign currency, statement copies, or card replacements. Certain fees may be waived if you qualify for Preferred Rewards.
Bank of America Savings and CD Rates and How They Compare
Bank of America's savings account is not a strong option if you'd like to get a competitive savings rate. The bank's savings rates are lower than the average savings account interest rate.
A high-yield savings account will be a better fit for your needs because they pay higher savings account interest rates than average savings accounts and traditional savings accounts from national brick-and-mortar banks. You can find the best high-yield savings accounts at online banks and credit unions.
Bank of America CD rates are also pretty low, with the exception of 7-month and 13-month Featured CDs and Fixed-Term CDs between 90 days and 179 days.
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:
If these issues bother you, you may prefer to use a different bank.
What services does Bank of America offer? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Bank of America offers personal and business checking accounts, savings accounts, and CDs. You can also get auto loans, home loans, and credit cards. Bank of America also has a division called Merrill that's for investing.
What are the fees associated with Bank of America accounts? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
There are many fees associated with Bank of America accounts, such as monthly service fees, out-of-network ATM fees, stop payment fees, cashier's check fees, and various wire transfer fees. Some fees may be waived if you qualify for Preferred Rewards.
How can I contact Bank of America customer service? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
You can contact Bank of America customer service at branches if you live in an eligible state. You can also call agents, regardless of whether you live near a branch or are a digital customer.
What are the pros and cons of banking with Bank of America? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
The main pros of banking with Bank of America are strong home loan options, in-person banking, and a national ATM network. The cons of banking with Bank of America include low savings rates, monthly service fees on all checking and savings accounts, and various common bank fees for personal and business banking.
What is the Bank of America routing number? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
A routing number is a nine-digit number you may need to provide in a financial transaction. Your Bank of America routing number depends on which state you live in and the type of transaction you're making (there's one routing number for most digital and paper payments, and another for wire transfers). To find the number you need, visit Bank of America's routing number page. Look under the section "Do you have a list of routing numbers I can review?" and scroll down, then select "Change state." Your routing numbers will appear.