Bank of America Review 2025: Checking, Savings and CDs

Bank of America offers several checking accounts and among them, Advantage Plus Banking is the most commonly used option. It includes convenient features like check writing and overdraft services. The account normally carries a $12 monthly fee, but it can easily be avoided by receiving at least $250 in direct deposits each month or by keeping a minimum daily balance of $1,500. Customers who qualify for the Bank of America Preferred Rewards® program can also avoid monthly fees on all of the bank’s checking accounts. However, joining the program requires maintaining an average balance of at least $20,000 across eligible linked accounts for three months.

Bank of America also offers the SafeBalance Banking® account To avoid its $25 monthly fee, customers must maintain a daily balance of at least $20,000, and even then, the interest rate is relatively low.

The bank’s only checking account that earns interest is the Advantage Relationship Banking account. Customers are charged $2.50 for U.S. non-network ATM withdrawals and $5 for international ATM use. Additionally, the bank caps external transfers at $1,000 per transaction, which is notably lower than limits offered by several other banks.

» COMPARE: Explore Savvymints’s picks for the best checking accounts

Bank of America’s Advantage Savings account offers a very low return, starting with an annual percentage yield (APY) of just 0.01%. Higher rates are available for customers enrolled in the Bank of America Preferred Rewards® program — which requires maintaining a three-month combined average daily balance of at least $20,000 across eligible deposit or investment accounts — but even then, the maximum APY is only 0.04%. To open the account, you need a minimum deposit of $100. One useful feature is the Keep the Change tool, which rounds up purchases made with a linked Bank of America debit card to the nearest dollar and automatically sends the extra amount to your savings.

The account carries an $8 monthly maintenance fee, but customers can avoid it by keeping at least $500 in the account , linking it to an eligible Advantage Banking checking account, being enrolled in Preferred Rewards®, or being under 25 years old.

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Bank of America’s CD rates are noticeably low compared with what many high-yield banks currently offer. Most of its CDs fall short of the competitive returns you can find from top online banks or credit unions. If earning strong interest is your priority, it may be worthwhile to review Savvymints’s recommendations for the best CD rates on the market.

One advantage Bank of America does provide is its no-penalty, or flexible, CD. This option allows customers to withdraw their full balance without any penalty after the first six days. These types of CDs are relatively uncommon and can be useful if you want flexibility without locking your money away long-term.

For standard CDsthe bank requires a minimum opening deposit of $1,000. The annual percentage yield stays fixed at 0.03% for all term lengths and all balances.

» Want more information? See the full details on Bank of America CD offerings.

Bank of America delivers a smooth and intuitive digital banking experience.Its website is clean and well-organized, making it simple to locate information about fees, interest rates, and account features. The mobile app is equally strong, offering tools for mobile check deposits, bill payments, money transfers, account monitoring, and access to the bank’s virtual assistant, Erica. Both Android and iOS users consistently give the app high ratings for performance and ease of use.

The bank also stands out for its customer support availability. Live representatives are accessible by phone in both English and Spanish from 8 a.m. to 11 p.m. ET on weekdays, and until 8 p.m. on weekends. Existing customers can also use live chat for quick assistance. In addition, language interpretation is available at no cost in branches and through phone support upon request.

Regulatory history:Over the past decade, the Consumer Financial Protection Bureau (CFPB) has taken action against Bank of America several times for what it determined to be unfair or deceptive practices. These have included repeated overdraft-related fees on the same transaction, unauthorized credit card accounts, and failure to deliver promised rewards, among other issues. Savvymints previously applied a ratings penalty to the bank for these institutional concerns; however, that penalty has since expired. For more context, refer to our ratings methodology.

Bank of America charges a $10 overdraft fee, , and this fee can be applied up to twice in a single day. The bank does not impose an additional fee for maintaining a negative balance over multiple days, a charge that some other institutions still use.

Customers can also enroll in Balance Connect®, Bank of America’s overdraft protection program. This feature helps prevent overdrafts by automatically transferring funds from linked accounts at no extra cost. Many other banks offer similar protection services without fees as well.

» Frequently run low on funds? Explore our top recommendations for banks with better overdraft options.