Bank of America checking accounts

BofA offers these checking accounts:

Note: Annual percentage yields (APYs) shown are as of Nov. 19, 2024 and may vary by region for some products.

The Advantage SafeBalance Banking checking account has safeguards to help you stay within the bounds of your account balance.

Instead of allowing an overdraft to occur, BofA will decline your transactions if the funds aren’t available in your account, avoiding an overdraft fee.

Checks are not offered with this account. Instead, transactions are made with a debit card, Zelle and digital banking.

Minimum opening deposit: $25

Bank of America Advantage SafeBalance Banking Fees

The SafeBalance Banking account has a monthly maintenance fee of $4.95 that is waived for account owners under age 25 and customers enrolled in Bank of America’s Preferred Rewards program. It’s also waived if you maintain an account balance of at least $500.

BofA charges no ATM fees for withdrawals from one of its approximately 15,000 ATMs. Using an ATM outside of Bank of America’s network in the U.S. results in a $2.50 charge for each ATM withdrawal — plus any fees charged by the ATM owner.

The Advantage Plus checking account offered by Bank of America includes more standard features than the SafeBalance banking account. Purchases can be paid by debit card, Zelle, mobile and online banking or checks.

In addition, an overdraft protection transfer feature can be added to the Advantage Plus account, which automatically transfers funds from a linked savings account or checking account to cover purchases.

Minimum opening deposit: $100

Bank of America Advantage Plus Fees

A $12 monthly fee applies to the Advantage Plus account, but it can be waived if you:

• Maintain a $1,500 minimum daily balance
• Have at least one eligible direct deposit of at least $250
• Enroll in BofA’s Preferred Rewards program

Cash withdrawals are free at Bank of America ATMs, but you’ll have to pay a $2.50 fee for using an out-of-network ATM, plus any fees charged by the ATM operator.

The account has a $10 overdraft fee, with a maximum of two overdrafts in a day. There’s no insufficient funds fee.

The Advantage Relationship checking account is an interest-bearing account that offers tiered rates on all balances, though the APYs offered are relatively low.

The account allows you to pay for purchases with a debit card, Zelle, check, or mobile and online banking. Like the Advantage Plus account, there’s a $10 overdraft fee per item. And you’ll only be charged for a maximum of two fees in a day.

Minimum opening deposit: $100

Bank of America Advantage Relationship Fees

The Advantage Relationship account is an interest-bearing checking account, but several fees could easily eat away any earnings.

The monthly maintenance fee alone is $25, though, you can avoid this fee with a combined balance of $20,000. Another way to waive the fee is to enroll in BofA’s Preferred Rewards program.

The Advantage Relationship account imposes an overdraft fee of $10 an item. But if you sign up for overdraft protection, BofA will transfer funds from a linked account to cover overdrafts.

Both the Advantage Plus and Advantage Relationship accounts feature Balance Connect. This allows you to link up to five accounts to back up this checking account. And it doesn’t have a transfer fee.

Many of the other fees imposed by Bank of America are waived on the Advantage Relationship account, including card replacement and stop payment fees. But you will still have to contend with fees for cashier’s checks, outgoing domestic wire transfers and international wire transfers sent in U.S. dollars.

Cashier’s check fees are waived for customers enrolled in any tier of Preferred Rewards, while outgoing domestic wire transfer fees are waived for Diamond (2 per statement cycle) and Diamond Honors (unlimited) Preferred Rewards clients.

Incoming foreign wire transfer fees are waived for Platinum, Platinum Honors, Diamond, and Diamond Honors Preferred Rewards clients. Outgoing foreign wire transfer fees are waived for Diamond (2 per statement cycle) and Diamond Honors (unlimited) Preferred Rewards clients.

Bank of America offers its customers a rewards program that includes benefits such as additional cash back and reduced and waived fees.

Preferred Rewards program

Preferred Rewards is a tiered balance program that allows Bank of America customers to earn additional rewards as their account balances grow. Perks include higher APYs on savings, credit-card rewards bonuses, reduced mortgage origination fees, interest-rate discounts on home equity and auto loans and more.

Balance tiers, based on a three-month combined average daily balance at Bank of America, for Preferred Rewards program members:

• Gold: $20,000 to $49,999
• Platinum: $50,000 to $99,999
• Platinum Honors: $100,000 to less than $1 million
• Diamond: $1 million to $9,999,999

BankAmeriDeals

BankAmeriDeals is Bank of America’s rewards that allows you to earn cash back for purchases made with a BofA credit or debit card. Cash-back deals can be found in the mobile and online banking portals and are credited to your account within 30 days after purchase.

New customers may qualify for a sign-up bonus

Bank of America currently offers a $300 sign-up bonus for its checking accounts on its website. When the offer is available, customers who sign up for a BofA personal checking account are eligible once they receive a qualifying direct deposit in the account. A code is required when opening an account to qualify.

Although you can enjoy the standard features of a checking account with a multitude of branches, these checking accounts fall short in other areas. The cost of fees associated with these accounts can add up quickly if minimum requirements aren’t met.

If branch banking isn’t a priority, you might want to explore other banking options. A few alternatives include products from NBKC Bank, Capital One and LendingClub Bank. Each of these banks offer features that might be a better fit for your finances — if branch banking isn’t a necessity.