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Bank of America Review 2025

Updated January 2, 2025
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At a glance

Best mobile banking app
3.5
Rating: 3.5 stars out of 5
Bankrate Score
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CDs

Rating: 2.9 stars out of 5

Checking

Rating: 3.8 stars out of 5

Savings

Rating: 2.7 stars out of 5

About Bankrate Score

Overview

Bank of America could be a good fit for consumers who want access to a local branch, plenty of ATMs and a highly rated app. But, like many big banks, it generally offers low rates of return compared with what other financial institutions are paying out.

Highlights

  • Digital Leader
  • Highly Rated App
  • Large Branch Network
Sponsored offers
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These are sponsored offers rated highly by us for competitive rates, fees, and minimums.

Bank logo
Member FDIC
Savings Account
3.80
%
APY
APY
Info Icon
As of 1/20/2025
Rating: 4.4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer:
Bank logo
Member FDIC
Savings Account
4.75
%
APY
APY
Info Icon
As of 1/20/2025
Rating: 4.5 stars out of 5
$500
Min. balance for APY
View offer Arrow Right Icon
Promoted offer: Top-tier rate. FDIC Insured. No fees.
Bank logo
Member FDIC
Savings Account
3.90
%
APY
APY
Info Icon
As of 1/20/2025
Rating: 4.2 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer:

Overall

Bank of America is the second-largest financial institution (based on assets) in the country. It’s a digital leader with a global presence and roughly 69 million customers. It offers a wide variety of products for consumers and small businesses.

Pros

  • Checkmark Icon

    The bank is accessible across the country and has about 15,000 ATMs.

  • Checkmark Icon

    It has an award-winning mobile banking app and has invested heavily in digital technology.

  • Checkmark Icon

    Artificial intelligence-driven virtual assistant Erica makes tracking expenses easier.

  • Checkmark Icon

    Bank of America reduced overdraft fees to $10.

  • Checkmark Icon

    While yields are generally low, some of the bank’s certificate of deposit (CD) offerings come with high APYs.

Cons

  • Fees are avoidable but could easily rack up for customers who can’t meet certain requirements.

  • Savings and CD yields are generally below the national average.

  • The number of branches has decreased over the past few years to about 3,600 total.

Bank of America bank products

Savings

2.7
/5
Rating: 2.7 stars out of 5

Pros

  • Checkmark Icon

    While there is a monthly fee, the fee can be waived in several ways, including by keeping a $500 minimum balance.

  • Checkmark Icon

    Bank of America’s Keep the Change program helps to automate your savings by rounding up your purchase when you use a Bank of America debit card.

  • Checkmark Icon

    The mobile app can be used to deposit checks into your savings account.

Cons

  • Bank of America’s highest APY on its Advantage Savings account is much less than the national average for savings accounts.

  • There are savings accounts at FDIC-insured online banks with higher yields that don’t have a monthly service fee.

Rate history for Bank of America's Savings account

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Bank of America
APY
APY
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National average APY
How do we get this data?
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CD

2.9
/5
Rating: 2.9 stars out of 5
SCORE BREAKDOWN
APY offering:
0.03%
Rating: 1 stars out of 5
1/5
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Minimum deposit:
$1,000.00
Rating: 4 stars out of 5
4/5
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Range of term lengths:
1 mo – 5 yrs
Rating: 5 stars out of 5
5/5
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Early withdrawal penalty:
Good
Rating: 4 stars out of 5
4/5
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Offer no-penalty or bump-up CDs:
No
Rating: 0 stars out of 5
0/5
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Offer IRA CDs:
Yes
Rating: 5 stars out of 5
5/5
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Pros

  • Checkmark Icon

    Customers can choose from a variety of different terms of CDs.

  • Checkmark Icon

    Bank of America’s Flexible CD account earns a competitive yield.

  • Checkmark Icon

    Some of the Featured CD terms offer solid APYs.

Cons

  • Bank of America CDs have a much lower yield than the national average.

  • You’ll need at least $1,000 to open a CD at Bank of America.

Rate history for Bank of America's CD accounts

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Bank of America
APY
APY
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National average APY
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How do we get this data?
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Checking

3.7
/5
Rating: 3.7 stars out of 5
SCORE BREAKDOWN
Monthly service fee:
$12.00
Rating: 5 stars out of 5
5/5
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Minimum balance to avoid fee:
$1,500.00
Rating: 2 stars out of 5
2/5
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Minimum deposit:
$100.00
Rating: 3 stars out of 5
3/5
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Fee to use out-of-network ATM:
Average
Rating: 3 stars out of 5
3/5
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Peer-to-peer payments:
Great
Rating: 5 stars out of 5
5/5
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Early direct deposit:
Average
Rating: 3 stars out of 5
3/5
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  • Overdraft fees:
    Good
    Rating: 4 stars out of 5
    4/5
    Info Icon
    NSF fees:
    Great
    Rating: 5 stars out of 5
    5/5
    Info Icon
    APY offering:
    0.00%
    Rating: 0 stars out of 5
    0/5
    Info Icon
    ATM network:
    Great
    Rating: 5 stars out of 5
    5/5
    Info Icon

Pros

  • Checkmark Icon

    Opening deposits for checking accounts are reasonable.

  • Checkmark Icon

    Checking customers can use the mobile app's virtual banking assistant, Erica.

Cons

  • Advantage Plus Banking doesn’t earn interest.

  • The out-of-network ATM fee is $2.50, which is higher than the average.

  • There are no checking account options that don't have a monthly service fee.

How Bank of America compares to other banks

Compare different account types offered by Bank of America. Annual percentage yields (APYs) shown were updated between Jan. 13, 2025 and Jan. 19, 2025.

Selected bank
Bank of America savings account
Bank of America Logo
Member FDIC
Bankrate score
Rating: 2.7 stars out of 5
2.7
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Most comparable
Chase Bank savings account
Chase Bank Logo
Member FDIC
Bankrate score
Rating: 2.9 stars out of 5
2.9
Info Icon
Read review
Search for or select a bank:
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Bankrate score
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Read review
APY
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0.01% 0.01%
Minimum balance for APY
$100.00 $0.00
Estimated earnings
Info Icon
$5 $5
Bank of America has very low yields on its Bank of America Advantage Savings account. Its APY is well below the savings national average. The Chase Savings account is the bank’s standard savings account. It offers a yield well below the national average for savings accounts. The Chase Savings account has a $5 monthly maintenance fee. Starting every day with at least $300 or automatically transferring at least $25 per month from your Chase checking account to this savings account are two ways to waive the fee.
  • You only need $100 to open Bank of America’s Advantage Savings account.
  • Bank of America might be a good choice for you if its branches and ATMs are convenient to where you live.
  • Those who already bank with Chase might find it convenient to have a savings account at this bank.
  • Chase’s many branches and ATMs might also make this a good fit for people who live in a Chase market.
    N/A
  • The account’s yield is very uncompetitive.
  • You’ll need to qualify for the bank’s Platinum Honors Tier to earn its highest yield.
  • And that APY is well below the national average.
  • The Chase Savings account has a waivable $5 monthly maintenance fee.
  • Many online banks don’t have monthly service fees.
  • The Chase Savings account doesn’t earn a competitive yield.
    N/A
Bankrate does not currently track additional product details for this bank.
APY offering:
0.01%
1/5
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Minimum balance for APY:
$0.00
5/5
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Monthly service fee:
$5.00
5/5
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Minimum balance to avoid fee:
$300.00
4/5
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Access to funds:
Great
5/5
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Bankrate does not currently track additional product details for this bank.

Bank fees

Fees Charged?
Overdraft fee $10
Non-sufficient funds fee N/A
Account maintenance fees Fees range from $4.95 to $25
Out-of-network ATM fee $2.50 (domestic), $5.00 (international)
Excessive transaction fee None

Customer experience

Customer support

Customer service. You can reach customer service members from 8 a.m. to 9 p.m. ET on weekdays. Saturday hours are 8 a.m. to 8 p.m. ET, while on Sunday the phone hours are 8 a.m. to 5 p.m. ET.  

“I’ve contacted Bank of America’s customer support by phone a few times, and they’ve always been very friendly and helpful,” said a Bankrate staff member who uses Bank of America personally. “For instance, when I called with some questions about a Bank of America credit card, the representative talked about which cards he personally likes the best and why. I appreciated this insight.”

Physical Presence. Bank of America offers access to more than 3,600 locations across 38 states and Washington D.C., and maintains about 15,000 ATMs nationwide.

Mixed customer satisfaction. Bank of America customer satisfaction varies with region, though the bank generally tends towards below average scores, according to J.D. Power’s 2024 U.S. Retail Banking Satisfaction Study

Digital experience

Highly rated mobile app. Bank of America’s mobile app receives high marks on both the Apple App and Google Play stores. The app has been reviewed by more than five million users across both platforms. Customers have access to Zelle, a person-to-person payment platform that lets you send and receive money directly from family and friends.

Digital assistant. Bank of America’s mobile app experience includes a few extra touches when compared to rivals. On the app, you can customize your dashboard as well as get insight and guidance from Erica, the bank’s virtual assistant. It can send you periodic spending updates and send reminders when bill payments are scheduled to be made, according to a Bankrate staff member with an account.

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The above images were last updated on August 20, 2024.

Complaints

CFPB enforcement action. In July 2023, the Consumer Financial Protection Bureau (CFPB) found that Bank of America had charged duplicative non-sufficient fees arising from the same transaction. From September 2018 until February 2022, Bank of America “generated substantial additional revenue by illegally charging multiple $35 fees,” the CFPB said. Bank of America was ordered to pay more than $100 million in remediation and $150 million in penalties to the CFPB and the Office of the Comptroller of the Currency.

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Bankrate staff insights

“The app lets you set up savings goals for which you can name the goal and a target date,” said a Bankrate staff member with an account. “It shows you a breakdown of your spending. It also shows you a breakdown of your spending by categories like groceries, transportation, entertainment, etc. This helps if you want to pinpoint areas where you might be overspending. I opted not to open a savings account there since I could find much better rates elsewhere.”

Disclosure: To enhance our product reviews, Bankrate employees often open accounts and provide feedback. They may have been compensated for their time and account maintenance, but this does not affect the integrity of their review.

CTA We want to know what you think about Bank of America

We want to know what you think about Bank of America

Do you have experience with Bank of America? Let us know your thoughts.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.

Bank of America customer reviews

CTA Bank of America has 23 reviews

Bank of America has 23 reviews

Dive into community reviews below and see what others think about Bank of America.

4.3 Star Icon
23 ratings
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Score breakdown
5 stars
52%
4 stars
30%
3 stars
13%
2 stars
4%
1 star
0%
Score by category
Overall Rating 4.3 / 5
Competitiveness of APY 3.6 / 5
Amount of fees 3.6 / 5
Customer support 4.3 / 5
Website / Mobile app 4.5 / 5
Verified Badge Icon Bankrate methodology disclosure

In July 2024, Bankrate collaborated with a third-party vendor to survey 1,200 bank account holders nationwide. Bankrate and our vendor collected and summarized account holder responses to five rating questions on a 5-point scale as well as open-ended reviews of the banking experience. Responses are based on individual account holder product details, and therefore cannot be verified for accuracy. Reviewers received an incentive for their feedback. Their ratings are unedited and have not been reviewed or approved by the associated bank or credit union, nor do these responses reflect Bankrate's own expert review of these banking products.

Community Reviews

See what users like you are saying about Bank of America.
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Anonymous account holder
September 13, 2024
You do not receive any percent savings from having a checking account with bank of america. Convenient location to where I live and work.
Score by category
Amount of fees 1 / 5
Competitiveness of APY 1 / 5
Customer support 4 / 5
Website / Mobile app 5 / 5
Anonymous account holder
September 13, 2024
This institution has one of the best checking account and very professional. Very good to have. Great reviews of the bank.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
September 13, 2024
When you have a certain amount automatically deposited in your account every month, there are no fees. When I need to call, they are very helpful. Their app and website has all the information I need and it is easy to use my debit card.
Score by category
Amount of fees 3 / 5
Competitiveness of APY 3 / 5
Customer support 5 / 5
Website / Mobile app 4 / 5
Anonymous account holder
September 13, 2024
My overall experience has been positive with Bank of America. Because it is convenient for me.
Score by category
Amount of fees 3 / 5
Competitiveness of APY 3 / 5
Customer support 3 / 5
Website / Mobile app 3 / 5
Anonymous account holder
September 13, 2024
The 25 dollar service fee monthly. Recommend my friend worked there it was close to my house.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 4 / 5
Website / Mobile app 4 / 5
Anonymous account holder
September 13, 2024
I have never had any issues with this bank. Close to home and a big company. My friend referred me.
Score by category
Amount of fees 2 / 5
Competitiveness of APY 2 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
September 13, 2024
Good costumer service if u have any problem they handle it fast. Very good costumer service they talk to u explain everything to U.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
September 13, 2024
It allows customers to manage your account online or through a mobile app and to pay bills electronically. Provides protection against overdraft fees. Good reviews and service.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 4 / 5
Website / Mobile app 4 / 5
Anonymous account holder
September 13, 2024
Locations close to my house. It’s close to me. Friendly workers. Fast service.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
September 13, 2024
There are no local ATMs. National bank Good repuatation On line banking.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 4 / 5
Website / Mobile app 5 / 5