Financial institution of America is among the largest banks within the U.S., and it provides a big selection of services and products.
Financial institution of America provides a number of totally different checking account choices. Every connects to the financial institution’s extremely rated cellular app that will help 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 4 out of 5 stars in Bankrate’s general evaluation of its deposit accounts. Its checking account earned 3.7 out of 5 stars.
Right here’s a more in-depth take a look at the checking accounts provided by BofA that will help you resolve whether or not one is an efficient alternative for you.
Financial institution of America checking accounts
BofA provides these checking accounts:
| Account identify | APY | Minimal deposit | Month-to-month price |
|---|---|---|---|
| Observe: Annual proportion yields (APYs) proven are as of Jan. 12, 2023, and will differ 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 in place that will help you maintain spending throughout the bounds of your account stability.
As a substitute of permitting an overdraft to happen, BofA will decline your transactions if the funds aren’t accessible in your account, avoiding an overdraft price.
Checks are usually not provided with this account; transactions are carried out utilizing 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 underneath age 25 and prospects enrolled in Financial institution of America’s Most well-liked Rewards program. It’s additionally waived in case you keep an account stability of at the very least $500.
BofA expenses no ATM charges for withdrawals from one among its roughly 15,000 ATMs. Utilizing an ATM exterior of Financial institution of America’s community within the U.S. leads to 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 fee price ($30); debit card and ATM card rush supply ($15); and outgoing worldwide wire in U.S. {dollars} ($45). There are not 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 contains extra normal options than the SafeBalance banking account. Purchases will be paid by debit card, Zelle, cellular and on-line banking, or checks.
As well as, an overdraft safety switch function will be added to the Benefit Plus account, which robotically transfers funds from a linked financial savings 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 case you:
- Preserve a $1,500 minimal each day stability
- Have at the very least one eligible direct deposit of at the very least $250.
- Enroll in BofA’s Most well-liked Rewards program
Money withdrawals are free at Financial institution of America ATMs. Funds withdrawn from out-network ATMs within the U.S. are topic to a $2.50 price, 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 couple of different notable charges that you simply may need to deal with embrace:
- Incoming home wire switch price ($15)
- Printed assertion copies ($5)
- Cease fee ($30)
3. Financial institution of America Benefit Relationship
The Benefit Relationship checking account is an interest-bearing account that provides tiered charges on all balances, although the APYs provided are comparatively low.
The account lets you pay for purchases with a debit card, Zelle, examine, or cellular 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’ll be able to keep away from this price with a mixed stability of $20,000 or extra every assertion cycle throughout eligible linked accounts. One other approach 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 case 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.
Lots of the different charges imposed by Financial institution of America are waived on the Benefit Relationship account, together with card alternative and cease fee 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 provides its prospects a rewards program that embrace advantages resembling more money again and lowered and waived charges.
Most well-liked Rewards program
Most well-liked Rewards is a tiered-balance program that permits Financial institution of America prospects to earn further rewards as their account balances develop. Perks embrace larger APYs on financial savings, credit-card rewards bonuses, lowered mortgage origination charges, interest-rate reductions on dwelling fairness and auto loans, and extra.
Steadiness tiers, primarily based on a three-month mixed common each day stability 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 lets you earn money again for purchases made with a BofA credit score or debit card. Money-back offers will be discovered within the cellular 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 sometimes provides $100 sign-up bonuses 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.
Alternate options to Financial institution of America checking accounts
Though you’ll be able to take pleasure in 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 shortly if minimal necessities aren’t met.
If department banking isn’t a precedence, you would possibly need to discover different banking choices. A couple 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.
