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Bank of America: Overall Bank Rating
| Feature | Insider rating (out of 5) |
| Savings | 3.25 |
| Checking | 3.75 |
| CD | 3.25 |
| Trustworthiness | 3.5 |
| Total: | 3.5 |
Bank of America: Pros and Cons
| Pros | Cons |
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Bank of America Advantage Savings Account Review
Like most large brick-and-mortar banks, Bank of America savings rates are pretty low. On the bright side, you may have an easier time waiving the monthly maintenance fee than with some banks. Here are your options for waiving it:
- Be a student under age 25
- Have an account holder be under age 18
- Keep a $500 daily balance
- Sign up for the bank's Preferred Rewards program, a rewards group for people with higher balances
- Link to an Advantage Relationship Checking Account, which is best for customers with at least $10,000 in checking
The monthly fee is also waived for all account holders for the first six months.
Bank of America Advantage Plus Checking Account Review
You might like the
- Make at least one qualifying direct deposit of $250 or more
- Keep at least $1,500 in your account daily
- Be enrolled in the bank's Preferred Rewards
- Be a student under age 25
Bank of America has reduced overdraft fees from $35 to $10.
Bank of America Standard Term Certificate of Deposit Review
The bank has more term options for than most institutions, with terms ranging from 28 days to 10 years. Bank of America CD rates are low on most terms, but it does pay relatively high rates for terms of 90 to 179 days. Still, you'll earn the best CD rates with online banks.
About Bank of America
Bank of America is one of the largest banks in the US. There are over 4,200 branches in 37 states and DC, and 16,000 free ATMs. You can use ATMs outside the Bank of America network, but you'll pay a $2.50 fee each time.
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.
To speak with customer support about your bank accounts, call Monday through Friday from 8:00 a.m. to 11:00 p.m. ET. Or call weekends from 8:00 a.m. to 8:00 p.m. ET.
Your deposits are FDIC insured for up to $250,000, or $500,000 for joint accounts.
Is Bank of America Trustworthy?
The Better Business Bureau gives Bank of America an A+ rating. A strong BBB grade indicates a company responds to customer complaints effectively and is transparent about business practices.
A good BBB score doesn't guarantee you'll have a smooth relationship with a company, though. And Bank of America does have some recent public scandals involving discrimination:
- The Consumer Financial Protection Bureau fined Bank of America for freezing customers' accounts because its automatic fraud filter incorrectly detected fraud on accounts. The CFPB claimed that the bank made it difficult for customers to un-freeze their accounts (2022).
- The Department of Justice charged Bank of America when it accused the bank of unfairly denying home loans to adults with disabilities, even though they qualified for loans. Bank of America paid around $300,000 total to people who were refused loans (2020).
If these issues bother you, you may prefer to use a different bank.
Bank of America: Frequently Asked Questions
Is Bank of America a good bank to use?
Bank of America could be a good fit if you want an in-person bank with branches and ATMs around the US. It also makes it relatively easy to waive monthly fees on accounts.
What are the disadvantages of Bank of America?
Compared to the best online banks, Bank of America pays low savings rates. You'll also be stuck paying a monthly fee if you don't qualify to waive it, while many other banks forego monthly fees all together.
What is the Bank of America routing number?
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 found 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.
Methodology: How we Reviewed Bank of America
To review Bank of America, we rated accounts and services using Personal Finance Insider's bank account methodology.
In general, we look at ethics, customer support, and mobile apps when rating an account. Other factors we consider depend on which type of account we're reviewing. For example, we look at overdraft protection for checking accounts, and early withdrawal penalties for CDs.
How Bank of America Compares
We've compared Bank of America to two other large national banks: Chase and Wells Fargo.
Bank of America vs. Chase
Bank of America and Chase charge similar monthly fees, but Bank of America makes it a little easier to waive the charges. You might prefer Chase for a checking account, though, because
Chase has branches in more states than Bank of America, so it may be the more convenient option depending on where you live.
Read Insider's review of Chase vs. Bank of America>>
Bank of America vs. Wells Fargo
You may prefer Bank of America for CDs. It has more term options than Wells Fargo, and the minimum opening deposit is lower. For checking accounts, Bank of America's overdraft fee is significantly lower.
But the
Read Insider's review of Bank of America vs. Wells Fargo>>