Bank Of America Advantage Banking Review [2024]: Big Benefits From a Large Bank

The Bank of America Advantage Banking¹ checking and savings accounts provide useful options for everyday banking. We like that you have the option to visit one of the thousands of in-person branches with Bank of America. Alternatively, you can use its excellent mobile apps to manage your money.

We don’t like that all of these accounts have monthly maintenance fees, although each account enables you to waive the fees by meeting certain criteria.

Let’s explore our Bank of America Advantage Banking review to help you decide which account is right for you.

Key takeaways

Bank of America Advantage Banking overview

Bank of America, headquartered in Charlotte, North Carolina, is one of the largest and most well-known banks in the U.S., with thousands of ATMs and financial centers.

As a full-service bank, you can take advantage of multiple financial products and services, including checking and savings accounts as well as credit cards, loans, and more.

We like how Bank of America Advantage Banking has multiple checking account options to choose from, depending on your preferences for fees and benefits. There’s only one savings account option available, and it’s geared toward customers who want a simple account with low requirements.

Bank of America Advantage Banking accounts

Checking account	Description	Minimum to open3	Monthly maintenance fee
Bank of America Advantage SafeBalance Banking®	Simple checking with no overdraft fees or paper checks	$25	$4.95 (can be waived)4
Bank of America Advantage Plus Banking®	Flexible checking with more features, including paper checks	$100	$12 (can be waived)
Bank of America Advantage Relationship Banking®	Comprehensive interest-bearing checking with the most features	$100	$25 (can be waived)
Bank of America Advantage Savings	Simple savings with low requirements	$100	$8 (can be waived)

All Bank of America Advantage checking accounts provide these features.

$0 liability guarantee for debit cards Mobile check deposits Spending and Budgeting tool

Custom alerts Debit card controls

We think these accounts could make it easy for you to manage your funds, whether you prefer mobile or in-person banking. That’s why we include them in our list of the best checking accounts.

Bank of America Advantage Banking accounts are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 per depositor. That said, we don’t love that these accounts have monthly maintenance fees, but you can have these fees waived by meeting certain criteria.

Bank of America Advantage SafeBalance Banking®

Annual percentage yield (APY)	None
Minimum deposit requirement	$25
Monthly maintenance fees	$4.95 (can be waived)
ATM access	Thousands of ATMs and financial centers
FDIC insured	Up to $250,000

The Bank of America Advantage SafeBalance Banking checking account makes sense for students, young adults, and anyone who wants a low-stress and simple checking account.

This is a basic account that doesn’t provide tons of benefits such as having checks⁵. But it gets the job done in terms of money management and low requirements.

It has a $4.95 monthly service charge that can be waived by meeting one of the following requirements each statement cycle.

• Be an account owner under the age of 25
• Maintain a minimum daily balance of $500 or more in your account
• Be a member of the Preferred Rewards program

Note that this isn’t an interest-bearing checking account, which is common for checking accounts.

If you don’t like the idea of a waivable fee, explore additional options in our list of the best $0-monthly-fee checking accounts.

Bank of America Advantage Plus Banking®

Annual percentage yield (APY)	None
Minimum deposit requirement	$100
Monthly maintenance fees	$12 (can be waived)
ATM access	Thousands of ATMs and financial centers
FDIC insured	Up to $250,000

The Bank of America Advantage Plus Banking is a step up from Bank of America Advantage SafeBalance Banking in terms of benefits. For example, you can purchase paper checks. But it also has higher requirements — namely, a higher minimum deposit requirement and a higher monthly fee.

You can waive the monthly service fee if you meet one of the following requirements each statement cycle.

• Have at least one qualifying direct deposit of $250 or more
• Maintain a minimum daily balance of $1,500 or more in your account
• Be a member of the Preferred Rewards program

Considering the requirements to waive the monthly fee, this account might make the most sense for professionals or people who can regularly maintain a high account balance.

Note that this isn’t an interest-bearing checking account.

Bank of America Advantage Relationship Banking®

Annual percentage yield (APY)	0.01%-0.02% (as of Mar. 12, 2024)
Minimum deposit requirement	$100
Monthly maintenance fees	$25 (can be waived)
ATM access	Thousands of ATMs and financial centers
FDIC insured	Up to $250,000

The Bank of America Advantage Relationship Banking is the most comprehensive checking account on this list in terms of the benefits offered.

The main difference between this and the other Bank of America Advantage Banking accounts is that you can earn interest on your stored funds, but the rate isn’t competitive.

Explore our list of bank accounts that offer high APY.

This account has a $25 monthly maintenance fee that can be waived if you meet one of the following requirements each statement cycle.

• Maintain a minimum daily balance of $20,000 or more in your account
• Be a member of the Preferred Rewards program

Considering its high minimum daily balance requirement, this account makes sense for people who can afford to hold a high balance.

Bank of America Advantage Savings

Annual percentage yield (APY)	0.01% (as of Mar. 12, 2024)
Minimum deposit requirement	$100
Monthly maintenance fees	$8 (can be waived)
ATM access	Thousands of ATMs and financial centers
FDIC insured	Up to $250,000

This is the only personal savings account option from Bank of America. We think it makes sense if you simply need a place to store and help manage your funds, especially if you have in-person branches nearby. But if you want to earn interest, there are better options available from other financial institutions.

The Bank of America Advantage Savings account has an $8 monthly maintenance fee, which can be waived if you meet one of the following criteria each statement cycle.

• Be an account owner under the age of 25
• Maintain a minimum daily balance of $500 or more in your account
• Be a member of the Preferred Rewards program and qualify for Gold, Platinum, or Platinum Honors
• Ask to link your Advantage Savings account to your Bank of America Advantage Relationship Banking®, Bank of America Advantage® with Tiered Interest Checking, or Bank of America Advantage® Regular Checking Accounts

Explore more savings account options in our list of the best savings accounts.

Additional Bank of America products

In addition to its checking and savings accounts, Bank of America also offers these products and services.

• Credit cards: Bank of America credit cards range from cash back cards to travel rewards cards and more. We like how there’s generally a card for anybody, no matter what you’re looking for.
• Certificates of deposit (CDs): You can choose from multiple FDIC-insured CD options according to your term and APY preferences.
• Individual retirement accounts (IRAs): You can open FDIC-insured savings IRAs from Bank of America. Alternatively, you can opt for investment IRAs that are offered through Merrill Edge®, a Bank of America company.
• Loans: Bank of America offers both home and auto loans, whether you’re looking to purchase or refinance.
• Investment accounts: You can use Merrill Edge to open different types of investment accounts, such as self-directed investing or guided investing.

What we like about Bank of America Advantage Banking

• In-person locations: Bank of America has excellent mobile and online banking options, and you also have the choice to visit thousands of financial centers if you prefer face-to-face transactions.
• Full-service banking: Bank of America products and services include checking and savings accounts, loans, credit cards, and more.
• ATM access: You can access thousands of ATMs and financial centers.
• Multiple payment methods: With Advantage Checking accounts, you can make payments with your debit card, a digital wallet, or Zelle.
• Money management tools: You can set up custom alerts and savings goals with your Bank of America account.
• Mobile check deposits: All Advantage Checking accounts offer mobile check deposits.
• Member FDIC: Applicable Bank of America bank accounts, including checking and savings accounts, are FDIC-insured.
• Highly-rated mobile apps: The Bank of America Mobile Banking app has a 4.8 out of 5 rating with over 4.4 million ratings on the App Store. On Google Play, it has a 4.6 out of 5 rating with over 1 million ratings.

What Bank of America Advantage Banking could improve

• Monthly maintenance fees: Every Bank of America Advantage Banking account has a monthly maintenance fee. While there are ways to waive the fee for each account, it’s still something you have to worry about each statement cycle.
• Low APY rates: The checking and savings accounts that earn interest aren’t competitive compared to what’s available from other financial institutions.
• One savings account: There’s only one savings account option available, which isn’t the most helpful if it doesn’t fit your needs.

What users are saying about Bank of America Mobile Banking apps

App Store - 4.8 out of 5 rating	Google Play - 4.6 out of 5 rating
5 out of 5 “I’m a long-time customer, I have received nothing but excellent service from Bank of America! I love the APP features, it is very easy to use!” TicoEW - February 17, 2024	5 out of 5 “Stable, easy to use, has all functions that can be done in person except for safe deposit box use. The updated app has added a security layer that the user can set up. The only ads are actually the users' rewards that have to be clicked on to view.” Dref Mann - February 21, 2024
5 out of 5 “Bank of America has been the best decision I made 7 years ago when I went looking for a bank. Easy banking.” Olumbi - February 22, 2024	5 out of 5 “I have been using the app for quite some time. It is easy to navigate and allows you to do most things without disruption, including check deposits, etc. Keep up the good work. The recent changes (Jan 24) in the App have improved the interaction with individual accounts.” Satish Kalra - January 30, 2024
1 out of 5 “The app does most of the basic functions you need. The reason why I give it one star is it assumes you do most of your banking here. They purposefully withheld transferring functions to outside financial institutions because Bank of America would rather make it more difficult for you to move your money out.” Free yelp poet - August 24, 2023	1 out of 5 “After the update, the business account is now located on top of checking and saving accounts on the home screen. There needs to be a way to reorder or move around the accounts you see. You should be able to customize the home screen.” Edana Battaglia - February 8, 2024

Who is Bank of America Advantage Banking best for?

We think Bank of America Advantage Banking makes sense for someone who wants to bank with a well-established financial institution that provides excellent support for both online and in-person banking. That includes using well-rated mobile apps and also being able to access thousands of ATMs and financial centers.

It’s especially easy to get started with an Advantage Banking account if you’re a student or young adult as you can have the monthly maintenance fee waived if you’re under 25 with the Advantage SafeBalance Banking and Advantage Savings accounts.

We don’t think Bank of America checking and savings accounts make sense if you want to completely avoid monthly fees without having to meet certain requirements. There are also other accounts available that earn better interest.

Explore our list of the best high-yield savings accounts that have no minimum balance requirements.

How to open an account with Bank of America

To open a Bank of America account, you need to submit an application that takes approximately 10 minutes to complete. Here’s how to get started online.

1. Visit Bank of America Advantage Banking and choose the checking account you’d like to open. Bank of America provides a useful tool to quickly compare your options.

2. Proceed to the application and fill in the required information, including your personal information and funding options. You can also add a savings account to your checking account application.

3. Once your application is filled out, submit it to complete the process.

Alternatives to Bank of America Advantage Banking

SoFi

SoFi Checking and Savings⁶ is an online-only account that provides up to 4.60% APY⁷ with direct deposit⁸. There’s no monthly maintenance fee and no minimum deposit to open an account. You can also receive up to $2 million in FDIC insurance⁹.

Visit SoFi

…or read our full SoFi Checking and Savings review.

Chase

The Chase Total Checking account offers excellent features, including Zelle payments and online bill pay. It also has a waivable $12 monthly fee¹⁰ and Zero Liability Protection to help protect against unauthorized debit card transactions. With Chase, you get access to over 4,700 in-person branches and more than 15,000 ATMs.

Visit Chase

…or read our full Chase Total Checking review.

Bank of America FAQ

Bank of America Advantage Banking: bottom line

Bank of America has multiple checking accounts and one savings account to choose from. We generally recommend all of the Bank of America Advantage Banking accounts if you have in-person branches nearby and/or use other Bank of America products such as its credit cards.

We especially recommend the Advantage SafeBalance Banking and Advantage Savings accounts if you’re a student or young adult under 25 since you can get the monthly maintenance fees waived.

If you prefer to earn interest on your stored checking account or savings account funds, there are better options available. To see some of our favorite bank accounts, check out our list of the best banks.