Bank of America Reviews: Savings, Money Markets and CD

Bank of America offers savings accounts, CDs and IRAs. This Bank of America Reviews can help you decide if it's the right place for your money.
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Bank-of-America

When deciding where to keep your savings, it's important to compare banks carefully. Ideally, you should choose a bank that offers the best combination of interest rates for savers, low fees, and convenient access to your money.

Bank of America is one option you might consider if you're interested to save with a brick-and-mortar bank.

But is Bank of America a good bank?

Keep reading to learn more about how it compares to other banks or credit unions.

What Is Bank of America?

Bank of America is a global bank serving customers in the U.S. and its territories, as well as 35 countries around the world.

In the U.S. alone, Bank of America has over 66 million consumer and small business clients. Created in 1998 through the purchase of BankAmerica by NationsBank, the bank operates more than 4,300 retail financial centers and offers access to accounts via more than 17,000 ATMs.

As a brick-and-mortar bank, Bank of America offers a variety of personal banking products and services, including checking accounts, savings accounts and certificates of deposit. The bank also offers a variety of credit card options, as well as home loans, auto loans and investment services.

Bank of AmericaPopular AccountsAccount Features & FeesPros & ConsLocations

Popular Bank of America Accounts

AccountMin. to Earn APYMin. Opening DepositNotes
Bank of America Advantage Savings$1$100Earn up to a 20% interest rate booster as a Bank of America Preferred Rewards Member
Child Savings$1$25 for Minor Savings Accounts; $100 for Custodial Accounts$0 minimum daily balance requirement for Minor Savings Accounts; $500 minimum daily balance required for Custodial Accounts
1-yr CD$1$1,000$0 annual fees or transfer fees
5-yr CD$1$1,000Early withdrawal penalties may apply

How Bank of America Works

 

Bank of America offers several savings options, including Bank of America Advantage Savings Accounts, Child Savings Accounts, certificates of deposit and Individual Retirement Accounts. Here's a closer look at how Bank of America works:

Monthly maintenance fees

Bank of America, like other traditional banks or credit unions, does charge a monthly maintenance fee for savings accounts. The fee for the Bank of America Advantage Savings Account, for example, is $8 but you can waive this fee by:

  • Maintaining a minimum daily balance of at least $500 OR
  • Linking your Bank of America Advantage Savings account to your Bank of America Advantage Relationship Banking® account (waiver applies to first 4 savings accounts) OR
  • Becoming a Bank of America Preferred Rewards client (waiver applies to first 4 checking and savings accounts)

Compared to other brick-and-mortar banks, the monthly maintenance fee is typical of what you can expect. But you can save money on the fee by meeting any of the conditions outlined above.

Account minimums

When you plan to open an account at any bank, it's important to consider whether there are minimum balance requirements or minimum deposit requirements.

If you're interested to open a regular savings account with Bank of America, you'll need at least $100 to get started.

The minimum deposit requirement for CD accounts is $1,000.

And you'll need $25 to open an account for minors unless you're opening a custodial account which requires $100.

Compared to online banks, Bank of America has a higher minimum deposit requirement. For example, Ally Bank offers savings accounts with a $0 minimum deposit.

Can you open multiple accounts?

Bank of America does allow you to open multiple regular savings accounts, child savings accounts and CD accounts. You need to meet the minimum deposit requirement and minimum balance requirements for each account you open.

Account access and customer support

When you open an account with Bank of America, you have access to it via:

  • Online and mobile banking
  • Bank of America branches and ATMs
  • Phone banking
  • Bank of America customer support

Customer service is available via Bank of America's Client Resource Site but you can also get help via private Facebook message or through Twitter. And if you need to talk to a person, you can either visit a branch or call Bank of America at 1-800-432-1000. Customer service for lost or stolen debit and credit cards is available 24 hours a day, 7 days a week.

Online and mobile banking experience

Bank of America offers online and mobile banking access to help you manage your account. When you visit Bank of America online or via your mobile device, you can:

  • Check balances
  • Transfer funds between accounts
  • Schedule bill payments
  • View electronic statements
  • Set up recurring payments, deposits or transfers

You can also use mobile banking to deposit checks with remote deposit capture.

Bank of America Advantage Savings Account

Bank of America interest rates for savings are typical of other traditional banks or credit unions. It did not rank in the top 10 in the America's Best Rates Survey, which saw online banks offering the best savings rates overall.

Bank of America Advantage Savings AccountAmountNotes
Monthly Maintenance Fee$8Waive this fee by maintaining a $500 minimum daily balance OR linking your account to a Bank of America Advantage Relationship checking account OR becoming a Bank of America Preferred Rewards Client
Excess Withdrawal Fee$10 per excess withdrawalWaived when you maintain a minimum daily balance of $20,000 or more OR enroll as a Bank of America Preferred Rewards Client
NSF Returned Item Fee$35 per returned item

Bank of America Savings Account Review

Bank of America Money Market Accounts

At this time, Bank of America doesn't offer money market accounts to new customers. But you could get something similar if you open a Bank of America Advantage Relationship checking account. This is an interest checking account that offers check-writing abilities along with other perks, such as fee waivers and the option to set up overdraft protection.

Current money market account rates

Bank of America CD Rates

Bank of America offers numerous CDs to help you reach your short-term or long-term financial goals.

  • Standard Term CDs range from 28 days to 10 years.
  • Featured CDs offer terms from seven months to 37 months.
  • (The minimum balance required for Standard Term CDs is $1,000; it increases to $10,000 for Featured CDs.)

As far as Bank of America CD rates go, rates and APYs are the same across all balances and terms.

Raise-your-rate CDs aren't an option. You get the same APY whether you save for a shorter period of time or a longer one.

Remember that an early withdrawal penalty may apply if you take money out before your CD matures.

Bank of America 1-Year CDAmount / APY

1-Year CD APY - 12 months

May depend on your zip code, opening balance and term

Early Withdrawal Penalty

Not specified

Renewal

CDs renew automatically unless you specify otherwise

Bank of America 1-Year CDAmount / APY

5-Year CD APY - 60 months

May depend on your zip code, opening balance and term

Early Withdrawal Penalty

Not specified

Renewal

CDs renew automatically unless you specify otherwise

Current CD rates

Bank of America Checking Accounts

In addition to savings options, Bank of America reviews can also cover checking accounts. Bank of America Advantage Bank includes three types of checking accounts:

  • Advantage SafeBalance
  • Advantage Plus
  • Advantage Relationship

All three accounts charge a monthly maintenance fee unless you're a Bank of America Preferred Rewards client. Advantage SafeBalance and Advantage Plus are basic checking account options. Advantage Relationship is an interest-bearing checking account.

Compare current checking account offers

Bank of America Personal Loans

Like many large banks, Bank of America does not offer personal loans. If you're interested to get a personal loan, however, take a look at some of the best loan rates available now.

Compare current personal loan rates

Bank of America Pros & Cons

When deciding where to open an account for savings, checking or any other banking need, it's helpful to look at both the pros and the cons. Here are some of the most important advantages and disadvantages of opening an account with Bank of America:

Pros

  • Open a Bank of America savings account online in minutes
  • Easily access your savings account online, via mobile banking, at an ATM or branch
  • Multiple ways to avoid the monthly maintenance fee
  • Get an interest rate boost if you're a Bank of America Preferred Rewards client
  • Open multiple savings and CD accounts if you have more than one financial goal you're working toward
  • Saving with Bank of America could make sense if you already have a checking account or credit card with the bank

Cons

  • Compared to online banks, Bank of America savings accounts and CDs have higher minimum deposit requirements
  • You could earn better interest rates on savings at other banks or credit unions
  • While you can open an interest-bearing checking account, Bank of America doesn't offer money market accounts
  • You have to look elsewhere if you need a personal loan

Locations - Branches & ATMs

Bank of America has over 4,300 retail locations. The bank's ATM network includes more than 17,000 locations.

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