When opening a checking or savings account, what are the features and benefits that you expect the most? Bank of America is one the most well known banks, but many don’t know the ins and outs of this bank. Read through this post to see if Bank of America is right for you.
Bank of America offers incredible convenience for their customers. They offer a nationwide network, a variety of account options, and user-friendly online banking. Although not all of their accounts stand out, the reliability and consistency of this bank has lead many to be loyal customers.
|HSBC Advance checking account: Get $350 when you open an Advance checking account, fund account with at least $5,000 in New Money in combined checking and savings accounts within 30 calendar days of account opening and maintain balance for 90 days AND set-up monthly direct deposits from a third party into the checking account for 3 consecutive months Member FDIC Terms|
|Discover Online Savings Account: Earn $200 Bonus/$150 Bonus with promo code HMB619 by July 1, 2019 along with high interest rate of 2.10% APY. Fund your first savings account with a minimum of $25K by July 15, 2019 to earn the $200 Bonus. No minimum opening deposit, no minimum balance requirement, and no monthly fees. See advertiser website for full details. Apply Now---Discover Savings Review|
|Huntington 5 Checking: Earn $200 bonus when you open a Huntington 5 Checking account and make total deposits of at least $1,000 within 60 days of account opening. The $200 bonus will be deposited into your Huntington 5 Checking account after all requirements are met and your account is open for 90 days.
Apply Now---Huntington 5 Checking Review
|Chase Total Checking® + Chase SavingsSM: Earn $200 bonus when you open a new Chase Total Checking® account and set up direct deposit. Additionally you can earn a $150 bonus when you open a new Chase SavingsSM account, deposit a total of $10,000 or more in new money within 20 business days & maintain a $10,000 balance for 90 days. Apply Now---Chase Checking & Savings Review|
Table of Contents
- 1 Checking Account Options
- 2 Savings Account Options
- 3 Reasons To Bank with Bank of America
- 4 Reasons Not To Bank with Bank of America
- 5 Contact Customer Service
- 6 How Bank of America Compares
- 7 Bottom Line
Checking Account Options
Bank of America offers only one checking account that comes with 3 different settings. These settings can be actively changed depending on your situation.
With a $25 opening deposit and no overdraft fees, this is a great starting checking account. If you are a student under 24 or enrolled in the preferred rewards program you can waive the monthly fee
Advantage Plus Banking
This account has an opening deposit requirement of $100. To waive the monthly service fee, you must be a student under 24, maintain a balance of $1,500 or put in monthly deposits of $250.
Advantage Relationship Banking
With this being the only interest earning checking account, the requirements to maintain it are more substantial than the other checking accounts. This account has an opening deposit of $100, but you’ll need to maintain a combined balance of $10,000 between all of your accounts to waive the monthly service fee.
Savings Account Options
Bank of America unfortunately does not offer a large selection of savings accounts. There is only one standard savings account.
With a $100 opening deposit you can get tiered interest rates. The more you save the more interest you will earn. To waive the monthly service fee, you will need an average balance of $500, a linked BofA Interest Checking account, or become a member of the Preferred Rewards Program.
With this account you can put your child in charge of their own savings. They will need a $25 opening deposit to open this account. Children under 18 will not have to pay any fees for this account.
Custodial Savings Account
This is the account you’ll want to open if you want to start saving for your child, but don’t want to give them access to the account. To waive the monthly fee you will need a balance of $500. Once your child turns 18, they will gain access to the account.
If you’re looking to invest $10,000 for 12 months then invest it in this CD. You will receive a nice fixed interest rate.
Standard Term CD Account
If you have between $1,000 – $10,000 you can invest in this CD. The amount of interest you receive varies depending on how long you keep the money in.
|HSBC Premier checking account: Get $750 when you open a Premier checking account and make recurring Direct Deposits totaling at least $5,000 from a third party per calendar month for 3 consecutive months from the first full calendar month after account opening. Member FDIC Terms|
|TD Bank Checking Bonus: Earn $300 with the Beyond Checking account when you receive direct deposits of $2,500 or more within 60 days of opening your account. Earn $150 with the Convenience Checking account when you receive direct deposits of $500 or more within 60 days of opening your account.
Apply Now---TD Bank Checking Review
|Chase College CheckingSM: Get $100 as a new Chase checking customer when you open a Chase College CheckingSM account, enroll in paperless statements and complete 10 qualifying transactions within 60 days of account opening. The account comes with free Chase Debit Card, Mobile Check Deposit, Banker guidance, Text banking and QuickPay with Zelle. Get Coupon---Chase College Checking Review|
|Chase Premier Plus CheckingSM – Earn $300 bonus when you open a new Chase Premier Plus CheckingSM account and set up direct deposit. The Chase Premier Checking account comes with free Chase Debit Card, free Online Banking and Online Bill Pay, free Mobile Banking, free Account Alerts, and free access to 16,000 Chase ATMs & nearly 5,000 branches. Apply Now---Chase Premier Plus Checking Review|
Reasons To Bank with Bank of America
- You can earn cashback on your regular purchases. With BankAmeriDeals, you can opt in to receive deals on certain purchases. You can earn cashback directly to your checking account when you use your debit card.
- Automatically save with the Keep the Change Savings Program.Bank of America will round up your purchases made with your debit card to the closest dollar and deposit the extra change into your savings account.
- You can lock and unlock your debit card online or in the mobile app instantly.
- If you have a combined balance of $20,000 in Bank of America/Merrill Lynch products, you can join the Preferred Rewards Program. You will be able to earn higher savings rates, a rewards bonus on your BofA cashback credit cards, limited fee-free, third-party ATM transactions, and savings on Merrill Edge investment commission costs.
- Bank of America has great options for kids. You can build good financial habits for your children that will last them a lifetime
- You can conduct a ton of banking actions through online banking. Either using their app or through their website.
- Their mobile app has a ton of different financial tools. Budget, manage your finances, and plan your expenses over a long period of time.
- Custom alerts. Set up custom alerts so that you never miss a low balance or payment that’s due. You can receive the alerts via text, email, or through the mobile app.
- You can add your own picture to your debit card to avoid any fraudulent activity.
- FDIC Insured. Your deposits at Bank of America are FDIC insured up to $250,000 per account.
Reasons Not To Bank with Bank of America
- No free checking option. Unless you’re a student under 24, there is no free checking option. Even for the more basic account, you need to maintain $1,500 to waive the service fee (or have $250 in a single direct deposit per month). This may exclude the lower-income customers who can’t meet the minimum balance requirements.
- Hefty non-BofA ATM fees. Bank of America charges $5 for every ATM transaction conducted on an ATM other than one owned by Bank of America. This is in addition to the fees that the third-party bank will charge.
- Low interest. You have minimal account options and the accounts that do pay interest offer minimal interest rates. If you need a place to just park money that will be safe and BofA is convenient for you, it may be feasible. If you are trying to grow your savings or need more account options, you may want to look elsewhere.
- Fee heavy. Bank of America has a lot of “miscellaneous account charges.
Contact Customer Service
Reach Bank of America Customer Service at 1 (800) 432-1000.
Technical service at 1 (800) 933-6262
Credit Card service at 1 (800) 732-9194
|Huntington Asterisk-Free Checking: Earn a $150 bonus when opening a Huntington Asterisk-Free Checking account by June 30, 2019 and make total deposits of at least $1,000 within 60 days of account opening. $150 will be deposited into your Huntington Asterisk-Free Checking account after all requirements are met and your account is open for 90 days. Apply Now---Huntington Asterisk-Free Checking Review|
|Chase SapphireSMChecking: Enjoy 60,000 Chase Ultimate Rewards bonus points or $750 when you join SapphireSM Banking. Within 45 days, transfer a total of $75,000 or more in qualifying new money or securities to a combination of eligible checking, savings and/or investment accounts, and maintain the balance for at least 90 days.
60K Points Offer---$750 Offer---Chase Sapphire Checking Review
|Chase Private Client: Enjoy a $1,250 bonus when you join Chase Private Client. Within 45 days, transfer a total of $250,000 or more in qualifying new money or securities to a combination of eligible checking, savings and/or investment accounts, and maintain the balance for at least 90 days. Apply Now---Chase Private Client Review|
|Chase SavingsSM: Earn $150 bonus when you open a new Chase SavingsSM account, deposit a total of $10,000 or more in new money within 20 business days & maintain a $10,000 balance for 90 days. You can link this account to your Chase checking account for Overdraft Protection. You'll have access to over 16,000 Chase ATMs and nearly 5,000 branches. Apply Now---Chase Savings Review|
How Bank of America Compares
- Capital One: Capital One, you can bank fee-free with online and mobile checking that actually pays you back. Whether you’re looking for one of their 40,000 fee-free ATMs or a Capital One location–chances are they are right nearby.
- Regions Bank: While the checking options are similar, there is a wider variety of savings, CDs, & IRA options to help you save. The cash back rewards program is also very similar. The advantage Regions has is that you can find Regions Bank across 15 states.
- SunTrust Bank: As a Southeastern bank, SunTrust prides themselves in top-tier customer service. SunTrust offers a comparable selection of checking & savings accounts in comparison. However, you’ll need $100 to open an account at SunTrust. The bank also offers a cash back rewards program & a small number of checks come free with each checking account.
Choosing a bank that best suits your needs is a crucial decision. You’ll be investing time and money into these institutions and will need to make the right choice and be sure the bank/credit union will offer you what you need. It’s very important to keep in mind the potential fees that may incur and how to avoid them if possible. If Bank of America has the variety and options you’re looking for, apply today!
|Chase Total Business Checking®: Earn $200 bonus when you open a new Chase Total Business Checking® account and deposit $1,000 or more in new money within 20 business days & maintain that balance for 60 days, and complete 5 qualifying transactions within 60 days. Chase offers financial products and services that let you bank when and how you want. Get Coupon---Chase Business Checking Review|
|Huntington Unlimited Plus Business Checking: Earn $500 bonus when you open a Huntington Unlimited Plus Business Checking account and make total deposits of at least $20,000 within 60 days of account opening. The $500 bonus will be deposited into your account after all requirements are met and your account is open for 90 days. This account is for larger businesses with high monthly transaction volume.
Apply Now---Huntington Unlimited Plus Business Checking Review
|Huntington Unlimited Business Checking: Earn $400 bonus when you open a Huntington Unlimited Business Checking account and make total deposits of at least $5,000 within 60 days of account opening. The $400 bonus will be deposited into your account after all requirements are met and your account is open for 90 days. This account is for businesses with higher checking activity and greater cash flow needs.
Apply Now---Huntington Unlimited Business Checking Review
|Huntington Business Checking 100: Earn $200 bonus when you open a Huntington Business 100 Checking account and make total deposits of at least $2,000 within 60 days of account opening. The $200 bonus will be deposited into your account after all requirements are met and your account is open for 90 days. This account is ideal for start-ups and small businesses with lower balances and checking activity.
Apply Now---Huntington Business Checking 100 Review