Bank of America is one of the leading and stable financial institutions that is well known for its banking as well as financial services. These services are equally compatible with all categories of individuals, small- and middle-market businesses, large corporations, as well as for government sectors.

It has established a high pace commitment that is bound for responsible growth. Moreover, the Bank of America is centralized with client-centered services. its risk management and sustainable growth authentications are also well-considered.

The bank overall emphasizes sustaining and maintaining strong business practices. It has well-defined professional conduct that effectively ensures the appropriate response to its diverse clientele.

Bank Overview

In this most advanced financial market, Bank of America is known to have a significant presence that is available all across the United States.

In terms of the branches, the bank closed over 100 locations. The bank also has opened 40 new branches to meet the diverse demand of the customers. This broad horizon indicates that the strategic adjustments are highly considerable from the perspective of the physical network.

The new branches have a broad spectrum in various states, especially Ohio. It comprises the largest number of branches than any other location. While being on the physical branches, the Bank of America mainly put the consideration on the accessibility and convenience for its customers.

Bank of America Locations

Bank of America is headquartered in Charlotte, North Carolina. Overall, it is operated in a total of 50 states, 17,000 ATMs, and 4,300 branches.

This extensive network of branches reflects the accessibility of the bank. Thus, it makes it one of the most reachable banks in the U.S. by potential customers.

This financial institution was founded in 1998 and has since expanded its operations with services in sectors of finance and investment management, brokerage, mortgages, and more.

Checking Accounts

Advantage Plus Banking checking account of Bank of America provides a highly notable and solid range of features. The features comprise a wide network of ATMs and branch offices.

However, there are some monthly fees for both the checking as well as the savings accounts. But conveniently the fees can be avoided under certain conditions.

Account TypeAdvantage SafeBalanceAdvantage PlusAdvantage RelationshipStudent BankingBusiness Checking
Best ForManaging financesStandard checkingHigher balance holdersStudentsBusiness needs
Minimum Opening Deposit$25$100$100VariesVaries
Monthly Maintenance Fee$4.95 (waivable)$12 (waivable)$25 (waivable)Waived/reduced fees$16 or $29.95 (waivable)
Overdraft FacilityNoYesYesVariesVaries
Interest BearingNoNoYesNoNo
ATM NetworkExtensiveExtensiveExtensiveExtensiveExtensive
Other FeaturesCheck writingHigher interest ratesTailored for studentsFree transactions, deposits

Saving Accounts

Bank of America offers a range of savings accounts, however, the Advantage Savings account is the primary option that is chosen by most customers.

This advantage account has a base Annual Percentage Yield of 0.01% to 0.04%. the APY can vary due to various factors, i.e. the account balance and the customer’s participation in the Preferred Rewards program.

This program is known to deliver the tiered interest rates, that potentially comprise higher APYs for only the larger balances.

For instance, if the balance is less than $2,500 the earnt APY will be only 0.03%. This APY range will keep increasing with higher balances. However, even with these tiered rates, Bank of America offers APY that remains lower than many other comparable online savings accounts. The best APYs can only reach out to around approx. 3% and higher.

The monthly maintenance fee of this account is $8. As stated above, these fees can be waived under specified conditions. The conditions include;

  • Maintaining a minimum daily balance of $500
  • Linking to a qualifying checking account
  • Being under 18 years of age

In addition to all this, the Bank of America most prominently offers a unique “Keep the Change” program. In this program, the transactions are made with a linked debit card. The transactions are rounded up to the nearest dollar. In this regard, the difference is transferred to the savings account as per the preferences of the customers.

This feature is the most easy and automated way that help you save small amounts over time.

Account TypeAdvantage Savings
Base APY0.01% to 0.04%
APY for Balances Less Than $2,5000.03% (Can vary with Preferred Rewards program)
Tiered Interest RatesYes (Higher APYs for larger balances via Preferred Rewards)
Monthly Maintenance Fee$8 (Can be waived)
Waiver Conditions– Minimum daily balance of $500- Linking to a qualifying checking account- Account holder is under 18 years of age
Unique Feature“Keep the Change” program (Rounds up transactions and transfers the difference to savings)

CD Rates and Money Market Accounts

You can avail of the Certificate of Deposit option with only a minimum deposit of $1,000. Whereas, the range option and its versatility is from 28 days to 10 years. The CD rates begin at 0.05%, which is relatively low in comparison to other institutions.

  • Fixed Term CD:
    • All terms: 0.03% APY
  • Featured CD:
  • 7-month
    • All terms: 5.00% APY
  • 10-month: 0.05% APY on all balance tiers 
  • 13-month
    • All terms: 5.00% APY
  • 25-month: 3.00% APY on all balance tiers 
  • 37-month: 0.05% APY on all balance tiers

Mortgage Loans and Other Loan Products

Similar to savings and checking accounts, Bank of America delivers various options in the perspective of mortgage loans. These options are bound to include; standard mortgages, mortgage refinancing, home equity lines of credit, and auto loans.

The most important advantage of using Bank of America for these loans is primarily the convenience. It offers ease to existing customers and all those who prefer to keep their financial issues within one institution only.

Additional Products and Services 

In terms of additional supporting services, Bank of America provides a wide range of credit cards, with a lot of balanced options that meet different needs such as;

  • Cashback
  • Travel rewards
  • Building credit

Additionally, the bank has other specific offerings for small businesses, i.e. dedicated checking accounts and other business banking services.

Comparison Overview with Other Institutes

The following table provides a generalized overview for the comparison of Bank of America with Chase, Wells Fargo, as well as Citibank. The comparison is based on the features and services of the banks.

It highlights some of the similarities and differences in their offerings, which present various options that are available to customers.

Feature/ServiceBank of AmericaChase BankWells FargoCitibank
Year Founded1998179918521812
HeadquartersCharlotte, NCNew York, NYSan Francisco, CANew York, NY
Total Assets$2.44 trillion$3.2 trillion$1.95 trillion$1.7 trillion
Number of BranchesApprox. 4,300Approx. 4,700Approx. 5,200Approx. 700
Number of ATMsApprox. 17,000Approx. 16,000Approx. 13,000Approx. 2,400
Checking Account OptionsSeveral, with monthly fees and various waiver optionsSeveral, with monthly fees and various waiver optionsSeveral, including fee-free optionsMultiple, with different benefits
Savings Account APY0.01% to 0.04%0.01% (can vary)0.01% (can vary)Up to 0.50%

Pros and Cons Analysis


  1. Bank of America comprises a large and broad network of branches and ATMs. It provides easy access for the customers to reach out to the locations.
  2. The bank has well-designed online and mobile banking tools. These tools make banking more convenient for tech-savvy users.
  3. A wide variety of financial products are available to choose from, i.e. savings, checking, loans, and credit cards.
  4. It offers benefits like higher savings rates and discounts on certain products for only those customers who are eligible for it.
  5. The most innovative “Keep the Change” saving program is an attractive feature that helps customers in saving.


  1. Savings and CD rates are relatively low compared to other banks, especially online institutions.
  2. Accounts often come with fees, although they can be waived under certain conditions.
  3. Some users report mixed experiences with customer service.

Customer Reviews

Customer reviews on Bank of America are a subjective matter that varies a lot. It is based on a diverse range of experiences.

Many customers appreciate the convenience that is provided by the bank and its extensive network of ATMs and branches. The efficiency and user-friendliness of the online and mobile banking tools are well appreciated.

However, programs like “Keep the Change” are highly praised for their innovativeness. It helps customers save money effortlessly.

However, there is notable criticism also that is related to its low interest rates. this low interest is bound to the savings and CD accounts. Additionally, some customers express dissatisfaction with the customer service, reporting mixed experiences.

Final Personal Review


  • Banking Services – It Offers a comprehensive range of services but with lower interest rates compared to competitors.
  • Digital Tools – The strong online and mobile banking platforms are very user-friendly and efficient.
  • Loan Products – It delivers diverse loan options with potential discounts for existing customers.

Customer-Centric Approach

  • Bank of America shows a mixed customer-centric approach. Although the bank has provided innovative programs like “Keep the Change,” the lower interest rates and fees might not align with the best interests of all the customers.
  • The extensive network and digital tools indicate a focus on accessibility and convenience.


To take the discussion to the summation extent, the Bank of America provides a comprehensive range of financial products and services. It ensures a high level of convenience to the customers with the help of a large number of branches and ATM networks and most importantly by the help of digital banking tools.


Can I waive monthly fees on my Bank of America account?

Yes, under specified terms & conditions you can be able to waive your accounts’ monthly fees.

How does the “Keep the Change” program work?

This program rounds up your debit card purchases to the nearest dollar, transferring the difference into your savings account.

Are Bank of America’s savings rates competitive?

No, they are generally lower than many online banks and other financial institutions.

Does Bank of America offer good customer service?

Customer service experiences vary, with some customers reporting positive experiences and others facing challenges.

Is there a benefit to using Bank of America for loans?

Existing customers might receive discounts on various loan products, making it a convenient option for those who prefer to consolidate their financial services.