Bank of America

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Popular Accounts at this Bank

APY	ACCOUNT TYPE	ACCOUNT NAME
0.06%	Reward Checking	Banking Rewards 1.82% - National Average
0.15%	5-year CD	60 - 119 Month CD 2.25% - Ally Bank High Yield 5 Year CD
0.05%	1-year CD	12 - 17 Month CD 1.35% - Ally Bank High Yield 12-Month CD

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Overview / Commentary

www.bankofamerica.com

800-900-9000

100 North Tryon St
Charlotte, NC 28202

Bank of America (BofA) was established in 1904. Since then, through the ups and downs of financial growth and crises, it has grown to become one of the “big four” banks in the United States (the others are JPMorgan Chase, Citigroup, and Wells Fargo). Headquartered in Charlotte, North Carolina, Bank of America has operations in more than 35 countries around the world.

Bank of America offers a full range of financial products and services. Its personal depository banking products include checking accounts, savings accounts, money market accounts, Certificates of Deposit (CDs), and Individual Retirement Accounts (IRAs). Its checking accounts, both interest bearing and non-interest bearing, feature online banking, mobile banking, debit cards, and available overdraft protection. BofA’s savings accounts can be used as overdraft protection for BofA checking accounts. Furthermore, the bank provides Health Savings Accounts (HSAs), which can be used to pay for qualified medical expenses.

Bank of America’s money market accounts offer higher interest rates to customers as a relationship banking reward. At the time of this writing, enrollment in the relationship banking program requires both a BofA personal checking account and a certain 3-month average combined balance in BofA banking accounts and/or Merrill Lynch or Merrill Edge investment accounts.

As for CDs, the terms range from 28 days to 10 years, with higher interest rates for longer terms. For the standard CDs, BofA does not allow any additional deposits until the CD matures, and there is an early withdrawal penalty. However, the bank also offers a short-term CD with no early withdrawal penalty, for customers looking to keep their funds relatively liquid.

BofA provides both Traditional and Roth IRA products, available as IRA money market accounts or IRA CDs , as well as brokerage IRAs through Merrill Edge. The bank also offers a variable rate CD IRA, to which deposits can be made at any time, and a short-term CD IRA with no early withdrawal penalty.

For business customers, BofA offers business checking accounts, business savings accounts (including business HSAs), business CDs, business IRA options (provided through Merrill Edge), and relationship banking benefits to higher-balance business customers. The bank’s business checking accounts vary by account balance and transaction volume, and they offer access to BofA’s business savings accounts, which are money market accounts with varied interest rates, depending on the account balance. Finally, as for business CDs, BofA offers terms from 7 days to 10 years, including a short-term business CD without an early withdrawal penalty.

Bank of America: More Than A Century of Mergers and Scandals - 10/16/2016

Bank of America is a banking behemoth, with operations in more than 35 countries throughout Europe, the Middle East, Africa, Asia Pacific, and the Americas.

View all posts from:

2016
2015
2014
Earlier

10/16 - Bank of America: More Than A Century of Mergers and Scandals

5/1 - $200 Checking Bonus For Boa Mortgage Holders

11/6 - BofA Triples Third-Quarter Loss Due To Forex Legal Expense
10/23 - Bank Of America Apologizes For Double Charging On Apple Pay
10/20 - Bank Of America Account Closure Question
9/19 - U.S.: BofA Bid To Void $1.27 Billion Fraud Verdict Defies Common Sense
6/23 - Bank Of America Expands Rewards Program But Don't Expect High Rates
4/29 - How Bank Of America Lost Billions And Forgot To Tell Regulators
4/9 - BofA Paying $772M Over Selling Credit Card Extras
4/4 - Bank Of America Close To Settling On Credit Cards With U.S. Regulator
3/27 - Bank of America To Pay $9.3 Billion To Settle Mortgage Bond Claims
3/7 - Bank Of America Rolling Out New Fee Checking Account With No Overdraft
2/2 - Bank Of America’s Philanthropy and Super Bowl Commercial - Makes a Difference?
1/26 - Bank Of America's Trading Practices Have Been Probed, Filing Shows
1/24 - How Low Can Bank of America’s Deposit Account Rates Go?
1/18 - Bank of America To Shutter More Branches, Mobile Banking Grows
1/15 - Bank Of America Q4 Profit Beats Estimates

Reviews (269)

Featured Account Options

Overall good.

Posted by: norbertobullock | Feb 16, 2017

I like Bank of America's service in overall. They have a relatively fast act on any problems related to fraud and hacking. For instance, I called their customer service after finding out that I lost $500.00 out of blue from my checking account. Their personnel responded me by asking a series of question to identify myself related to my personal information. Then, they figured that the their ATM machine in my town got manipulated by someone who put a card reader on top of the their ATM card reader so that they could scan my card information and was able to create a copy of my debit card. They immediately refunded $500 to my account back and started an investigation on this incident. I was surprised how quick they acted on this type of incident and was happy to be a part of them.

Comment

Never had an issue with BOA

Posted by: tashabowen17 | May 11, 2017

I've held my checking and savings account for about 5 years now. Initially, I opened the checking at the bank and the savings online, both of which were extremely simple. In the past I have tried other major institutions, all of which have flaws. Bank of America has given me great customer service, fraud protection at its finest, and great app integration. My only complaint is that in 2016 BOA redesigned their app entirely, though functionality was greatly improved, it was tedious to learn again. Despite this, I am very pleased with my bank, they have had my back on many occasions. A couple years back I was grocery shopping, when I went to check out my card was declined, I was shocked because I had just checked my balance before leaving. I paid with a different card and when I finally sat down I opened my app and saw someone was spending thousands. My balance was hundreds of dollars negative. Bank of America noticed that this is not usual for me and subsequently gave me a call. However, I missed this call and prompted the fraud detection in app. It allowed me to submit every fraudulent transaction and receive my money back quickly. I called the bank back after doing this to find out more information because the scariest part was that I had my card in my hand, it was not stolen from me and I did not lose it. So I asked the woman about the transactions and she told me they were local to me. Scary stuff. Anyway, I appreciate the attention to detail as well. Small things like travel notices, locking your card in case of emergency, ordering a new one with the touch of a button, and most of all the budgeting widget they recently released. I would recommend this bank to anyone reading this.

Comment

Good customer service and nice checking account offer

Posted by: melodiewilkins | May 1, 2017

I decided to get an account with Bank of America because of an advertisement offering free checking. The year was 2012. I was unable to complete the checking account application online, and the application directed me to go to one of the bank locations. Upon arriving, I was told I could indeed get the free checking account with no monthly services fees regardless of the account balance, but that it was conditional. I had to opt into e-statements, with the understanding that if I ever went into the bank to have a teller perform any type of bank service for me, there would be a charge. Since I was having a hard time finding a totally free checking account, and since I like to do many things online anyway, I decided to try it. I was also given access to a free Merrill Lynch brokerage account. I set up the account and have gone in and picked stocks to watch, but have not purchased any. I also tried out a CD account, but soon found out that the interest was so small, it wasn't worth the time. I ended the CD and had to pay a small fee that was larger than the interest earned. That was disappointing, but bad rates on accounts accruing interest were commonplace. It wasn't exactly the banks fault. Overall, I've had a good experience. Once I felt the need to do a chargeback through the bank after a merchant in Shanghai went on Chinese New year after receiving money from me for a purchase. I found out that they were going to be gone for over a month and wouldn't even speak to customers who made orders right before they left. They just left messages. Bank of America reversed the charge in short order. I had plenty of evidence the merchant was ignoring me, and the merchant resolved it on their end and cancelled the order over a month later when they got back, but I am glad Bank of America went ahead and credited the money back to me within 24 hours because it was a large sum. I have had no problems with their customer service.

Comment

Be wary of Overdraft services

Posted by: jeanniekane | May 11, 2017

I have had an account with Bank of America for about 2 years. I arranged to have one of my utilities deducted automatically from the account. I did not understand fully the overdraft services that Bank of America offers. Several times I have overdrawn due to my funds not being deposited actively til the next day. Every 3 days I found myself getting more into the negative as the overdraft charges occur. The customer service line was not helpful at all in this situation

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Health

Data as of Q1 2017

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #	3510
Year Established	1904
Employees	145436
Primary Regulator	OCC

Profit Margin
Return on Assets - YTD	1.16%
Return on Equity - YTD	9.51%
Annual Interest Income	$12.00B

Assets and Liabilities
Assets	Q1 2017vs Q1 2016	$1,707.2B$1,653.9B
Loans	Q1 2017vs Q1 2016	$884.6B$872B
Deposits	Q1 2017vs Q1 2016	$1,348B$1,297.7B
Equity Capital	Q1 2017vs Q1 2016	$205.1B$208.1B
Loan Loss Allowance	Q1 2017vs Q1 2016	$10.89B$11.82B
Unbacked Noncurrent Loans	Q1 2017vs Q1 2016	$8.66B$9.82B
Real Estate Owned	Q1 2017vs Q1 2016	$345.0MM$380.0MM

Rates

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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

† The rates for some products vary by region. In these cases we have listed the rates for the region closest to the bank's headquarters.

Bank of America Savings Account Rates

APY	MIN	MAX	ACCOUNT NAME
0.04%^*^†	$500k^*	-	Business Advantage Savings
OTHER TIERS: 0.02% → Up to $50k \| 0.03% → $50k - $500k
0.01%^†	-	-	Regular Savings
0.01%^†	-	-	UTMA/UGMA Custodial Savings Account

Bank of America Money Market Rates

APY	MIN	MAX	ACCOUNT NAME
0.06%^†	-	-	Rewards Money Market Savings - Platinum Honors
0.05%^†	-	-	Rewards Money Market Savings - Platinum Rate
0.04%^†	-	-	Rewards Money Market Savings - Gold Rate
0.03%^†	-	-	Rewards Money Market Savings - Standard Rate
0.02%^†	-	-	Business Investment Account

Bank of America Checking Account Rates

APY	MIN	MAX	ACCOUNT NAME
0.06%^†	-	-	Banking Rewards
0.02%^*^†	$50k^*	-	Bank of America Interest Checking
OTHER TIERS: 0.01% → Up to $50k
0.01%^†	-	-	Business Interest Checking

Bank of America CD Rates

APY	MIN	MAX	ACCOUNT NAME
0.15%^†	$1k	-	48 - 59 Month CD
0.15%^†	$1k	-	60 - 119 Month CD
0.15%^†	$1k	-	120 Month CD
0.15%^†	$1k	-	Business 48 - 59 Month CD
0.15%^†	$1k	-	Business 60 - 119 Month CD
0.15%^†	$1k	-	Business 120 Month CD
0.12%^†	$1k	-	36 - 47 Month CD
0.12%^†	$1k	-	Business 36 - 47 Month CD
0.10%^†	$1k	-	24 - 35 Month CD
0.10%^†	$1k	-	Business 24 - 35 Month CD
0.07%^†	$1k	-	18 - 23 Month CD
0.07%^†	$1k	-	Business 18 - 23 Month CD
0.07%^†	$10k	$25k	12 Month Featured CD
0.07%^†	$10k	-	Business 12 Month Featured CD
0.05%^†	$1k	-	12 - 17 Month CD
0.05%^†	$1k	-	Business 12 - 17 Month CD
0.03%^†	$1k	-	28 - 179 Day CD
0.03%^†	$1k	-	6 - 11 Month CD
0.03%^†	$1k	-	Business 28 - 179 Day CD
0.03%^†	$1k	-	Business 6 - 11 Month CD

Bank of America IRA Rates

APY	MIN	MAX	ACCOUNT NAME
0.15%^†	$1k	-	48 - 59 Month IRA
0.15%^†	$1k	-	60 - 119 Month IRA
0.15%^†	$1k	-	120 Month IRA
0.12%^†	$1k	-	36 - 47 Month IRA
0.10%^†	$1k	-	24 - 35 Month IRA
0.07%^†	$2k	-	12 Month Featured IRA
0.07%^†	$1k	-	18 - 23 Month IRA
0.05%^†	$1k	-	12 - 17 Month IRA
0.03%^†	$100	-	18 - 23 Month Variable Rate IRA
0.03%^†	$1k	-	6 - 11 Month IRA

Locations

Bank of America has 4,852 locations. Click to view all Bank of America locations.