Bank of America

Overview / Commentary

www.bankofamerica.com

800-900-9000

100 N 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.

Bofa CD Rates Less Pathetic - 10/31/2022

https://www.bankofamerica.com/deposits/bank-account-interest-rates/ In the Los Angeles and Washington State markets, 13 and 25 month "featured" CDs at 2.47% (2.50% APY). Everything else is 0.05% or less. I picked other markets at random (Kansas, South Carolina) and they were at 2.00% APY or others (Charlotte, Northern California) at 2.25% APY.

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10/31 - Bofa CD Rates Less Pathetic

5/21 - 13-Month Promotional CD

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

Reviews (369)

Best Bank Ever!

Posted by: MandyD | Sep 27, 2022

Been with this bank for well over a decade for both my personal and biz accounts. They have been consistently helpful with great customer service!

Comment

Bank That Has Many Fees

Posted by: Loanspear | May 9, 2018

Until this year I've banked with Bank of America for many years. I once used this bank after inheriting $50,000. This is when I was first made aware of the many fees associated with using BOA. The inheritance was from a relative's death and I was too preoccupied to pay attention to my bank statement. I knew I had enough money in my checking/savings account to cover my expenses. However, one day I looked at the statement and was shocked that I was being charged a transfer fee from my savings to checking account. The bank offered a small token credit for the money they had deducted. Recently I closed an account because Bank of America started charging a $15 fee just to have an account. It outraged me to think of all the people faithfully deposited their hard-earned money into this giant money-making institution and being charged for the privilege. I was also charged if I went into the bank to speak to a teller instead of using the ATM service. Excuse me for asking a human about my money.

Unreliable

Posted by: usedafew | Feb 2, 2019

For many years I had an account with BoA without any problems. On a visit about a CD the clerk "upgraded" my account. I thought he was talking about the CD, because I that was the only reason I was there. Months went by, then I was charged a fee because my checking account balance had dropped below $5000. Previously my balance only needed to exceed $2500. I immediately began to transfer CDs to other financial institutions as they matured. When I told them I was closing my account, they got all concerned. Assuring me that they would somehow make it up to me without offering any specifics.
After my father died I became PoA on my mother's account at BoA. The bank was supposed to have also set me up as beneficiary, and assured me they had done so before we left their office. After my mother died, I went in to close her account. I was told I wasn't listed as beneficiary. Thankfully, my mom had a will, but I had been lied to. While the people at the counters were always friendly, they are not always knowledgeable. That's management's fault.

Comment

Don’T Deposit A Check You Need Right Away. You’Ll Have To Wait Roughly Two Weeks

Posted by: SBWPB | Jun 22, 2022

I’ve been a customer with BOA for 5 years now. Not as long as some, but long enough to be in good standing. I’ve had multiple checks over $30k deposited and some funds were released. I had an $11k check deposited yesterday (6/21/2022) and was told by the teller all funds would be released in 24 hours. However, that was NOT the case this morning. I tried calling to see if any funds could be released and was told that the bank randomly chooses which checks to verify and low and behold, this was the $11k check’s lucky day to be verified, and funds won’t be released until 6/30/2022! I needed some of the funds released for some upcoming bills, but was told there’s nothing anyone can do about it. Save yourself the headache and bank elsewhere. Their deposit process is an entire joke and other banks can and do release funds as days go on and as soon as my funds are released, I’m done with this bank.

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Health

Data as of Q2 2022

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #	3510
Year Established	1904
Employees	133221
Primary Regulator	OCC

Profit Margin
Return on Assets - YTD	0.93%
Return on Equity - YTD	10.03%
Annual Interest Income	$24.92B

Assets and Liabilities
Assets	Q2 2022vs Q2 2021	$2,440B$2,350.3B
Loans	Q2 2022vs Q2 2021	$1,014.2B$903.6B
Deposits	Q2 2022vs Q2 2021	$2,075.4B$1,986.1B
Equity Capital	Q2 2022vs Q2 2021	$230.9B$225.3B
Loan Loss Allowance	Q2 2022vs Q2 2021	$11.94B$14.08B
Unbacked Noncurrent Loans	Q2 2022vs Q2 2021	$5.28B$5.81B
Real Estate Owned	Q2 2022vs Q2 2021	$313.0MM$374.0MM

Rates

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Always verify rates and promotions with the bank or credit union. We are not Bank of America; we are a rate comparison website and cannot provide official rates or promotions.

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

Bank of America Savings Account Rates

APY	MIN	MAX	ACCOUNT NAME
0.04%	-	-	Preferred Rewards - Platinum Honors
0.04%	-	-	Business Advantage Relationship Rewards - Platinum Honors
0.04%	-	-	Preferred Rewards - Diamond
0.04%	-	-	Preferred Rewards - Diamond Honors
0.03%	-	-	Preferred Rewards - Platinum
0.03%	-	-	Business Advantage Relationship Rewards - Platinum
0.02%	-	-	Preferred Rewards - Gold
0.02%	-	-	Business Advantage Relationship Rewards - Gold
0.01%	-	-	Business Advantage Savings
0.01%	-	-	Bank of America Advantage Savings

Bank of America Checking Account Rates

APY	MIN	MAX	ACCOUNT NAME	VIEW DETAILS
0.02%^*	$50k^*	-	Bank of America Advantage Relationship Banking
OTHER TIERS: 0.01% → Up to $50k

Bank of America CD Rates

APY	MIN	MAX	ACCOUNT NAME
3.20%	-	-	13 Month CD Special
3.20%	-	-	25 Month CD Special
2.50%	-	-	7 Month CD Special
0.05%	-	-	37 Month CD Special
0.05%	-	-	10 Month CD Special
0.03%	-	-	28 - 179 Day CD
0.03%	-	-	6 - 11 Month CD
0.03%	-	-	12 - 17 Month CD
0.03%	-	-	18 - 23 Month CD
0.03%	-	-	24 - 35 Month CD
0.03%	-	-	36 - 47 Month CD
0.03%	-	-	48 - 59 Month CD
0.03%	-	-	60 - 119 Month CD
0.03%	-	-	120 Month CD

Bank of America IRA Rates

APY	MIN	MAX	ACCOUNT NAME
3.20%	-	-	13 Month IRA Special
3.20%	-	-	25 Month IRA Special
2.50%	-	-	7 Month IRA Special
0.05%	-	-	37 Month IRA Special
0.05%	-	-	10 Month IRA Special
0.03%	$100	-	18 - 23 Month Variable Rate IRA
0.03%	-	-	6 - 11 Month IRA
0.03%	-	-	12 - 17 Month IRA
0.03%	-	-	18 - 23 Month IRA
0.03%	-	-	24 - 35 Month IRA
0.03%	-	-	36 - 47 Month IRA
0.03%	-	-	48 - 59 Month IRA
0.03%	-	-	60 - 119 Month IRA
0.03%	-	-	120 Month IRA
0.03%	-	-	6 - 11 Month CESA
0.03%	-	-	12 - 17 Month CESA
0.03%	-	-	18 - 23 Month CESA
0.03%	-	-	24 - 35 Month CESA
0.03%	-	-	36 - 47 Month CESA
0.03%	-	-	48 - 59 Month CESA
0.03%	-	-	60 - 119 Month CESA
0.03%	-	-	120 Month CESA