Bank of America

Popular Accounts at this Bank

APY	ACCOUNT TYPE	HOW THEY COMPARE
0.75%	5-year CD	3.00% - American Express National Bank 60 Month CD
0.05%	1-year CD	2.55% - Goldman Sachs Bank USA High-yield 12 Month CD
0.03%	Savings	1.90% - American Express National Bank High Yield Savings Account

View all Bank of America rates »

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.

View all posts from:

2015
2014
2013
Earlier

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

12/2 - BofA Employees Picket Video Teller Technology
10/29 - Zombie Accounts - Trying to Close a Bank of America Checking Account
10/12 - Bank Of America Posting Order Change - Unknown Effective Date
8/27 - Judge Tosses BofA Lawsuit Vs. FDIC
8/7 - US Government Sues Bank Of America
6/15 - BofA Gave $500 Bonuses To Foreclose On Clients, Suit Claims
5/24 - The Great Undoing Of Bank Of America
5/8 - Ruling Clears Way For $7 Billion A.I.G. Suit Against Bank Of America
4/19 - BofA Rolls Out ATMs With Live Teller Video Chat
4/17 - Bank of America Profit Quadruples As Expenses, Provisions Fall
3/9 - New Bank Of America Credit Card Offers Cash For Paying Off Debt
2/1 - Bank Of America Website Has Been Down Since 10Am ET

Reviews (335)

Featured Account Options

Long time customer

Posted by: Bornalisfi | Apr 28, 2018

I have had a checking account since 1976 with this bank.This bank has been my fnancial lifeblood,The checking account is great,I do most of my paying bills online using Bank of America's websit,I have never experienced any problems at with with the checking account.I have opened 2 credit cards both more than 15 years ago.One is a Visa cash back card with a good rate and a high balance limit of$19,500 on the visa car,Themastercard ha a $10,000 limit.The bank does a good job with fraud protection,One time about 12 years ago they caught a fraudulent charge,closed the card immediately and sent me a new card,Customer service has always been excellent,New cards are easy to activate online,The ATM's always work with no problems I hgjlu recommend this bank.

Comment

Frustrating fees

Posted by: rodrickmccarthy61 | Mar 20, 2018

I have been with Bank of America for many years. I first got an account right out of college because they had a promotion for newly graduated students. Since then I have been reasonably happy with this banking institution. The best thing about it is that it is a national bank, so I'm never lacking for a nearby branch. The promotion for my checking account expired a few years after I opened it, and I was switched to a regular checking account. It is fine, though I do have a monthly fee now, which is frustrating. I'm honestly thinking about moving to a credit union in order to bypass this monthly fee, even though it could potentially mean scarcer branch locations. I'm still chewing on that, but I'm sure eventually I'll move on.

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.

Comment

The best bank

Posted by: garymcgee | Mar 18, 2018

It is a great bank. The truth is I am very happy with your service, offers security, many opportunities, facilities in transactions, possibilities regarding the credit issue. I really have several years with this bank and I can catalog it as the best. Always alert. The web platform is great and easy to use, the physical venues are comfortable and coherent with the operation of the site, transparent, which is the most important thing in a bank, transparency. This bank has never been bad for me.

Comment

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Health

Data as of Q2 2018

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #	3510
Year Established	1904
Employees	139812
Primary Regulator	OCC

Profit Margin
Return on Assets - YTD	1.58%
Return on Equity - YTD	13.45%
Annual Interest Income	$27.39B

Assets and Liabilities
Assets	Q2 2018vs Q2 2017	$1,759.5B$1,705.9B
Loans	Q2 2018vs Q2 2017	$910.8B$887.5B
Deposits	Q2 2018vs Q2 2017	$1,392.1B$1,349.2B
Equity Capital	Q2 2018vs Q2 2017	$205.3B$207B
Loan Loss Allowance	Q2 2018vs Q2 2017	$9.92B$10.69B
Unbacked Noncurrent Loans	Q2 2018vs Q2 2017	$7.10B$7.79B
Real Estate Owned	Q2 2018vs Q2 2017	$316.0MM$314.0MM

Rates

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Money Market
Checking
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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
0.08%^*^†	$100k^*	-	Business Advantage Relationship Rewards - Platinum Honors
OTHER TIERS: 0.05% → Up to $10k \| 0.06% → $10k - $50k \| 0.07% → $50k - $100k
0.07%^*^†	$100k^*	-	Business Advantage Relationship Rewards - Platinum
OTHER TIERS: 0.04% → Up to $10k \| 0.05% → $10k - $50k \| 0.06% → $50k - $100k
0.06%^†	-	-	Preferred Rewards - Platinum Honors
0.06%^*^†	$100k^*	-	Business Advantage Relationship Rewards - Gold
OTHER TIERS: 0.03% → Up to $10k \| 0.04% → $10k - $50k \| 0.05% → $50k - $100k
0.05%^†	-	-	Preferred Rewards - Platinum
0.04%^*^†	$500k^*	-	Business Advantage Savings
OTHER TIERS: 0.02% → Up to $50k \| 0.03% → $50k - $500k
0.04%^†	-	-	Preferred Rewards - Gold
0.03%^†	-	-	Minor Savings
0.03%^†	-	-	Rewards Savings

Bank of America Money Market Rates

APY	MIN	MAX	ACCOUNT NAME	VIEW DETAILS
0.02%^†	-	-	Business Investment Account

Bank of America Checking Account Rates

APY	MIN	MAX	ACCOUNT NAME
0.06%^†	-	-	Banking Rewards for Wealth Management
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
1.20%^†	$10k	-	25 Month CD Special
1.10%^†	$10k	-	13 Month CD Special
0.75%^†	$1k	-	60 - 119 Month CD
0.75%^†	$1k	-	120 Month CD
0.65%^†	$1k	-	48 - 59 Month CD
0.55%^†	$1k	-	36 - 47 Month CD
0.10%^†	$1k	-	24 - 35 Month CD
0.07%^†	$1k	-	18 - 23 Month CD
0.07%^†	$10k	-	12 Month CD Special
0.05%^†	$1k	-	12 - 17 Month CD
0.03%^†	$1k	-	28 - 179 Day CD
0.03%^†	$1k	-	6 - 11 Month CD

Bank of America IRA Rates

APY	MIN	MAX	ACCOUNT NAME
1.20%^†	$2k	-	25 Month IRA Special
1.10%^†	$2k	-	13 Month IRA Special
0.75%^†	$1k	-	60 - 119 Month IRA
0.75%^†	$1k	-	120 Month IRA
0.75%^†	$500	-	60 - 119 Month CESA
0.75%^†	$500	-	120 Month CESA
0.65%^†	$1k	-	48 - 59 Month IRA
0.65%^†	$500	-	48 - 59 Month CESA
0.55%^†	$1k	-	36 - 47 Month IRA
0.55%^†	$500	-	36 - 47 Month CESA
0.10%^†	$1k	-	24 - 35 Month IRA
0.10%^†	$500	-	24 - 35 Month CESA
0.07%^†	$1k	-	18 - 23 Month IRA
0.07%^†	$500	-	18 - 23 Month CESA
0.07%^†	$2k	-	12 Month IRA Special
0.05%^†	$1k	-	12 - 17 Month IRA
0.05%^†	$500	-	12 - 17 Month CESA
0.03%^†	$100	-	18 - 23 Month Variable Rate IRA
0.03%^†	$1k	-	6 - 11 Month IRA
0.03%^†	$500	-	6 - 11 Month CESA

Locations

Availability

Charlotte Area

Charlotte Area bank & credit union details

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