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.

Bank Of America 13-Month CD Rates - 5/20/2023

When I searched the Bank of America website today, I discovered that their standard 13-month “Fixed Term CD” had a rate of 0.03% APY. For a giant monster megabank, this subterranean CD rate did not surprise me. What I did not expect was to find that they also offer a 13-month “Featured CD” with a rate of 4.75% APY. They also have a 7-month “Featured CD” at 4.75% APY. BofA CD rates vary by location. The rates which I listed are for the location of BofA’s headquarters in Charlotte, NC. To check the rates in your location, see: https://www.bankofamerica.com/deposits/bank-cds/cd-accounts/ (BTW…BofA is currently offering a 1-year @ 5.15% (APR) new-issue, non-callable, brokered CD at Fidelity, Vanguard, and TD Ameritrade)

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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5/20 - Bank Of America 13-Month CD Rates

10/31 - Bofa CD Rates Less Pathetic

5/21 - 13-Month Promotional CD

Reviews (384)

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.

Non-Secure Bank Cash Withdrawals

Posted by: cgtester390 | Aug 26, 2023

BofA makes it way too easy for people to steal from your accounts. They have security cracks that allow scammers to order an ATM card and pin (which they can then steal from your mailbox). Then their policy is that one ATM card/pin be used to withdraw up to $5K cash per visit from multiple of your BofA accounts with no other ID. Scammers can hit multiple branches per day to steal a LOT of your money from BofA accounts. Unbelievable - but true. Then BofA takes up to 90 days to investigate before restoring your funds. And then require that you unfreeze your credit in order to open an account to replace the old compromised account(s). (Normal banks do not require any type of credit check for opening a deposit/debit account, but BofA does - perhaps to determine if they can sell you other products such as credit cards, loans, etc.). The credit union that I am now moving to requires a photo ID matching your face in order to withdraw any amount of cash, will call you to verify before withdrawing over $1K of cash and uses a deposit (not credit) account verification service for opening new checking accounts. I've been with BofA for decades but now would NOT recommend starting up anything new with them - certainly not with any significant amount of money exposed.

Comment

Fraud In GEORGIA Resolved Then OKLAHOMA Refused To Give Me My $1,000.00

Posted by: jrp0812 | Mar 23, 2023

I had banked with BOA for many many years. Had fraud from AT&T somebody purchased 1,000.00 on my account. Georgia BOA took a few weeks to track it down, finally put the money back into my account. I was so happy. Meanwhile, I moved to Oklahoma. Went to the Tulsa, Oklahoma location to withdraw the money. They immediately placed a hold on my account. So, I went back another day, I didn't really understand what was happening. I'd been to Tulsa a month ago to buy a house as my family was relocating. I had a new "Oklahoma" drivers license and showed them my new and old documentation plus my divorce just to prove I am who I am... They just went silent, go security and said I was not welcome in their bank. I was so sad and started crying. I told them that this was basically all of the money I had and I was applying for unemployment but had not received any money yet. I wanted to do direct deposit, but I was afraid for them to take more money. I said ok, I'll close my account, they said you don't need to do anything except leave the building. I never did get my $1,000.00. I guess I will never ever use this bank and I will keep my money in my pocket and spend it before someone at another bank steals my money. This is not the first time I've had fraud from BOA, this was the first time I'd gotten my money back so I figured I'd leave it in there until I got moved to Oklahoma only to be ripped off. I don't know just how much I've lost over the years, but I stayed with BOA because in Georgia it seemed like BOA was the best choice (back a few years ago). Nowadays, nobody can afford to lose a dollar. I will not trust them again.

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Health

B+

Data as of Q1 2023

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #	3510
Year Established	1904
Employees	139438
Primary Regulator	OCC

Profit Margin
Return on Assets - YTD	1.34%
Return on Equity - YTD	14.48%
Annual Interest Income	$21.66B

Assets and Liabilities
Assets	Q1 2023vs Q1 2022	$2,518.3B$2,513.6B
Loans	Q1 2023vs Q1 2022	$1,030.4B$981B
Deposits	Q1 2023vs Q1 2022	$2,015.4B$2,150.3B
Equity Capital	Q1 2023vs Q1 2022	$232.5B$229.4B
Loan Loss Allowance	Q1 2023vs Q1 2022	$12.50B$12.07B
Unbacked Noncurrent Loans	Q1 2023vs Q1 2022	$5.10B$5.50B
Real Estate Owned	Q1 2023vs Q1 2022	$283.0MM$328.0MM

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.

† 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%^†	-	-	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
5.00%^†	-	-	13 Month CD Special
5.00%^†	-	-	7 Month CD Special
4.50%^†	-	-	12 Month CD Special
4.00%^†	$1k	-	90 - 179 Day CD
3.20%^†	-	-	25 Month CD Special
0.05%^†	-	-	37 Month CD Special
0.05%^†	-	-	10 Month CD Special
0.03%^†	$1k	-	28 - 179 Day CD
0.03%^†	$1k	-	6 - 11 Month CD
0.03%^†	$1k	-	12 - 17 Month CD
0.03%^†	$1k	-	18 - 23 Month CD
0.03%^†	$1k	-	24 - 35 Month CD
0.03%^†	$1k	-	36 - 47 Month CD
0.03%^†	$1k	-	48 - 59 Month CD
0.03%^†	$1k	-	60 - 119 Month CD
0.03%^†	$1k	-	120 Month CD

Bank of America IRA Rates

APY	MIN	MAX	ACCOUNT NAME
5.00%^†	-	-	13 Month IRA Special
5.00%^†	-	-	7 Month IRA Special
4.50%^†	-	-	12 Month IRA Special
3.20%^†	-	-	25 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%^†	$1k	-	6 - 11 Month IRA
0.03%^†	$1k	-	12 - 17 Month IRA
0.03%^†	$1k	-	18 - 23 Month IRA
0.03%^†	$1k	-	24 - 35 Month IRA
0.03%^†	$1k	-	36 - 47 Month IRA
0.03%^†	$1k	-	48 - 59 Month IRA
0.03%^†	$1k	-	60 - 119 Month IRA
0.03%^†	$1k	-	120 Month IRA
0.03%^†	$500	-	6 - 11 Month CESA
0.03%^†	$500	-	12 - 17 Month CESA
0.03%^†	$500	-	18 - 23 Month CESA
0.03%^†	$500	-	24 - 35 Month CESA
0.03%^†	$500	-	36 - 47 Month CESA
0.03%^†	$500	-	48 - 59 Month CESA
0.03%^†	$500	-	60 - 119 Month CESA
0.03%^†	$500	-	120 Month CESA