Bank of America

Popular Accounts at this Bank

APY	ACCOUNT TYPE	ACCOUNT NAME
0.75%	5-year CD	60 - 119 Month CD 2.50% - Ally Bank High Yield 5 Year CD
0.05%	1-year CD	12 - 17 Month CD 2.10% - Goldman Sachs Bank USA High-yield 12 Month CD
0.03%	Savings	Rewards Savings 1.30% - Nationwide Bank Online 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:

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 (325)

Featured Account Options

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

Bank of America is so much better than my old bank

Posted by: Kiloopsyc | Apr 14, 2018

I switched to Bank of America from a regional bank. The regional bank was really nice but unable to offer the ease of banking that Bank of America can. The website experience of Bank of America is absolutely incredible. It is very smooth and the amount that you can handle just on the mobile app is amazing. Signing up for my checking and savings accounts in a Bank of America branch was very painless. The customer service that I received from the employee was very good. She actually called and checked on what I thought of my banking service a few weeks later. I also really like the number of branches that are seemingly everywhere. I would oftentimes have difficulty banking with my old bank because they weren't located around where I was attending college. Bank of America does not have that problem.

Comment

Good ideas, poor customer follow thru

Posted by: suzettemiddleton | Apr 14, 2018

When we first started using Bank of America we loved them. Their website was great, very user friendly and easy to navigate. And honestly if we could have used Bank of America without having to use tellers, we might have kept our accounts with them. Every time we went in to make a deposit or withdrawal they would ask us if we wanted to sign up for a credit card or upgrade our account or something else every time! And we would kindly decline every time. And 2 weeks later it was the same story. Can you just put a note in our account that we're not interested??? No, they didn't. Every time we went we were asked over and over again. We liked the rates we had with our savings and checking accounts. We also liked how great it was that they had locations everywhere. We had a branch close to our home and all over the city that we lived close to, so it was always accessible if we needed it. As well as when we would travel to visit other family or go on vacations, but those darn questions every time were enough to drive me crazy. I finally switched banks and I've never been pestered with questions again.

Comment

Fine for a big corporate bank

Posted by: Napstope | Apr 9, 2018

Bank of America is just ok. I like that they have ATMs everywhere; I also use BECU and it's harder to find a BECU ATM. Bank of America has charged me outrageous overdraft fees in the past, but now overdraft protection is linked to my credit card, which is a lower fee ($10 compared to $35). I've been banking with them since I was 16 and haven't closed my checking account because of comfort and familiarity I suppose. My main complaint with BOA is that a few years ago, I needed a new debit card for my account that I'd had for more than ten years and was told that I had hit a "lifetime card replacement maximum" and would need to close the account and open a new one, which is what I did. Turns out that this was probably a tactic so this teller could reach their new account quota because no one else has ever heard of this lifetime card maximum. I felt used and angry.

Comment

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Health

Data as of Q4 2017

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #	3510
Year Established	1904
Employees	142412
Primary Regulator	OCC

Profit Margin
Return on Assets - YTD	1.24%
Return on Equity - YTD	10.23%
Annual Interest Income	$49.88B

Assets and Liabilities
Assets	Q4 2017vs Q4 2016	$1,751.5B$1,677.5B
Loans	Q4 2017vs Q4 2016	$915.4B$879.2B
Deposits	Q4 2017vs Q4 2016	$1,386.8B$1,334B
Equity Capital	Q4 2017vs Q4 2016	$207.8B$206.2B
Loan Loss Allowance	Q4 2017vs Q4 2016	$10.24B$11.02B
Unbacked Noncurrent Loans	Q4 2017vs Q4 2016	$7.81B$8.71B
Real Estate Owned	Q4 2017vs Q4 2016	$285.0MM$382.0MM

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
0.08%^*	$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%^†	-	-	UTMA/UGMA Custodial Savings Account
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
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	$25k	12 Month Featured CD
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
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%^†	$2k	-	12 Month Featured IRA
0.07%^†	$1k	-	18 - 23 Month IRA
0.07%^†	$500	-	18 - 23 Month CESA
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

New York Area

New York Area bank & credit union details

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