Bank of America

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:

2019
2015
2014
Earlier

5/21 - 13-Month Promotional CD

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 (351)

Love This Bank

Posted by: Babudoll | Dec 16, 2019

I love this bank , I can pay my Bill's on my phone , and the customer service is superb. I have always received nothing but the best customer service , they are so helpful and the phone app is great, I have been banking with them for 20 years now , I love bank of america !

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

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

The Worst Experience

Posted by: alicefournier | Apr 24, 2020

I opened a bank account online and I put money on it. 5 days after the account was locked. The bank didn't even notice me of anything. I called BA, a representative told me that I had to go to an agency during the pandemic to show my ID. When I got there a representative told me that my account was actually canceled and they issued me a check with my funds, that I will receive in about 5 business days. It s not what the representative told me on the phone before. I noticed that I also registered '' my new bank account'' to receive the money from the IRS. I said that to the representative at the bank, he really didn't care. He just told me that I could open a new bank account with them and let me understood that otherwise, I could leave right away. As he was impolite and rude, I said no and I left. As a result, all my money was on hold during the pandemic, just when I lost my job. About 6 business days after, the check was not in my mailbox. I called BA, one more time, to talk to a supervisor. I explained to her all the situation, especially that I needed my money asap. She just said '' you have to wait it is our process''. The check will be sent back to us in case there was a problem with the post office. She didn't even say sorry neither tried to find any solutions. She was like a robot reading some lines. I noticed, that I mentioned to all the employees that I lost my job during the pandemic, but it didn't matter to them. Today, I have to wait to receive my money, I can't pay my insurance and my rent this month. I don't even know if I will get my money one day It is the worst experience I ever had with a bank in the US. Usually, representatives are professional and try to find solutions.

Comment

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Health

Data as of Q4 2019

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #	3510
Year Established	1904
Employees	137072
Primary Regulator	OCC

Profit Margin
Return on Assets - YTD	1.48%
Return on Equity - YTD	12.69%
Annual Interest Income	$59.65B

Assets and Liabilities
Assets	Q4 2019vs Q4 2018	$1,853B$1,782.6B
Loans	Q4 2019vs Q4 2018	$969.4B$930.3B
Deposits	Q4 2019vs Q4 2018	$1,497.9B$1,456.8B
Equity Capital	Q4 2019vs Q4 2018	$212.1B$207.7B
Loan Loss Allowance	Q4 2019vs Q4 2018	$9.38B$9.52B
Unbacked Noncurrent Loans	Q4 2019vs Q4 2018	$4.86B$6.28B
Real Estate Owned	Q4 2019vs Q4 2018	$342.0MM$357.0MM

Rates

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Savings
Money Market
Checking
CD
IRA

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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
0.06%^†	-	-	Preferred Rewards - Platinum Honors
0.06%^†	-	-	Business Advantage Relationship Rewards - Platinum Honors
0.05%^†	-	-	Preferred Rewards - Platinum
0.05%^†	-	-	Business Advantage Relationship Rewards - Platinum
0.04%^†	-	-	Preferred Rewards - Gold
0.04%^†	-	-	Business Advantage Relationship Rewards - Gold
0.01%^†	-	-	Minor Savings
0.01%^†	-	-	Business Advantage Savings
0.01%^†	-	-	Advantage Rewards Savings
0.01%^†	-	-	Custodial (UTMA) Account

Bank of America Money Market Rates

APY	MIN	MAX	ACCOUNT NAME	VIEW DETAILS
0.01%^†	-	-	Business Investment Account

Bank of America Checking Account Rates

APY	MIN	MAX	ACCOUNT NAME
0.06%^†	-	-	Banking Rewards for Wealth Management
0.02%^*^†	$50k^*	-	Advantage Relationship Banking
OTHER TIERS: 0.01% → Up to $50k
0.01%^†	-	-	Business Interest Checking
0.00%^†	-	-	Advantage Plus Banking
0.00%^†	-	-	Advantage SafeBalance Banking

Bank of America CD Rates

APY	MIN	MAX	ACCOUNT NAME
0.10%^†	-	-	13 Month CD Special
0.10%^†	-	-	25 Month CD Special
0.10%^†	-	-	37 Month CD Special
0.10%^†	-	-	7 Month CD Special
0.10%^†	-	-	Business 7 Month CD Special
0.10%^†	-	-	Business 13 Month CD Special
0.10%^†	-	-	Business 25 Month CD Special
0.10%^†	-	-	Business 37 Month CD Special
0.10%	-	-	10 Month CD Special
0.10%	-	-	Business 10 Month CD Special
0.08%^†	$1k	-	24 - 35 Month CD
0.08%^†	$1k	-	36 - 47 Month CD
0.08%^†	$1k	-	48 - 59 Month CD
0.08%^†	$1k	-	60 - 119 Month CD
0.08%^†	$1k	-	120 Month CD
0.08%^†	$1k	-	Business 24 - 35 Month CD
0.08%^†	$1k	-	Business 36 - 47 Month CD
0.08%^†	$1k	-	Business 48 - 59 Month CD
0.08%^†	$1k	-	Business 60 - 119 Month CD
0.08%^†	$1k	-	Business 120 Month CD
0.07%^†	$1k	-	18 - 23 Month CD
0.07%^†	$1k	-	Business 18 - 23 Month 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
0.10%^†	$2k	-	13 Month IRA Special
0.10%^†	$2k	-	25 Month IRA Special
0.10%^†	$2k	-	37 Month IRA Special
0.10%^†	-	-	7 Month IRA Special
0.10%	-	-	10 Month IRA Special
0.08%^†	$1k	-	24 - 35 Month IRA
0.08%^†	$1k	-	36 - 47 Month IRA
0.08%^†	$1k	-	48 - 59 Month IRA
0.08%^†	$1k	-	60 - 119 Month IRA
0.08%^†	$1k	-	120 Month IRA
0.08%^†	$500	-	24 - 35 Month CESA
0.08%^†	$500	-	36 - 47 Month CESA
0.08%^†	$500	-	48 - 59 Month CESA
0.08%^†	$500	-	60 - 119 Month CESA
0.08%^†	$500	-	120 Month CESA
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