{"id":210379,"date":"2024-03-05T17:07:58","date_gmt":"2024-03-05T17:07:58","guid":{"rendered":"https:\/\/michigandigitalnews.com\/index.php\/2024\/03\/05\/bank-of-america-review-2024-plenty-of-products-but-low-apys\/"},"modified":"2025-06-25T17:21:12","modified_gmt":"2025-06-25T17:21:12","slug":"bank-of-america-review-2024-plenty-of-products-but-low-apys","status":"publish","type":"post","link":"https:\/\/michigandigitalnews.com\/index.php\/2024\/03\/05\/bank-of-america-review-2024-plenty-of-products-but-low-apys\/","title":{"rendered":"Bank of America review 2024: Plenty of products, but low APYs"},"content":{"rendered":"

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Bank of America\u2019s financial services date back to 240 years ago. Although headquartered in Charlotte, North Carolina, Bank of America offers an extensive network of 3,800 branches and 15,000 ATMs nationwide. Its digital platform is also customizable, making managing your accounts from anywhere easy. But like many big banks, its rates are low, except if you\u2019re a Preferred Rewards member with a high account balance.<\/p>\n

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Bank of America<\/h4>\n
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Checking accounts:<\/td>\n

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$200 opening bonus<\/td>\n


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Savings accounts:<\/td>\n

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Open with as little as $100<\/td>\n


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CD rates:<\/td>\n

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Earn up to 4.85% APY<\/td>\n


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Bank of America rates and products<\/strong><\/h2>\n

Bank of America offers several banking products, including a savings account and three checking account options with opening bonuses. Customers can also choose from as many as 127 CD terms. Those with over $20,000 in their accounts can take advantage of benefits, such as a waived monthly service fee and discounted interest on loans through the bank\u2019s Preferred rewards.\u00a0<\/p>\n

Checking accounts<\/strong>\u00a0<\/h3>\n

Bank of America offers customers three checking account options. While none of them is a free checking account<\/a>, they are all eligible for opening bonuses<\/a>.\u00a0<\/p>\n

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\n\n\n\n\n\n\n\n\n\n
Bank of America checking account features<\/strong><\/td>\n<\/tr>\n
Account opening bonus<\/td>\n$200<\/td>\n<\/tr>\n
Minimum opening deposit<\/td>\n$25-$100<\/td>\n<\/tr>\n
Monthly service fee<\/td>\n$4.95\u2013$25; waivers available<\/td>\n<\/tr>\n
Top APY<\/td>\n0.02% for Advantage Relationship Banking accounts with over $50,000<\/td>\n<\/tr>\n
Use of non-Bank of America ATMs<\/td>\n$2.50<\/td>\n<\/tr>\n
Use on international ATMs<\/td>\n$5<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>
Last updated: March 5, 2024<\/em><\/figcaption><\/div>\n

Advantage SafeBalance Banking<\/strong><\/p>\n

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  • Minimum opening deposit: <\/strong>$25<\/li>\n
  • Monthly service fee: <\/strong>$4.95; $0 for eligible accounts\u00a0<\/li>\n
  • Standard interest: <\/strong>None<\/li>\n
  • APY: <\/strong>None<\/li>\n
  • Overdraft protection: <\/strong>Unavailable\u00a0<\/li>\n
  • Paper checks: <\/strong>Unavailable\u00a0<\/li>\n<\/ul>\n

    Advantage Plus Banking<\/strong><\/p>\n

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    • Minimum opening deposit: <\/strong>$100; $0 for eligible accounts\u00a0<\/li>\n
    • Monthly service fee: <\/strong>$12\u00a0<\/li>\n
    • Standard interest: <\/strong>None<\/li>\n
    • APY: <\/strong>None<\/li>\n
    • Overdraft protection: <\/strong>Available\u00a0<\/li>\n
    • Paper checks: <\/strong>Available\u00a0<\/li>\n<\/ul>\n

      Advantage Relationship Banking<\/strong><\/p>\n

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      • Minimum opening deposit: <\/strong>$100<\/li>\n
      • Monthly service fee: <\/strong>$25; $0 for eligible accounts\u00a0<\/li>\n
      • Standard interest: <\/strong>0.01% for balances below $50,000 or 0.02% for balances above $50,000<\/li>\n
      • APY: <\/strong>0.01% for balances below $50,000 or 0.02% for balances above $50,000<\/li>\n
      • Overdraft protection: <\/strong>Available\u00a0<\/li>\n
      • Paper checks: <\/strong>Available\u00a0<\/li>\n<\/ul>\n

        Bank of America savings rates compared to current top rates*<\/strong><\/h3>\n

        See how Bank of America stacks up against other top banks:<\/p>\n

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