When opening a checking account or savings account, what are the features and benefits that you expect the most? Bank of America is one the most well known banks, but many don’t know the ins and outs of this bank.
To find out if Bank of America is right for you, continue reading this review below.
Bank of America offers a nationwide network, various account options, and user-friendly online banking. Although not all of their accounts stand out, the reliability and consistency of this bank has lead many to be loyal customers.
*View the latest Bank of America Promotions here and compare to the latest bank bonuses from Chase, HSBC, Huntington, TD, BBVA, Citibank, Ally, and more!*
Checking Account Options
Bank of America offers only one checking account that comes with 3 different settings. These settings can be actively changed depending on your situation.
With a $25 opening deposit and no overdraft fees, this is a great starting checking account. If you are a student under 24 or enrolled in the Preferred Rewards Program, then you can waive the monthly fee.
This account has an opening deposit requirement of $100. To waive the monthly service fee, you must be a student under 24, maintain a balance of $1,500 or put in monthly deposits of $250.
With this being the only interest earning checking account, the requirements to maintain it are more substantial than the other checking accounts.
This account has an opening deposit of $100, but you’ll need to maintain a combined balance of $10,000 between all of your accounts to waive the monthly service fee.
Compare Checking Accounts
 • New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities • Chase Mobile® app - Manage accounts, pay bills, send money to friends with Zelle® and deposit checks from almost anywhere. • Chase Overdraft AssistSM – no overdraft fees if you’re overdrawn by $50 or less at the end of the business day or if you’re overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day* • Help keep your money protected with features like Zero Liability Protection, fraud monitoring and card lock. • Chase Total Checking includes FDIC insurance up to the maximum amount allowed by law. • With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs. • Open your account online now • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com. *With Chase Overdraft AssistSM, we won’t charge an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts. |
Savings Account Options
Bank of America unfortunately does not offer a large selection of savings accounts. There is only one standard savings account.
With a $100 opening deposit, you can get tiered interest rates. The more you save the more interest you will earn.
To waive the monthly service fee, you will need an average balance of $500, a linked BofA Interest Checking account, or become a member of the Preferred Rewards Program.
With this account, you can put your child in charge of their own savings. However, they will need a $25 opening deposit to open it. Children under 18 will not have to pay any fees.
With Child Savings, parents and children have access to:
- Online/mobile banking
- Automatic transfers from a checking account
- A Bank of America debit chip card
This is the account you’ll want to open if you want to start saving for your child, but don’t want to give them access to the account.
To waive the monthly fee, you will need a balance of $500.
Once your child turns 18, they will gain access to the account.
Compare Savings Accounts
 Open a Discover® Online Savings Account for all these features: • Earn $200/$150 Bonus with promo code LOP325 by 9/11/2025 • Earn high interest rate of 3.70% APY • No minimum opening deposit, no minimum balance requirement, and now no fees • Interest on Discover Online Savings Accounts is compounded daily and credited monthly • Manage your account online or with the Discover mobile app • FDIC insurance up to $250,000 • See advertiser website for full details To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code LOP325 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200. What to know: Offer not valid for existing or prior Discover savings customers. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding, see FAQs on Discover.com/Bank. |
CD Account Options
Down below are how you can earn a higher interest rate by obtaining a CD account with Bank of America.
If you’re looking to invest $10,000 for 12 months then invest it in this CD. You will receive a nice fixed interest rate. You can even roll your remaining amount into another CD upon its maturity date.
If you have anywhere between $1,000 – $10,000 you can invest in this CD.
The amount of interest you receive varies depending on how long you keep the money in. Maturity dates can be between 28 days and 10 years and you can even request for automatic renewal.
Compare CD Accounts
 • Available nationwide online, Discover® offers CDs with some of the highest & most competitive rates! with select terms as short as 3 months up to 120 months • Rates ranging from 2.00% APY up to 4.00% APY. • Opening a Discover Bank Certificate of Deposit is extremely quick and easy. • Funds on deposit are FDIC-insured up to the maximum allowed by law. • Get started and open a Discover CD in 3 easy steps. |
Reasons To Bank with Bank of America
- You can earn cash back on your regular purchases. With BankAmeriDeals, you can opt in to receive deals on certain purchases. Earn cash back directly to your checking account when you use your debit card.
- Automatically save with the Keep the Change Savings Program. Bank of America will round up your purchases made with your debit card to the closest dollar and deposit the extra change into your savings account.
- You can lock and unlock your debit card online or in the mobile app instantly.
- If you have a combined balance of $20,000 in Bank of America/Merrill Lynch products, you can join the Preferred Rewards Program. You will be able to earn higher savings rates, a rewards bonus on your BofA cash back credit cards, limited fee-free, third-party ATM transactions, and savings on Merrill Edge investment commission costs.
- Bank of America has great options for kids. You can build good financial habits for your children that will last them a lifetime
- You can conduct a ton of banking actions through online banking. Either using their app or through their website.
- Their mobile app has a ton of different financial tools. Budget, manage your finances, and plan your expenses over a long period of time.
- Set up custom alerts so that you never miss a low balance or payment that’s due. You can receive the alerts via text, email, or through the mobile app.
- You can add your own picture to your debit card to avoid any fraudulent activity.
- FDIC Insured. Your deposits at Bank of America are FDIC insured up to $250,000 per account.
Reasons Not To Bank with Bank of America
- No free checking option. Unless you’re a student under 24, there is no free checking option. Even for the more basic account, you need to maintain $1,500 to waive the service fee (or have $250 in a single direct deposit per month). This may exclude the lower-income customers who can’t meet the minimum balance requirements.
- Hefty non-BofA ATM fees. Bank of America charges $5 for every ATM transaction conducted on an ATM other than one owned by Bank of America. This is in addition to the fees that the third-party bank will charge.
- Low interest. You have minimal account options and the accounts that do pay interest offer minimal interest rates. If you need a place to just park money that will be safe and BofA is convenient for you, it may be feasible. If you are trying to grow your savings or need more account options, you may want to look elsewhere.
- They have inconvenient “miscellaneous account charges.
Bank of America Routing Number
Bank of America has different routing numbers, depending on which state you are from.
You can retrieve your BofA routing number through the Mobile Banking App or on the left hand side of your check.
Routing numbers can also vary, depending on regions (e.g North and South).
Contact Customer Service
Reach Bank of America Customer Service at 1 (800) 432-1000.
Technical service at 1 (800) 933-6262
Credit Card service at 1 (800) 732-9194
How Bank of America Compares
- Chase Bank: Chase is one of the biggest banks in the U.S and offers just about almost everything. Compared to its other competitors, Chase offers much more checking account options.
- Capital One: Capital One, you can bank fee-free with online and mobile checking that actually pays you back. Whether you’re looking for one of their 40,000 fee-free ATMs or a Capital One location–chances are they are right nearby.
- Regions Bank: While the checking options are similar, there is a wider variety of savings, CDs, & IRA options to help you save. The cash back rewards program is also very similar. You can find Regions Bank across 15 states.
- Wells Fargo: Located throughout the US with over 5,800 branches and 13,000 ATMs. They offer a variety of deposits accounts, including accounts for teens and customers who need a second chance.
Compare to Other Banks
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Bottom Line
Choosing a bank that best suits your needs is a crucial decision. You’ll be investing time and money into these institutions and will need to make the right choice and be sure the bank/credit union will offer you what you need.
It’s very important to keep in mind the potential fees that may incur and how to avoid them if possible. If Bank of America has the variety and options you’re looking for, apply today!
If you’re interested in banking with Bank of America, see our list of the latest Bank of America bank bonuses!
For more options from a variety of banks, see our list of the best bank promotions!
Helpful Tips:
- How To Open a Bank of America Checking Account
- What Are Bank of America’s Hours?
- How To Find and Use Your Bank of America Login
- Bank of America Routing Number
- What Is the Bank of America Cashier’s Check Fee?
I need this bonus code to be emailed to me by bank of america it self,
this is the answer i get within bank branch when I went to open this direct deposit account
I wouldn’t Bank with America for any amount of money.
I went $3 in the hole and was assessed $70 in overdraft fees with no chance to waive. My other banks- Chase and PNC- don’t even assess overdraft fees until you’ve overdrafted more than $10. Furthermore, every bank that I’ve done business with in the past, whether it be 53, US, Santander, etc, always allows for one leniency on overdraft fees per year. It makes sense why BoA recently went through a record setting $410 million lawsuit for excessive overdrafts; I’m sure it wont be the last. DO NOT DO BUSINESS HERE. BoA will do whatever they can to slip their filthy hands in your pockets. Customer service is awful, they care about no one but themselves.
Do yourself a huge favor and stay away.
Do not business with Bank of America. Their customer service is sucks. wait time for someone live is longer than any other banks. Too many maze to get into someone who really know what to so. I asked to stop payment on a check, they failed to do so even though they were given time & needed details . Incompetence customer service throughout all departments, including credit, fraud department.
I advise all of you , do not do banking with BANK OF AMERICA. Take it from a customer who has been with them for years, who has been patience and want to give them a chance, but were taken for granted
my credit score is exceptional, but that did not help ..
Yep, it was a lie. I’m busy fighting with them now, I had one manager say that they would do the deposit and that I should have received the money, but a day later, the money didn’t show up. Called 2 days later, went through the same process again and now they’re asking for me to provide documentation showing that they had actually offered this to me.
Pretty sure I have the documentation because I got the customer service rep I opened the account with to print it off, but then I’ll continue have to jump through hoops to get a lousy $100 that they had promised me in the first place. Gotta love banks.
I’m still confused. A grand total of $2,000 for the 90 days seems more in keeping with the offers other banks are giving. But the way this offer is worded it seems like you’ve got to deposit a grand total of $6,000 chunked into DD payments of $2,000 per month. Is this $6,000 grand total the correct requirement or is it only $2,000? Just making sure.
Also, the link doesn’t seem to bring you to the offer itself. It goes to a managing-finances page with a search box to select your company.
Thanks so much for clarifying, as always.
very cheap ass offer when compared to other banks such as chase and 5/3. keep the 100 yourself BOA!!
No…it must be direct deposit from the payroll. It is a automatic set up deposit every 30 days. The bank uses that information about you and to make sure you have a job to keep the money coming in. Banks are desparate for cash flow. Many people closed accounts after 90 days of the “bonus” offer.
It didn’t say direct deposit of just one amount. If you pay twice in a month, $1,000 or more with 2 times direct deposits should meet the requirement for 90 days (3 months). If $100 bonus is not deposit after 90 days (usually the bank gives you the bonus after the first direct deposit), call the banker that helped you with the account. The banker should do the adjustment to add the “bonus”.
I opened an account, but it was lie, there was no any bonus
I’m very interested in this bonus offer, but I have read on other sites that ACH transfers don’t count as direct deposits with Bank of America. Are you sure ACH transfers would work? Thanks!
Direct Deposit of $2,000 every 30 days for 3 months. Do you know if this has to be one time $2k deposit every 30 days or can be total of $2k every 30 days? e.g. two DD of $1,000 ?
Can I use this code to apply in person ?
I visited a local branch to ask about the “Bank at Work” program. They told me that my employer must have a partnership with Bank of America in order for me to get the bonus. Can anyone confirm this?
I’ll probably open one regardless, they have free admission to a variety of different museums across the country.
@John: May I ask you what company you work for and if they have a partnership with BOA?
BAW100 doesn’t work for me; it won’t’ even let me start the application. “Invalid offer code.” Nor does BAW100N, the code that appears right on BOA’s own website:
http://bankatwork.bankofamerica.com/
Every time I try this promo code (BAW100) at the Bank of America Checking Account site it comes up invalid. What gives?
Does anyone know if you can set up this checking account with their Keep the Change program?
Thanks!
I just got my account bonus and my employer does not cut their checks thru bank of america. I was skeptical that I would receive the bonus after I read in this forum that your employer must cut the check through B of A. Good thing they were wrong.
I read the fine print anyone see what the min direct deposit is?
Ok, there’s one catch to this. Your employer has to cut their checks thru Bank of America for this to work. BAW stands for Bank at Work. I found that out when I called BOA about this and then clicked on the BAW100 link. Too bad for me because I work at a bank, so Boo! LoL.
CH50MA is a code from 2007. I wouldn’t worry about it if it’s in the comments section.
Wait I am confused, what is CH50MA for? I just use eBanking type because that is free checking as long as you do paperless statements and don’t use the teller for anything. MyAccess has more requirements, no?
With this special offer you’ll also enjoy premium banking services that can help you not only manage your money, but even save some of it too. Enjoy FREE Online Banking Service with Bill Pay that gives you 24/7 control of your finances. To get your MyAccess Checking® account FREE with direct deposit, just follow the steps below:
1. Fill out our easy online application. Enter Offer Code CH50MA to get your $50.00 after your account is open.
2. Fund your account with at least the minimum opening deposit requirement of $25 within the account opening process.
3. Receive a quick decision.
Once your account is opened and funded online, your new account will be credited with $50.00 in approximately 50 days.
Remember to enter Offer Code CH50MA when you open your account online. Without this code we will be unable to make sure you get your $50 bonus.