How is bank of america

Bank of America is a full-service national bank with roots dating back years. The bank, the second largest in the U. It also maintains a strong digital presence through its highly rated mobile app and online banking platform. Along with personal banking products, Bank of America offers business and commercial banking products and services.

This review will focus specifically on personal banking solutions offered by Bank of America. Account details and annual percentage yields APYs are accurate as of March 12, Bank of America offers three versions of its Advantage checking account. All three accounts come with a complimentary debit card. The fee is waived for Preferred Rewards members and select students under 24 years of age. You can waive the fee by:. You can waive the fee two ways:. The account is interest-bearing but features low interest rates, especially compared to many online banks.

Paper checks and overdraft protection are also available for Relationship Banking accounts. The fee is waived when you meet one of the following requirements:. Currently, Advantage Savings accounts earn 0. Bank of America Preferred Rewards members can earn up to 0. Minor Savings accounts are joint accounts owned by the child and parent or guardian.

Children have access to their funds at any time. There are two options for certificates of deposit , or CDs, through Bank of America. All featured CD terms currently earn 0. Standard Term CD accounts offer even more flexibility with terms ranging from 28 days to 10 years.

All standard CD terms currently earn 0. Both CD offerings are set up to renew once they reach maturity automatically. Customers also have the option to withdraw their funds during the grace period following the maturity date.

APY 0. Instead, students can apply for regular bank accounts without paying the monthly fees. To qualify for fee waivers, students must be under age 24 while enrolled in an eligible high school, college, university or vocational program. Customers have many choices to conduct business with Bank of America. Accounts can be opened online, on mobile devices, in person, or over the phone.

Once your accounts are established, you can perform online transfers, deposit checks through your mobile device, withdraw, or deposit at an ATM, and more. Bank of America is a good choice for customers who want the comfort of having a bank branch or an ATM close by. That convenience is offset by savings accounts and CDs that have lackluster interest rates. Although customers can earn additional rewards with their balances through Preferred Rewards, they may be better off with more-competitive interest rates on their savings at other banks.

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banks. We collected over 20 data points across more than 80 banks—including products available, interest rates, fees, and accessibility—to ensure that our content helps users make the right decision for their savings and banking needs.

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We and our partners process data to: Actively scan device characteristics for identification. I Accept Show Purposes. Your Money. Personal Finance. Your Practice. Popular Courses. Open Account. Pros Unparalleled access with approximately 4, branches and 17, ATMs Low minimums to open checking or savings accounts Higher rates and lending discounts via Preferred Rewards.

Company Overview. Year Founded Official Website www. EST ; Saturday—Sunday, 8 a. EST : Pros Explained. Cons Explained. Best For. Bank Offerings. Other Products. Customer Service. How to Bank. You can get a real human on the phone from 8 a. ET on weekdays and 8 p. The bank also provides live chat support for existing customers and answers questions on Twitter. This makes for an expensive experience if you have a hard time keeping enough money in your accounts. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation.

The stars represent ratings from poor one star to excellent five stars. Ratings are rounded to the nearest half-star. Overall bank rating. The scoring formulas take into account multiple data points for each financial product and service.

Pros About 4, branches and 17, free ATMs. Strong savings tools and mobile app. Cons Low rates on certificates of deposit and savings account.