According to some studies, people lose nearly $170 a year just in monthly bank fees. Others report that over the course of a decade you can lose out on at least a $1, 000 in hidden fees and maintenance costs simply for having an open account with a bank.
At Earn Cheese, we’re dedicated to ensuring that our users pay $0 in monthly fees while enjoying other zero-fee perks such as no overdraft fees, no international wire fees, and no minimum balance fee. Larger international banks such as Bank of America aren’t usually able to offer the same level of fee-free assistance.
So, how much do you pay to open a bank account with Bank of America? What are the fees associated with a BoA checking account? And, what are your options with various different types of BoA checking accounts and savings account? What's the minimum balance requirement? We’ve got the answers for you.
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Some large, international banks require that you meet a minimum opening deposit requirement in order to open an account with them. Bank of America requires a $25 minimum opening deposit for the most basic Bank of America checking account and $100 for the other two tiers of checking accounts. However, they do each come with their own monthly fee and individual ways to waive the monthly BoA banking fee depending on the account that you have.
Each BoA checking account comes with unique monthly fees and other charges that can make them more expensive than the others. The three Bank of America checking account options are:
What’s the same across the board? Each checking account comes with a debit chip card, the ability to perform money transfers and make payments with Zelle, and access to a Digital Wallet. However, transferring money with Zelle on the Bank of America app does have a limit, which is $2, 500 a day.
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The monthly service fee for a Bank of America Advantage SafeBalance Banking checking account is $4.95 (which is less than the Bank of America $12 standard monthly maintenance fee across other banks such as Chase and Citibank). However, you can have that fee waived one of two ways:
It’s important to note that BoA Overdraft Protection is not available for this account. However, if you have insufficient funds, you aren’t charged a fee, the transaction is simply declined. And, you aren’t allowed to order or use paper checks with this account.
The monthly service/maintenance fee for a Bank of America Advantage Plus Banking checking account is $12. However, you can have that fee waived one of four ways:
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BoA overdraft fees and Overdraft Protection for this account are similar to the following Bank of America checking account option in that when you open the bank account with BoA, you’re able to choose an overdraft setting. And, the Bank of American overdraft fee is $35.
The monthly service/maintenance fee for a Bank of America Advantage Relationship Banking account is $25. However, you can have that fee waived one of two ways:
Aside from that, the fees associated with the account are exactly the same as the Advantage Relationship Banking account in that you’re able to choose a Bank of America overdraft setting when opening the account. And, the overdraft fee is $35; the minimum opening deposit for the Bank of America Advantage Relationship Banking account is $100.
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What’s different about this BoA checking account is that you can earn APY on your balance. Balances less than $50, 000 come with a 0.01% APY while balances over $50, 000 come with a 0.02% APY.
A BoA Minor savings account is owned and managed by someone under 18 while a BoA Custodial savings account is similar but is managed by a parent, custodian, or legal guardian.
The Bank of America Advantage Savings account requires a minimum deposit of $100 to open the account. And, you can expect to pay an $8 monthly service/maintenance fee after the first six months unless you:
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With Bank of America Advantage Savings account, you can make a total of six transfers and withdrawals each monthly statement cycle with no withdrawal fee. After that, you’ll incur a $10 fee for each withdrawal.
The APY for this account is .01% unless you’re a Preferred Rewards member, by which the APY will increase to anywhere from .04% to .06%.
Like other major banks in the country, there are certain fees associated with a BoA account. You can expect to incur Bank of America monthly maintenance fees, BoA overdraft fees, fees on your BoA checking account and BoA savings account fees, plus wire transfer fees and foreign transaction fees.
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Across nearly every checking and savings account, expect an out-of-network ATM withdrawal fee of $2.50 in the United States and $5 when using an international ATM.
The only other fee you’ll really incur from opening a Bank of America checking or savings account would be a lost card fee. To replace a BoA card, you’ll be charged $5.
While most people are able to waive the fees associated with a Bank of America checking or savings account, none of their accounts really offer you the chance to really rack up rewards in the form of cashback.
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The Cheese Debit Card allows you to earn cashback on all spending. And, it does so while allowing you to enjoy zero fees. No banking fees, high cashback rates, and even the chance to earn multiple Cheese Rewards? It’s as good as it sounds. Sign up to join us today.Editorial Note: Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our third-party advertisers don’t review, approve or endorse our editorial content. Information about financial products not offered on Credit Karma is collected independently. Our content is accurate to the best of our knowledge when posted.
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Compensation may factor into how and where products appear on our platform (and in what order). But since we generally make money when you find an offer you like and get, we try to show you offers we think are a good match for you. That's why we provide features like your Approval Odds and savings estimates.
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Of course, the offers on our platform don't represent all financial products out there, but our goal is to show you as many great options as we can.
Here’s why: The Bank of America® Customized Cash Rewards credit card comes with rewards that could provide long-term benefits once your balance is paid down.
The Bank of America® Customized Cash Rewards credit card also offers a $0 annual fee and an intro 0% APR on purchases and on balance transfers made in the first 60 days from account opening. This introductory APR lasts for 15 billing cycles from account opening. After the intro period is up, there will be a variable APR of 18.24% - 28.24% on balance transfers and purchases. Plus, the card charges a balance transfer fee of 3% for 60 days from account opening, then 4%.
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If you think you can pay off your balance during the intro period and want a card with rewards, the perks could make this card worthwhile. Take a look at what the card has to offer.
First, there’s a sign-up bonus: Earn $200 in online cash rewards after spending at least$1, 000 on purchases within the first 90 days of account opening (just be careful that you’re not adding to your debt).
You can also earn rewards for your spending in certain categories. Once a month, you can choose one category to earn 3% cash back: gas and EV charging stations, online shopping/cable/streaming/internet/phone plan, dining, travel, drugstores, or home improvement and furnishings. You’ll also earn 2% back at grocery stores and wholesale clubs. Just know that each quarter, you can only earn the 3% cash back in your choice category and 2% back at grocery stores and wholesale clubs on the first $2, 500 in combined choice category/grocery store/wholesale club purchases. You’ll get unlimited 1% cash back on all other purchases and after the quarterly cap is met.
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Here’s why: The BankAmericard® credit card offers an intro 0% APR for 18 billing cycles on purchases and balance transfers. But there are a few things you should know.
Here’s why: If you’re a student focused on paying down debt while also learning how to build good credit habits, the BankAmericard® credit card for Students could be the card for you.
The card comes with an intro 0% APR on purchases and balance transfers for the first 18 billing cycles — as long as you transfer your balance in the first 60 days your account is open. But you’ll pay a balance transfer fee of 3% of the amount of each transaction. After the intro 0% APR period, there’s a variable APR of 16.24% – 26.24%.
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For students who have some credit card debt to pay
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