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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Written by: Adam Frankel Written by: Adam Frankel Contributor Adam B. Frankel is a Guide team contributor and portfolio manager. When he’s not managing money in the stock market, he teaches financial topics and other core concepts at local schools from elementary through high school.
Edited by: Jared Macarin Edited by: Jared Macarin Editor Jared is an editorial veteran who joined Home Solutions after more than 20 years in the newspaper industry. He has written, edited or designed more than 50 newspapers across the country, winning numerous awards. Jared has also edited and wrote for Forbes Advisor, Lending Tree, The Streamable and Lonely Planet. When he isn’t working, Jared enjoys spending time with his wife on outdoor adventures, watching sports and reading.
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Bank of America offers a savings account, known as Advantage Savings, with interest rates well below the national average of 0.47% APY. If you’re purely looking to build interest, this isn’t the account for you. But if you already have other BofA accounts, you might give it a look.
Bank of America prioritizes current customers, rewarding checking account holders with higher savings interest rates. But there are also financial planning resources and cash-back offers that can make the bank a trusted choice.
Personal banking is a big financial decision, especially with the number of product options and rates available in the market. To help you make the best choices possible, we at the Guides team are dedicated to providing you with a comprehensive view of the best banks, credit unions and financial technology products available in the United States. Our team researched more than 100 of the country’s largest and most prominent financial institutions, collecting information on each provider’s account options, fees, rates and terms.
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Bank of America’s annual percentage yield (APY) on its savings account starts at 0.01%. It is a low rate, no matter how you slice it – lower than other major banks and significantly below the best high-yield savings accounts.
Bank of America offers a rewards program that helps raise its APY, but only slightly. To qualify for the Preferred Rewards program, you must have a linked Bank of America personal checking account and a combined balance of at least $20, 000 among your BofA banking and investment accounts.
Bank of America’s Advantage Savings comes with a $100 minimum opening deposit and a $8 monthly maintenance fee. You can have the mainteance fee waived if you meet one of the following qualifications:
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Bank of America’s savings account doesn’t shine in terms of its APY, but it does come with features that could make it a worthwhile account for certain borrowers. With a BofA savings account, you get access to:
Automatic savings: Bank of America offers a “Keep the Change” program where you can round up your debit card purchases and transfer the difference to your BofA savings account.
You can apply online, and BofA prompts you through the process. You’ll see your progress across the top of the page. You’ll give your personal information and answer questions about your income and any co-applicants.
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Before you can finally open your account, you’ll need to transfer the $100 minimum required from an external account. After you open your account, you’ll start accruing interest, which BofA compounds and adds to your balance monthly.
Since BofA isn’t the strongest bank in terms of interest, who is it right for? There are certain customers BofA’s Advantage Savings can benefit:
Compared to its competitors, Bank of America savings account rates don’t make much of a splash. It’s by no
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