Bank of America Checking Accounts
Written by
Dawn Allcot
Edited by
Emily Gadd
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Bank of America, member FDIC, is the second largest bank in the U.S., with more than $2.5 trillion in assets. The bank has nearly 3,900 branches in 39 states and Washington D.C., along with thousands of ATMs and Financial Centers across the U.S.
Bank of America was one of the first to adopt AI for customer service and operations. In 2018, it launched what the bank deemed in a press release as “the most advanced and first widely available virtual financial assistant.” The chatbot, called Erica, now serves more than 37 million BofA clients, offering customer service, bill reminders, duplicate charge alerts, and more.
BofA checking account customers gain access to Erica and more through the bank’s mobile app when they choose one of Bank of America’s three checking accounts. You can also take advantage of some of the best Bank of America promotions through Jan. 31, 2025.
| Account | Overdraft Protection | Sign-up bonus | Includes Checks |
|---|---|---|---|
| SafeBalance Advantage | No | $300 (when requirements are met) | No |
| Advantage Plus | Yes | $300 (when requirements are met) | No |
| Advantage Relationship | Yes | $300 (when requirements are met) | Yes |
Bank of America Advantage SafeBalance Banking®
For those who are new to banking or managing money, or simply want to avoid the risk of overdraft fees, the Bank of America SafeBalance Banking offers a straightforward banking experience. Rather than putting your account into overdraft, BofA will decline the transaction if you don’t have the available funds. Advertised as the company’s “simple” banking solution, it offers the features most people need with no frills.
Checks aren’t available for this account, but you can make transactions with a debit card, Zelle, or digital banking. You can still deposit checks in branches or through the mobile app. You won’t earn interest with this account, but you can earn a $300 bonus if you set up qualifying direct deposits of $2,000 or more within 90 days of opening the account. You’ll need a $25 minimum deposit to open the account.
Fees
BofA charges a $4.95 monthly maintenance fee for your SafeBalance checking account. But there are no monthly maintenance fees for accountholders under 25 years old, or if you have a minimum daily balance of $500 for that month, or if you are a member of BofA’s Preferred Rewards program.
The bank also charges a few other fees to account holders, including international transaction fees of 3%, domestic non-Bank of America ATM withdrawals and transfers fees of $2.50 and non-BofA ATM fees internationally of $5. Domestic and international wire transfer fees may also apply.
Bank of America Advantage Plus Banking®
BofA calls its Bank of America Advantage Plus checking account its “flexible banking” solution, with Balance Connect for overdraft protection, access to checks, ATMs, and all the services you’d expect from a traditional bank.
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As with a SafeBalance account, you can earn a $300 bonus offer when you sign up through Jan. 31, 2025. You’ll need to make qualifying direct deposits of at least $2,000 within the first 90 days to earn the bonus. You’ll need a $100 minimum opening deposit to open your account.
Fees
Advantage Plus checking has fees of $12 per month, waived in the months that you have at least one qualifying direct deposit of at least $250, a minimum daily balance of $1,500, or are a BofA Preferred Rewards member.
Like the SafeBalance account, an Advantage Plus account also has fees for out-of-network ATM use. You’ll also pay an overdraft charge of $10 for up to two items per day if your account is overdrawn by more than $1 at the end of the business day.
Bank of America Advantage Relationship Banking®
Bank of America’s Advantage Relationship Banking product offers interest rates of 0.01% on your checking account balance of up to $50,000 and 0.02% on balances above $50,000. This account also offers a handful of other advantages, including checks and deposit slips, and fee waivers for incoming domestic wire transfers. You can set up Balance Connect to avoid overdraft charges. If a transaction would put your account into overdraft, the bank will use funds from a linked checking or savings account to cover the transaction. An Advantage Relationship Banking account requires a minimum opening deposit of $100.
As with the SafeBalance and Advantage Plus accounts, you can earn a $300 bonus offer through Jan. 31, 2025 with qualifying direct deposits of at least $2,000 within the first 90 days.
Fees
The Advantage Relationship banking account has a hefty $25 monthly fee associated, unless you maintain a minimum daily balance of at least $20,000 or being a Preferred Rewards member. The account also has ATM fees and overdraft charges of $10 if you don’t have Balance Connect set up or enough money in a linked account to cover the transaction.
About Bank of America Preferred Rewards
BofA Preferred Rewards members may not have a monthly maintenance fee on Advantage Banking accounts. To become a Preferred Rewards member, you’ll need at least $20,000 in combined Bank of America and Merrill deposit accounts as your average daily balance for three months.
The program offers four tiers: Gold, Platinum, Platinum Honors, and Diamond, each based on your account balances.
- Gold: $20K to less than $49,999
- Platinum: $50,000 to $99,999
- Platinum Honors: $100,000 – $999,999
- Diamond: $1 million +
Depending on the tier, members enjoy ATM fee waivers, savings interest rate boosts, discounts on loans, and other benefits.
How to Open a Bank of America Advantage Checking Account
After reviewing the options, maybe you’ve decided a BofA checking account is the right choice for you. Open an account online or in a local BofA branch. To open an account and potentially earn $300, visit BofA’s website. and choose the account you’d like to open. Note that only the SafeBalance and Advantage Plus accounts are eligible for the bonus offer.
Click the blue “Open Account” button, apply the offer code, and complete the application. You might wish to open a savings account at the same time, to take advantage of benefits like Keep the Change automatic savings and Balance Connect overdraft protection on the Advantage Plus and Advantage Relationship accounts.
You’ll need to provide some personal information and then fund the account with a transfer from another bank or another Bank of America account, or with a debit card, check, or money order. Make sure you have the minimum opening deposit available for the account you choose.
Bank of America will process your application in 1 to 2 business days, according to the website.
Information is accurate as of Oct. 1, 2024.
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