- We rate Bank of America 4 out of 5 stars, making it our eighth highest-rated of the 10 largest banks in the country.
- The bank has checking accounts with low or no monthly fees, a rewards debit program and relatively low overdraft fees.
- In our December 2023 MarketWatch Guides banking survey, 63% of people who use Bank of America as their primary bank reported being “extremely satisfied” overall.
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Bank of America Overview
The listings that appear are from companies from which this website may receive compensation, which may impact how, where and in what order products appear. Not all companies, products or offers were reviewed in connection with this listing.
Bank of America is headquartered in Charlotte, N.C., and has a history that dates back 120 years. It operates in 38 states and Washington, D.C., and has more than 3,900 branches and 15,000 ATMs. Worldwide, Bank of America operates in more than 35 countries.
If you’re looking for a well-established in-person bank where you can handle all of your financial needs in one spot, Bank of America is an excellent option. If you’re more interested in fee-free banking and the highest rates on your deposit accounts, you may want to consider an online bank or credit union.
In our latest MarketWatch Guides consumer banking survey, respondents who are Bank of America customers have been with the bank for an average of 13.6 years, close to the overall average of 13.4 years. They keep a median of $14,673 in their checking accounts and $36,606 in their savings accounts. This is higher than our overall median checking and savings account balances.
Bank of America does well when it comes to reputation and customer satisfaction. The Better Business Bureau (BBB) gives the company an A- rating and accreditation. BauerFinancial gives Bank of America 4 out of 5 stars, which is an Excellent rating.
However, the average customer rating on the BBB is low at nearly 1.1 out of 5.0 stars. It’s important to note that this is from just over 1,000 reviews, which is a small fraction of Bank of America’s customers. In our consumer banking survey, 45% of respondents who are Bank of America customers said the customer service they receive is excellent, and 30% indicated it is very good. Less than 3% said that the customer service at Bank of America is poor.
Our review team reached out to Bank of America for comment on its BBB customer rating and MarketWatch Guides’ review scores for its savings and CD accounts but did not receive a response.
Bank of America Ratings
As the second largest bank in the country by assets, Bank of America serves roughly 69 million customers and has thousands of branches and ATMs across 38 states and Washington, D.C.
Based on our research on more than 100 traditional and online banks and credit unions, we give Bank of America 4 out of 5 stars overall. It earns points for its extensive branch network and solid mobile app and online platform, but loses points for offering lower interest rates than its competitors on deposit accounts.
The bank receives lower individual ratings for its savings accounts and CDs because most options have low annual percentage yields (APYs). Its savings account earns as little as 0.01% APY, which is among the lowest rates in the industry. And its CD rates for longer terms, while typical of many large financial institutions, are often lower than what competitors such as Synchrony Bank, Ally Bank and USAA Bank offer.
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Bank of America
Bank of America vs. Other Top Banks
Bank of America has a good reputation and may be the right choice for your banking needs. However, it’s important to compare several banks before making a decision so you know all of your options. Here’s how Bank of America compares to some of the top banks in the country based on deposit account offerings, minimum deposit requirements and fees:
The listings that appear are from companies from which this website may receive compensation, which may impact how, where and in what order products appear. Not all companies, products or offers were reviewed in connection with this listing.
|
Rating
Number of Branch Locations
3,900
Number of ATM Locations
15,000
Available deposit products
Checking, savings, CDs
|
|
Rating
Number of Branch Locations
4,600
Number of ATM Locations
11,000
Available deposit products
Checking, savings, CDs
|
|
Rating
Number of Branch Locations
650
Number of ATM Locations
Access to over 65,000
Available deposit products
Checking, savings, CDs
|
|
Rating
Number of Branch Locations
4,700
Number of ATM Locations
16,000
Available deposit products
Checking, savings, CDs
|
*The bank offers a low fee that is waivable if at least one requirement is met, such as a recurring direct deposit, a minimum monthly balance or a linked savings account. Requirements vary by bank.
Bank of America Products
Bank of America offers checking and savings accounts and CDs, but not money market accounts. It also offers these financial products:
- Home loans
- Auto loans
- Retirement accounts
- Brokerage accounts
- Credit cards
| Bank of America Account | APY1 | Minimum Opening Deposit |
|---|---|---|
| Bank of America Advantage SafeBalance Banking | 0% | $25 |
| Bank of America Advantage Plus Banking | 0% | $100 |
| Bank of America Advantage Relationship Banking | 0.01% to 0.02% | $100 |
| Bank of America Advantage Savings | 0.01% to 0.04% | $100 |
| Bank of America featured CD | 0.11% to 4.05% | $1,000 |
| Bank of America fixed-term CD | 0.03% to 4.00% | $1,000 |
| Bank of America flexible CD | 3.51% | $1,000 |
Bank of America Checking Accounts
Bank of America Savings Accounts
Bank of America CDs
Bank of America Fees
In addition to monthly service fees on checking and savings accounts, Bank of America charges fees for some services. Select fees are waived for Preferred Rewards members in certain tiers and Advantage Relationship Banking account holders. Other banks may charge additional fees if you use a non-Bank of America ATM, or send or receive a wire transfer.
| Bank of America Fee | Cost |
|---|---|
| Non-Bank of America ATM | Domestic: $2.50 International: $5 |
| Overdraft | $10 per item (max two fees per day) |
| CD early withdrawal fee | Up to 365 days’ worth of interest on the amount you withdraw |
| Stop payment | $30 |
| Cashier’s checks | $15 |
| Incoming wire transfers | Domestic: $15 International: $15 |
| Outgoing wire transfers | Domestic: $30 International: $45 if sent in U.S. dollars, free if sent in foreign currency |
Bank of America Mobile App
Bank of America gets fairly high ratings for its banking app. The app earns 4.6 out of 5 stars on Google Play from over 1 million reviews and 4.8 out of 5 stars on the Apple App Store from over 4.4 million ratings.
Reviews of the app say it’s efficient but can be slow at times. One respondent in our survey said “The app runs very smoothly and has no hiccups or errors.” Another said, “[Bank of America’s] app is excellent.” However, one user indicated “it could be faster” and another person complained, “They need to improve their mobile app.”
Bank of America developers have responded to reviews that mention struggles and complaints, which is a sign the company is paying attention.
*The bank offers a low fee that is waivable if at least one requirement is met, such as a recurring direct deposit, a minimum monthly balance or a linked savings account. Requirements vary by bank.
Bank of America vs. Wells Fargo
While Wells Fargo has more branches (4,600) than Bank of America (4,000), BoA has more ATMs. Bank of America also beats Wells on the APYs it offers on its savings accounts and CDs. Wells Fargo has lower minimum deposit requirements on checking and savings accounts but Bank of America has a lower minimum to open a CD.
The Wells Fargo mobile app has more reviews and higher ratings than the BoA mobile app. But Bank of America has a much higher BBB rating (A-) than Wells Fargo (F).
Bank of America vs. Citibank
Citibank has just 650 physical branches, but it has more than four times the number of ATMs as Bank of America. Citibank’s checking accounts don’t have a minimum balance requirement, unlike BoA’s, but Citi’s fees are similar.
Citi beats Bank of America slightly on savings account rates. Both banks have similar CD APYs , although Bank of America requires double the money — $1,000 compared with Citi’s minimum requirement of $500 — to open a new CD. Citi has slightly better reviews on its mobile app, but once again, Bank of America beats Citi’s F rating from the BBB.
Bank of America vs. Chase
While Chase has a larger physical presence than Bank of America, BoA has several advantages: Bank of America has lower overdraft fees, its monthly fees are slightly easier to waive and it has IRA options whereas Chase does not. Chase has a much better sign-on bonus than Bank of America, though. Chase offers up to $300 for new checking account customers who make a direct deposit of at least $500 in the first 90 days. The offer expires July 24. Bank of America’s offer only goes up to $200, and requires you to direct-deposit at least $2,000. The offer expires on May 31.
Both banks offer nominal interest rates for their savings accounts. Chase offers slightly higher CD rates than Bank of America. Bank of America’s mobile app gets better reviews than Chase’s, but Chase’s BBB rating of A is slightly better.
Keep in mind that many large banks have similar fees, rates and perks, so ultimately, if you’re interested in a bank with a physical presence, it may come down to the location that’s most convenient for you.
If you’re interested in fee-free banks like many of our survey respondents, you may want to consider a smaller regional bank or credit union. If a brick-and-mortar branch is not important, try one of our best online bank recommendations.
FAQ: Bank of America Reviews
Bank of America could be good for personal banking if you want to manage accounts such as checking, savings, CDs and investments in one place. It could also be a good choice for you if you value online and mobile banking, as its mobile app has high reviews.
Yes, Bank of America is a trusted financial institution. It’s a member of the FDIC, so deposits are insured up to $250,000 per depositor.
Bank of America’s online and mobile banking features include:
- Mobile check deposit
- Bill pay
- Money transfers with Zelle
- Customizable alerts
- Budgeting and goal-setting tools
- Investment data and news from Merrill
Our Methodology
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, terms and customer experience. We then scored each firm based on the data points and metrics that matter most to potential customers. Read our full methodology.
The best scores go to banks, loans and fintech companies with high interest rates and low or no fees or minimum opening deposits.
High marks are given to those with multiple accounts and minimal fees, plus benefits such as reward programs and mobile check deposit.
Top-rated financial institutions have low or no minimum opening deposits, as well as a variety of term options and specialty CDs for flexibility.
Providers that excel in this category have large branch and ATM networks and multiple checking and savings accounts, and they earn more points for offering CDs and money market accounts.
1APYs accurate as of November 13, 2024. Rates may vary by location. The rates in this review are based on Bank of America’s headquarters city, Charlotte, N.C.
2The bank offers a low fee that is waivable if at least one requirement is met, such as a recurring direct deposit, a minimum monthly balance or a linked savings account. Requirements vary by bank.
3Data accurate at time of publication
Editor’s Note: Parts of this story were auto-populated using data from Curinos, a research firm that collects data from more than 3,600 banks and credit unions. For more details on how we compile daily rate data, check out our methodology here.
