Bank of America, a leading financial institution, offers a range of savings and checking accounts designed to meet diverse customer needs. While the bank boasts a vast network of branches and ATMs and a highly-rated mobile app, its interest rates on savings accounts are generally modest. Customers can explore various checking account options, each with different fee structures and benefits, including potential waivers through the bank’s Preferred Rewards program.
Understanding Bank of America’s Savings Account Landscape
Bank of America’s savings account interest rates are not prominently detailed in the provided information, suggesting they may be on the lower end compared to some competitors. The focus appears to be on the overall banking experience, including digital tools and branch access, rather than high-yield savings.
Key Takeaways
- Bank of America offers a variety of checking accounts with different features and fee structures.
- Monthly maintenance fees for checking accounts can often be waived by meeting certain balance requirements, direct deposit criteria, or enrolling in the Preferred Rewards program.
- The bank provides a tiered rewards program, Preferred Rewards, which offers additional benefits based on combined account balances.
- New customers may be eligible for sign-up bonuses on checking accounts, typically requiring a qualifying direct deposit.
Bank of America Checking Account Options
Bank of America provides several checking account choices:
- Bank of America Advantage SafeBalance Banking: This account prevents overdrafts by declining transactions if funds are insufficient. It has a $4.95 monthly fee, waived for those under 25, Preferred Rewards members, or with a minimum balance of $500.
- Bank of America Advantage Plus Banking: This account offers more standard features, including check-writing capabilities and an overdraft protection transfer option. The $12 monthly fee can be waived by maintaining a $1,500 daily balance, having a direct deposit of $250 or more, or joining the Preferred Rewards program.
- Bank of America Advantage Relationship Banking: This is an interest-bearing checking account with tiered APYs, though they are relatively low. It has a $25 monthly fee, which can be waived with a $20,000 combined balance or through the Preferred Rewards program. This account also features overdraft protection and the Balance Connect service.
Maximizing Benefits with Preferred Rewards
The Preferred Rewards program is a key component for Bank of America customers looking to enhance their banking experience. This tiered program offers benefits such as higher APYs on savings, credit card reward bonuses, and reduced fees, with benefits increasing as account balances grow. The tiers are Gold ($20,000-$49,999), Platinum ($50,000-$99,999), Platinum Honors ($100,000-$999,999), and Diamond ($1 million-$9,999,999).
Promotional Offers and Alternatives
Bank of America occasionally offers sign-up bonuses for new checking account customers, often requiring a qualifying direct deposit. While Bank of America provides a comprehensive banking network, customers prioritizing higher interest rates on savings might consider alternative banks like NBKC Bank, Capital One, or LendingClub Bank, especially if branch access is not a primary concern.
Sources
- Bank Of America Savings Bonus, Bankrate.
- Bank of America Checking Accounts, Bankrate.
- Bank of America Savings Account Interest Rates, Bankrate.
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