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Bank of America Promotions

Read our in-depth review of Bank of America to see why Bank of America scored 3.2 stars out of 5. We like their national availability, extended customer service hours, and full service bank.

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Bank of America Personal Checking Accounts

Bank of America offers one checking account with 3 settings. If your financial situation changes, you can switch to the setting that works best for you.

  • Advantage SafeBalance: This setting has no overdraft fees - you can only spend what you have. There are no paper checks. The $4.95 monthly fee can be waived if you are a student under 24, or if you are enrolled in Preferred Rewards. The minimum opening deposit is $25.

  • Advantage Plus Banking: The $12 monthly service fee can be waived if you: maintain a balance of $1,500, OR have one direct deposit of at least $250 each month, OR be a student under 24. This account allows you to enroll in overdraft protection. The minimum opening deposit for this setting is $100.

  • Advantage Relationship Banking: The $25 monthly service fee can be waived if you maintain an average balance of $10,000 in your combined Bank of America deposit accounts and Merrill Edge/Merrill Lynch investment accounts. The minimum opening deposit is $100.

Both accounts come with free mobile banking, mobile check deposit, and alert. They also come with a debit lock/unlock feature. If you've misplaced your debit card and need time to find it, you can just lock it on the mobile app. And then unlock it after you've found your card.

Bank of America Business Checking Accounts

Bank of America also offers 2 different business accounts:

  • Business Fundamentals®: This is the basic business account ideal for small businesses just starting out. There is a monthly maintenance fee, but you can get it waived if you do ONE of the following: spend at least $250 in purchases on your business debit or credit card, maintain an average monthly balance of $5,000, maintain a daily balance of $3000, OR maintain a combined balance of $15,000 across all your linked BofA accounts, OR qualify and enroll in the Business Advantage Relationship Rewards program.

  • Business Advantage: This account is better for more established small businesses able to maintain a higher balance. The monthly maintenance fee is $29.95/mo, but you can get it waived if you do ONE of the following: spend at least $2,500 in purchases on your business credit card, maintain a monthly balance of $15,000, maintain a combined balance of $35,000 across all your linked BofA accounts, OR actively use BofA Merchant Services and Payroll Services.

    You also get a second Business Advantage checking account for no maintenance fee. And you get free domestic and international incoming wire transfers.

Get the Most Out of Your Bank of America Checking Accounts

  • Get more benefits with Bank of America Preferred Rewards: This program rewards you more as you maintain a higher balance in your combined BofA checking account and/or Merrill Edge® and Merrill Lynch® investment accounts. Here are the different tiers and benefits you get:

    • Gold level: Need a combined balance of $20,000. You get a 5% interest rate booster on a Rewards Money Market Savings account, and a 25% bonus on eligible credit cards rewards.

    • Platinum level: Need a combined balance of $50,000. You get a 10% interest rate booster on a Rewards Money Market Savings account, a 50% bonus on eligible credit cards rewards, 1 free ATM transaction per month from non-BofA ATMs, and 30 free stock and ETF trades per month with a Merrill Edge investment account.

    • Platinum Honors level: Need a combined balance of $100,000. You get a 20% interest rate booster on a Rewards Money Market Savings account, a 75% bonus on eligible credit cards rewards, unlimited free ATM transactions from non-BofA ATMs, and 100 free stock and ETF trades per month with a Merrill Edge investment account.

  • Look for cash back deals: Bank of America has BankAmeriDeals that can earn you extra cash back at stores, restaurants, and hotels. All you have to do is sign in to your mobile or online banking, search through the deals, and activate the ones you like. Then when you make a purchase there, use your eligible BofA credit or debit card. You'll automatically get the cash back activated at the end of the next month.

    Highlights

    Savings
    0.03% APY (up to 0.06% if enrolled in Preferred Rewards). $8 monthly maintenance fee, unless you have 1) daily balance of $500, 2) are a Bank of America Preferred Rewards Client, or 3) link your Rewards Savings Account to your Interest Checking Account. Minimum deposit of $100.
    CD
    Standard Term CD: 0.03% - 0.15% APY. Terms of 28 days to 10 years. Minimum deposit of $1,000. Featured CD: 0.20% - 0.45% APY. Terms of 7,13, 25, and 37 months. Minimum deposit of $10,000.
    Customer Service
    Mon-Fri: 8am - 9pm(ET)
    Sat: 8am - 8pm (ET)
    Sun: 8am-5pm (ET)
    ATMs
    Approximately 15,900 ATMs around the country.
    IRA CD
    Standard Term CD: 0.03% - 0.15% APY. Terms of 28 days to 10 years. Minimum deposit of $1,000. Featured CD: 0.20% - 0.45% APY. Terms of 12, 13, 25, and 37 months. Minimum deposit of $2,000.
    Locations
    4600 retail financial centres around the country and brances in more than 40 other countries.

Pricing information from published website as of 03/29/2020 based on 91107 zip code.

 Chase
 Learn MoreVisit Site
 

Bank of America

Chase

 

Benefits and Features

Savings0.03% APY (up to 0.06% if enrolled in Preferred Rewards). $8 monthly maintenance fee, unless you have 1) daily balance of $500, 2) are a Bank of America Preferred Rewards Client, or 3) link your Rewards Savings Account to your Interest Checking Account. Minimum deposit of $100.Chase Savings: $5 monthly service fee waived with either a $300 daily balance OR $25 automatic transfer every month from a linked Chase checking account OR for owners under 18. $0 to open.
Chase Premier Savings: Earn a higher interest rate when you have a bigger balance and meet certain relationship requirements when linked with a Chase Premier Plus Checking or Sapphire Checking account.
CDStandard Term CD: 0.03% - 0.15% APY. Terms of 28 days to 10 years. Minimum deposit of $1,000. Featured CD: 0.20% - 0.45% APY. Terms of 7,13, 25, and 37 months. Minimum deposit of $10,000.Terms of 1 month to 10 years. $1,000 minimum opening deposit. No monthly service fee.
Checking Chase Total Checking: Basic checking account. $12 service fee waived with an average beginning day balance of $1,500 OR direct deposits of at least $500 each month. $0 minimum balance to open.
Chase Premier Plus Checking: An interest-bearing account with some perks. $25 monthly service waived with an average beginning day balance of $15,000 OR a Chase mortgage with auto pay. $0 minimum balance to open.
Chase Sapphire Checking: A premium checking account for those with $75,000 or more on deposit with Chase. $0 minimum balance to open.
Chase College Checking: No monthly service fee for college students age 17-24 at account opening with proof of student status, for up to 5 years. $0 to open.
Chase Private Client Checking: For high net worth individuals who have $250,000 on deposit with Chase.
Customer ServiceMon-Fri: 8am - 9pm(ET)
Sat: 8am - 8pm (ET)
Sun: 8am-5pm (ET)
24/7 by phone
ATMsApproximately 15,900 ATMs around the country.Over 16,000 Chase ATMs nationwide
IRA CDStandard Term CD: 0.03% - 0.15% APY. Terms of 28 days to 10 years. Minimum deposit of $1,000. Featured CD: 0.20% - 0.45% APY. Terms of 12, 13, 25, and 37 months. Minimum deposit of $2,000. 
Locations4600 retail financial centres around the country and brances in more than 40 other countries.
Nearly 4,900 branches
 Learn MoreVisit Site

Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details.

Bank of America: Pricing information from published website as of 03/29/2020 based on 91107 zip code.

Chase: Pricing information from published website as of 7/17/2019


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