Bank of America serves over 68 million customers as the second-largest bank in America. What sets BofA apart is the Preferred Rewards program, which significantly boosts credit card earnings and reduces fees for loyal customers.
Bank of America Checking Accounts
Advantage SafePass Banking
The basic account with a $4.95 monthly fee has no overdraft fees and no minimum balance requirements. Perfect for those wanting simple, predictable banking without overdraft concerns.
Advantage Plus Banking
Standard checking with a $12 monthly fee, waived with $250+ direct deposits or $1,500+ balance. This account qualifies you for Preferred Rewards benefits.
Advantage Relationship Banking
Premium checking at $25 monthly, waived with $10,000+ combined balances. Includes additional perks like no fees on select services and priority customer support.
Understanding Preferred Rewards
The Preferred Rewards program is Bank of America's secret weapon. Maintaining combined balances across checking, savings, and Merrill investments unlocks powerful benefits:
Gold Status ($20,000+)
- 25% bonus on credit card rewards
- Interest rate booster on savings
- Reduced mortgage rates
Platinum Status ($50,000+)
- 50% bonus on credit card rewards
- Free standard checks
- No fees on select services
Platinum Honors ($100,000+)
- 75% bonus on credit card rewards
- Waived fees on most services
- Priority service access
This means the BofA Cash Rewards card earning 3% in your chosen category becomes 5.25% at Platinum Honors—competitive with any card on the market.
Bank of America Savings
The Advantage Savings account earns modest interest but integrates with Preferred Rewards for rate boosts. For higher rates, consider combining BofA checking with online high-yield savings.
Merrill Edge Investment Integration
Bank of America's Merrill Edge platform seamlessly connects banking and investing. Qualifying balances count toward Preferred Rewards status, making it attractive for investors who want banking integration.
Digital Banking Experience
The Bank of America app includes:
- Erica virtual assistant for banking help
- Spending insights and budgeting tools
- Mobile check deposit
- Zelle for instant transfers
- Life Plan financial planning tools
Fees and Requirements
Key fees to know:
- Overdraft: $35 per item (max 4 per day)
- Non-BofA ATM: $2.50 per transaction
- Wire transfers: $15-45 depending on type
Who Should Choose Bank of America?
BofA shines for customers who can reach Preferred Rewards status. The 75% credit card bonus at Platinum Honors creates exceptional value. Customers who maintain $20,000+ across accounts benefit significantly from the ecosystem.
For those with smaller balances, fee-free checking alternatives may work better.
Explore accounts at BankofAmerica.com
