Bank of America review: is it trustworthy?
Read this Bank of America review and learn about this bank's low fees, rewards programs, and all the benefits it can offer you.
Understanding Bank of America: a strong bank to support your financial management
Bank of America offers flexible banking options with a feature-rich app and the gold standard Preferred Rewards program. This is our Bank of America review.
With a strong national branch network and simple online account management tools, Bank of America is a top choice for banking. Read on and learn all you need to know about it.
- Financial products offered: Low monthly maintenance fee for Advantage Savings account, early withdrawal penalty for CD accounts.
- Fee: Savings account, CD accounts, Checking account, Loan options, Investment services, credit card program.
- Minimum balance: Advantage SafeBalance option has the lowest minimum opening deposit, Featured CD account requires $10,000 minimum deposit, Standard Term CD requires $1,000 minimum deposit, Business Fundamentals Checking account may have a minimum balance requirement to waive monthly fee.
How is banking with Bank of America?
Bank of America is a strong choice for those who want the flexibility to bank both online and in person. Its standout Preferred Rewards program is the gold standard for relationship banking.
The bank also offers a feature-rich app that’s among the best out there.
If you’re thinking of opening a savings account, the Bank of America Advantage Savings account may be a good fit.
It offers the key features you’d expect from one of the largest banks in the nation, such as a low monthly maintenance fee and an extensive national branch network.
The account’s APY is not very high but loyal Bank of America customers who enroll in its Preferred Rewards program can improve their rates.
Bank of America offers two types of CDs. The first is a Featured CD account, which pays a higher rate but has a higher minimum deposit.
The second, the Standard Term CD, has more flexible rates and balance requirements but lower APYs. Bank of America’s Featured CDs offer the largest APYs you’ll find with this bank, but with a $10,000 minimum deposit.
The bank has just one checking account option for individual consumers, the Bank of America Advantage Banking account, which comes with three settings.
It also offers a couple of accounts for business owners, such as the Bank of America Business Fundamentals Checking, which includes many of the features of its personal checking accounts.
In addition to its savings and CD options, Bank of America also offers a variety of loan options, including mortgages, auto loans, and personal loans.
They also provide financial planning and investment services through their Merrill Edge program. The bank also offers a credit card program, with a variety of card options to suit different needs and spending habits.
Furthermore, Bank of America is known for its commitment to responsible banking and community development. It has various initiatives to support low-income communities and promote sustainable practices.
They also offer a 24/7 customer service and online/mobile banking options for their clients, which makes banking with them even more accessible and convenient.
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Significant benefits and disadvantages you may find
Our Bank of America review would not be complete without a comparison between its pros and cons. Have a look at the list below.
- Flexible banking options
- Feature-rich mobile app
- Low monthly maintenance fee
- Preferred rewards program
- Low APY on savings accounts
- High minimum deposit for CD accounts
- Only one checking account option
- Early withdrawal penalty for CDs
Why should you choose Bank of America?
You may choose Bank of America for its extensive national branch network. The bank also offers simple online account management tools, feature-rich mobile app and the gold standard Preferred Rewards program.
How to start banking with Bank of America
If you like what you have seen in this Bank of America review, you might want to start banking with it. If that is the case, click the link below and we will show you how to do it.
About the author / Danilo Pereira
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