Bank of America Advantage Banking Reviews: Features and Fees
Did you know Bank of America’s SafeBalance Banking meets Bank On National Account Standards? This shows the bank’s dedication to making banking easy and affordable. Let’s explore Bank of America’s checking accounts and the Advantage Banking package.
Bank of America has three Advantage Banking accounts for different needs. SafeBalance Banking is for simple, paperless banking. Advantage Plus Banking offers flexible ways to avoid monthly fees. Advantage Relationship Banking earns interest and gives perks for those with high balances.
Each Advantage Banking account has its own features and fees. For example, SafeBalance Banking has no monthly fee for those under 25. Advantage Plus Banking lets you avoid its $12 monthly fee in several ways. Relationship Banking even allows you to waive fees on up to seven linked accounts.
Key Takeaways
- Bank of America offers three Advantage Banking accounts: SafeBalance, Plus, and Relationship
- SafeBalance Banking has no monthly fee for customers under 25
- Advantage Plus Banking has multiple options to waive its $12 monthly fee
- Relationship Banking provides interest and perks for high-balance customers
- All accounts include digital banking tools and fraud protection
- Customers can access over 16,000 Bank of America ATMs nationwide
- The Preferred Rewards program offers additional benefits for eligible customers
Understanding Bank of America Advantage Banking
Bank of America has a variety of checking accounts in its Advantage Banking package. This package meets different financial needs and offers flexible banking options.
What is Advantage Banking?
Advantage Banking is Bank of America’s all-in-one checking account program. It includes digital banking tools, debit cards, and mobile app access. The goal is to make banking easier for everyone, no matter their financial situation.
Types of Advantage Banking accounts
Bank of America has three Advantage Banking accounts:
- SafeBalance: Great for basic banking needs
- Plus: More flexible
- Relationship: Best for those with higher balances
Key features of Advantage Banking
Advantage Banking accounts have several important features:
| Account Type | Minimum Deposit | Monthly Fee | Overdraft Fee |
|---|---|---|---|
| SafeBalance | $25 | $4.95 | N/A |
| Plus | $100 | $12 | $10 (max 2/day) |
| Relationship | $100 | $25 | $10 (max 2/day) |
Each account has its own minimum balance needs and ways to avoid monthly fees. You can use over 16,000 Bank of America ATMs for free. The package also includes mobile check deposit and Zelle for quick money transfers.
Bank of America’s checking accounts offer BankAmeriDeals® for cashback at certain stores. Balance Connect® helps prevent overdrafts by linking accounts. Those with big balances can earn interest rates of 0.01% to 0.02% APY on Advantage Relationship Banking accounts.
Bank of America Advantage SafeBalance Banking
Bank of America’s Advantage SafeBalance Banking is a low-cost, simple banking option. It’s made for those who want to manage their money without worrying about overdraft fees.
Account Overview and Benefits
The SafeBalance Banking account needs just a $25 opening deposit. It lets you use over 16,000 free ATMs for cash. This account is perfect for digital banking fans who don’t need paper checks.
Monthly Maintenance Fees and Waiver Options
The account has a $4.95 monthly fee. You can skip this fee by:
- Being a Preferred Rewards client
- Being a student under 25 years old
- Keeping a minimum daily balance of $500 or more
Overdraft Protection and Policies
SafeBalance Banking stops overdraft fees by not letting transactions that would overdraw your account go through. This helps you avoid unexpected fees and manage your spending better.
| Feature | Details |
|---|---|
| Minimum Opening Deposit | $25 |
| Monthly Maintenance Fee | $4.95 (waivable) |
| Overdraft Fees | None |
| Non-Bank of America ATM Fee | $2.50 (US), $5 (International) |
| Free ATM Access | Over 16,000 ATMs |
The SafeBalance Banking account is a great starter checking option. It has a low minimum deposit, a small monthly fee, and no overdraft fees. It’s perfect for those new to banking or wanting to simplify their finances.
Bank of America Advantage Plus Banking
Bank of America’s Advantage Plus Banking is a flexible checking account. It requires a $100 opening deposit and has a $12 monthly fee. You can avoid this fee by keeping a $1,500 balance, getting direct deposits of $250 or more, or joining Preferred Rewards.
This account lets you use paper checks and enroll in Balance Connect for overdraft protection. You can link up to five accounts to avoid overdraft fees. It also offers cash back through BankAmeriDeals at certain merchants.
| Fee Type | Amount |
|---|---|
| Overdraft Item Fee | $10.00 per item (up to 2 fees per day) |
| Stop Payment | $30.00 |
| Domestic Wire Transfers | $15.00 incoming, $30.00 outgoing |
| International Wire Transfers | $15.00 incoming, $45.00 outgoing (USD) |
| Non-Bank of America ATM Withdrawal | $2.50 in U.S., $5.00 outside U.S. |
Advantage Plus Banking has many benefits. But, it’s important to note Bank of America’s limited customer service. They don’t offer 24/7 support. This, along with past issues, might affect your choice of banking partner.
Bank of America Advantage Relationship Banking
Bank of America’s Advantage Relationship Banking offers a top-notch experience for those with high balances. It’s perfect for those who want full financial services and great benefits.
Interest Rates and APY
Advantage Relationship Banking has tiered interest rates. Standard rates are low, but Preferred Rewards members get higher APYs. This encourages keeping more money in the bank and building a strong relationship.
Minimum Balance Requirements
To start an Advantage Relationship Banking account, you need $100 or more. There’s a $25 monthly fee, but it can be skipped if you keep $10,000 in linked accounts or are a Preferred Rewards member.
Additional Perks for High-Balance Customers
High-balance customers get many benefits with Advantage Relationship Banking:
- No fees on select banking services
- Ability to link up to 7 eligible accounts with no monthly fees
- Reduced fees on wire transfers and cashier’s checks
- Free standard check orders
| Service | Fee |
|---|---|
| Overdraft Item Fee | $10 (max 2 per day) |
| Stop Payment | $30 per request |
| Cashier’s Checks | $15 per check |
| Domestic Wire Transfer (Incoming) | $15 |
| Domestic Wire Transfer (Outgoing) | $30 |
Advantage Relationship Banking offers great interest rates, flexible balance needs, and valuable perks. It’s great for those wanting to make the most of their banking relationship and enjoy top services.
Bank of America Advantage Banking Reviews: Features and Fees
Bank of America has different Advantage Banking accounts. Each has its own features and fees. We’ll look at the fees, compare the accounts, and see what customers say.
Detailed Fee Structure
Fees for Bank of America accounts depend on the type. The SafeBalance Banking account costs $4.95 a month, but it’s free for those under 25 or with a $500 daily balance. Advantage Plus Banking is $12 a month, but it’s free with a $250 direct deposit or a $1,500 balance.
Relationship Banking has a $25 monthly fee, but it’s waived with a $20,000 balance.
| Account Type | Monthly Fee | Waiver Requirements |
|---|---|---|
| SafeBalance Banking | $4.95 | Under 25 or $500 min. balance |
| Advantage Plus | $12 | $250 direct deposit or $1,500 min. balance |
| Relationship Banking | $25 | $20,000 min. balance |
Comparison of Features
SafeBalance Banking helps you avoid overspending with no overdraft fees. Advantage Plus has traditional checking features but charges $10 per overdraft item (max 2 per day). Relationship Banking offers interest rates from 0.01% to 0.02% APY and extra benefits for those with high balances.
Customer Reviews and Satisfaction
Customers praise Bank of America’s wide ATM network and mobile banking. The mobile apps get 4.7 stars on Google Play and 4.8 stars on the Apple App Store. However, some are unhappy about fees for those who can’t meet the waiver requirements.
Overall, the bank’s digital services and account options meet many banking needs.
Digital Banking Tools and Services
Bank of America’s Advantage Banking accounts have many online banking features. The mobile app is easy to use and lets you manage your money anywhere. You can check your balance, deposit checks, and get alerts for your accounts.
Zelle is a big plus, making it easy to send money to anyone, anytime. The app also has Erica, a virtual assistant for banking tasks. For those who like to track their spending, there’s a tool to help with budgeting.
Security is key for Bank of America’s digital services. The app lets you sign in with your fingerprint and instantly lock or unlock cards. The Online Banking Security Center offers more ways to protect your accounts. These tools make managing your money easy and safe for everyone with an Advantage account.
Source Links
- Bank of America Advantage Banking: Open a Checking Account Today
- Earn cash back on select deals with the Bank of America Advantage Plus Banking account
- Bank of America Advantage Banking
- Review: Bank of America Advantage Relationship Banking
- Bank of America Review: Checking, Savings and CDs – NerdWallet
- Bank of America Checking Accounts | Bankrate
- Never pay an overdraft fee with the Bank of America Advantage SafeBalance Banking account
- Bank Account Options for Students and Young Adults FAQs
- Bank of America Advantage Plus Banking® Clarity Statement®
- Bank of America Advantage Plus Banking® review
- Bank of America Advantage Relationship Banking® Clarity Statement®
- Open a Bank of America Advantage Savings Account Online
- Bank of America Advantage Banking Clarity Statement
- Bank of America Advantage Banking Review [2024]: Is the Convenience Worth It?
- Bank of America Review | SmartAsset.com
- Business Checking Accounts for Your Small Business
- Mobile and Online Banking Benefits & Features from Bank of America
- Bank Of America Review 2024
