Bank of America Review: Checking, Savings and CDs Accounts | North Loop Official Blog
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22 Feb 2020

Bank of America Review: Checking, Savings and CDs Accounts

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Overall Review of Bank of America

Bank of America has one of the US’s largest networks of ATMs and branches. However, like most other legacy banks, it has heavy fees, subpar customer service and terrible rates

Pros & Cons

Pros:
  • About 4,300 branches and 16,600 free ATMs
  • Decent savings tools and mobile app.


Cons:
  • SUp to 0.06% APY on savings account; better rates available elsewhere.
  • Low rates on certificates of deposit.
  • $35 overdraft fee can be charged up to four times daily.
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Credit: North Loop

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Bank of America Savings Account Review

Bank of America’s savings accounts offer an annual percentage yield of only 0.03%. Even if you qualify for every bonus, it doesn’t go higher than 0.06%.
In addition to the low rates, the savings account has a monthly fee of $8 that can be waived if you maintain a daily balance of at least $500.

Bank of America CDs Review

Bank of America offers a variety of CDs, as well as some fairly high interest rates.

Bank of America Checking Accounts Review

Bank of America has a variety of checking accounts that may suit your needs. All come with monthly fees or account minimums, however.
Bank of America offers one interest-bearing checking, Advantage Relationship Banking. However, this account requires at least $10,000 balance to avoid a $25 monthly fee. Interest is minimal and much lower than other online options.

The overall banking experience

While Bank of America has a large branch network, in today’s digital world, less important than a robust online banking experience. It has a fairly strong online and app experience, and you can chat with customer support agents should you need to (although customer support isnt 24/7).

Fees at Bank of America

Bank of America Checking Accounts charge the following fees:
  • $12 monthly fee (or $1,500 minimum balance)
  • $15 incoming wire fee
  • $25 outgoing wire fee (domestic)
  • $40 outgoing wire fee (international)
  • $2.50 non-Bank of America ATM fee
  • $5 international ATM fee
  • 3% Foreign Transaction Fee

Hey, since we have you - North Loop charges no outgoing wire fees, no incoming wire fees and no ATM fees at any ATM in the world! And of course, it has no minimum or monthly fee.

Overdraft Fees at Bank of America

Shockingly, Bank of America charges $35 up to four times a day ($115 a day) for overdrafting on your account. So if you overdraft 4 times, that's a steep $115 in fees!
You can sign up for overdraft protection by linking another Bank of America checking or savings, but this costs another $12 a day every time such a transfer takes place. Or you can sign up for an account at North Loop, which charges no overdraft fees.

Online Banking at Bank of America

Bank of America offers a wide variety of features on its online banking website and mobile app, including being able to see pay bills, deposit checks and round up your savings. You can also use the app to chat with its virtual assistant, Erica.
However, as with many other legacy banks, Bank of America doesn’t provide full functionality on its website or app, and you will be forced to call customer support or visit a branch for some services, as well as when things go slightly wrong.

North Loop Checking Accounts

Sick of fees and account minimums? North Loop is a no-minimum, no-fee checking account - you could save over $300 a year with a North Loop account vs. a Bank of America Account. Signing up takes 5 minutes, and you can link any other bank account you have to our powerful spending analysis tools! Sign up here

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.