There are three main Bank of America checking account options. The first of these, which is arguably the most popular, is the Core Checking Account, which requires $25 to open. In terms of fees, you can typically expect to pay $17 per month, plus any costs associated with credit card use, etc.
The reason that this is so popular is that it offers a variety of benefits while being relatively inexpensive. The most obvious of these benefits is the convenience that Bank of America provides across the country, with this extending to each of its other accounts.
Core Checking Account
With the Core Checking Account, in particular, customers can expect low fees associated with non-network ATMs, which average at $2.50. There’s also a large withdrawal limit of $1,000, which can be beneficial for large cash purchases.
Bank of America Interest Checking account
Alongside this is the company’s mobile app, which allows customers to keep control of their transactions and finances easily. There’s also the Bank of America Interest Checking account, which may be attractive to people looking to save money. While there is a large amount of interest on offer per month, much of this can be negated by the $25 in monthly fees.
These can be avoided if you have over $10,000 in your account, or if you’re a Gold Rewards Tier member, or higher. This offers an APY of between 0.01% and 0.02% for account holders.
SafeBalance Banking Account
One of the more unique accounts that Bank of America has on offer is the SafeBalance Banking Account, which operates much differently than those provided by other institutions. This is because it’s designed with much more security in mind.
The first of these features is more reliable and focused fraud prevention, which is what it’s specifically been designed for. Alongside this is a photo ID that’s printed on the back of your debit card, which helps to enhance its security.
While many accounts will allow you to waive monthly fees under certain circumstances, this isn’t the case here; you’ll always have to pay the $4.95 each month. Another large factor in this is that the SafeBalance Banking Account prevents any overdrafts from occurring.
This could be a positive or a negative, depending on your outlook, although it does mean that account holders will be better able to manage their money.
Regardless of which Bank of America account you choose, there are a few common benefits. One of these is focused on art lovers, as the company has a Museums on Us program. This provides free access to participating institutions for the first full weekend every month.
There are over 150 participating museums and galleries across the country, which includes relatively well-known institutions such as the Los Angeles County Museum of Art and New York’s Museum of Modern Art. You will be able to check with Bank of America to determine which organizations near you participate.
If you’re looking to visit many of these museums, then you may want to consider the Travel Rewards credit card, which can provide more benefits in tandem with the Museums on Us initiative. This could make the choice a smart one for those who travel the country regularly.
Naturally, Bank of America’s checking accounts shouldn’t be a choice for those looking to save, as only one offers interest on funds. This means that those who want to put money away for a rainy day will have to consider its savings accounts. This is especially true if you’re looking to receive a high amount of interest on your money.
There are four options to choose from here, ranging from the Regular and Minor Savings accounts to Custodial (UTMA) and Rewards Money Market. While each of the accounts offer more interest than the Interest Checking account, some aren’t by too much; the Regular and Minor Savings accounts, for example, only offer 0.03% APY.
This is also the case with the Custodial (UTMA) account. However, both of the more basic accounts offer a variety of ways to wave any fees that are associated with the account. This means that they can provide a larger interest rate than you might expect, with the costs being unable to negate any earnings.
In most cases, this fee is $5, which should be much less than any interest on your money, depending on how much you have deposited. Should you be looking for the highest yields possible with Bank of America, then you may have to choose the Reward Money Market account.
This offers an APY of 2.10%, which is considerably higher than each of the other accounts, while still having the same monthly fee. Each of the Bank of America savings account doesn’t have a set minimum for receiving your APY, which can be beneficial.
Much of these interest rates are considerably lower than other banks. However, Bank of America does have a unique program that you may be able to take advantage of. This is called its Keep the Change initiative, which allows customers to link their credit and savings accounts to receive some rewards.
The most notable of these is that customers can transfer money from their credit to their savings account when they make a purchase. For example, if a product costs $4.56, then you’ll be able to pay $5 and have the $0.44 sent to your savings account.
While this may seem small, it can be beneficial if you make a large number of regular purchases. This is somewhat uncommon in the banking sector and could offset the lower interest rate that you’ll see with Bank of America.
Outside of this, however, if you’re looking for high interest yields, then you may need to consider choosing another bank for your account.