Banking Checking Accounts

Bank of America Advantage Banking Review [2026]: Is the Convenience Worth It?

Bank of America's checking and savings accounts are accessible but offer limited interest and potential monthly maintenance fees.

By Ben Walker, CEPF, CFEI® and Catherine Hiles , Edited by Melinda Sineriz, ABFP®

Updated May 20, 2026

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4.8

Bank of America Advantage Banking

OUR VIEW

Best for: Customers who value in-person banking access

Bank of America might be best known for its wide range of credit cards, but it also offers several checking accounts and a savings account that lets you keep all your banking under one roof. If you enjoy using a highly rated mobile app or visiting a branch in person, I’d recommend taking a closer look at Bank of America Advantage Banking.

One of my favorite perks of Bank of America’s checking accounts is that they cater to young people just starting out who need a reliable, simple account to park their paychecks. Although I’m no longer new to banking, the Bank of America Advantage SafeBalance Banking® account would have been a great fit when I got my first job, thanks to its low minimum opening requirement and features that help prevent overdraft fees.1

Explore the different Bank of America Advantage Banking options below to see if opening one of these accounts is right for you.

Pros

Thousands of ATMs and financial centers

Highly-rated mobile apps

Full-service bank with checking and savings accounts, loans, credit cards, and investment products

Cons

Checking and savings accounts have monthly maintenance fees (can be waived)

Interest-bearing accounts have low annual percentage yield (APY) rates¹

How we rated Bank of America Advantage Banking

To evaluate Bank of America Advantage Banking, we analyzed its checking and savings account options in the context of other large national banks and assessed how well they deliver convenience, accessibility, and overall value. We focused on costs, usability, and how the accounts perform for everyday banking needs.

Factors considered included:

Fees: We evaluated monthly maintenance fees across account tiers and how easy it is to avoid them through qualifying activities like direct deposits or minimum balances, as these costs can significantly impact overall value.
Account structure and requirements: We reviewed the different checking account options, including minimum opening deposits and balance requirements, to assess how accessible each account is for different types of users.
Features and functionality: We assessed core banking features such as mobile check deposit, budgeting tools, overdraft protection options, and security protections that support everyday account use.
ATM and branch access: We considered the size and availability of Bank of America’s ATM network and physical branches, as in-person access and convenience are key differentiators for national banks.
Interest rates and earning potential: We evaluated APYs on checking and savings accounts, noting that while these accounts may offer convenience, they typically provide lower returns compared to online banks.
Overall value and use case fit: We assessed how well these accounts serve different users — such as those who prioritize branch access, integrated financial products, or ease of use — compared to lower-cost or higher-yield alternatives.

To learn more about how we rate banking products generally, check out our deposit account ratings methodology.

Is Bank of America Advantage good for you?

I recommend Bank of America Advantage Banking accounts for someone who values convenience above all else. One of the bank's biggest draws is its thousands of ATMs and financial centers.

If you handle a lot of cash, prefer in-person interactions, or need ATM or branch access but travel extensively, Bank of America Advantage Banking is a good choice.

But if you want minimal fees or a high interest rate, you'll want to look elsewhere. All of Bank of America's Advantage checking and savings accounts have monthly maintenance fees, though they can be waived. Among the accounts that pay interest, the rate is so low as to almost not count as interest.

Bank of America Advantage Banking

4.8

Bank of America Advantage Banking Benefits

Up to $500 cash offer. Click 'Learn More' for more details
Multiple ways to waive the monthly maintenance fee
Thousands of ATMs and financial centers
24/7 security with Total Security Protection® and fraud monitoring
Bank of America, N.A. Member FDIC

4.8

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Bank of America Advantage banking account types and rates

	Checking	Savings
APYs	0.01%-0.02% (as of 05/01/26)	0.01% (as of 10/10/25)
Minimum deposits	$25–$100 (varies by account)	$100
Monthly maintenance fees	$4.95–$25 (varies by account)	$8

Bank of America Advantage checking

	Bank of America Advantage SafeBalance Banking®	Bank of America Advantage Plus Banking®	Bank of America Advantage Relationship Banking®
Banking perks	Simple checking with no overdraft fees or paper checks	Flexible checking with more features, including paper checks	Interest-bearing checking with the most features
Minimum deposit	$25	$100	$100
Monthly maintenance fee	$4.95 (can be waived)² <p>Bank of America Advantage SafeBalance Banking® Monthly Maintenance Fee: $4.95 or $0 — No monthly maintenance fee when you meet one of the following: • an owner of this account is under the age of 25 or • maintain a minimum daily balance of $500 in your account or • are a member of Bank of America Preferred Rewards®; Bank of America Advantage Plus Banking® Monthly Maintenance Fee: $12 or $0 – No monthly maintenance fee when you meet one of the following: • have at least one qualifying direct deposit of $250 or more or •maintain a minimum daily balance of $1,500 in your account or • are a member of Bank of America Preferred Rewards®; Bank of America Advantage Relationship Banking® Monthly Maintenance Fee: $25 or $0 – No monthly maintenance fee when you meet one of the following: • maintain a minimum daily balance of $20,000 in your account or • are a member of Bank of America Preferred Rewards®.</p>	$12 (can be waived)	$25 (can be waived)
Cash deposits	Yes	Yes	Yes
Overdraft protection	No	Yes	Yes

Bank of America Advantage SafeBalance Banking®

The Bank of America Advantage SafeBalance Banking® is the most basic account Bank of America offers. It's a digital account with no paper check writing and no overdraft item fees. That makes it a good option for young adults or students who want a no-frills checking option.

You can also open a SafeBalance Banking account for children as young as 6. As someone with young kids who wants to teach them financial responsibility, I like this simple account to help them learn and grow. They get a debit card and digital banking access, and you can manage their account using flexible parental controls, including setting spending limits by amount or by category.

The downside? This account has a monthly maintenance fee of $4.95² Bank of America Advantage SafeBalance Banking® Monthly Maintenance Fee: $4.95 or $0 — No monthly maintenance fee when you meet one of the following: • an owner of this account is under the age of 25 or • maintain a minimum daily balance of $500 in your account or • are a member of Bank of America Preferred Rewards®; Bank of America Advantage Plus Banking® Monthly Maintenance Fee: $12 or $0 – No monthly maintenance fee when you meet one of the following: • have at least one qualifying direct deposit of $250 or more or •maintain a minimum daily balance of $1,500 in your account or • are a member of Bank of America Preferred Rewards®; Bank of America Advantage Relationship Banking® Monthly Maintenance Fee: $25 or $0 – No monthly maintenance fee when you meet one of the following: • maintain a minimum daily balance of $20,000 in your account or • are a member of Bank of America Preferred Rewards®. (though that's the lowest fee among Bank of America's three checking accounts). The fee is waivable if you meet one of the following:

You are under the age of 25
You maintain a minimum daily balance of $500
An account holder is a member of the Preferred Rewards program

Bank of America is a Member FDIC.

Tip

Bank of America has a surprisingly modest overdraft fee — $10 per item, and no more than 2 overdraft items per day. For comparison, Chase charges a $34 overdraft fee with a maximum of 3 fees per day.³

Bank of America Advantage Plus Banking®

When you think of a standard checking account, an account like this comes to mind. You can order paper checks if you need them, and you can use other Bank of America accounts as overdraft protection if needed (you do need to enroll in this service, called Balance Connect®).⁴ Balance Connect® for overdraft protection is an optional service which allows you to link up to five eligible backup accounts and can help you avoid overdrafts and declined or returned items. When you do not have enough funds in your checking account to pay for an item, available funds are automatically transferred from the linked backup account(s) to cover your transactions. There are no transfer fees when you use Balance Connect®. It’s important to note that transfers from a linked credit card or HELOC may result in interest charges. Please see the <a href="https://www.bankofamerica.com/salesservices/deposits/resources/deposit-agreements/?request_locale=en_US">Deposit Agreement and Disclosures</a> for more information about eligibility and how Balance Connect® transfers work.

This account has a relatively high minimum deposit requirement of $100. Wells Fargo requires a $25 minimum opening deposit for its comparable account, while Chase has none.

There's also the $12 monthly maintenance fee. You can waive the monthly maintenance fee if you meet one of the following:

Have at least one qualifying direct deposit of $250 or more per statement cycle
Maintain a minimum daily balance of $1,500 or more in your account
Are a member of the Preferred Rewards program

Given the requirements for waiving the monthly maintenance fee, I'd suggest this account for someone with a steady, reliable income or with other Bank of America accounts to keep your financial life under one roof.

Bank of America is a Member FDIC.

Bank of America Advantage Relationship Banking®

The main difference between this and the other Bank of America Advantage Banking accounts is that you can earn interest on your stored funds, but the rate isn't competitive.

This account has a $25 monthly maintenance fee that can be waived if you meet one of the following:

Maintain a minimum daily balance of $20,000 or more in your account
Are a member of the Preferred Rewards program

I don't recommend keeping $20,000 in a checking account unless you're planning a large purchase. Instead, you should keep it in an account that pays a higher interest rate than this one.

Overall, this is a relatively weak offering compared to other banks. Wells Fargo's Prime Checking offers ATM fee waivers and interest rate discounts on new loans. Chase's Premier Plus checking account offers four ATM fee waivers per statement period.

Bank of America is a Member FDIC.

Bank of America Advantage savings

	Bank of America Advantage Savings
APY	0.01% (as of 10/10/25)
Minimum deposit	$100
Monthly maintenance fee	$8 (can be waived)

The Advantage savings account is the only personal savings account option from Bank of America. I'd recommend it for accessing savings at a branch or ATM, or for pairing with a Bank of America checking account.

The main benefit of this account is that you can link the account to your Bank of America checking account for Balance Connect⁴ Balance Connect® for overdraft protection is an optional service which allows you to link up to five eligible backup accounts and can help you avoid overdrafts and declined or returned items. When you do not have enough funds in your checking account to pay for an item, available funds are automatically transferred from the linked backup account(s) to cover your transactions. There are no transfer fees when you use Balance Connect®. It’s important to note that transfers from a linked credit card or HELOC may result in interest charges. Please see the <a href="https://www.bankofamerica.com/salesservices/deposits/resources/deposit-agreements/?request_locale=en_US">Deposit Agreement and Disclosures</a> for more information about eligibility and how Balance Connect® transfers work. overdraft protection. You can also enroll in the Keep the Change program, which rounds purchases up to the nearest dollar and deposits the difference into your savings account to help it grow faster.

The steep $8 monthly maintenance fee can be waived if you meet one of the following:

Are under the age of 25
Maintain a minimum daily balance of $500 or more in your account
Have an Advantage Relationship Banking account
Are a member of the Preferred Rewards program

I find the APY on this account rather disappointing, which is typical for this type of account at national banks. If you really want to maximize your savings, I'd choose a high-yield savings account instead. For example, SoFi® offers up to a 3.30% APY on its savings account with direct deposit. ⁵ Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at <a href="https://www.sofi.com/legal/banking-rate-sheet">https://www.sofi.com/legal/banking-rate-sheet</a>

Additional Bank of America products

In addition to its checking and savings accounts, Bank of America also offers these products and services.

Credit cards: Bank of America credit cards offer cash back, travel rewards, and more.
Certificates of deposit (CDs): You can choose from multiple FDIC-insured CD options according to your term and APY preferences.
Individual retirement accounts (IRAs): You can open FDIC-insured savings IRAs from Bank of America. Alternatively, you can opt for investment IRAs that are offered through Merrill Edge®, a Bank of America company.
Loans: Bank of America offers both home and auto loans, whether you're looking to purchase or refinance.
Investment accounts: You can open different types of investment accounts with Merrill, including self-directed and guided investing.

Compare Bank of America Advantage to top alternatives

	Bank of America Advantage	Chase	SoFi	*ETRADE**
Best for	Basic banking	Variety of checking accounts	Earning interest	Morgan Stanley investors
Bank accounts	SafeBalance Banking, Advantage Plus Banking, Advantage Relationship Banking, Advantage Savings	Total Checking, Secure Banking, Premier Plus Checking, High School Checking, First Banking, Private Client Checking, Savings, Premier Savings	SoFi Checking and Savings	Checking, Max Rate Checking, Premium Savings
Savings APY	0.01% (as of 10/10/25)	0.01%-0.02% (as of 10/16/25)	0.50%-1.00% (as of 3/31/26)	3.75%
Unique checking features/perks	Monthly maintenance fee (waivable)	Basic account comes with overdraft protection	Access up to $3 million additional FDIC insurance	2.00% APY on Max Rate Checking
Number of branches	Thousands of financial centers	5,000+	0	0
Number of ATMs	Thousands of ATMs	16,000+	55,000+⁶ <p>We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.</p>	Unlimited ATM Refunds

Chase

I've compared Chase and Bank of America a lot in this review, and for good reason — they're two of the biggest banks in the country, and the offerings between them are very similar.

Ultimately, the choice comes down to which bank is more convenient for you. If Chase has more branches or ATMs in your area, it's worth a look. The Chase Total Checking^® account is its primary checking account. It offers Zelle payments and online bill pay.

It also has a $15 monthly fee that's waivable by meeting one of the following criteria:

At least $500 in qualifying direct deposits
A beginning balance of $1,500 or more each day
An average beginning day balance of $5,000 or more across linked Chase deposit accounts.

Chase's savings accounts have similarly disappointing APYs of 0.01%-0.02% (as of 10/16/25). Again, I'd avoid using this as your primary savings account.

Visit Chase Total Checking^® | Read our full Chase Total Checking review.

SoFi®

SoFi® is essentially the polar opposite of Bank of America. It's online-only, with no monthly maintenance fee and no minimum deposit to open an account.⁷ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a>.

But if you want to max out your potential interest earnings, I'd take a close look at SoFi. SoFi's checking account offers a 0.50% APY with direct deposit, and its savings account offers up to 3.30% APY with direct deposit.⁸ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at <a href="https://www.sofi.com/banking/checking-offer/">sofi.com/banking/checking-offer/</a>SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. SoFi® also offers other financial services, including investing, personal loans, and private student loans.

You can also receive up to $3 million in FDIC insurance through SoFi's network of participating banks. SoFi is a Member, FDIC.⁹ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.

Visit SoFi Checking and Savings | Read our full SoFi Checking and Savings review.

E*TRADE

E*TRADE Bank is another online-only option that offers a variety of banking products through Morgan Stanley Private Bank.¹⁰ Restrictions apply. <a href="https://us.etrade.com/what-we-offer/how-it-works/promo?ch_id=A">Offer details on E*TRADE site</a>. While E*TRADE lacks in-person branches, it compensates with competitive rates on some of its products, such as its E*TRADE Max Checking account.

The E*TRADE Max Checking account offers an APY of 2.00%.¹¹ As of 09/08/2025, the Annual Percentage Yield (APY) of the Max-Rate Checking Account is 2.00%. Your interest rate and APY may change at any time and fees may reduce earnings. Please visit <a href="http://etrade.com/ratesheet">etrade.com/ratesheet</a> for information regarding this account's current interest rate and corresponding APY. The $15 monthly account fee can be waived when you maintain an average monthly balance of at least $5,000 in the account on or after the end of the second calendar month from opening the account. While it does have a $15 monthly fee, its regular checking account doesn't have monthly fees.¹² The $15 monthly account fee can be waived when you maintain an average monthly balance of at least $5,000 in the account on or after the end of the second calendar month from opening the account. Plus, its regular checking account offers an APY of 0.05%, which is still higher than what you'll earn compared to Bank of America's most competitive APY on its checking accounts.

Visit E*TRADE Max Checking | Read our full E*TRADE Bank review.

Customer experience and user sentiment

Customer support

Another advantage of banking with such a large bank is that it's easier to reach customer service.

To reach them by phone, call 800-432-1000 Monday through Friday from 8 a.m. to 11 p.m. Eastern and Saturday and Sunday from 8 a.m. to 8 p.m. Eastern. Spanish speakers can call 800-688-6086. You can also request interpreters by phone or in person.

Mobile banking app

Bank of America also offers a highly rated mobile app that includes Erica, a virtual financial assistant. Erica can answer some questions and connect you to a live chat with a human if needed. Erica offers useful features, such as notifications when bills are due or recurring charges change.

Erica would be especially helpful to someone new to banking and budgeting.

Bank of America Advantage fees

	Bank of America Advantage
Overdraft fee	Up to $10
Insufficient funds fee	N/A
Cash deposit fee	N/A
ATM fees	$2.50 for out-of-network ATMs
Excess transaction fee	N/A
Stop payment fee	$30 per request
Foreign transaction fee	3%
Wire transfer fees	$15–$45

FAQs

Is Bank of America a good bank for checking accounts?

Bank of America is a decent bank for checking accounts, especially if its branches and ATMs are convenient for you. While it doesn't offer much in the way of interest, it has extensive customer service availability and a good mobile app.

How do I avoid fees with Bank of America Advantage Banking?

You typically have to maintain a minimum daily balance or meet another requirement each statement cycle. For example, the Advantage SafeBalance account² Bank of America Advantage SafeBalance Banking® Monthly Maintenance Fee: $4.95 or $0 — No monthly maintenance fee when you meet one of the following: • an owner of this account is under the age of 25 or • maintain a minimum daily balance of $500 in your account or • are a member of Bank of America Preferred Rewards®; Bank of America Advantage Plus Banking® Monthly Maintenance Fee: $12 or $0 – No monthly maintenance fee when you meet one of the following: • have at least one qualifying direct deposit of $250 or more or •maintain a minimum daily balance of $1,500 in your account or • are a member of Bank of America Preferred Rewards®; Bank of America Advantage Relationship Banking® Monthly Maintenance Fee: $25 or $0 – No monthly maintenance fee when you meet one of the following: • maintain a minimum daily balance of $20,000 in your account or • are a member of Bank of America Preferred Rewards®. requires you to do one of the following:

Be an owner under 25
Have a minimum daily balance of at least $500

Is the Bank of America Advantage Savings account a good choice?

Bank of America Advantage Savings is a good choice if you want to use it for overdraft protection for a checking account or for the Keep the Change program. It's not a good choice if your primary interest is in earning interest. If that's your priority, you can find much better options on our list of the best savings accounts.

Bottom line

Ultimately, I'd recommend a Bank of America Advantage Banking account if you have in-person branches nearby and/or use other Bank of America products, such as its credit cards or a Merrill investment account.

I'd especially recommend the Bank of America Advantage SafeBalance Banking® account for students or young adults under 25 because the monthly maintenance fees are waived, and it offers built-in protection against overdraft fees. For more information, read our full Bank of America best checking accounts review.

If you prefer to earn interest on your stored funds in a checking or savings account, I'd go with one of the better banking options available.

Learn More

4.8

Thousands of ATMs and financial centers

Highly-rated mobile apps

Full-service bank with checking and savings accounts, loans, credit cards, and investment products

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Bank of America Advantage Banking

OUR VIEW

Pros

Cons

How we rated Bank of America Advantage Banking

Is Bank of America Advantage good for you?

Bank of America Advantage banking account types and rates

Bank of America Advantage checking

Bank of America Advantage SafeBalance Banking®

Bank of America Advantage Plus Banking®

Bank of America Advantage Relationship Banking®

Bank of America Advantage savings

Additional Bank of America products

Compare Bank of America Advantage to top alternatives

Chase

SoFi®

E*TRADE

Customer experience and user sentiment

Customer support

Mobile banking app

Bank of America Advantage fees

FAQs

Is Bank of America a good bank for checking accounts?

How do I avoid fees with Bank of America Advantage Banking?

Is the Bank of America Advantage Savings account a good choice?

Bottom line

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