Forex Bank of America Is a Scam
When opening a checking account or savings account, what are the features and benefits that you expect the most? Bank of America is one the most well known banks, but many don't know the ins and outs of this bank.
To find out if Bank of America is right for you, continue reading this review below.
Bank of America offers a nationwide network, various account options, and user-friendly online banking. Although not all of their accounts stand out, the reliability and consistency of this bank has lead many to be loyal customers.
*View the latest Bank of America Promotions here and compare to the latest bank bonuses from Chase, HSBC, Huntington, TD, BBVA, Citibank, Ally, and more!*
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| Discover Bank Online Savings $200 Bonus | Wells Fargo Everyday Checking $200 Bonus with qualifying direct deposits Member FDIC. |
| HSBC Premier Checking $450 Bonus | Chase Business Complete BankingSM $300 Bonus |
| Chase Total Checking® $225 Bonus | PNC Bank Virtual Wallet Up to $300 Bonus |
| Huntington 25 Checking $300 Bonus | Huntington Business Checking 100 $100 Bonus |
| Huntington Unlimited Business Checking $400 Bonus | Huntington Unlimited Plus Business Checking $750 Bonus |
| TD Bank Beyond Checking $300 Bonus | TD Bank Convenience Checking $150 Bonus |
| Chase Secure BankingSM $100 Bonus | Aspiration Spend & Save Account $150 Bonus |
| Axos Bank Business Checking $100 Bonus | Axos Bank Rewards Checking $100 Bonus |
| TradeStation Up To $5,000 Bonus | Ally Invest Up To $3,000 Bonus |
| WeBull 2 Free Stocks | BlockFi Up To $250 BTC Bonus |
| SoFi Money $100 Bonus | Discover Bank $360 Cashback Debit |
Checking Account Options
Bank of America offers only one checking account that comes with 3 different settings. These settings can be actively changed depending on your situation.
Advantage SafeBalance Advantage Plus Banking Advantage Relationship Banking
With a $25 opening deposit and no overdraft fees, this is a great starting checking account. If you are a student under 24 or enrolled in the Preferred Rewards Program, then you can waive the monthly fee.
This account has an opening deposit requirement of $100. To waive the monthly service fee, you must be a student under 24, maintain a balance of $1,500 or put in monthly deposits of $250.
With this being the only interest earning checking account, the requirements to maintain it are more substantial than the other checking accounts.
This account has an opening deposit of $100, but you'll need to maintain a combined balance of $10,000 between all of your accounts to waive the monthly service fee.
Compare Checking Accounts
Chase Total Checking® Chase Premier Plus CheckingSM HSBC Premier Checking HSBC Advance Checking Huntington Asterisk-Free Checking® Huntington 5 Checking® Huntington 25 Checking® BBVA Online Checking
• New Chase checking customers enjoy a $225 bonus when you open a new Chase Total Checking® account and set up direct deposit
• Access to 16,000 Chase ATMs and more than 4,700 branches
• Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
• Open your account online now
• Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
• Get a $450 Welcome Deposit for eligible new customers who open a new HSBC Premier checking account and complete the following qualifying activities.
• Open your new HSBC Premier checking account online by January 5, 2022; and
• Make recurring monthly Qualifying Direct Deposits totaling at least $5,000 from a third party to your HSBC Premier checking account(s) for 3 consecutive calendar months from the second full calendar month after account opening.
• You will automatically receive the $450 Welcome Deposit in your new HSBC Premier checking account approximately eight weeks after completing all qualifying activities. It's that simple.
Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC.
Open your Huntington 25 Checking account today and enjoy:
• $300 bonus by making cumulative new money deposits of at least $25,000 within 60 days of account opening. $500 will be deposited in your new account within 14 days of meeting requirements.
• 24-Hour Grace Overdraft Fee Relief. It is designed to give you more time to make a deposit in order to avoid an Overdraft Fee.
• Earn Interest on Balances. 0.05% Annual Percentage Yield applies to all balance tiers.
• Free ATM Withdrawals. They'll waive all non-Huntington ATM cash withdrawal fees at any ATM and reimburse you for some withdrawal fees charged by another ATM owner.
• Waived Monthly Maintenance Fee
• Credit score and identity monitoring at no added cost
Savings Account Options
Bank of America unfortunately does not offer a large selection of savings accounts. There is only one standard savings account.
Reward Savings Child Savings Custodial Savings
With a $100 opening deposit, you can get tiered interest rates. The more you save the more interest you will earn.
To waive the monthly service fee, you will need an average balance of $500, a linked BofA Interest Checking account, or become a member of the Preferred Rewards Program.
With this account, you can put your child in charge of their own savings. However, they will need a $25 opening deposit to open it. Children under 18 will not have to pay any fees.
With Child Savings, parents and children have access to:
- Online/mobile banking
- Automatic transfers from a checking account
- A Bank of America debit chip card
This is the account you'll want to open if you want to start saving for your child, but don't want to give them access to the account.
To waive the monthly fee, you will need a balance of $500.
Once your child turns 18, they will gain access to the account.
Compare Savings Accounts
American Express® Personal Savings Chase SavingsSM CIT Bank Savings Builder Discover Online Savings Axos Bank High Yield Savings
With the American Express® High Yield Savings Account:
• Earn 0.40% APY on your deposits. Your High Yield Savings account earns interest daily and is posted to your account monthly.
• Links easily with your current bank accounts. No need to switch banks.
• FDIC Insured. Your account is insured to at least $250,000 per depositor.
• No monthly fees, no minimum balance.
• 24/7 Account Access
With theCIT Bank Savings Builders account:
• Earn a top tier, competitive APY on your money—one of the top savings rates in the nation. Earn 0.40% APY on your funds - grow your savings faster.
• Build a habit of savings. Pay yourself first. Start with $100 per month and build your habit of savings-—all while getting a top rate.
• FDIC Insured
Open a Discover Online Savings Account for all these features:
• Bonus offer applies for your first Discover Online Savings Account
• Earn $200/$150 Bonus with promo code HMB21 by 12/15/2021
• Fund your first savings account with at least of $25K within 30 days of account open date to earn the $200 Bonus
• Fund your first savings account with at least of $15K within 30 days of account open date to earn the $150 Bonus
• Earn high interest rate of 0.40% APY
• No minimum opening deposit, no minimum balance requirement, and now no fees
• Interest on Discover Online Savings Accounts is compounded daily and credited monthly
• Manage your account online or with the Discover mobile app
• FDIC insurance up to $250,000
See advertiser website for full details
• Earn up to 0.61% APY with interest compounded daily and no monthly fees with the Axos Bank High Yield Savings account
• No minimum balance requirements
• Free ATM card upon request
• $250 minimum opening deposit
• Free Incoming Wires
CD Account Options
Down below are how you can earn a higher interest rate by obtaining a CD account with Bank of America.
Featured CD Standard Term CD
If you're looking to invest $10,000 for 12 months then invest it in this CD. You will receive a nice fixed interest rate. You can even roll your remaining amount into another CD upon its maturity date.
If you have anywhere between $1,000 – $10,000 you can invest in this CD.
The amount of interest you receive varies depending on how long you keep the money in. Maturity dates can be between 28 days and 10 years and you can even request for automatic renewal.
Compare CD Accounts
CIT Bank CD CIT Bank No-Penalty CD Discover CD BBVA CD
• Available online nationwide
• Earn 0.30% APY on a 12-Month CD Term
• Earn up to 0.50% APY
• $1,000 minimum to open
• Selection of terms to meet your needs
• A range of choices. Low minimum deposits.
• No fees to open or maintain the account
• Available as Custodial
• Open aCIT Bank Certificate of Deposit Accounttoday!
With the CIT Bank No-Penalty 11-Month CD:
• Earn 0.30% APY on your funds with just a $1,000 minimum deposit.
• The perfect balance between a great fixed rate and flexible money access.
• Access funds, if needed. No penalty.
• No opening or maintenance fees
• Shorter 11-month timeframe and a great APY
• If you need your funds prior to the maturity date, you can withdraw your money — including any interest earned — beginning seven days after the funds have been received. No penalty. No problem. It's the security of a CD with the flexibility to access your funds early if you need them.
• Available nationwide online, Discover offers CDs with some of the highest & most competitive rates! with select terms as short as 3 months up to 120 months
• Rates ranging from 0.20% APY up to 0.80% APY.
• Opening a Discover Bank Certificate of Deposit is extremely quick and easy.
• Funds on deposit are FDIC-insured up to the maximum allowed by law.
• Start today with a minimum deposit of $2,500!
• Get started and open a Discover CD in 3 easy steps.
Reasons To Bank with Bank of America
- You can earn cash back on your regular purchases. With BankAmeriDeals, you can opt in to receive deals on certain purchases. Earn cash back directly to your checking account when you use your debit card.
- Automatically save with the Keep the Change Savings Program. Bank of America will round up your purchases made with your debit card to the closest dollar and deposit the extra change into your savings account.
- You can lock and unlock your debit card online or in the mobile app instantly.
- If you have a combined balance of $20,000 in Bank of America/Merrill Lynch products, you can join the Preferred Rewards Program. You will be able to earn higher savings rates, a rewards bonus on your BofA cash back credit cards, limited fee-free, third-party ATM transactions, and savings on Merrill Edge investment commission costs.
- Bank of America has great options for kids. You can build good financial habits for your children that will last them a lifetime
- You can conduct a ton of banking actions through online banking. Either using their app or through their website.
- Their mobile app has a ton of different financial tools. Budget, manage your finances, and plan your expenses over a long period of time.
- Set up custom alerts so that you never miss a low balance or payment that's due. You can receive the alerts via text, email, or through the mobile app.
- You can add your own picture to your debit card to avoid any fraudulent activity.
- FDIC Insured. Your deposits at Bank of America are FDIC insured up to $250,000 per account.
Reasons Not To Bank with Bank of America
- No free checking option. Unless you're a student under 24, there is no free checking option. Even for the more basic account, you need to maintain $1,500 to waive the service fee (or have $250 in a single direct deposit per month). This may exclude the lower-income customers who can't meet the minimum balance requirements.
- Hefty non-BofA ATM fees. Bank of America charges $5 for every ATM transaction conducted on an ATM other than one owned by Bank of America. This is in addition to the fees that the third-party bank will charge.
- Low interest. You have minimal account options and the accounts that do pay interest offer minimal interest rates. If you need a place to just park money that will be safe and BofA is convenient for you, it may be feasible. If you are trying to grow your savings or need more account options, you may want to look elsewhere.
- They have inconvenient "miscellaneous account charges.
Bank of America Routing Number
Bank of America has different routing numbers, depending on which state you are from.
You can retrieve your BofA routing number through the Mobile Banking App or on the left hand side of your check.
Routing numbers can also vary, depending on regions (e.g North and South).
Contact Customer Service
Reach Bank of America Customer Service at 1 (800) 432-1000.
Technical service at 1 (800) 933-6262
Credit Card service at 1 (800) 732-9194
How Bank of America Compares
- Chase Bank: Chase is one of the biggest banks in the U.S and offers just about almost everything. Compared to its other competitors, Chase offers much more checking account options.
- Capital One: Capital One, you can bank fee-free with online and mobile checking that actually pays you back. Whether you're looking for one of their 40,000 fee-free ATMs or a Capital One location–chances are they are right nearby.
- Regions Bank: While the checking options are similar, there is a wider variety of savings, CDs, & IRA options to help you save. The cash back rewards program is also very similar. You can find Regions Bank across 15 states.
- Wells Fargo: Located throughout the US with over 5,800 branches and 13,000 ATMs. They offer a variety of deposits accounts, including accounts for teens and customers who need a second chance.
Compare to Other Banks
- Bank of America vs Chase
Bottom Line
Choosing a bank that best suits your needs is a crucial decision. You'll be investing time and money into these institutions and will need to make the right choice and be sure the bank/credit union will offer you what you need.
It's very important to keep in mind the potential fees that may incur and how to avoid them if possible. If Bank of America has the variety and options you're looking for, apply today!
If you're interested in banking with Bank of America, see our list of the latest Bank of America bank bonuses!
For more options from a variety of banks, see our list of the best bank promotions!
Helpful Tips:
- How To Open a Bank of America Checking Account
- What Are Bank of America's Hours?
- How To Find and Use Your Bank of America Login
- Bank of America Routing Number
- What Is the Bank of America Cashier's Check Fee?
| See our best bank bonuses updated daily to earn up to $1,000 in free money. Find popular checking offers such as Chase Bank, HSBC Bank, TD Bank, Huntington Bank, Axos Bank, Discover Bank, Wells Fargo, and PNC Bank. See our best rates for Savings and CD. | ||
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| PROMOTIONAL LINK | OFFER | REVIEW |
| Wells Fargo Everyday Checking | $200 Bonus | Review |
| Discover Online Savings Account | $200 Cash | Review |
| Chase Business Complete BankingSM | $300 Cash | Review |
| HSBC Premier Checking Member FDIC | $450 Cash | Review |
| Chase Total Checking® | $225 Cash | Review |
| Chase Secure BankingSM | $100 Cash | Review |
| Huntington 25 Checking | $300 Cash | Review |
| TD Bank Beyond Checking | $300 Cash | Review |
| TD Bank Convenience CheckingSM | $150 Cash | Review |
| Discover Cashback Debit Account | $360 Cash | Review |
| Huntington Bank Unlimited Plus Business Checking | $750 Cash | Review |
| Huntington Bank Unlimited Business Checking | $400 Cash | Review |
| Huntington Bank Business Checking 100 | $100 Cash | Review |
| SoFi Money | $100 Cash | Review |
| PNC Bank Virtual Wallet | Up to $300 Cash | Review |
| PNC Bank Virtual Wallet Pro | Up to $200 Cash | Review |
| Aspiration Spend & Save Account | $150 Cash | Review |
| Axos Bank Rewards Checking | $100 Cash | Review |
| Axos Bank Basic Business Checking | $100 Cash | Review |
| Acorns Spend Checking | $75 Cash | Review |
| TradeStation | Up to $5,000 Cash | Review |
| Ally Invest | Up to $3,000 Cash | Review |
| American Express High Yield Savings | 0.40% APY | Review |
| BlockFi | Up To $250 BTC | Review |
| Voyager (code ANTJZL) | $25 In BTC | Review |
| Coinbase | $10 In BTC | Review |
Forex Bank of America Is a Scam
Source: https://www.hustlermoneyblog.com/bank-of-america-review/
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