Bank of america that is open now

Pros Explained

• Unparalleled access with approximately 4,300 branches and approximately 17,000 ATMs – Bank of America has one of the largest networks of branches and ATMs in the U.S. This gives customers the peace of mind that they’ll have access to their money no matter where they travel.
• Low minimums to open checking or savings accounts – You can open a checking or savings account for $100 or less, which makes it easier for consumers to switch banks.
• Higher rates and lending discounts via Preferred Rewards – Bank of America rewards customers for having a larger relationship with the bank with higher rates, discounts on lending products, and higher rewards on certain credit cards.

Cons Explained

• No high-yield savings account options – The lack of a high-yield savings account leaves customers without an option to earn competitive interest rates.
• ATM fees not waived or reimbursed – With almost 17,000 ATMs, most customers can find one nearby. However, if you use another ATM, Bank of America will charge you $2.50, plus you’ll pay the other bank’s fees as well.
• Noncompetitive certificate of deposit (CD) rates – Certificates of deposit (CDs) ranging from one month to 10 years are available, but all interest rates are 0.05% or less. This low rate affects customers’ ability to earn a competitive rate on their money.

Who Is Bank of America Best For?

Bank of America is best for customers who value ease of access over higher interest rates. It may be particularly good for customers who want to:

• Be able to bank in person
• Have easy access to bank ATMs
• Earn additional rewards and discounts with relationship pricing
• Open a checking or savings account with a low opening deposit
• Bank with an established bank that has many deposit and lending products

What Does Bank of America Offer?

As one of the world’s leading financial institutions, Bank of America offers an extensive array of deposit accounts, lending products, and investment choices.

Checking Accounts

Bank of America provides three checking accounts that can be opened with $100 or less.

• Advantage SafeBalance is a checkless account with a debit card that helps customers stay within their balance. There are no overdraft fees, and the $4.95 monthly fee is waived if you are a student who is under 25 years old.
• Advantage Plus is an everyday checking account whose $12 monthly fee can be waived with a qualifying direct deposit of $250 or more or by maintaining a minimum daily balance of $1,500.
• Advantage Relationship is an account that earns interest on your balances and waives fees for additional checking or savings accounts, incoming domestic wires, and standard check purchases. Its $25 monthly fee is waived when you maintain a combined balance of $10,000 in eligible linked accounts.

Preferred Rewards members get their monthly fees waived on all three checking accounts.

Using another bank’s ATM will cost you $2.50 per transaction plus whatever the other bank charges. These fees are not waived or reimbursed with your Bank of America checking account.

When you use the bank’s debit card for purchases, you can enroll in Bank of America’s Keep the Change® program to build your savings. It rounds up your purchases to the next dollar and transfers that amount to your savings account.

Savings Accounts

Customers have one savings account option: Bank of America Advantage Savings. This account provides tiered interest rates that grow with your relationship with the bank. It requires a $100 deposit to open the account.

The monthly fee of $8 can be waived by keeping a minimum daily balance of $500, linking this account to your Bank of America Advantage Relationship Banking checking account, or by becoming a Bank of America Preferred Rewards client. New accounts receive a waiver of the monthly fee for the first six months. Students who are enrolled in school and are under the age of 25 may also qualify for a waiver.

CDs

Bank of America offers standard term CDs with a $1,000 minimum deposit requirement. Standard CDs are available at terms ranging from one month to 10 years, with annual percentage yields (APYs) from 0.03% to 0.05%.

Featured CDs are promotional CDs that require a $10,000 minimum deposit. They have fewer term options, but customers can lock in a higher promotional APY.

Unless specifically noted, all CDs renew at the end of their term. Customers have a grace period of up to seven days after maturity, depending on the term of the CD, to cancel the renewal and withdraw without penalty.

The bank does charge an early withdrawal penalty if you close the CD before its maturity date. Penalties vary depending on the term of the CD.

Credit Cards

Bank of America has numerous credit cards that earn cash back, travel rewards, or support charitable causes. Some credit cards earn higher rewards when you are enrolled in Preferred Rewards and maintain a larger relationship with the bank. For example, you can earn up to 75% more rewards on every purchase with the Bank of America Customized Cash Rewards Visa.

The bank also offers exclusive deals when you use your debit or credit card to make purchases at participating retailers. You must manually activate these promotions online or through the bank’s mobile app before making your purchase. BankAmeriDeals earns cash back on your transactions.

Cash Back Credit Cards

• Bank of America Customized Cash Rewards
• Bank of America Customized Cash Rewards for Students
• Bank of America Customized Cash Rewards Secured
• Bank of America Premium Rewards
• MLB
• Susan G. Komen Cash Rewards Visa Credit Card From Bank of America
• U.S. Pride
• World Wildlife Fund

Travel Rewards Credit Cards

• Air France KLM World Elite Mastercard
• Alaska Airlines Visa
• Allegiant World Mastercard
• Amtrak Guest Rewards World Mastercard
• Asiana Visa Signature
• Bank of America Travel Rewards
• BankAmericard Travel Rewards for Students
• Celebrity Cruises® Visa Signature®
• Norwegian Cruise Line
• Royal Caribbean
• Sonesta World Mastercard
• Free Spirit Travel More World Elite Mastercard
• Virgin Atlantic

Secured Credit Card

• BankAmericard Secured

Other Financial Products Offered by Bank of America

Bank of America also has a wide variety of other banking, lending, and investment accounts to meet your needs.

• Auto loans
• Purchase mortgages
• Refinance mortgages
• Home Equity Lines of Credit (HELOCs)
• Individual Retirement Accounts (IRAs)
• Self-directed trading
• Managed investment portfolios
• Private banking
• Financial advisors
• Business loans

Bank of America Customer Service

Customers can connect with Bank of America customer service in three ways: in person, over the phone, or online.

Phone support is available at 1-800-432-1000 with the following hours:

• Monday through Friday: 8 a.m. to 9 p.m. EST
• Saturday: 8 a.m. until 8 p.m. EST
• Sunday: 8 a.m. until 5 p.m. EST

The bank has more than 4,300 branches, at which you can schedule an appointment or walk in to speak with someone in person. Customers also have access to 16,900 ATMs.

Additionally, you can send customer service a message online through the bank’s mobile app or direct messages on Meta or Twitter. The Bank of America mobile app is available for both Apple and Android devices. They both receive strong reviews from customers.

Bank of America has received several J.D. Power awards over the years. The bank received the top ranking for Retail Banking Advice in 2021. In 2020, the Bank of America Corporate, Commercial, and Business Banking Contact Centers earned J.D. Power Certification for the 11th consecutive year. Bank of America became the first company to achieve J.D. Power Mobile and Online Certification for Customer Experience in 2019.

How to Bank with Bank of America

Customers have many choices to conduct business with Bank of America. Accounts can be opened online, on mobile devices, in person, or over the phone. Once your accounts are established, you can perform online transfers, deposit checks through your mobile device, withdraw, or deposit at an ATM, and more.

Verdict

Bank of America is a good choice for customers who want the comfort of having a bank branch or an ATM close by. That convenience is offset by savings accounts and CDs that have lackluster interest rates. Although customers can earn additional rewards with their balances through Preferred Rewards, they may be better off with more-competitive interest rates on their savings at other banks.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banks. We collected over 20 data points across more than 80 banks—including products available, interest rates, fees, and accessibility—to ensure that our content helps users make the right decision for their savings and banking needs.

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