Bank of America Advantage Banking Review

Advantages Over Traditional Banks

You can open a Bank of America Advantage Banking account online without ever leaving your home, which can save you time and effort. Instead of choosing between separate products, you pick from three settings under one account, so it's easy to start simple and move to a different setting if your life changes.

Each setting has a competitive monthly fee, and Bank of America gives you several ways to have it waived, including direct deposit, which can help you keep more of your money.

Cutting-Edge Banking Services

Bank of America Advantage Banking comes with helpful digital tools that make managing your money easier. Erica, Bank of America's virtual financial assistant, can help you track spending, find transactions, and get quick answers. You can also set up custom alerts to keep tabs on your balance and account activity.

With the Plus and Relationship settings, you can enroll in Balance Connect® for overdraft protection, which links your checking account to up to five eligible Bank of America accounts and automatically moves available funds when you need them. SafeBalance is set up to help prevent overspending, so there are no Overdraft Item Fees.

Bank of America Traditional Banking Services

With its history dating back hundreds of years, Bank of America offers plenty of traditional banking services. There are thousands of financial centers and ATMs across the country, so in-person help is never far away.

Opening a personal checking account also gives you access to BofA Rewards™, with no fee to join. Members can enjoy cash back deals on debit card purchases, a rewards bonus on eligible Bank of America® credit cards, and more. In addition to checking, Bank of America offers savings accounts, credit cards, loans, mortgages, and investing.

Bank of America Interest Rates and Fees

One Account, Three Settings

While there's a single Bank of America Advantage Banking account, it comes with three account settings: Advantage SafeBalance Banking, Advantage Plus Banking, and Advantage Relationship Banking.

Advantage SafeBalance Banking

SafeBalance is the most hands-off setting. It's set up to help prevent overspending, so transactions that exceed your available balance are usually declined rather than pushing you into the red, and there are no Overdraft Item Fees. It's a good fit if you mostly pay by card or app and don't need paper checks. There's no monthly fee if an account owner is under 25, which makes it a natural starting point for students and young adults.

Advantage Plus Banking

Plus is the middle ground and probably the setting most people will land on. You get paper checks, the option to link backup accounts through Balance Connect® for overdraft protection, and several ways to waive the monthly fee, including setting up direct deposit. It doesn't earn interest, so it works best as an everyday spending account.

Advantage Relationship Banking

Relationship is built for people who keep more of their money with Bank of America. It earns interest, includes paper checks and Balance Connect®, and removes fees on select banking services such as incoming domestic wire transfers and stop payments. The interest rate is modest, so think of it as a perk rather than a reason to choose the account.

Fee waiver requirements and rates can change, so check Bank of America's Personal Schedule of Fees for the latest details.

How to Waive the Monthly Fee

Each setting has its own monthly maintenance fee, but Bank of America gives you a few ways to avoid paying it each statement cycle:

SafeBalance: Have an account owner under 25, keep a $500 minimum daily balance, or qualify through an eligible BofA Rewards™ tier.

Plus: Receive at least one qualifying direct deposit of $250 or more, keep a $1,500 minimum daily balance, or qualify through an eligible BofA Rewards™ tier.

Relationship: Maintain the required combined balance in linked Bank of America accounts or qualify through an eligible BofA Rewards™ tier.

Waiver rules can change, so it's worth checking Bank of America's Personal Schedule of Fees before you open your account.

BofA Rewards and Welcome Offers

Opening a personal checking account gives you access to BofA Rewards™, with no fee to join. Members can get cash back deals on debit card purchases, a rewards bonus on eligible Bank of America® credit cards, and more. Your tier is based on your combined balances across qualifying deposit and investment accounts, and higher tiers come with bigger benefits.

Bank of America also runs welcome offers for new checking customers from time to time, typically tied to receiving qualifying direct deposits within a set period. Offer amounts, eligibility, and end dates vary, so check the current terms on Bank of America's site before you apply.

Customer Service and Online Experience

Customer support is available over the phone at 800.432.1000, as well as through Erica in the mobile app and on social media platforms like Facebook and X. You can also visit any of Bank of America's financial centers for in-person help.

The company has a comprehensive and helpful online help center that makes it easy to get answers to common questions, and everything from opening an account online to using the app is simple.

Branches and ATMs

One of the biggest draws of Advantage Banking is access to a large physical network. Bank of America has thousands of financial centers and ATMs across the U.S., so in-person help is never far away if you prefer it. You can also reach support by phone, and the website has a detailed help center for common questions. Just keep in mind that using an ATM outside the Bank of America network can come with fees.

Overdraft Protection

With the Plus and Relationship settings, you can enroll in Balance Connect® for overdraft protection. It links your checking account to up to five eligible Bank of America accounts and automatically moves available funds over when you need them, which can help you avoid declined payments and Overdraft Item Fees. SafeBalance takes a different approach and simply declines most transactions that would overdraw the account.

Bank of America Mobile App

Bank of America has a fully functional mobile app that is available on both Android and iOS devices. The app lets you deposit checks, customize alerts, lock and replace your card, move money between accounts, pay bills, and more.

Its website contains videos and guided demos to help you get the most out of the app. The app has favorable reviews on both the Google Play Store and the Apple App Store, is user-friendly, and makes managing your checking account on the go easy.

Security

Bank of America, N.A. is a member of the FDIC, so your eligible deposits are insured up to the standard limit. The bank uses SSL encryption and two-factor authentication to protect your account, and you can set up real-time alerts for account activity. Its $0 Liability Guarantee means you're not responsible for fraudulent transactions on your debit card when you report them promptly, and a dedicated fraud team monitors for suspicious activity.

The privacy policy details how the company collects personal information, what it's used for, and how it's shared. It also gives customers some control, as you can choose how your information is shared and how you're marketed to.

Summary

Bank of America Advantage Banking is a solid choice if you want a checking account that can grow with you. Its three account settings meet the needs of a variety of customers: SafeBalance keeps things simple with no Overdraft Item Fees, Plus covers flexible everyday banking, and Relationship adds interest and no fees on select banking services. Each comes with a competitive monthly fee that can be waived, plus a large branch and ATM network, a capable mobile app, and access to BofA Rewards™. It’s an easy account to recommend, as long as you can meet the waiver requirements for the setting you choose.

Methodology

This review was created using information from the Bank of America website, including its Advantage Banking offer pages, Personal Schedule of Fees, privacy policy, and security center.