About Bank of America
Bank of America can trace its roots back to the U.S.-based Bank of Italy, which was founded in 1904 and originally headquartered in San Francisco, CA. It was acquired by NationsBank in 1998 and became the Bank of America Corporation. It is currently the second-largest bank in the country after JP Morgan Chase and the second-largest in the world by market capitalization. Bank of America operates more than 4,600 branches and close to 16,000 ATMs in all 50 states.
Bank of America Overview
Bank of America serves close to 70 million customers with its 4,600 branches and more than 16,000 ATMs throughout the country. Aside from the competitive rates it offers on some of its CD products, it is very similar to the other big banks in terms of savings, checking, and money market account options and their associated yields, which are not very high at all. It is, on the other hand, a good bank for individuals looking to work with a bank that has branches and ATMs nationwide and offers a comprehensive and easy-to-use website and mobile app.
| More than 4,600 branches nationwide | No high-yield savings accounts available |
| More than 16,000 ATMs available nationwide | No ATM fee rebates |
| Attractive yields on certain CD products | Savings and checking account yields are low or non-existent |
| Low minimums to open savings and checking accounts | Overdraft fees and monthly service charges if account requirements are not met |
| Highly-rated mobile app |
Bank of America Product Offerings
Savings Accounts
A savings account is a deposit account at a bank or credit union that insures your principal up to the FDIC or NCUA limitations and generally pays a modest interest rate. Bank of America customers have access to one personal savings account and one business savings account. Here is the most current Bank of America savings account information for September 2025:
Checking Accounts
Bank of America currently offers several personal and business checking accounts with little to no opening balance requirements, relatively low monthly service charges, and peer-to-peer services provided by Zelle. The accounts offered are excellent for day-to-day use backed by one of the largest banks in the country.
CDs
A certificate of deposit (CD) is a form of savings account that pays a fixed interest rate on the money in the account for a certain period of time, known as a term. Bank of America offers CDs with terms ranging from 1-month up to 10-years. Some of their short term CDs offer competitive APYs but the majority offer very low APYs. Here are some of their top CD accounts for September 2025:
Bank Fees
Overdraft fee: $10
Savings and Money Market Account withdrawals: $10/withdrawal for excessive withdrawals
Account closure fee: None
Wire transfer fee: Domestic - Incoming is $15 and outgoing is $30; International - Incoming is $15 and outgoing is $0 is sent in foreign currency or $45 if sent in US dollars
Non-network ATM fee: $2.50
International ATM Fee: $5.00 plus 3% of total amount withdrawn
Monthly service charge: Fees range from $8 to $35 depending on the type of account. Most fees can be waived if certain requirements are met.
Bank of America Features
Bank of America's customer service is available from 8am to 11pm Mon-Fri and 8am to 8pm weekends. Outside of those hours, there is an automated service available. The Bank of America app allows customers to manage their accounts, process transactions via Zelle and use their chatbot to help manage alerts, spending updates, etc.
Bank of America FAQs
Our Take
Bank of America is similar in many ways to the other big banks. They offer a wide variety of banking products, most of which, unfortunately, offer less than competitive yields. The one bright spot are some of the short-term CDs, which offer yields comparable to those of many online banks, with the added convenience of Bank of America's large presence throughout the country via its more than 4,600 branches and 16,000 ATMs. This bank is a good option for customers wanting to be able to go just about anywhere in the country and be able to access a branch or ATM. Other than that, it is very similar to the other big banks.
Methodology
Our editorial staff continually updates the information contained on our website. Our editorial staff has analyzed virtually all of the banks and credit unions that it follows, and it does weekly rate analysis for more than 250 prominent banks and credit unions. These institutions were chosen because they provide competitive APYs, low fees, and other factors we find important. These banks and credit unions often provide accounts that are available nationally. All of these banks are FDIC-insured, and all of these credit unions are NCUA-insured. Choosing an FDIC-insured bank or an NCUA-backed credit union assures that your money is protected as long as it stays within insurance limits and requirements.