Bank of America Review 2026
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses, and large corporations with a full range of banking, investing, asset management, and other financial products.
Founded
1904
Headquarters
Charlotte, NC
Total Assets
$2.5 trillion
Branches
3,900+
BankingDeal Rating
Based on rates, fees, features, and customer satisfaction
4
out of 5.0
Rates & Fees
| Product | Rate / Fee |
|---|---|
| Savings APY | 0.01% |
| 12-Month CD APY | 4.50% |
| Checking Monthly Fee | $12 |
Rates shown are for illustration. Verify current rates directly with Bank of America.
Products Offered
Pros & Cons
Pros
- +Preferred Rewards program offers significant perks
- +Strong digital banking and mobile app
- +Extensive ATM and branch network
- +Merrill Lynch integration for investing
- +Student-friendly account options
Cons
- -Low standard savings rates
- -Monthly maintenance fees on basic accounts
- -Customer service can be inconsistent
- -Foreign transaction fees on many cards
Our Verdict
Bank of America is a solid choice for those who value 3,900+ branch locations and a full suite of banking products. Preferred Rewards program offers significant perks, making it a strong contender in the traditional banking space. While savings rates at 0.01% are lower than online competitors, the convenience of branch access and comprehensive product offerings may offset this for many customers.
Related Resources
Frequently Asked Questions
Is Bank of America a good bank?
Bank of America has a rating of 4/5 on our scale. Preferred Rewards program offers significant perks. However, low standard savings rates. Whether it is right for you depends on your specific banking needs and priorities.
What is the savings account APY at Bank of America?
Bank of America currently offers a savings APY of 0.01%. Online banks may offer higher rates, though Bank of America provides other benefits like branch access. Rates are subject to change. Verify current rates directly with Bank of America.
Does Bank of America charge monthly fees?
Bank of America charges a $12 monthly maintenance fee on its standard checking account, though this can often be waived by meeting certain requirements such as maintaining a minimum balance or setting up direct deposit.
What products does Bank of America offer?
Bank of America offers Checking Accounts, Savings Accounts, CDs, Credit Cards, Mortgages, Auto Loans, Investment Services. Services are available online, through the mobile app, and at 3,900+ branches nationwide.
Where is Bank of America headquartered?
Bank of America is headquartered in Charlotte, NC. Founded in 1904, Bank of America Corporation has grown to manage $2.5 trillion in total assets. It operates 3,900+ branches.