Bank of America is one of the most traditional banks in America, and therefore stands out with its various account options. From simple models to business accounts or accounts with cards, there is an ideal model for every profile.
Learn more about the benefits and differences of these services, and see if the Bank of America account matches what you are looking for!
What are the Types of Bank of America Accounts?
As one of the pillar banks of America, Bank of America has different types of accounts, with their own advantages and categories. Learn more about them:
Checking Accounts
Bank of America checking accounts are the simplest and most accessible for customers. They have digital access, so they can be managed via an app or internet banking directly on your cell phone, including depositing checks.
In addition, these accounts usually come with a debit card, to make purchases and withdrawals easier. At Bank of America, customers can count on Erica, a virtual financial assistant who helps monitor finances and answer questions.
For payments and transfers, options like Zelle help you make transactions between accounts, as well as other tools to help you budget and protect against fraud, with the Bank of America Life Plan Spending & Budgeting tool.
Bank of America’s checking account models include:
- SafeBalance Banking: Basic account with no overdraft fees and a waived monthly maintenance fee for those under 25;
- Plus Banking: Account with a monthly maintenance fee that can be waived with direct deposit or minimum balance;
- Relationship Banking: Offers more benefits and a waived monthly maintenance fee with higher balances or being a member of the Preferred Rewards program.
Fees may vary by region, period and profile, but include maintenance fees between $5 and $25, depending on the account type, plus check fees of $10 per item and $2.50 for withdrawals at ATMs outside the network.
Savings Accounts
Meanwhile, Bank of America’s Savings Accounts have an interest rate on the balance, as well as deposits using the app and direct monitoring of the amount through the app.
The bank has a unique feature called Keep the Change, a program that rounds up debit card purchases and transfers the difference to savings accounts, earning the same amount. It also has purchase insurance and the Life Plan tool to track goals.
The categories of this Bank of America account include:
- Advantage Savings: Standard savings account. The monthly maintenance fee may be waived for those under 25.
- Certificates of Deposit (CDs): Accounts with fixed interest rates for a specific period, generally higher than traditional savings accounts.
- IRA Accounts (Individual Retirement Account): Retirement options with tax advantages, such as Traditional IRA, Roth and SEP IRA.
The rates also vary depending on the region and profile. In these categories, customers can participate in Preferred Rewards, with benefits and balance rewards, as well as bonuses for using the card and discounts on loans.
Who Can Open an Account at Bank of America?
In practice, American citizens and permanent residents can open an account at Bank of America and enjoy all the benefits. In addition, holders of a valid visa can also enjoy the benefit, as long as they do the process in person at a branch.
It is necessary to present proof of address, the Individual Taxpayer Identification Number (ITIN) or another foreign tax identification number and two forms of identification, usually a driver’s license and passport, in the case of foreigners.
After presenting the proof, it is possible to choose a method according to your needs and start enjoying the benefits, from deposits, checks, withdrawals, to interest on the balance, cards and reward programs.
Should You Open An Account at Bank of America?
Bank of America is one of the most respected and traditional banks in the country, and its services, especially a bank account, are really worth considering. In addition to having several categories available, catering to different profiles, it also offers exclusive benefits, rewards programs and personalized service.
Its intelligent tools and virtual assistant allow users to have help with financial control, taking advantage of a range of convenient and practical services to access. Despite the maintenance fees, it is possible to be exempt and use the most of the benefits at little cost with the category that fits you better!
All information in this and other BOISLA articles is subject to change over time. Please check for updates directly with the institutions and companies mentioned. Approval is subject to the institution’s review.
REFERENCES:
