Picking the right bank can be tough with so many options out there, but one name consistently stands out: Bank of America.
If you’re looking for convenience, reliability, easy access to financial tools, and a broad selection of services, this bank could be a strong fit. Before opening a checking account, though, it’s smart to get familiar with what the bank offers and why it’s often recommended.
About Bank of America
Bank of America ranks as the second-largest bank in the U.S. based on total assets. With decades in the industry, it’s known for its wide national presence and strong online services.
It currently serves more than 69 million customers, offering solutions that support both individuals and small businesses. With branches coast to coast, the bank brings together tradition, innovation, and user-friendly service.
Features of Bank of America
A major advantage of banking with Bank of America is its vast service network. With around 15,000 ATMs nationwide, customers can easily withdraw cash and handle everyday banking. Although the number of branch locations has declined in recent years, there are still about 3,600 branches in operation.
On the tech side, the bank excels with its award-winning mobile app, which gets frequent updates. It also features a built-in virtual assistant, Erica, which uses AI to help with everyday money management. Popular tools include checking balances, paying bills, making transfers, and setting up personalized alerts.
One thing to note: interest rates on savings accounts and CDs tend to be on the lower side compared to the national average. However, some of the bank’s promotional CDs do offer competitive APYs.
What Does a Bank of America Account Offer?
Bank of America’s checking and savings accounts come with features like debit card access, mobile banking, and loyalty perks. One standout is the Keep the Change program, which rounds up your debit card purchases and moves the spare change into your savings account—a simple way to save without thinking about it.
Another benefit is BankAmeriDeals, offering up to 10% cashback when you shop at participating businesses using a Bank of America debit or credit card.
Customers with $20,000 or more in combined eligible balances can join the Preferred Rewards program. This gives you access to benefits like reduced banking fees, extra credit card rewards (from 25% up to 75%), lower interest rates on loans, and other premium services.
From extensive branch access to rewards programs and reduced overdraft fees, there are plenty of reasons to consider opening an account here.
How to Open a Bank of America Account
You can open an account online or at a local branch. The online application is easy to complete either on the website or through the mobile app. Just enter your personal details and choose the account type that fits your needs. Several account options are available, and some don’t charge a monthly maintenance fee.
After approval, you’ll need to make an initial deposit—usually between $25 and $100. Then just check your email for next steps.
A few exceptions apply: for example, the SafeBalance Banking for Family Banking account is only available online to current customers. And if you’re opening a joint account with a child under 13, that must be done in person at a branch.
Is It Worth Opening an Account at Bank of America?
If you’re looking for a bank you can count on, Bank of America is a solid option. It’s well-established, offers a wide range of services, and provides excellent digital tools to manage your finances.
Its rewards and loyalty programs appeal to many, and with locations across the country, chances are there’s one near you. Plus, most tasks can be handled through the app—no need to leave home.
While its savings interest rates may not be the most competitive, the overall package makes Bank of America a dependable choice, whether you’re opening your first account or switching for more convenience.
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.
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