Bank of America Review
Bottom Line
Bank of America is best for customers with high balances who can benefit from preferred rewards. Huge branch/ATM network and preferred rewards program make it stand out, though low savings apy is worth considering.
Key Features
Rating Breakdown
Pros & Cons
Bank of America Pros
- + Huge branch/ATM network
- + Preferred Rewards program
- + Strong app
- + Full product suite
Bank of America Cons
- - Low savings APY
- - Monthly fees
- - High minimum balances for perks
Who Is Bank of America Best For?
Bank of America is ideal for customers with high balances who can benefit from preferred rewards. If that describes you, it's one of the strongest options available in 2026.
Key advantages include huge branch/atm network, preferred rewards program, strong app. The main drawbacks to be aware of are low savings apy and monthly fees.
Our Verdict: 3.8/5
Bank of America is a decent option with clear strengths in specific areas. Consider your priorities carefully before choosing.
Frequently Asked Questions
Yes, Bank of America accounts are FDIC insured up to $250,000 per depositor, per ownership category. Your deposits are protected even if the bank fails.
Bank of America currently offers 0.01% on savings accounts. Rates are variable and subject to change — always check the bank's official site for the latest figures.
Bank of America's checking account has a $12/mo (waivable) monthly fee. Many fee-waiver options are typically available, such as maintaining a minimum balance or setting up direct deposit.
Bank of America stands out for customers with high balances who can benefit from preferred rewards. Compared to the competition, it offers huge branch/atm network and preferred rewards program, though low savings apy may be a consideration.
Bank of America is best suited for customers with high balances who can benefit from preferred rewards. If you're new to banking, look at the minimum deposit requirements and account features to determine if it fits your needs.