Bank of America
Bank of America Advantage Banking
By Alex Compton · Guidance updated
Reviewed account plans, single-deposit fee waivers, local-rate limits, ATM benefits and overdraft settings against Bank of America disclosures.
Guidance checked October 23, 2026. Full account terms last verified October 23, 2026; location-specific rates and eligibility still require confirmation with the bank.
Opening and choosing the right account
SafeBalance allows individual ownership from age 16; younger applicants need an adult co-owner. Plus and Relationship require an adult co-owner below 18. Applications involving a child under 13 must be completed at a financial center. Confirm address eligibility and local rates in the application; this review does not establish approval in every location. The separate parent-owned SafeBalance for Family Banking product has different eligibility and deposit features.
Bank of America ownership and application requirements →What the quoted Relationship rate means
The public page showed the rates above when checked, with an October 6 effective date, and asks for a home ZIP code for accurate local rates and fees. Treat those figures as an observed quote, not a guaranteed nationwide APY. Rates can change.
Bank of America rate disclosure →Checking bonus availability
No current public bonus was verified in this review. The previously tracked offer has expired and its offer page returned 404. Its old amount, deposit requirement and payout schedule are not current account benefits. Check the terms of any offer presented to you before opening.
Insurance: Eligible deposits at Bank of America, N.A. are FDIC-insured up to $250,000 per depositor, per ownership category. Merrill investments are not bank deposits.
Account Terms History
A dated record of APY, fees and opening requirements. New changes append to this table; prior terms remain visible.
| Observed | APY / yield | Monthly fee | Minimum | Evidence |
|---|---|---|---|---|
| 2026-10-23 | SafeBalance and Plus earn no interest. Relationship: public page displayed 0.01% APY below $50,000 and 0.02% at $50,000+, effective October 6, 2026. Variable; confirm the rate for your ZIP code. | $4.95 SafeBalance; $12 Plus; $25 Relationship. Each has separate waiver requirements. | $25 SafeBalance; $100 Plus or Relationship | Bank of America August 2026 fee schedule, current product page and Clarity Statements →Full account review: qualified the observed local APY, clarified Plus requires one $250 qualifying deposit, corrected cashier’s-check and negative-balance claims, and retained the separate expired bonus as withheld. |
| 2026-09-04 | None on SafeBalance/Plus; variable interest on Advantage Relationship, with the current rate unavailable online at review time | $4.95 SafeBalance; $12 Plus; $25 Relationship, each with current balance, activity, age, or BofA Rewards waiver paths | $25 SafeBalance; $100 Plus and Relationship | Bank of America Personal Schedule of Fees, August 2026 →Replaced the retired Preferred Rewards tier language, corrected the Relationship balance waiver from $10,000 to $20,000, and updated ATM benefits |
| 2026-06-11 | None on SafeBalance/Plus; 0.01% on Advantage Relationship | $12 Advantage Plus; $25 Advantage Relationship with a $10,000 balance waiver shown in the archive record | $25 SafeBalance; $100 Plus and Relationship | Archive record · no attached snapshotLegacy snapshot before event-level evidence attachments |
Primary-source verification log
Append-only evidence ledger- changed
Full account review: single-deposit waiver, location-qualified published APY, opening amounts, plan features, ATM/rewards benefits, ownership, FDIC coverage and official opening URL checked. Separate expired bonus remains withheld; no current replacement verified.
Fields: apy, monthlyFee, plans, features, atm, pros, cons, ourTake, editorialReview, termHistory, lastVerified
Bank of America August 2026 fees, Clarity Statements and current product/rewards pages → - changed
Completed the three-account review; replaced retired Preferred Rewards language, corrected the Relationship balance waiver and updated current ATM tier benefits
Fields: apy, plans, features, atm, pros, cons, ourTake, bestFor, termHistory, lastVerified
Bank of America Personal Schedule of Fees, August 2026 →
Monthly fees and ways to waive them
Each row links to the official account details. Waiver requirements apply by statement period; other service fees may still apply. Checked 2026-10-23.
| Account | Monthly fee | Ways to waive the fee | Key differences |
|---|---|---|---|
| Advantage SafeBalance Checkless banking without overdraft item fees | $4.95 | Any one per statement cycle: an owner under 25; $500 minimum daily balance; or enrollment in BofA Rewards Preferred Plus or higher. Age waiver excludes fiduciary accounts. |
|
| Advantage Plus Checks and branch banking with a qualifying income deposit | $12 | Any one per statement cycle: at least one qualifying direct deposit of $250 or more; $1,500 minimum daily balance; or enrollment in BofA Rewards Preferred Plus or higher. |
|
| Advantage Relationship Select service-fee waivers with a qualifying balance or rewards tier | $25 | $20,000 minimum daily balance in this account, or enrollment in BofA Rewards Preferred Plus or higher. |
|
Features
- ▸Branch and ATM access plus mobile check deposit, bill pay and Zelle on these three personal accounts
- ▸BofA Rewards enrollment starts at Member with no minimum balance; that tier does not waive checking maintenance fees
- ▸Preferred Plus requires $30,000 in qualifying combined balances; Preferred Honors $100,000; Premier $1 million, generally measured over three calendar months
- ▸Eligible card rewards bonuses are 10%, 25%, 50% and 75% across those tiers; these are card bonuses, not checking interest
- ▸Plus and Relationship can use Balance Connect with up to five eligible backup accounts; no transfer fee, but credit-based funding can incur interest
Pros
- +Plus has a single-deposit waiver route without a large balance
- +SafeBalance offers an under-25 fee waiver and no overdraft item fees
- +Qualifying Merrill balances can count toward rewards tiers
Cons
- −SafeBalance has no personal checks; small deposits cannot be added together to meet Plus’s single-deposit rule
- −Relationship’s published interest is low and location-dependent; its fee can exceed interest
- −Plus and Relationship Standard overdrafts can cost $10 per paid item, at most two per day, with exceptions
Our Take
Start with the account features you need and a waiver you can meet each statement cycle. Plus fits check writers with one qualifying income deposit of at least $250; SafeBalance fits checkless use with an age or balance waiver. Relationship is a service-benefit choice, not a reason to hold extra cash for its interest. Evaluate rewards benefits using balances you already intend to keep with Bank of America or Merrill.
Best for: People who need local branch access and can meet a plan-specific fee waiver
Open at Bank of America →Last verified 2026-10-23
Frequently asked questions
Do two $150 deposits waive the Advantage Plus fee?
No. Even if both are qualifying income deposits, neither reaches the required $250 in one deposit. A separate balance or BofA Rewards waiver could still apply.
Can SafeBalance go negative?
Yes. For example, a final card charge can exceed the amount originally authorized. Bank of America does not charge an overdraft item fee on SafeBalance, but a merchant may charge its own fees.
Does Advantage Relationship include free cashier’s checks?
Not automatically. Its Clarity Statement lists $15 per cashier’s check. A separate qualifying rewards benefit may waive that charge.
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