Bank of America
Bank of America Advantage Banking
By Alex Compton · Last verified
One account, three settings, and a rewards program that does the heavy lifting
Insurance: FDIC insured up to $250,000 per depositor (Bank of America, N.A.)
Account Terms History
A dated record of APY, fees and opening requirements. New changes append to this table; prior terms remain visible.
| Observed | APY | Monthly fee | Minimum | Evidence |
|---|---|---|---|---|
| 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
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 →
Plan Options
Advantage SafeBalance
$4.95, waived for owners under 25, with a $500+ minimum daily balance, or for BofA Rewards Preferred Plus, Preferred Honors, and Premier members
- ▸Checkless account with no overdraft fees, transactions decline instead
- ▸$25 minimum to open
- ▸The rewards-based waiver requires BofA Rewards Preferred Plus tier or higher
Advantage Plus
$12, waived with a $250+ qualifying direct deposit, a $1,500+ minimum daily balance, or BofA Rewards Preferred Plus tier or higher
- ▸The standard full-featured account with checks and overdraft options
- ▸Easiest waiver of the megabanks at $250/month in direct deposits
- ▸Usual home of BofA's checking bonuses
Advantage Relationship
$25, waived with a $20,000+ minimum daily balance in the account or BofA Rewards Preferred Plus tier or higher
Variable interest; current rate unavailable online at review time
- ▸Interest-bearing in name only
- ▸No fees on standard checks, cashier's checks, or a linked secondary checking
- ▸Makes sense mainly as the hub of a BofA Rewards relationship
Features
- ▸About 3,700 branches and 15,000 ATMs nationwide
- ▸BofA Rewards is the real product: every eligible checking customer can enroll, while $30,000+ in qualifying Bank of America and Merrill balances reaches Preferred Plus and begins the checking-fee waivers
- ▸Eligible credit card rewards bonuses are 10% at Member, 25% at Preferred Plus, 50% at Preferred Honors, and 75% at Premier
- ▸SafeBalance setting eliminates overdraft fees entirely
- ▸Strong app with Zelle, Erica assistant, and FICO score access
- ▸Balance Connect overdraft protection from linked accounts
Pros
- +Qualifying Merrill balances count toward BofA Rewards fee waivers and eligible-card rewards bonuses
- +SafeBalance is a genuinely safe no-overdraft starter account
- +$250 direct deposit waiver on Plus is the lowest bar among the big four
- +Huge physical footprint
Cons
- −Zero meaningful interest at every setting
- −BofA Rewards fee waivers do not begin until Preferred Plus at $30,000 in qualifying balances
- −$10 overdraft fee still applies on Plus and Relationship
- −Non-BofA ATM benefits are limited to one withdrawal and one transfer per cycle until $100,000 in qualifying balances
Our Take
Advantage Banking is average checking attached to a valuable loyalty program. If you will not hold $30,000 with Bank of America or Merrill, take the Plus account, set a $250 direct deposit, and treat it as a free branch-access account. At $30,000, Preferred Plus starts the relationship fee waivers and a 25% bonus on eligible card rewards; the bonus rises to 50% at $100,000 and 75% at $1 million. Keep the checking decision separate from whether those balance thresholds make sense for your investments.
Best for: Anyone willing to consolidate qualifying balances at Bank of America and Merrill for BofA Rewards
Open at Bank of America →Last verified 2026-09-04
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