Bank of America
Bank of America Advantage Banking
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.)
Live Bonus
This account currently pays a $300 opening bonus: $200 standard offer, periodically raised to $300. See the full requirements.
Plan Options
Advantage SafeBalance
$4.95, waived for owners under 25, with $500+ minimum daily balance, or for Preferred Rewards members
- ▸Checkless account with no overdraft fees, transactions decline instead
- ▸$25 minimum to open
- ▸Heads up: under the mid-2026 BofA Rewards revamp, the rewards-based waiver requires Preferred Plus tier or higher
Advantage Plus
$12, waived with $250+ qualifying direct deposit, $1,500+ minimum daily balance, or Preferred Rewards membership
- ▸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 $10,000+ combined balances or Preferred Rewards membership
0.01-0.04% depending on balance and tier
- ▸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 Preferred Rewards relationship
Features
- ▸About 3,700 branches and 15,000 ATMs nationwide
- ▸Preferred Rewards interplay is the real product: $20k+ combined with Merrill unlocks Gold tier, waives the fee on any setting, and boosts credit card rewards 25-75%
- ▸Preferred Rewards is being rebranded to BofA Rewards starting May 2026 with tier requirements tightening on SafeBalance waivers
- ▸SafeBalance setting eliminates overdraft fees entirely
- ▸Strong app with Zelle, Erica assistant, and FICO score access
- ▸Balance Connect overdraft protection from linked accounts
Pros
- +Preferred Rewards turns a parked Merrill IRA into fee waivers and outsized card rewards
- +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
- −The 2026 rewards revamp tightens SafeBalance fee waivers to Preferred Plus tier and up
- −$10 overdraft fee still applies on Plus and Relationship
- −Non-BofA ATM fees unless you hold a six-figure relationship
Our Take
Advantage Banking is average checking attached to an excellent loyalty program. If you'll never hold $20k with BofA or Merrill, just take the Plus account, set a $250 direct deposit, and treat it as a free branch-access account. If you will, move an IRA to Merrill Edge, hit Platinum Honors, and the fee waivers plus 75% card bonuses quietly become one of the best deals in banking. Watch the BofA Rewards transition in mid-2026, since some waiver rules tighten.
Best for: Anyone willing to park investments at Merrill and milk Preferred Rewards
Open at Bank of America →Last verified 2026-06-11
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