Bank of America
Bank of America Business Advantage Banking
Two-tier big-bank checking with Preferred Rewards fee waivers
Insurance: FDIC insured up to $250,000 (Bank of America, N.A.)
Plan Options
Business Advantage Fundamentals
$16, waived with $5,000 combined average monthly balance, $500 in monthly debit card purchases, or Preferred Rewards for Business membership; no fee for the first 12 statement cycles
- ▸Unlimited electronic transactions; first 20 non-electronic items free, then $0.45 each
- ▸$5,000 in free cash deposits per cycle, then $0.30 per $100
- ▸Cash Flow Monitor and Zelle for business included
Business Advantage Relationship
$29.95, waived with $15,000 combined average monthly balance or Preferred Rewards for Business membership
- ▸500 free non-electronic transactions and $20,000 in free cash deposits per cycle
- ▸Second Business Advantage checking account and a business savings account at no extra fee
- ▸Additional included services and more authorized users with QuickBooks integration
Features
- ▸Unlimited fee-free electronic transactions on both tiers
- ▸Fundamentals: 20 free non-electronic items and $5,000 free cash per cycle
- ▸Relationship: 500 free items and $20,000 free cash per cycle
- ▸Preferred Rewards for Business (becoming BofA Rewards mid-2026) waives fees and boosts card rewards
- ▸Cash Flow Monitor dashboards and Zelle built in
- ▸3,700+ financial centers and roughly 15,000 ATMs
- ▸$500 debit-spend waiver path requires no parked balance (Fundamentals)
Pros
- +Debit-spend waiver path on Fundamentals avoids balance requirements entirely
- +Relationship tier bundles a second checking and a savings account at no added fee
- +Preferred Rewards integration is valuable if you hold Merrill or BofA balances
- +Huge branch and ATM footprint
Cons
- −Only 20 free non-electronic items on Fundamentals stings for check-heavy businesses
- −No interest on checking balances
- −Fee-waiver rules tighten with the May 2026 BofA Rewards transition
- −$45 outgoing USD international wires
Our Take
Bank of America's two tiers map cleanly to business size: Fundamentals for low check volume, Relationship once you push past 20 paper items or $5,000 in monthly cash. The $500 debit-spend waiver is the easiest no-balance path at any megabank, and Preferred Rewards members get the fee waived outright. If you write a lot of checks but will not clear the $15,000 Relationship waiver, Chase or a regional bank handles that pattern more cheaply.
Best for: Businesses already in the BofA/Merrill ecosystem with Preferred Rewards status
Open at Bank of America →Last verified 2026-06-11
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