A major bank with a wide range of options for checking, savings and credit cards, Bank of America has one of the most extensive networks of branches and ATMs. It also offers a strong online and mobile banking experience.
Unparalleled access to 4,300 branches and 17,000 ATMs – The bank’s nationwide network of branches and ATMs gives customers access to their money no matter where they are in the country. Its robust mobile app makes it easy to perform all kinds of financial transactions, including transferring funds between accounts and depositing checks.
Keep the Change – This feature allows you to round up your debit card purchases and put the change into your savings account. It’s a simple way to save money and can be a great incentive to avoid using your debit card for unnecessary spending.
The bank also offers a person-to-person payment platform called Zelle that lets you send and receive funds from friends and family. It also has a handy travel safety feature that uses your phone’s location to verify the transactions you’re making.
Competitive pricing – Bank of America has competitive rates for a number of deposit and lending products. Its Preferred Rewards program is a good way to earn higher interest and discounts on lending products.
Low minimums to open checking or savings accounts – This helps consumers who have limited funds. Its lowest minimum deposits are $100 and the highest is $500,000.
Streamlined online and mobile banking experience – The bank has a strong mobile website and fully featured mobile app that offer all of the features you need to manage your finances. Its digital banking experience is ranked in the top 25 in J.D. Power’s 2022 customer satisfaction survey.
High-quality customer service – BofA has a comprehensive support system, with staff members on hand from 8 a.m. until 11 p.m. ET weekdays and 8 a.m. until 8 p.m. on weekends, and a virtual assistant named Erica that surpassed a billion user interactions in October 2022.
Business fundamentals (r) checking – It offers a number of features that can be helpful for small businesses, such as owner and employee debit cards, customizable alerts and the option to waive monthly fees by meeting certain requirements. Its business fundamentals accounts also have a surprisingly low minimum deposit requirement of $100.
In addition to these features, it has a strong suite of business financing products, including loans and treasury management services. In fact, it is the nation’s largest lender of small business loans.
The company is based in Charlotte, North Carolina and has 4,100 retail financial centers across the globe. It has about 16,000 ATMs and serves 47 million consumers and small businesses worldwide.
The bank is a top lender of commercial and residential mortgages, auto loans and student loans, and it provides a wide range of investment services. It also has a strong presence in insurance and retirement planning. Its credit card offerings include cash rewards, travel and low-interest rate cards.