Please note, you wonât be able to continue using paper checks if you switch into the Advantage SafeBalance account setting. Set up and receive qualifying direct deposits of $4,000 or more into your new account within 90 days of account opening. Relationship-based ads and online behavioral advertising help us do that. Deposit Agreement and Disclosures Amended for Bank of America Advantage SafeBalance Banking® Account . If it happens that you don't have enough money to cover a transaction, Bank of America won't charge you any overdraft fees, but it also won't allow you to complete the transaction. Bank of America Advantage SafeBalance Banking Fees. If plenty of locations, one-stop convenience and online security are high on your list of priorities, Bank of America may be a good choice for you. Information is current as of 11/2020 and is subject to change. After November 20th, you can switch between any of the 3 Advantage Banking account settings if your financial needs change. When you sign up for this account, you’ll get a Visa debit card that allows you to shop almost anywhere. The key features are the same: Earn interest on your balance, enjoy no-fee services, and link an additional 3 checking and up to 4 savings accounts with no monthly maintenance fee. Things to Know Before Opening a BBVA Online Checking Account, enroll your Bank of America debit card in the savings program, Bank of America Advantage SafeBalance Banking Checking Account, Bank of America Advantage Plus Banking Checking Account, Bank of America Advantage Relationship Banking Checking Account, Comerica Bank Rich Rewards® Checking Account, Comerica Bank Comerica Platinum Circle Checking®. Monthly fee can be waived if you enroll in the Preferred Rewards program OR if you're a student enrolled in high school or college, and aged 24 or younger. It has several perks you won’t find with any of its other accounts. From the Bank of America website, click Checking, then Explore checking solutions. no fees on select services, including standard check orders, cashier's checks, incoming domestic wire transfers and more (the "more" depends on your tier). Bank of America has both the advantages and drawbacks inherent to its role as one of the world’s largest banks. If you don't have money in your Advantage SafeBalance Banking checking account, any transaction will be declined and returned unpaid. You'll be able to set limits for certain transfers, and each time you increase those limits, you'll need to confirm the modification, by hitting "Send code" to receive a confirmation code. Bank of America Advantage SafeBalance Banking. Advantage SafeBalance Banking accounts are now eligible for our Preferred Rewards and Banking Rewards programs and benefits, including monthly maintenance fee waivers. Bank of America Advantage SafeBalance Banking ® Bank of America Advantage Plus Banking ® Bank of America Advantage Relationship Banking ® Open now: Open now: Open now: Minimum opening deposit: $25. If you opt out, though, you may still receive generic advertising. reduced origination fees on Bank of America's mortgages. Bank of America Advantage Plus Banking ® Several ways to waive the monthly fee and optional services to help you manage your money your way. Footnote 5. We are not to be held responsible or liable for any damage arising from the use of our or external websites, financial products and services, as well as other products and services. It is solely your responsibility to verify terms and conditions specific to a product or service you're interested in by visiting the provider's website directly. You can also count on Erica's help to help you better manage your Advantage SafeBalance Banking checking account. Can I keep using my current account with no interruptions? Since this waiver was introduced in June 2018, the number of students using Advantage SafeBalance Banking accounts has quadrupled. To enroll in Preferred Rewards you need an eligible Bank of America® personal checking account and a 3-month average combined balance of $20,000 or more in qualifying Bank of America® banking accounts and/or Merrill Edge® and Merrill Lynch® investment accounts. How can I make payments with my Advantage SafeBalance Banking Checking? And, in case you need more debt, with all these loan discounts, Bank of America's offering you the lesser evil through its Preferred Rewards program! Capital One offers competitive rates on their savings account. To waive the m… There are 3 tiers based on qualifying combined balances: Gold, Platinum, and Platinum Honors. Once you've qualified, you need to enrolled in the Preferred Rewards program in Online Banking to get started. If your financial situation changes, you can switch to the setting that works best for you. Go to the provider’s site and follow the steps to apply. Visit our Bank of America Advantage Savings, Custodial Savings for Youth and Minor Savings Account product pages for the current rates. Advantage Plus Banking: The minimum opening deposit for this setting is $100. Sort_Audit: CC:00-53-5421NSB. Including Advantage SafeBalance Banking in your combined balances, Bank of America Advantage SafeBalance Banking™ (formerly SafeBalance Banking, Bank of America Advantage Plus Banking™ (formerly Bank of America Core Checking, Bank of America Advantage Relationship Banking™ (formerly Bank of America Interest Checking. Some of the links provided on our website are affiliate links. $5.00. 24/7 protection with Total Security Protection®, fraud monitoring, safer sign-in, and card locking features. Your Advantage SafeBalance Banking checking account can also go negative if your debit card is authorized for one amount, but the final is greater (such as adding a tip at a restaurant); or when there's a scheduled bill payment that's been deducted even though you didn't have enough money in your account; or if you are charged a fee by Bank of America (for example, a monthly maintenance fee), but you don't have enough to cover it. Bank of America Advantage SafeBalance requires a minimum initial deposit of $25 to open an account. We talk no bs. 1. Use the budgeting tool to take control of your money by tracking your habits and creating budgets. Bank of America Advantage SafeBalance offers an APY of 0.01% (APY stands for annual percentage yield, rates may change). Finally, in addition to all these unique features and services you get to enjoy with the Advantage SafeBalance Banking checking account, if you qualify for Bank of America's Preferred Rewards, you will receive even more benefits! With interactive charts broken down into categories, and long-term spending insights and trends, you'll be able to track your money habits, and stay on top of your finances. Open a BBVA Online Checking Account and Earn up to $250! your Bank of America debit card (you can also link it to a digital wallet). (Which is not to say you should not monitor your balance, and be responsible with your money.). Current Terms and Rates: Bank of America SafeBalance Banking®: Not interest-bearing; Bank of America Advantage Plus Banking®: Not interest-bearing; Bank of America Advantage Relationship Banking®: Balances up to $50,000: 0.01% APY; Balances of $50,000 to $100,000: 0.02% APY; Balances over $100,000: 0.02% APY ; Bank of America technically only offers a single checking … You simply can't write checks. In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements. Set up and receive two qualifying direct deposits of $250 or more each within 90 days of opening your new account. Account Type: Chase: Bank of America: Savings: Chase Savings and Chase … Member FDIC. Certain banking and brokerage accounts may be ineligible for real-time money movement, including but not limited to transfers to/from bank IRAs (CD, Money Market), 529s, Bank of America Advantage SafeBalance Banking™, Credit Cards and transfers from IRAs, Loans (HELOC, LOC, Mortgage) and accounts held in the military bank. The minimum opening deposit is $25. ... Bank of America’s low interest rates are starting to get in the way of my goals. Advantage Banking is a checking account with 3 account settings for different financial needs. SafePass also works when you want to add transfer recipients to your account. Compared to other large banks and my local credit union, I might be making a switch soon. While Bank of America is one of the largest banks in the U.S. with over 5,000 locations and 16,000 ATMs. The key features are the same: Earn interest on your balance, enjoy no-fee services, and link an additional 3 checking and up to 4 savings accounts with no monthly maintenance fee. Of course, for many consumers, picking a bank is more about comparing the numbers than anything else. Monthly maintenance fee: $4.95. Bank of America $100 Advantage Checking Account Offer. We receive compensation when you purchase products or services through those links. Good For: Bad For: Find the Best Checking Account or Reloadable Debit Card. The key features are the same: Get convenient access with multiple ways to waive the monthly maintenance fee and optional Overdraft Protection. This information may be used to deliver advertising on our Sites and offline (for example, by phone, email and direct mail) that's customized to meet specific interests you may have. Bank of America currently provides services to more than 3.3 million students nationwide. I’ll still keep my Bank of America checking account open, but my savings will be better off somewhere that can earn me more interest. How does it compare to Bank of America? Bank of America Advantage Relationship Banking® The benefits of Advantage Plus Banking along with interest on your balances and fee waivers on additional accounts and services. For those interested in being a part of an industry-leading financial institution while offering superior products and services, ... open a new Bank of America Advantage Banking account through this page by June 30, 2021. More From Your Money Core Checking is now Advantage Plus Banking. Good For: No Overdraft Checking. You can set it up in Online Banking, by choosing "Manage SafePass" from "Profile & Settings", and selecting one or more mobile phone numbers to receive your SafePass code. Please refer to your Credit Card Agreement for additional details. To start saving, you need to have a Bank of America checking account with a debit card, as well as a Bank of America savings account. Bank of America has over 4,000 branches and 16,000-plus ATMs, but its best known for special rewards programs it offers to customers. Bank of America offers a wide range of checking accounts for you to take advantage of, allowing you to take charge of your finances. Bank of America does not charge for this service but your mobile carrier's message and data rates may apply. We strive to provide you with information about products and services you might find interesting and useful. Read our comparison chart below. Yes. no monthly maintenance fees on up to 4 eligible checking and 4 savings accounts from Bank of America. Do note that merchants might still charge you a penalty fee, but this is not something Bank of America can control. Here's how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. $5.00. SafeBalance Banking® is now Advantage SafeBalance Banking. Merrill Guided Investing program fee discounts. This account provides tiered interest rates that grow with your relationship with the bank… It also doesn't influence our evaluations, reviews, and opinion. The Preferred Rewards is an exclusive program through which Bank of America rewards customers who manage to keep a certain amount of money in their eligible Bank of America accounts. The Bank of America Advantage Relationship checking account is BOA’s top-tier checking option. does its best to ensure the information on the website is consistent, accurate, and up to date, it might differ from what you find on external websites (of financial institutions, service or product providers). Whether you're a Gold, Platinum or Platinum Honors tier member of Bank of America's Preferred Rewards program, you'll get: As you can see, there are plenty of great perks, especially fee waivers on select products and services. How to qualify. It helps verify your identity by sending you a one-time, 6-digit code to your mobile device, which is required to authorize certain transactions in Online and Mobile Banking. If we choose to promote something, it is only because we think it is worth it. Cash back deals are available in Bank of America Online Banking as well as on the Bank of America Mobile Banking app. To receive exclusive benefits through Bank of America's free Preferred Rewards, you'll need an eligible Bank of America personal checking account, and a 3-month average combined balance of $20,000 in qualifying Bank of America deposit accounts and/or Merrill investment accounts. There is a $4.95 monthly maintenance fee for Advantage SafeBalance checking, $12 monthly maintenance fee for Advantage Plus checking and $25 monthly maintenance fee for Advantage Relationship checking, but only Advantage Relationship comes equipped with a variable interest rate. What happens if I overdraw my Advantage SafeBalance Banking checking account? 3%. Bank of America offers one checking account with 3 settings. Money management tools. Account Comparison. With each of these comes a set of benefits that you get to enjoy 12 months upon qualification! A checkless banking solution with no overdraft fees! Customers have one savings account option: Bank of America Advantage Savings. $12.00. transfer money between your accounts, and send money to other people or businesses. is a young startup with a mission to help people learn about checking accounts, banking, and money management, so they can lead a better financial life. That said, if you do want a free checking, then check out other checking account offers we have on our website! By: Tony P. | Last Updated: January 13, 2021 | This content is not provided or commissioned by the bank, credit card issuer, hotel, airline, or other entity. Equal Housing Lender new window. You can view all savings interest rates online. Online and Mobile Banking transfers, including Zelle®, to securely send money to family, friends or colleagues. Advantage SafeBalance: This setting has no overdraft fees - you can only spend what you have. Back to top . Enter your zip code Get Started. Just like with any other bank, Bank of America lets you manage your account at your convenience, wherever you are, 24/7. Erica can help you with everyday banking tasks and inquiries, and a lot more! But it only earns 0.02% APY and it has a $25 monthly fee. If, on the other hand, you want free, no-fee checking or savings, and better interest rates you may want to look elsewhere. However, even if you can't manage to avoid the $4.95 monthly fee, it's not that bad, when you look at all the advantages you get. Online and Mobile Banking with SafePass, and Online and Mobile Banking Security Guarantee. These notifications will help you keep a closer eye on your account 24/7. Learn more about Preferred Rewards. Bank of America Advantage SafeBalance Banking ... View PDF. $12. If you prefer that we do not use this information, you may opt out of online behavioral advertising. Just share facts, up-to-date information, and our honest opinion. It’s hard to underestimate the exact size of Bank of America: It holds about $1 out of every $10 on deposit in the U.S. Bank of America has had plenty of time to grow since its origins in 1904 and now boasts over 4,300 branches around That makes it convenient, but that convenience comes at a price because its accounts come with high fees and low interest rates. If you're looking for a checking account that comes equipped with everything you need to manage your money, but that can also help you do it better, the Bank of America Advantage SafeBalance Banking is what you need. To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review Bank of America Online Privacy Notice and our Online Privacy FAQs. There are no paper checks. How do I qualify for Bank of America Preferred Rewards? There to help you make better financial decisions is Bank of America's Spending & Budgeting tool, available in Online Banking, as well as on the Mobile Banking app. Bank of America Advantage SafeBalance Banking Checking Account: $4.95 (can be waived) $25 : 0.00% : Bank of America Advantage Plus Banking Checking Account: $12 (can be waived) $100 : 0.00% : Bank of America Advantage Relationship Banking Checking Account: $25 (can be waived) $100 However, even in these cases, you won't be charged overdraft fees! This doesn't mean you'll pay any more than if you went directly on our partner's website. Bank of America will then round up each transaction amount to the nearest dollar, and transfer it from your checking to your savings account. All rights reserved. Bank of America won't charge you any overdraft fees, but do note that the merchant or any third party could charge you a fee, a penalty fee, for example, in case you're late with your dues. Also, in Florida, Illinois, Missouri, and Texas, the bank has several routing numbers, which vary from location to location. notebanks. Just schedule an appointment at a financial center or call the number on the back of your debit card. chat with Erica (available in the Bank of America Mobile Banking app), and more. So, here’s a closer look at the different options for accounts offered at each and how they compare. Enrollment in the Preferred Rewards program is also required to have the monthly fee on the Advantage SafeBalance Banking checking account waived, so you get to benefit in more ways than one! There are no minimum deposits or service fees. Join the Preferred Rewards program to get better interest rates, credit card bonuses, ATM fee waivers and more. The monthly fee can be waived if you are a student under 24, or if you are enrolled in Preferred Rewards. Delivery of alerts may be affected or delayed by your mobile carrier’s coverage. After November 11th, when you pay a bill, the debit from your account will typically occur on the Deliver By date (which may be 2-7 days after the Send On date). Then, you'll need to enter your debit card details. Other options include the non-interest bearing Advantage SafeBalance Banking ($4.95 monthly fee, $25 opening balance and no paper checks) or the Bank of America Advantage Plus Banking … In Online Banking, you can find your account and routing number when you sign in to your Bank of America bank account, and go to the Information and Services tab. © 2020 Bank of America Corporation. While notebanks. Bank of America offers deposit accounts, loans, credit cards, and investing services. Your monthly maintenance fee, account number, checks and debit cards remain the same, and thereâs no need to update your digital wallets or Zelle® registration. Advantage SafeBalance Banking®: ... Open a new Bank of America Advantage Banking account by December 31, 2020. Their interest checking has several overdraft options in cases of accidental overdraw. Accounts you had linked to your Interest Checking account will remain linked to your Advantage Relationship Banking account. This checking account is a great way to learn how to be more responsible with your money, without being penalized in case of insufficient funds. Per transaction, greater of . While you can't write checks, there are many other ways you can make payments as an Advantage SafeBalance Banking checking accountholder. Deposited item returned. foreign currency exchange rate discounts. Any action you take upon the information on this website is at your own risk. $25. With the Bank of America Advantage SafeBalance Banking Checking Account, check writing is not possible. You can access your Bank of America checking account online or through the Bank of America Mobile Banking app using your device to: Bank of America uses different routing numbers for wire transfers and ACH transactions. Setting has no overdraft fees - you can make payments with my Advantage Banking... To take control of your debit card details how they compare is current as of 11/2020 is... Enjoy 12 months upon qualification and our honest opinion pay any more than if you opt out,,! A Bank is more about comparing the numbers than anything else the change is a way for you ll! App ), and card controls stands for annual percentage yield, rates may change ) SafeBalance!, or if you went directly on our partner 's website for students age! 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