What Types of Checking Accounts Bank of America Offers

Bank of America's Main Checking Account Options

Bank of America offers four primary checking accounts: Advantage SafePass, Advantage Plus, Advantage Relationship, and Interest Checking. Each one has different monthly fees, minimum balance requirements, and features. The account that makes sense for you depends on how often you use your account, whether you want to earn interest, and how much money you typically keep on deposit.

You can view the current details of each account type on Bank of America's website, or call 1-800-432-1000 to speak with a representative. Account features and fee structures change periodically, so checking directly with the bank gives you the most current information rather than relying on older guides.

Key Takeaways

• Bank of America's four main checking accounts differ in monthly fees, minimum balance requirements, and whether they pay interest on your balance.
• Advantage SafePass is designed for customers who want overdraft protection and are willing to pay a monthly fee to avoid overdraft charges.
• Advantage Plus and Advantage Relationship both waive monthly fees if you meet balance or deposit requirements, which vary between the two accounts.
• Interest Checking pays a small amount of interest on your balance but typically has higher minimum balance requirements than other options.
• You can compare accounts side by side on Bank of America's website or ask a banker in person at any branch to review which account fits your banking habits.

Advantage SafePass: Overdraft Protection Focus

The Advantage SafePass account is built around overdraft protection. It charges a monthly fee, but that fee covers overdraft protection that prevents transactions from being declined when your balance runs low. This account is useful if you want the security of knowing your debit card won't be rejected at the checkout, even if you miscalculate your balance.

With Advantage SafePass, Bank of America links the account to your savings account or a line of credit, so when you spend more than you have in checking, the bank covers the difference automatically. You pay the monthly fee upfront rather than paying per overdraft incident. If overdraft protection matters to you and you don't want to worry about individual overdraft fees, this account type is worth comparing to the others.

Advantage Plus and Advantage Relationship: Fee Waivers Through Deposits or Balances

Both Advantage Plus and Advantage Relationship charge a monthly fee, but both waive that fee if you meet certain conditions. The difference is in what those conditions are. Advantage Plus typically waives the fee if you maintain a minimum average balance or set up direct deposit. Advantage Relationship waives the fee based on your total relationship with Bank of America — for example, if you have a savings account, credit card, or mortgage with them in addition to the checking account.

These accounts are common choices for people who already bank with Bank of America or plan to use multiple products. If you're comparing them, the key question is whether you can more easily meet the balance requirement (Advantage Plus) or whether you already have other accounts with the bank (Advantage Relationship). Neither account pays interest on your checking balance.

Interest Checking: Earning Money on Your Balance

Bank of America's Interest Checking account pays interest on the money you keep in the account. The interest rate is typically very low — often less than 0.01% — but it is higher than the zero interest you earn in most other checking accounts. This account usually has a higher minimum balance requirement than the other options, and the monthly fee is waived only if you meet that balance threshold.

Interest Checking makes the most sense if you keep a large balance in checking and want to earn something on it rather than letting it sit idle. If you keep less than a few thousand dollars in checking, the interest you earn will be minimal, and you may be better off with one of the fee-waiver options instead.

How to Compare These Accounts Side by Side

Bank of America publishes a comparison chart on its website that shows the monthly fee, minimum balance requirement, overdraft protection options, and interest rate (if any) for each account type. You can also visit a Bank of America branch and ask a banker to walk you through the differences. Bring information about your current banking habits — how much you typically keep in checking, whether you use direct deposit, and whether you have other accounts with the bank — so the banker can recommend the best fit.

If you already have a Bank of America checking account and want to switch to a different type, you can usually do this online through your account settings or by calling customer service. Switching accounts does not close your old account; it straightforward changes which product you're using going forward. You keep the same account number and routing number unless you specifically request otherwise.

What Happens If You Don't Meet Fee-Waiver Requirements

If you have Advantage Plus or Advantage Relationship and don't meet the balance or relationship requirement in a given month, you'll be charged the monthly fee. The fee is typically between $10 and $15, though this varies. Bank of America will notify you before charging the fee, so you have a chance to make a deposit or adjust your account if you want to avoid it.

Some customers find it helpful to set a phone reminder on the first of each month to check whether they've met the requirement. Others choose to switch to Advantage SafePass or a different account type if they realize they can't consistently maintain the balance. There's no penalty for changing accounts, so you can experiment to find what works for your situation.

Frequently Asked Questions

Can I switch from one Bank of America checking account to another?

Yes. You can change your account type online through your Bank of America login, by calling 1-800-432-1000, or by visiting a branch. The switch is when ready, and you keep your existing account number and routing number unless you ask to change them.

Which Bank of America checking account has no monthly fee?

None of the four main checking accounts have zero monthly fees without conditions. Advantage Plus and Advantage Relationship waive their fees if you meet balance or relationship requirements. Advantage SafePass and Interest Checking charge a monthly fee regardless, though Interest Checking's fee is waived if you maintain the required minimum balance.

Do any Bank of America checking accounts pay interest?

Only Interest Checking pays interest on your balance. The rate is typically very low — often less than 0.01% annually. The other three account types do not pay interest on checking balances.

What's the difference between Advantage Plus and Advantage Relationship?

Advantage Plus waives its fee based on your balance or direct deposit activity. Advantage Relationship waives its fee based on your total relationship with Bank of America — for example, having a savings account, credit card, or loan with them. Choose based on which requirement you can more easily meet.

What happens if I don't maintain the minimum balance for my account?

If your account charges a monthly fee and you don't meet the waiver requirement, Bank of America will charge that fee to your account. You'll receive notice before the charge is applied. You can then deposit money to meet the requirement, switch to a different account type, or accept the fee.