Bank of America Review 2026: Accounts, Fees & BofA Rewards

Bank of America is the second-largest US bank by assets with 3,900+ branch locations. It offers solid day-to-day banking infrastructure, an excellent mobile app, and one of the most developed loyalty programs of any major US bank — BofA Rewards (renamed from Preferred Rewards in May 2026). The main weakness: standard savings rates are among the lowest in the industry.

The short version: BofA for checking, credit cards, and the BofA Rewards program. An online bank for savings.

Bank of America at a Glance

Bank of America Checking Accounts

Advantage Plus Banking — the standard account for most consumers:

• $12/month fee — waived with a $250+ qualifying direct deposit, a $1,500 daily balance, or BofA Rewards Preferred Plus/Preferred Honors/Premier status
• Full debit card, online banking, Zelle, bill pay, mobile deposit
• $10 overdraft fee, max 2/day ($20 max) — significantly lower than Chase’s $34 or Wells Fargo’s typical overdraft fee

Advantage SafeBalance Banking — the no-overdraft option:

• $4.95/month, waived if an account owner is under 25, you maintain a $500 daily balance, or you qualify for BofA Rewards Preferred Plus/Preferred Honors/Premier status
• Transactions declined when funds are insufficient — no overdraft item fees on this account
• Best for customers who struggle with overdrafts

Advantage Relationship Banking — for high-balance customers:

• $25/month, waived with a $20,000+ daily balance across linked accounts, or BofA Rewards Preferred Plus/Preferred Honors/Premier status
• Earns a small variable interest rate; incoming domestic wire fee and stop payment fee waived; free standard checks or discounts
• Pairs well with Merrill investment accounts for BofA Rewards balance-tier qualification

Overdraft Fees: BofA Is Lower Than Chase and Wells Fargo

Bank of America’s overdraft fee is $10 per item — substantially lower than Chase’s $34 per item. You can be charged up to twice per day for a maximum of $20 in overdraft fees. Advantage SafeBalance Banking and Advantage Savings accounts do not have overdraft item fees at all.

For a full head-to-head on fees and account features, see Bank of America vs Chase. For customers weighing the regional bank alternative, Bank of America vs Wells Fargo covers branch access, fee structures, and digital tools side by side.

The BofA Rewards Program (Formerly Preferred Rewards)

BofA Rewards — renamed from Preferred Rewards around May 26, 2026, with a restructured tier system — is one of Bank of America’s most differentiated features. It’s based on combined balances across Bank of America bank accounts and Merrill investment accounts.

As of September 2026. This is a significant change from the former Preferred Rewards structure (Gold $20,000 / Platinum $50,000 / Platinum Honors $100,000, with the maximum 75% boost available at $100,000). Under the current BofA Rewards program, reaching the top 75% boost requires a $1,000,000 combined balance. Confirm current tier thresholds at bankofamerica.com, as balance requirements and benefits can change.

How the credit card boost works: The BofA Customized Cash Rewards card earns 3% on a category of your choice. At the Preferred Honors tier (50% boost), that becomes 4.5%. At the Premier tier (75% boost), it becomes 5.25% — but Premier now requires a $1,000,000 combined balance rather than the $100,000 the old Platinum Honors tier required.

Who this matters for: Customers who already keep $100,000+ in investments at Merrill qualify for Preferred Honors and a 50% credit card rewards boost. Reaching the top 75% tier now requires consolidating $1,000,000+ at Bank of America/Merrill — a much higher bar than before the 2026 program restructuring.

Savings Account

Bank of America Advantage Savings has an $8/month fee (waived with a $500 balance, ownership of an Advantage Relationship account, being under 25, BofA Rewards Preferred Plus/Preferred Honors/Premier status, or automatically for the first six months on a new account). Its standard APY is low — confirm the current rate at bankofamerica.com, since savings rates change with Fed policy and are not fixed.

See the full BofA savings account guide for current rates, alternatives, and whether a linked BofA savings account is worth keeping for Balance Connect overdraft protection.

Bank of America Fees Summary

See the full Bank of America fees guide for the complete breakdown including international ATM charges, wire alternatives, and BofA Rewards fee waivers.

Mobile App and Digital Banking

BofA’s mobile app (Erica AI assistant) is consistently ranked among the top banking apps. Erica can answer account questions, find transactions, send balance alerts, and help with bill pay. The app handles mobile deposit, Zelle transfers, instant account opening, and investment management via Merrill.

Who Should Bank With Bank of America

BofA is a strong fit if you:

• Have $30,000+ across bank accounts and investments and want to enter BofA Rewards at the Preferred Plus tier
• Use BofA credit cards and want enhanced rewards via the loyalty program
• Want a full-service bank with branches and online banking in one place
• Occasionally overdraft and value a $10 fee versus a higher fee elsewhere

Consider an online bank instead if you:

• Primarily care about savings yield
• Want to avoid monthly fees entirely
• Never visit a physical branch

For the complete picture of Bank of America’s accounts, ATM limits, transfer limits, and contact information, visit the Bank of America hub.

Written by WealthVieu

WealthVieu researches and writes data-driven personal finance guides using primary sources including the IRS, Bureau of Labor Statistics, Federal Reserve, and Census Bureau.