Bank of America's Main Customer Benefits
Bank of America offers different benefits depending on which account type you hold and how you use the bank. The most common benefits include cash back on debit card purchases, fee waivers, higher interest rates on savings accounts, and access to a large ATM network. Some accounts also include travel protections, purchase protections, and identity theft monitoring. The specific benefits you receive depend on your account tier and whether you carry a credit card, checking account, or both.
Bank of America groups its accounts into tiers: Basic, Advantage, and Preferred Rewards. Each tier unlocks different perks. For example, a Basic checking account might waive the monthly maintenance fee if you keep a minimum balance, while an Advantage account offers higher cash back rates and fee waivers at lower balance thresholds. Preferred Rewards members earn bonus cash back on credit card purchases and higher interest on savings accounts.
Key Takeaways
- Bank of America checking and savings accounts waive monthly fees if you meet balance requirements or set up direct deposit, which vary by account type.
- Debit card cash back and credit card rewards vary by account tier, with Preferred Rewards members earning bonus cash back on purchases.
- Bank of America customers can use over 16,000 ATMs nationwide without surcharge fees, plus access to thousands more through the Allpoint network.
- Credit cards issued by Bank of America include travel protections, purchase protections, and fraud monitoring depending on the card.
- Preferred Rewards membership requires a combined balance of at least $20,000 across Bank of America accounts and unlocks higher interest rates and bonus rewards.
Checking Account Benefits and Fee Waivers
Bank of America's checking accounts come in three main types: Advantage SafePass, Advantage Plus, and Preferred Rewards checking. Each has different ways to waive the monthly maintenance fee. Advantage SafePass waives the fee if you maintain a $1,500 minimum daily balance or set up direct deposit. Advantage Plus requires either a $2,000 minimum daily balance or direct deposit. Both accounts include unlimited debit card transactions and online bill pay at no extra cost.
If you do not meet the balance or direct deposit requirement, the monthly fee applies. For Advantage SafePass, the fee is $12 per month. For Advantage Plus, it is $20 per month. You can also waive fees by enrolling in Preferred Rewards, which requires a combined balance of at least $20,000 across all your Bank of America accounts. Once you reach that threshold, you unlock fee waivers across multiple account types.
All checking accounts include access to Bank of America's online and mobile banking platforms, bill pay, person-to-person transfers through Zelle, and fraud monitoring. You can also set up alerts for low balances, large transactions, or unusual activity.
Savings Account Interest Rates and Bonuses
Bank of America offers savings accounts with interest rates that vary based on your account type and Preferred Rewards tier. Standard savings accounts earn a base interest rate, but Preferred Rewards members earn higher rates depending on their tier level. The bank also occasionally offers cash bonuses for opening new savings accounts, though these promotions change throughout the year and are not permanent benefits.
Interest rates at Bank of America are typically lower than rates offered by online-only banks, so comparing options is important if earning interest is your main goal. However, if you already bank with Bank of America and value the convenience of a local branch, the savings account may still fit your needs. You can check current rates on Bank of America's website or by visiting a branch.
Savings accounts have no monthly maintenance fee if you maintain a $300 minimum daily balance. If your balance falls below that, a $5 monthly fee applies. Preferred Rewards members waive this fee regardless of balance.
Debit Card Cash Back and Rewards
Bank of America debit cardholders earn cash back on everyday purchases through the Cash Rewards program. The cash back rate depends on your account tier. Basic account holders earn 0.1% cash back on all debit card purchases. Advantage account holders earn 0.25% cash back. Preferred Rewards members earn bonus cash back on top of their account tier rate, with rates ranging from 0.5% to 1.75% depending on their Preferred Rewards tier.
Cash back is deposited directly into your checking account monthly. There is no cap on how much cash back you can earn. To earn cash back, you must use your debit card for purchases and have the transaction post to your account. ATM withdrawals and transfers do not earn cash back.
Preferred Rewards tiers are based on your combined Bank of America account balance. Silver tier starts at $20,000, Gold tier at $50,000, and Platinum tier at $100,000. Each tier increases your cash back rate and unlocks other benefits like higher savings account interest rates and waived fees.
Credit Card Benefits and Protections
Bank of America credit cards include various protections and perks depending on the specific card. Common benefits across most cards include purchase protection (coverage if a purchased item is damaged or stolen within a certain period), return protection (refunds if a merchant refuses to take back an item), and fraud monitoring. Many cards also include travel protections such as trip cancellation insurance, baggage delay reimbursement, and emergency medical and dental coverage while traveling internationally.
Specific cards offer different rewards structures. Some cards earn cash back on all purchases, while others earn higher cash back in specific categories like groceries, gas, or dining. Premium cards may include concierge services, airport lounge access, or travel credits. Annual fees vary by card, ranging from no annual fee to several hundred dollars for premium cards.
All Bank of America credit cards include zero liability protection, meaning you are not responsible for unauthorized charges if your card is lost or stolen and you report it promptly. The bank also monitors accounts for suspicious activity and will contact you if fraud is suspected.
ATM Access and Banking Convenience
Bank of America customers can use over 16,000 Bank of America ATMs nationwide without surcharge fees. The bank also participates in the Allpoint network, which includes thousands of additional ATMs at retailers, convenience stores, and other locations where you can withdraw cash without a fee. This network access is included with all checking and savings accounts at no extra cost.
If you use an ATM outside the Bank of America and Allpoint networks, the ATM operator may charge a fee, and Bank of America may also charge a fee for out-of-network use. These fees vary but typically range from $2 to $3 per transaction. You can avoid these fees by using Bank of America or Allpoint ATMs.
Bank of America also operates over 4,000 branches nationwide, so you can deposit checks, withdraw cash, or speak with a banker in person. Mobile check deposit is available through the Bank of America mobile app, allowing you to deposit checks without visiting a branch.
Preferred Rewards Program Details
Preferred Rewards is Bank of America's loyalty program that rewards customers for maintaining higher balances across their accounts. The program has three tiers: Silver, Gold, and Platinum. Silver requires a combined balance of $20,000, Gold requires $50,000, and Platinum requires $100,000. The combined balance includes checking accounts, savings accounts, money market accounts, CDs, and investment accounts held at Bank of America.
Each tier unlocks different benefits. All tiers waive monthly account maintenance fees, increase debit card cash back rates, and boost savings account interest rates. Higher tiers also offer bonus cash back on Bank of America credit card purchases. For example, a Platinum member might earn 1.75% cash back on debit purchases and an additional 50% bonus on credit card rewards, while a Silver member earns 0.5% cash back on debit purchases and a 10% bonus on credit card rewards.
Preferred Rewards membership is free and automatic once you meet the balance threshold. You do not need to sign up or take any action. If your balance drops below the threshold, you move down to the next tier or lose Preferred Rewards status, and your benefits adjust accordingly.
Frequently Asked Questions
What is the difference between Bank of America's checking account tiers?
Advantage SafePass requires a $1,500 minimum balance or direct deposit to waive its $12 monthly fee. Advantage Plus requires a $2,000 minimum balance or direct deposit to waive its $20 monthly fee. Preferred Rewards checking waives all fees if you maintain a $20,000 combined balance across Bank of America accounts. All three include the same basic features like bill pay and Zelle transfers.
How do I earn cash back on my Bank of America debit card?
Cash back is automatic when you use your debit card for purchases. The rate depends on your account type and Preferred Rewards tier, ranging from 0.1% to 1.75%. Cash back deposits into your checking account monthly. ATM withdrawals and transfers do not earn cash back.
Can I waive Bank of America account fees without Preferred Rewards?
Yes. Checking accounts waive fees if you maintain the required minimum daily balance or set up direct deposit. Savings accounts waive fees with a $300 minimum daily balance. Preferred Rewards is one way to waive fees, but meeting the balance or direct deposit requirement works for most account types.
What happens to my Preferred Rewards benefits if my balance drops below the threshold?
Your tier adjusts to match your new balance level. If you drop below $20,000, you lose Preferred Rewards status and your cash back rates, interest rates, and fee waivers revert to your account type's standard benefits. You can regain Preferred Rewards status by bringing your balance back above the threshold.
Are Bank of America's interest rates competitive compared to other banks?
Bank of America's savings account interest rates are typically lower than rates offered by online-only banks. If earning the highest interest rate is your priority, comparing rates across multiple banks is worth doing. However, if you value branch access and convenience, Bank of America's rates may be acceptable for your situation.