Bank of America offers four main checking accounts, each with different monthly fees, minimum balances, and rewards

Bank of America has four checking accounts you can open: Advantage SafePass, Advantage Plus, Advantage Relationship Pricing, and Premium Rewards Checking. Each one charges a different monthly maintenance fee—ranging from $0 to $25—and each one has different ways to waive that fee. The account that makes sense for you depends on how much money you keep in the bank, whether you use their credit cards or investments, and how often you make deposits.

All four accounts come with the same basic features: a debit card, online banking, mobile app access, and the ability to link to external accounts. The differences are in cost, perks, and what Bank of America requires you to do to avoid paying the monthly fee.

Key Takeaways

  • Advantage SafePass charges $0 per month with no minimum balance and no waiver requirements, making it the lowest-cost option for most people.
  • Advantage Plus charges $12 per month but waives the fee if you maintain a $1,500 minimum balance or set up direct deposit.
  • Advantage Relationship Pricing charges $15 per month and waives the fee if you link a Bank of America credit card, investment account, or mortgage to your checking account.
  • Premium Rewards Checking charges $25 per month but waives the fee if you maintain a $25,000 combined balance across Bank of America accounts or have a mortgage with them.

Advantage SafePass: No monthly fee, no strings attached

Advantage SafePass is Bank of America's free checking account. There is no monthly maintenance fee, no minimum balance requirement, and nothing you have to do to keep it free. You get a debit card, online banking, and access to Bank of America's ATM network and branches.

This account does not come with rewards like cash back or interest on your balance. It is designed for people who want a basic checking account without paying for features they do not use. If you do not have other Bank of America products and do not want to maintain a minimum balance, this is the simplest choice.

Advantage Plus: $12 per month, waived with direct deposit or $1,500 balance

Advantage Plus charges $12 per month. You can avoid this fee in two ways: set up direct deposit of your paycheck, or keep at least $1,500 in the account at all times. If you do either one, the fee disappears.

Advantage Plus comes with the same basic features as SafePass—debit card, online banking, mobile app—but it does not offer cash back rewards or interest. The main reason to choose this account over SafePass is if you want to meet a waiver requirement and prefer the structure of having a named account tier. Most people find SafePass more straightforward since it has no fee and no conditions.

Advantage Relationship Pricing: $15 per month, waived if you link other Bank of America products

Advantage Relationship Pricing charges $15 per month. The fee is waived if you link any of these to your checking account: a Bank of America credit card, a Bank of America investment or brokerage account, a Bank of America mortgage, or a Bank of America home equity line of credit.

This account is designed for people who already use multiple Bank of America products. If you have a Bank of America credit card or mortgage, linking it to this checking account makes the monthly fee go away. If you do not have any other Bank of America products, you would pay $15 per month unless you open one.

Premium Rewards Checking: $25 per month, waived with $25,000 balance or mortgage

Premium Rewards Checking charges $25 per month and is aimed at customers with significant assets at Bank of America. The fee is waived if you maintain a combined balance of $25,000 or more across all your Bank of America accounts (checking, savings, money market, CDs), or if you have a mortgage with Bank of America.

This account comes with higher ATM fee reimbursements and other perks for high-balance customers, but the $25,000 minimum balance requirement puts it out of reach for most people. If you have a Bank of America mortgage, the fee is automatically waived, which is the main reason someone without $25,000 in the bank would open this account.

How to compare and switch between accounts

Start by asking yourself: Do I have other Bank of America products? If yes, Advantage Relationship Pricing might make sense because the fee waiver is automatic. If no, Advantage SafePass is free with no conditions.

If you get paid by direct deposit, Advantage Plus waives its $12 fee, but SafePass is still free, so there is no advantage to switching. If you have $1,500 or more sitting in checking anyway, Advantage Plus waives its fee, but again, SafePass costs nothing and has no minimum balance.

You can open a new account and keep your old one, or you can convert an existing account to a different type. Bank of America does not charge to switch account types. If you want to move money between accounts, you can transfer it online or at a branch. Your debit card and account number will change if you open a new account, so update any automatic payments or direct deposits before you switch.

What happens if you cannot meet a waiver requirement

If you open Advantage Plus or Advantage Relationship Pricing but do not meet the waiver requirement, you will be charged the monthly fee. Bank of America will notify you before charging it, usually by email or in your online banking portal. You can then set up direct deposit, move money into the account, or link another product to waive the fee going forward.

If you do not want to pay the fee and cannot meet the waiver, you can switch to Advantage SafePass at any time. There is no penalty for changing account types, and the switch is usually instant in your online banking.

Frequently Asked Questions

Can I have more than one checking account at Bank of America?

Yes. You can open multiple checking accounts of the same type or different types. Some people open one account for bills and another for savings goals. Each account has its own debit card and account number, but they are linked in your online banking so you can transfer money between them.

Does Bank of America charge to switch from one checking account to another?

No. You can convert an existing account to a different type, or open a new account and close the old one. There is no fee either way. Keep in mind that opening a new account gives you a new debit card and account number, so you will need to update automatic payments and direct deposits.

What if I do not meet the waiver requirement for my checking account?

Bank of America will charge the monthly maintenance fee. You can avoid future fees by meeting the waiver requirement (direct deposit, minimum balance, or linked products) or by switching to Advantage SafePass, which has no fee and no requirements.

Do any of these checking accounts earn interest?

No. Bank of America checking accounts do not pay interest on your balance. If you want to earn interest, you would need to open a Bank of America savings account or money market account, which are separate products.

Which checking account should I choose if I am not sure?

Start with Advantage SafePass. It costs nothing, has no minimum balance, and has no conditions. If you later find that you have other Bank of America products or want to set up direct deposit, you can switch to a different account type at any time.