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When you’re at the head of the Bank of America, it’s easy to sit back and bask in the glory of this monetary giant. With the bank’s performance on a rising tide, can the bank ride the wave and maintain this momentum? The current economic prospects for the bank are favorable and with confidence and stock prices rising, it’s only natural to assume that the Bank of America will stick around for some time to come. But how does this bank rate when compared to some of America’s other banking giants? Furthermore, how does it compare with banks across the globe? In America alone, it has some competition in the form of Wells Fargo.

History of Bank of America

Bank of America
Screenshot of the History of Bank of America

When you’re considered the American Sweetheart of the banking world, it’s hard to resist the temptation to grow too fast. With the first real economic boom after the financial crisis of 2008, let’s have a look at the banks early days.

Very few know that the Bank of America had humble beginnings. One of the roots of the bank includes a section founded by Amadeo Pietro Giannini. At the time it was known as the Bank of Italy and served mainly Italian immigrants who found themselves in San Francisco. This expanded to other immigrants and the bank gained a significant amount of deposits. With that in mind, these deposits became very valuable when the earthquake struck Los Angeles in 1906. Of the bank in operation, Bank of Italy was one of the few who had its funds in check. That led to the rebirth of Los Angeles.

As the need for lending and funding grew, Giannini decided to establish the Bank of America and Italy in Italy. This was then merged with Bank of America, Los Angeles. The bank underwent a few changes throughout this period, including name changes.

But even before the Gianninis and the Monnettes, the bank traces some of its roots back as far as 1784. The Bank of America shares a rich history of the establishment of modern day America, as well as providing an independent bank for the American people. Times that followed proved hard for the American people and with the Industrial Revolution, there was a dire need for change in the banking environment as well. The Civil War also set the foundation for banks to do things differently. It was also the spark that ignited a slow movement towards retail banking. This provided banking services for the general public and not just the elite.

Some issues and legislation halted some of the bank’s expansion dreams, and a need for a different path of growth was needed. BankAmerica serviced that need and allowed the Bank of America to further its growth in an out of California. Mergers and acquisitions soon followed which allowed the bank to gain a firm hold on the market share.

During the modern age, the Bank of America was part of a great wave of modernization that allowed Americans to experience a Golden Era. Rapid expansion was halted by WWI and WWII. The Great Depression also forced banks to think differently, and with this came the need for finance.

The fifties onwards allowed banks to take advantage of all the technological advancements of the time. Automatic teller machines and bank cards soon became a way of life for Americans. Today, customers can do the majority of their transactions online and the need to go into the branch is minimized. Banking is open to customers from all walks of life, with different products to suit various needs.

Access to Bank of America  

Online Banking

Bank of America
Screenshot of Online Banking Login Bank of America

Customers have access to online banking to do the majority of their transactions. Not only are customers able to make payments and check their balances, they can also apply for certain products with it.

Some of the most successful online banks that also calls the American soil home we happened to do reviews of. These include Ally Bank, Synchrony Bank, and Discover Bank.

Branches

Bank of America has a large footprint across the States. It has thousands of branches and customers have access to ATMs scattered across the country. The bank has branches in Canada, Asia-Pacific, Europe, Middle East, Africa, and Latin America.

Bank of America Personal Banking Product Offerings

Bank of America
Screenshot of Personal Banking Home Page Bank of America

Checking Accounts

Read here for a full review on Bank of America's Checking Accounts.

Bank of America Core Checking®

With this account, customers can take care of all their transactional needs. Furthermore, the account holds further benefits for those under the age of 23, as the monthly maintenance fee is waived on the account.

  • Customers open the account with a minimum opening deposit.
  • Furthermore, customers who meet certain transactional criteria will benefit from no monthly maintenance fees.

Bank of America Interest Checking®

Customers who wish to have transactional freedom and earn interest on their surplus balances will find this account to be the optimal solution. Also, the account links to additional checking or savings accounts that don’t carry any charges.

  • Customers will also enjoy free incoming domestic wire transfers.
  • The account requires a minimum opening deposit.
  • Furthermore, the account allows customers to maintain minimum balances across selected accounts to waive their monthly maintenance fee.

SafeBalance Banking®

A checking account can be a little bit difficult to maintain, especially when incoming transfer and outgoing payments take place across the various channels. Furthermore, there is also the dilemma with a checking debit card where the transactions are not always billed for immediately. This has the potential to push the account into an unplanned overdraft, which could result in penalty fees. This account prevents that from happening, and customers can rest assured that they will only spend what they have in their accounts.

  • Transactions are declined and unpaid when there are insufficient funds in the account.
  • Customers will also pay a predictable monthly maintenance fee.
  • Customers have convenient access to the account without the hassle of checks.
  • Finally, there are not ATM transaction fees on the account. This means customers can deposit, withdraw, transfer, or do balance inquiries without the associated fees.

Savings Accounts

We recently reviewed the full savings account range.

Regular Savings Account

This is the ideal account for those who wish to simplify their transactions. Furthermore, they will earn interest on positive balances as well.

  • This account can be used as Overdraft Protection to cover Bank of America checking accounts.
  • FDIC insurance applies on this account, up to the prescribed maximum.
  • Clients who meet certain criteria will have their monthly maintenance fees waived.
  • Furthermore, the account has a transaction limit of up to 6 transfers or withdrawals within a statement cycle.
  • Finally, the account attracts fees on certain transactions.

Rewards Money Market Savings Account

This account is suitable for those who wish to earn a little extra on their savings. Furthermore, there are further benefits for those who belong to the Preferred Rewards scheme.

  • Preferred Rewards members receive 1% additional interest on Gold level, 2% extra on Platinum, and 3% extra on Platinum Honors level.
  • Furthermore, the account requires a minimum deposit.
  • Also, the account can be used for Overdraft Protection to cover Bank of America checking accounts.
  • FDIC insurance covers deposits up to the prescribed maximum.
  • Clients who maintain a minimum balance of a certain amount in their account will have their monthly maintenance fee waived.
  • Finally, other service fees apply for the various transactions.

Minor Savings Accounts

This account is the first step to teach children how to save. This account is suitable for children, and there are no monthly maintenance fees for those under the age of 18. Furthermore, this account can only be opened in the branch.

Custodial (UTMA) Savings Account

This account is a suitable savings vehicle for those who wish to put funds away for a child. These funds are then paid over to the child as a gift when they reach maturity. Finally, the monthly maintenance fee can be avoided if clients follow the right steps.

Featured Certificate of Deposit (CD) Account

This account allows customers to put their money away for a period of time, and earn a fixed interest rate. This allows them to easily budget the amount they will receive at the end of the term. Furthermore, the term is a fixed 12 months.

  • Clients are required to make a minimum deposit.
  • The FDIC insures deposits up to a certain amount.
  • Furthermore, the account provides customers with automatic renewals of their investments at maturity.
  • Also, the account doesn’t allow additional deposits until maturity.
  • Finally, early withdrawal penalties apply.

Standard Term CD Account

With this account, customers have the opportunity to increase their yield by increasing their deposit or the term of the investment. Furthermore, this account is an ideal solution for those who are saving towards a specific purpose.

  • The FDIC insures the deposit up to the maximum amount as per regulations.
  • The interest rate works on a sliding scale basis.
  • Furthermore, customers can choose a tenure of between 28 days and 10 years.
  • The account requires a minimum opening deposit.
  • Also, customers have the benefit of automatic renewals on this investment.
  • The account doesn’t allow additional deposits until maturity.
  • Finally, early withdrawal penalties apply.

Risk Free CD®

This CD provides customers with a fixed savings account that doesn’t penalize them when they need to make an early withdrawal. Furthermore, customers will be able to predict their return as the interest rate is fixed.

  • The early withdrawal penalty is waived after the first 6 days of the account term. Also, this applies to the first 6 days of a partial withdrawal.
  • Furthermore, FDIC insurance applies to deposits up to the prescribed maximum limits.
  • Customers also benefit from an automatic renewal to ensure ease of savings.
  • The account requires a minimum opening deposit.
  • Finally, the account term is calculated at 9 months.

Money Market IRA (Individual Retirement Account)

This is a flexible savings account that offers a higher interest rate than normal savings accounts. Furthermore, there is no term on this account.

  • The minimum opening deposit on the account is fairly low.
  • Also, there are no renewals on this account as there is no term.
  • Furthermore, customers can make additional deposits to the account at any time.
  • FDIC insurance applies up to the specified limits as determined by regulations.
  • Also, these accounts hold certain tax advantages for clients.
  • Finally, these accounts are ideal for those who wish to avoid annual custodial fees.

Featured CD IRA

With this account, customers will enjoy the benefits of a CD account. Furthermore, certain tax advantages apply.

  • Customers enjoy the benefit of a guaranteed return for the term.
  • Also, automatic renewals take place. This takes place to another featured CD IRA.
  • Furthermore, the selected term of the investment is 12 months.
  • A minimum opening deposit is required. Also, no additional deposits are allowed until maturity.
  • Also, the FDIC insures deposits up to the maximum limits as per regulation.
  • Finally, customers have the chance to avoid annual and custodial fees.

Standard Term CD IRA

Customers who wish to determine their own term will find this account to suit their needs. Furthermore, the account provides tiered interest rates.

  • The interest rate on the investment is determined by the term and the balance.
  • Furthermore, the account requires a minimum opening deposit.
  • Also, IRAs hold certain tax benefits for a customer.
  • The tenure of the investment can be anywhere between 6 months and 10 years.
  • Customers have the option to change the terms at renewal. Furthermore, they can renew at the same term automatically.
  • No additional deposits are allowed until maturity.
  • The FDIC insures deposits up to a certain amount.
  • Finally, customers can avoid paying annual and custodial fees.

Risk Free CD IRA

With this investment, customers can experience the benefit of a fixed deposit without the penalties associated with an early withdrawal. Furthermore, the interest rate on the investment is fixed, allowing customers to know what they will get at maturity.

  • The account requires a minimum opening deposit.
  • Also, the tenure of the investment is calculated at 9 months.
  • Furthermore, customers are able to change the terms of the investment at renewal. They can also allow the renewal to take place at the same terms.
  • The account doesn’t allow additional deposits until maturity.
  • Also, the FDIC insures deposits up to a certain amount.
  • Finally, customers have the choice of opting for a Traditional or Roth IRA.

Variable Rate CD IRA

Customers who wish to have a bit more flexibility with their IRA, will find this one to suit their needs. Furthermore, this CD IRA requires a very small opening deposit. Also, many customers use this account to build up their IRAs before moving them over to the fixed rate accounts.

  • The interest rate provided is variable and the term is fixed.
  • Furthermore, customers can change the terms of the investment at renewal or renew at the same time.
  • The terms available are 18, 19, 20, 21, 22, and 23 months.
  • Also, clients are able to make additional deposits at any time.
  • Finally, clients will have the option between a Traditional or Roth IRA.

Credit Cards

Bank of America
Screenshot of Credit Card Home Page Bank of America

Read here to discover how Bank of America scores a perfect rating on their credit cards.

BankAmericard Cash RewardsTM

Customers who do not wish to pay any annual fees on their credit cards will find this one to be a suitable option. Furthermore, the card also provides an online cash reward bonus offer.

  • The card provides 1% cash back on every purchase, 2% at grocery stores and wholesale clubs. Furthermore, it provides a stellar 3% on gas for the first $2,500 in combined grocery/wholesale club/gas purchases each quarter.
  • Customers will also benefit from a low introductory APR.
  • There is a 10% customers bonus when customers redeem into a Bank of America checking or savings account. Finally, this bonus can increase to between 25% to 75% for Preferred Rewards clients.

BankAmericard Travel Rewards®

Those who love to travel will find this credit card to be the ideal travel companion. It provides online bonus points offers, as well as low introductory APR levels.

  • Customers won’t pay any annual fees on this card. Furthermore, this card also waives foreign transaction fees.
  • The card allows customers to earn unlimited points on their spend. Also, these points never expire.
  • Customers will get an additional 10% points bonus on every purchase when they have an active Bank of America checking or savings account. Finally, Preferred Rewards customers can increase these points to between 25% and 75%.

BankAmericard®

This is a simple credit card and suitable for those who are applying for their first credit card. Furthermore, the card is convenient and easy to understand.

  • There are no annual fees on this card.
  • Furthermore, this card provides the lowest APR available among all the BankAmericard® products.
  • Finally, customers will save on interest when they transfer higher rate balances.

BankAmericard Better Balance Rewards®

With this card, customers can earn an additional $25 with which to pay off their balances faster. This happens when customers pay more than the monthly minimum on time each month.

  • The additional funds can earn up to 4 times a year.
  • Furthermore, the card has no annual fee.
  • Customers will also have access to a low introductory APR.
  • Also, the cash back is automatically credited back to the card balance.
  • Finally, customers can earn an additional $5 bonus per quarter if they have a Bank of America checking or savings account.

Pink Ribbon BankAmericanrd Cash RewardsTM Credit Card

There is no better way to help fight breast cancer than with this card. Furthermore, customers will also have access to an online rewards bonus offer.

  • Clients will receive cash back on every purchase. 1% on every purchase, 2% at grocery stores and wholesale clubs, and 3% on gas. Also, this is for the first $2,500 in combined grocery, wholesale, club, and gas purchases each quarter.
  • Furthermore, customers will benefit from a low introductory APR.
  • The account also provides a 10% bonus every time customers redeem into Bank of America checking or savings accounts. Also, this reward can increase to between 25% to 75% for Preferred Rewards clients.
  • Finally, there is no annual fee payable on the card.

MLB®

Customers can support their favorite sports teams in more than one way. This card offers the opportunity to do this, and also earn an online cash rewards bonus offer.

  • The card offers 1% cash back for every purchase. Also, 2% at grocery stores and wholesale clubs, and 3% on gas. This is for the first $2,500 in combined spend in all categories each quarter.
  • Furthermore, the card offers a low introductory APR offer.
  • Also, there is no annual fee payable on the card.
  • The card also offers a 10% customer bonus every time you redeem into a Bank of America checking or savings account.
  • Finally, Preferred Rewards customers can increase that bonus to 25% to 75%.

World Wildlife Fund

This card lends a helping hand to the WWF. Furthermore, customers receive an online cash rewards bonus offer as well.

  • The card offers a low introductory APR offer.
  • Also, there is no annual fee on this card.
  • Furthermore, customers receive 1% cash back on every purchase, 2% at grocery stores and wholesale clubs and 3% on gas. This is for the first $2,500 spend across the different categories per quarter.
  • Customers also get a 10% customer bonus every time they redeem into a Bank of America checking or savings account.
  • Finally, Preferred Rewards clients could increase their bonus to between 25% to 75%.

U.S. Pride®

A card that offers an online cash rewards bonus offer incentive.

  • Customers won’t have the pay an annual fee on this card.
  • Furthermore, there is a 1% cash back on every purchase, 2% at grocery stores and wholesale clubs, and 3% on gas. This is for a total of $2,500 combined purchases across the various categories per quarter.
  • Also, customers benefit from a low introductory APR offer.
  • There is also a 10% customer bonus when customers redeem their cash bank into a Bank of America checking or savings account.
  • Finally, those who are Preferred Rewards clients can increase their bonus to between 25% to 75%.

Alaska Airlines Visa Signature®

This card is the ideal companion for those who travel frequently to and from Alaska. Furthermore, the card offers no foreign transaction fees.

  • Customers benefit from 30,000 bonus miles offer when they sign up.
  • The card also provides a low annual companion fare. Furthermore, there are no blackout dates.
  • Customers will receive a free checked bag for themselves and up to six other passengers on the same reservation.
  • Customers will earn 3 miles for every dollar spent on Alaska tickets, vacation packages, and more.
  • Finally, they will receive one mile per dollar on all other purchases.

Spirit AirlinesTM

With this card, customers can redeem select awards with fewer miles than everyone else. Furthermore, there is a 15,000 bonus mile offer.

  • Customers will earn double miles for every dollar spent.
  • Furthermore, they stand the chance to earn 15,000 bonus miles after the first purchase.
  • Also, there are no blackout dates on award tickets.
  • Finally, cardholders can redeem select awards with fewer miles than everyone else.

Allegiant Word Mastercard®

Customers who travel often with Allegiant will have access to unique rewards with this card. Furthermore, there are no blackout dates or destination restrictions. Also, there is no minimum points redemption.

  • There are 15,000 bonus points up for grabs when customers make purchases of a certain amount within the first 90 days.
  • Furthermore, customers earn 3 points per dollar on Allegiant purchases. They also earn 2 points per dollar on qualifying dining purchases and 1 point per dollar on all other purchases.
  • Finally, there is a low APR introductory offer.

Amtrak Guest Rewards® World MasterCard®

Traveling with Amtrak now hold further benefits for customers as they now have access to a credit card with some neat features. Furthermore, the card doesn’t charge any foreign transaction fees.

  • The card offers 20,000 bonus points offer.
  • Furthermore, customers earn 3 Amtrak Guest Rewards points for every dollar spent.
  • Also, customers earn 2 points per dollar on other qualifying travel purchases and 1 point per dollar on the rest.

Norwegian Cruise Line®

Customers who frequent Norway will find that there are benefits that await them when they use the right credit card. Furthermore, with this card customers don’t pay any annual fees.

  • Customers have the opportunity to earn 10,000 bonus WorldPoints® reward points should they make their first transaction in the first 90 days.
  • Furthermore, there is the opportunity to earn 3 WorldPoints® points for every dollar spent on Norwegian purchases.
  • They will also earn 1 WorldPoints® point for every dollar spent on all purchases.
  • Finally, customers can redeem their points for hundreds of rewards such as cash, gift cards, hotel stays, car rentals, and Norwegian redemptions.

Royal Caribbean®

With this card, customers will earn 10,000 MyCruise® bonus points offer. Furthermore, there is no annual fee on the card.

  • The opportunity to earn double points on qualifying spending. Furthermore, customers will earn a point on all other purchases.
  • Customers can redeem their points for onboard credit and more.
  • Finally, they have the opportunity to receive $50 off a qualifying airline ticket purchase.

Virgin Atlantic

Customers have the chance to earn 20,000 Flying Club bonus miles after their first purchase. Furthermore, they can earn up to 5,000 Flying Club bonus miles when they add additional authorized users to their card.

  • Customers will earn 3 miles per dollar spent directly on Virgin Atlantic purchases.
  • They will also earn 1.5 miles per dollar spent on all other purchases. Furthermore, there is no limit to the number of miles they can earn.
  • Finally, there are no foreign transaction fees on this card.

Asiana Visa Signature®

Customers who sign up for this card will earn 3 miles for every Asiana Airlines purchase. Furthermore, they will earn 2 miles for every dollar spent on gas and groceries. Finally, they will earn a dollar on all other purchases.

  • The card offers 30,000 bonus miles.
  • There are also no foreign transaction fees on the card.
  • In conclusion, customers are awarded 10,000 Bonus Miles Certificate annually.

Celebrity Cruises

Customers who love to cruise in style will find this card packed to the brim with benefits.

  • There is a 10,000 MyCruise® bonus points offer.
  • Furthermore, the card has no foreign transaction fees.
  • Also, customers will earn double points per dollar for qualifying purchases. They will earn a point for every dollar earned on all other purchases.
  • Customers can redeem their points for onboard credit and more.
  • Finally, there is also the chance to earn significant discounts on a future cruise should they meet the minimum criteria.

Bass Pro Shops® Outdoor Rewards®

Customers who want their bass fishing to have some perks other than recreational will find a true companion in this card. Furthermore, this card allows them to build up their gear faster.

  • This card carries a low introductory APR offer.
  • Furthermore, customers will earn 5% on qualifying purchases at Bass Pro Shops.
  • Customers will also earn 1% on all other purchases.
  • There is no annual fee on the card.
  • Finally, customers can redeem rewards for future purchases of qualifying Bass Pro Shops merchandise at any Bass Pro Shop retail location.

Bank AmeriCard® Secure

Financial issues crop up from time to time and when it happens, it could be difficult to build up a credit score. With this card, customers have the opportunity to have access to credit, although, the amount has to be secured.

  • Customers need to put down a refundable security deposit for this card.
  • Also, the account may be reviewed within 12 months which could enable customers to have access to their refundable deposit again.
  • Finally, this card is a great way to build up that credit history again.

BankAmericard Cash RewardsTM for Students

Students always need access to a few extra dollars for all the additional items on those requirement lists. Furthermore, this card provides the access to credit without the need to pay the annual card fee.

  • Customers will have the opportunity to build up their credit history. Furthermore, this card will allow students to build up their credit score.
  • The card provides 1% cash back on every purchase. Also, they earn 2% at grocery stores and wholesale clubs and 3% on gas. This is for the first $2,500 in combined purchases in all categories each quarter.
  • Also, customers will receive a 10% bonus each time customers redeem into a Bank of America checking or savings account.
  • Finally, the card is eligible for benefits of the Preferred Rewards program.

BankAmericard Travel Rewards® for Students

This is the ideal card for students who wish to travel or study abroad. Furthermore, they earn unlimited 1.5 points for every dollar spent. There are no limits and the points never expire.

  • With this card, students have the opportunity to build up their credit history. Also, this card is the ideal tool to build up that credit score.
  • Customers won’t pay any annual fees or foreign transaction fees.
  • Customers receive an additional 10% customer points bonus on every purchase when they have an active Bank of America checking or savings account.
  • Finally, the card is eligible for the benefits of the Preferred Rewards program.

BankAmericard® for Students

This is a simple card for students who merely wish to do simple spending. Furthermore, there are no annual fees on this card.

  • Students have the opportunity to build up a good credit score with this card.
  • Furthermore, this is a simple and easy-to-use card.

Mortgage Loans

A full review on Bank of America Mortgages is available.

Mortgage

Fixed-Rate Mortgages

With this loan, customers will pay a fixed interest rate for the entire duration of the loan. Furthermore, the monthly payments of principal debt and interest remain the same for the duration of the term. This makes it easier for homeowners to set their monthly budgets.

Affordable Loan SolutionTM Mortgage

Customers who previously found it difficult to obtain finance for a home will find this to be an easier option. Furthermore, customers have a down payment from as low as 3%. There is also no mortgage insurance required.

Adjustable-Rate Mortgages (ARMs)

With this loan, the interest rate may change from time to time. Furthermore, the monthly installment could increase or decrease based on these interest rates.

FHA & VA Loans

These are Government loans specifically designed for specific groups. These groups form part of the Federal Housing Administration and the U.S. Department of Veteran Affairs. Furthermore, low down payment options with flexible credit and income guidelines are available.

Jumbo Loans

Customers who need to finance properties with high price tags will find this loan to suit their needs. Furthermore, the loan is available as a fixed-rate or an adjustable rate loan.

Refinance Loans

Fixed-Rate Refinance Loan

This loan offers a set interest rate for the life of the loan. Furthermore, this provides customers with an easier way to budget as the installments remain consistent throughout.

FHA and VA Refinance Loans

Customers who fall within certain Government positions qualify for these loans. This is due to the Federal Housing Administration and the U.S. Department of Veterans Affairs. Furthermore, customers benefit from low down payment options with flexible credit and income guidelines.

Adjustable-Rate Refinance Loan

With this loan, customers may have changes to their installments due to the interest rate fluctuations. Furthermore, the payments may increase or decrease with these fluctuations.

Equity

With this type of finance, customers will be able to tap into the equity available on their properties. This can be used for a variety of different things. Furthermore, with this type of finance, there is no fees or closing costs. Customers also won’t pay to convert the variable-rate balance to a fixed-rate loan option. Finally, the application process is smooth and simple and can be done online which provides convenient access to funds.

Auto Loans

New and Used Auto Finance

With this finance, customers have the option to purchase their dream car.

  • Customers have the option to lock in the fixed rate before the finance is processed.
  • Furthermore, Preferred Rewards customers enjoy an interest rate discount.
  • The pre-approval can be done online.

Auto Loans for Customers with Disabilities

Customers who require finance for an accessible vehicle will have all the information they need at their fingertips. Furthermore, the loan is available to people with disabilities as defined by the Americans with Disabilities Act. The loan is also available to those who need to purchase the vehicle on someone else’s behalf, such as a parent or child.

Investments

Retirement Investments

Traditional IRA

With this type of IRA, customers will enjoy the reduction of current taxes. Furthermore, they will enjoy a tax-deferred growth potential and contributions may be tax-deductible.

Roth IRA

This type of IRA allows customers the potential to earn tax-free income and withdrawal flexibility in retirement.

Rollover IRA

With this IRA, customers can consolidate all their IRAs with previous employers into one account.

529 College Savings Plans

With this investment plan, the education burden becomes so much easier to bear. It provides customers with peace of mind that their education needs will be taken care wholly or partly.

  • Customers will experience tax-free growth potential
  • The possibility of enjoying Federal and often state tax-free withdrawals for qualified higher education expenses
  • Furthermore, customers maintain control over the account
  • Finally, they are able to make contributions without age or income restrictions

Stocks

This type of investing allows customers to invest in shares across a variety of sectors. Furthermore, these are for publicly-traded companies.

  • This allows customers to build a balanced portfolio
  • Also, customers can choose across sectors, geographies, and industries
  • Furthermore, these investments provide liquidity.
  • Finally, there are stock options available for new and experienced investors

Exchange-Traded Funds (ETFs)

With this type of investments, customers will trade as they would with stocks. Furthermore, it offers the diversification of a mutual fund.

  • Customers can build a balanced portfolio
  • Also, the funds remain liquid
  • There is the potential for tax-efficiency
  • It also includes index fund investing with growth, value, and income strategies
  • Finally, this type of investing is suitable for new and experienced investors

Mutual Funds

Customers are exposed to professionally managed funds which align to certain investment strategies. Also, this provides them with the opportunity to build a balanced portfolio.

  • Customers will access to built-in diversification
  • Furthermore, they can meet long-term investment goals
  • It also provides index fund investing with growth, value, and income strategies
  • Finally, these investments are suitable for new and experienced investors

Fixed Income Bonds

Customers have the opportunity to invest in a broad range of Treasuries, municipal and corporate bonds, and CDs. Furthermore, these have the potential to generate a regular income.

  • Customers have access to a balanced portfolio which helps reduce portfolio volatility.
  • Also, this type of investment allows customers to meet their long- and short-term goals.
  • Finally, this type of investment is suitable for new and experienced investors.

Other Investments

  • Options
  • BofAML US 1 List
  • Merrill Edge Select® Funds, ETFs, and Portfolios

Bank of America Small Business Banking Product Offering

Bank of America
Screenshot of Small Business Banking Home Page Bank of America

Checking Accounts

Business Fundamentals®

This is the ideal account for those who have grown from a micro business into something a little more substantial. It is the ideal account for those who wish to have simplified banking that packs a lot of punch. Furthermore, it offers customers the means to avoid their monthly maintenance fees with a few smart transactions.

  • This account is suitable for those who spend at least $250 a month on their business debit or credit card. Furthermore, the average balance should be below $5,000 per month.
  • Also, customers have access to the Business Investment Account at no additional monthly fee.
  • The fees are upfront, allowing customers to budget beforehand.
  • Customers have access to online and mobile banking. They will also have a chip-enabled debit card.

Business Advantage

This account is for the slightly larger business that has an average spend of at least $2,500 on their business credit or debit card per month. Furthermore, this account offers seamless QuickBooks® integration.

  • Customers have access to an additional business checking account.
  • Furthermore, they have access to the Small Business Priority Service Team.
  • The account provides customers with the means to avoid the monthly maintenance fee.
  • Customers have access to the Business Interest MaximizerTM savings account at no additional monthly fee.
  • Furthermore, the account has access to online and mobile banking.
  • Finally, customers will have access to a chip-enabled debit card.

Savings Products

Business Interest MaximizerTM

This is the ideal savings solutions for businesses who are established and enjoy larger balances. Furthermore, with this account, customers will earn interest without locking into a term while maintaining fast access to their funds. There are also no limits on daily deposits.

  • The account does carry fees on certain transactions. Furthermore, customers have the option to have their monthly maintenance fee waived.
  • The FDIC insures deposits up to a certain limit.
  • Furthermore, customers have access to online banking.
  • Also, this account can serve as overdraft protection.
  • Finally, the account can be included in a checking solution.

Business Investment Account

This is a suitable account for those who have a growing business and want to build up their savings. Furthermore, it provides customers with easy access to the funds. Also, there is the opportunity to have the monthly fee waived.

  • Customers can write up to 3 checks per statement cycle.
  • Furthermore, there are no limits on daily deposits.
  • The FDIC insures investments up to a certain limit.
  • Customers have access to the account through online banking.
  • The account also serves as overdraft protection.
  • Finally, the account can be included in a checking solution.

Business Risk-Free CD®

This account provides customers with guaranteed returns and a short term commitment. Customers are also able to withdraw funds without a penalty.

  • The investment period on the account is 9 months, although, early withdrawals are possible.
  • Furthermore, automatic reinvestment can take place on maturity.
  • The account doesn’t provide for additional deposits throughout the term.
  • The FDIC insures investments up to a certain amount.
  • Finally, customers have access to the account through online banking.

Business Featured CD

With this investment, customers enjoy locked-in rates at higher yields. Furthermore, the investment enjoys automatic reinvestment at maturity.

  • The investment runs for a term of 12 months.
  • Customers who wish to access their funds before maturity will be charged a penalty fee.
  • Furthermore, the investment does not provide for additional deposits.
  • The FDIC insures deposits up to a certain amount.
  • Finally, customers have access to the investment through online banking.

Standard Business Shorter Term

This account is the ideal solution for the business owner who requires short-term access to their funds. Furthermore, the terms of the investments run anywhere from 7 to 27 days.

  • The account enjoys automatic renewals at maturity.
  • Also, early withdrawals attract penalties.
  • The investment can’t allow additional deposits until maturity.
  • Furthermore, customers have access to the investment online.
  • Finally, the FDIC insures deposits up to a certain amount.

Standard Business Longer Term

This account provides customers with access to higher interest on longer terms. Furthermore, higher balances enjoy greater yields.

  • Customers enjoy the convenience of automatic renewals at maturity.
  • The terms run anywhere from 28 days to 10 years.
  • Furthermore, customers who wish to access their funds before maturity will pay an early withdrawal fee.
  • The FDIC insures deposits up to certain amounts.
  • Finally, customers have access to the investment through online banking.

Credit Cards

Cash Rewards for Business MasterCard® Credit Card

With this card, customers have access to exclusive offers and benefits. Furthermore, a credit card is a great way to ease cash flow constraints.

  • Customers don’t pay an annual fee on this card.
  • Also, the card earns 1% cash back on all purchases, 2% at restaurants, and 3% on purchases at gas stations and office supply stores. This is up to $250,000 annually, after which it reverts back to 1%.
  • Furthermore, there is a 0% introductory APR on purchases for the first 9 billing cycles.

WorldPoints® Rewards for BusinessTM Visa® Credit Card

The ideal card for those who wish to earn points on their spend.

  • Customers will earn 2 rewards for every dollar spent at gas stations, restaurants, and office supply stores.
  • Furthermore, they earn a point per dollar on all other purchases.
  • Also, there is a 0% introductory APR on purchases for the first 9 billing cycles.
  • Finally, customers can redeem their points for gift cards, cash, and travel with no blackout dates.

Business Preferred World MasterCard® Charge Card

With this card, there is no preset spending limit, however, each statement cycle needs to be paid in full before the next cycle.

  • Furthermore, this card carries no finance charges.
  • There is also no limit to the number of points customers can earn.
  • Finally, customers can start redeeming for rewards at 2,500.

Travel Rewards World MasterCard® for Business Credit Card

Customers have the opportunity to earn 25,000 bonus points with this card.

  • The card allows customers to earn unlimited 1.5 points for every dollar spent on all purchases.
  • Furthermore, customers earn 3 points per dollar when they book travel through the Bank of America Travel Center.
  • Customers don’t pay the annual fee and there are no international transaction fees.
  • Finally, there is a 0% introductory APR on purchases for the first 9 billing cycles.

Alaska Airlines Visa® Business Card

Customers have access to a 30,000 bonus miles offer.

  • This card includes a free checked bag for the customer and up to six passengers on the same reservation.
  • Also, there is a great rate on the annual companion fare.
  • Customers will earn 3 miles for every dollar spent on Alaska Airlines tickets, cargo, and in-flight purchases. They will earn 1 mile per dollar on all other purchases.
  • Finally, there are no foreign transaction fees.

Platinum Visa® Business Card

With this card, customers will get a lower interest rate with top rated services. Furthermore, there is a 0% introductory APR on purchases for the first 7 billing cycles. Finally, there is no annual fee on the card.

Platinum Plus® for Business MasterCard®

Customers will have access to a lower interest rate with top rated services. Furthermore, there are no annual fees on this card. Finally, there is a 0% introductory APR on purchases for the first 7 billing cycles.

Business Finance

Bank of America
Screenshot of Financial Loan Options for Small Business Bank of America

Secured Business Line of Credit

With this type of credit, customers will have access to an ongoing source of credit to fund their business need. This is the ideal solution for customers who do seasonal work and need to cover their overheads during the off-season. Furthermore, this is a revolving credit which means customers only need to apply for it once. They can also access it as many times as they need. Finally, this type of loan can be secured by a lien over investments or a blanket lien over assets.

Secured Business Loans

The ideal solutions for business owners who wish to purchase inventory, materials, refinance debt, and more. Furthermore, customers receive their funds as a lump sum. Also, customers have access to convenient monthly repayment terms. Finally, the loan is secured by a blanket lien over the assets or a lien over an investment.

Commercial Real Estate

This option is open to those who wish to purchase a new property or refinance their existing ones. Furthermore, the finance is up to 80% LTV. Finally, the loan is secured by the Oner-Occupied Commercial Real Estate (OOCRE).

Equipment and Vehicles

There are a variety of options available in this category:

  • Equipment financing
  • Vehicle financing
  • Agriculture equipment
  • Medical and professional practice equipment

Small Business Administration Financing (SBA Loans)

This type of finance is a bit easier to obtain thanks to the initiatives take by the Small Business Administration (SBA), a federal agency. This agency helps new businesses get started and established businesses grow. There are a few different options:

  • SBA 504 – this is for equipment, real estate, construction, or renovation.
  • Small Business Administration 7(a) – a solution to purchase or expand a business, purchase equipment or inventory, working capital, and to refinance debt.
  • SBA Express – an option for working capital, to purchase equipment, vehicles, or inventory.

Investing

Retirement Plans for Small Business

With this option, there are a variety of solutions to ensure that the employees and the owner have a good retirement plan in place. Some of the options available to businesses include:

  • 401(k)
  • Individual 401(k)
  • SEP IRA
  • Simple IRA

Investment Range

  • Stocks, ETFs, Mutual Funds, Fixed Income, Options, and more.
  • Online Brokerage Accounts, Retirement Accounts, College Planning Accounts, and more.
  • Suitable portfolios for Beginner Investors, Intermediate Investors, and Active Investors.

Bank of America Corporate Banking Product Offerings

Bank of America
Screenshot of Corporate Banking Home Page Bank of America

There are 9 categories that cover the Bank of America Corporate Solutions. These are:

  1. Optimizing Working Capital and Liquidity
  2. Maximizing the Value of Your Business
  3. Fueling Growth with Cost-Efficient Capital
  4. Attracting and Retaining Valuable Talent
  5. Making Informed Investment Decisions
  6. Growing and Managing Global Operations
  7. Protecting Your Business and Its Future
  8. Starting and Growing Your Hedge Fund
  9. Optimizing Your Trading Performance

Review of Bank of America – 7 of 10

Customer Satisfaction Reviews

Glassdoor

This rating pertains to the staff of the bank, and the bank scores a satisfactory 3.4 of 5. 77% Of the staff members approve of the CEO, which is fairly low compared to other banks.

Indeed

Bank of America
Screenshot of Indeed's Rating of Bank of America

This is another staff rating. Bank of America scores quite high with a 4 of 5. Furthermore, the bank is one of the few that promote a healthy work-life balance.

Credio

It’s with this rating that the bank seems to suffer. From a customer perspective, the bank only scores a 1.4 of 5. The Credio rating could also improve, although 95% seems fair.

Nerdwallet

A very average rating for the bank based on its product basket. Although there is a huge range of products, certain divisions are lacking.

Financial Stability Rating

Bank of America
Screenshot of the Ratings Agencies Ratings of Bank of America

Apart from showing a spectacular rise in profits, the ratings agencies need to provide their stamp of approval first. Between Moody’s, Standard & Poor’s, and Fitch, the bank enjoys a stable and positive outlook.

Security of Funds

Customers with funds in checking and savings accounts with the bank can rest assured that the FDIC insures their deposits up to a certain amount.

Review by Critical Reviews

Stability in banking is crucial for customers to feel secure when placing their funds with a bank. Bank of America happens to be one of those banks who weathered the storms of the sub-prime markets and recovered to a profitable position. Also, the bank provides a variety of products that will suit every need and pocket. One of the best features of the checking and savings accounts is the ability for customers to waive their monthly maintenance fees with certain transactions.

But all things are not perfect with the banking giant. For a bank with a product range of this size, the lack of choices where current accounts are concerned is a serious detractor. Also, the interest payable on positive balances is far lower than other institutions. Transactional and penalty fees are also very steep and make some of the accounts unaffordable.

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