Summary


Bank of America offers a basic variety of bank accounts focused on providing resources for small and large businesses. Bank of America sets themselves apart from most banks by offering a great user experience with their easy to navigate website and mobile app. Bank of America also makes it easy to waive monthly fees, add additional accounts, and receive some nice perks with their Business Advanced Relationship Rewards Program. One of the oldest and most well known banks, Bank of America has 67 million clients, 16,100 ATMs, and 4,400 branches, making them a great option for many businesses.

Who is Bank of America right for?

Any business, big or small, can benefit from the banking resources Bank of America offers.

Open a Business Bank Account
Prices vary by package

Pros

  • 4,400 branches and 16,100 ATMs nationwide.
  • Great mobile app and website.
  • Set up a savings account or additional checking accounts with an existing checking account.
  • There are several ways to easily waive monthly fees.
  • The Business Advantage Relationship Rewards Program offers special interest rates, significant credit card reward bonuses, fee free banking, and more.

Cons

  • Low interest rates, even with Bank of America’s Business Relationship Rewards Program.
  • Many added fees for things like wire transfers, account management tools, and additional deposits and transactions.
  • Accounts are not as tailored to different types of businesses like some competitors’ offerings.

Bank of America Alternative

Chase Bank offers banking options for every business owner, no matter the size of your company.

Chase Business Bank Account: Starting at $0 in monthly fees (when you maintain a minimum balance of $1,500)

Read our Chase Business Bank Account review

Pricing


Bank of America offers a few different pricing tiers. With a low monthly fee and transaction limit, Business Fundamentals Checking is designed for small businesses. Business Advantage Checking, their top tier checking account, is a great choice for businesses with a large cash flow. Bank of America also offers two savings accounts, the Business Investment Account for small businesses, and the Business Advantage Savings Account for larger businesses looking to put aside more money. You can also get a Certificate of Deposit (CD) for high interest savings at a variety of rates.

Base Features

  • Access to Bank of America Online and Mobile banking
  • A variety of ways to waive monthly fees
  • Additional accounts can be added to existing accounts without monthly fees
  • Checking account holders receive business and employee debit cards
  • Savings account holders receive deposit and ATM cards

Business Fundamentals

Bank of America’s Business Fundamentals Checking account includes:

  • A $14 monthly fee that can be waived if you do one of the following:
    • Spend $250 in net purchases with a BOA debit or credit card
    • Maintain an average monthly balance of $5,000 or more
    • Keep a minimum daily balance of $3,000
    • Maintain a total monthly balance of $15,000 or more in a linked BOA account
    • Enroll in the Business Advantage Relationship Rewards program
  • Limit of 200 transactions, then 45 cents per transaction (no additional fee for ACH transfers, debit card transactions, online bill pay electronic deposits, and checks deposited)
  • No fee for the first $7,500 cash deposits, then 30 cents per $100
  • Incoming wire transfers:
    • Domestic - $15/transfer
    • International - $16/transfer
  • Features:
    • A Business Investment Savings Account can be included without any additional monthly fees
  • Account management for $15/month

Cost:

$14 per month

Who should open a Business Fundamentals checking account?

The Business Fundamentals account is a basic checking account that includes easily waivable fees, a low transaction limit, and the option to include a Business Investment Savings Account. This makes it a good match for startups and small businesses.

Business Advantage

Bank of America’s Business Advantage Checking account includes:

  • A monthly fee of $29.95 a month that can be waived if you do one of the following:
    • Spend $2,500 on a business credit card
    • Maintain a combined average monthly balance in all Bank of America accounts of at least $35,000
    • Maintain an average monthly balance of $15,000 or more
    • Actively use one or both of these business services:
      • Bank of America Merchant services
      • Payroll services
    • Enroll in the Business Advantage Relationship Rewards Program
  • Limit of 500 transactions, then 45 cents per transaction (unlimited digital transactions)
  • No cash deposit processing fees for the first $20,000, then 30 cents per $100
  • Features:
    • A Business Advantage Savings account can be added without monthly fees
    • An additional Business Advantage Checking account can be added without monthly fees
    • No fee introductory check package that includes checks, deposit slips, and an endorsement stamp
    • No fee for online business services account management
    • No fee for incoming domestic and international wire transfers

Cost:

$29.95 per month

Who should open a Business Advantage checking account?

If you’re running a small/medium sized business that will have a high balance and are looking for a higher transaction limit, then the Business Advantage Checking account will be a good match for you.

Business Investment Savings

Bank of America’s Business Investment Savings account includes:

  • 0.02% Interest rate and APY
  • $100 opening deposit
  • $5 monthly fee that can be waived if you:
    • Maintain a $2500 minimum daily balance
       -OR-
    • Include one Business Investment Account as a part of your Business Fundamentals Checking account
      -OR-
    • Enroll in the Business Advantage Relationship Rewards program
  • Up to 6 wire transfers and withdrawals per month
  • Deposits:
    • No fees for first 25 checks, then 45 cents per check
    • No fees for deposit tickets
    • No fees for first $5000 cash, then 30 cents per $100
  • Features:
    • Overdraft protection when you link your savings account to your Bank of America Checking account
    • Business ATM card for withdrawals and transfers
    • Business Deposit card for making deposits to your Bank of America accounts at an ATM
    • Ability to write up to 3 checks per statement cycle

NoteThe Business Investment Savings account cannot get the interest rate boost from the Business Advantage Relationship Rewards program.

Cost:

$5 per month + $100 opening deposit

Who should open a Business Investment Savings account?

The Business Investment Savings account is good for businesses that expect to have a low balance and minimum transactions, particularly small businesses or startups.

Business Advantage Savings

Bank of America’s Business Advantage Savings account includes:

  • Interest rates of 0.02%-0.04%
    • 0.02%-0.08% for Business Advantage Relationship Rewards members based on their relationship (gold, platinum, or platinum honors)
  • $100 opening deposit
  • $15 monthly fee that can be waived if you:
    • Maintain a $5000 minimum daily balance
      -OR-
    • Include one Business Advantage Savings account as part of your Business Advantage Checking Solution
      -OR-
    • Enroll in Business Advantage Relationship Rewards
  • Limit of 6 wire transfers and withdrawals per month
  • Deposits:
    • No fees for first 25 checks, then 45 cents per check
    • No fees for first $5000 in cash, then 30 cents per $100
  • Feature:
    • Link this account to checking account for overdraft protection
    • Business ATM card for withdrawals and transfers
    • Business Deposit card for making deposits to your Bank of America accounts at an ATM
    • Eligible for interest rate booster with the Business Advantage Relationship Rewards Program

Note: You can’t write checks or use a debit card for purchases (point-of-sale transactions) with this account.

Cost:

$15 per month + $100 opening deposit

Who should open a Business Advantage Savings account?

The Business Advantage Savings account is tailored for established businesses with larger balances, as well as businesses who may plan on enrolling in the Business Advantage Relationship Rewards Program.

Business Featured CD

Bank of America’s Business Featured Certificate of Deposit:

  • 0.08% APY
  • 12 month term
  • $10,000 minimum opening deposit

Cost:

$10,000 minimum opening deposit

Who should open a Business Featured CD?

If you’re looking to make a quick investment with higher yield, the Business Featured Certificate of Deposit may work for you.

Standard Term CD

Bank of America’s Standard Term Certificate of Deposit:

  • 0.03-0.80% APY depending on term and balance
  • 7 day to 10 year terms
  • Minimum opening balance:
    • $15,000 for 7 to 27 day term
    • $1,000 for 28 day to 10 year term

Cost:

$1,000 or $15,000 minimum investment depending on term length

Who should purchase the Standard Term CD?

Business owners looking for long term investments with a high yield may find the Standard Term Certificate of Deposit beneficial.

Business Advantage Relationships Rewards Program

Bank of America offers a Business Advantage Relationship Rewards Program for qualified businesses with multiple Bank of America checking accounts, credit cards, or savings accounts. Depending on how much money you have at Bank of America, the Business Advantage Relationship Rewards Program gives special interest rates, bonuses and discounts, significant credit card reward bonuses, fee free banking, priority services, and access to Merrill Edge online investing.

For more information, check this program out here.

Ratings


Value - 4/5

Catering to companies ranging from startups to large businesses, Bank of America offers a fairly good selection of bank accounts compared to their competitors. Unless you’re enrolled in the Business Advantage Rewards Program, the interest rates are low, with 0.04% APY, compared to up to 0.08% APY in the rewards program. While avoiding monthly fees has never been easier, there are a lot of additional fees that you can regularly incur. On the other hand, Bank of America has a great website, mobile app, and customer service, making banking with them a seamless experience.

Customer Service - 4.5/5

Based on our own experience as well as online reviews, we have mostly good things to say about Bank of America’s customer service. The customer service is easy to get a hold of, responsive, friendly and knowledgeable. They can be reached through phone, online chat, mail, and in person at any Bank of America branch. The quality of their customer support stands up to their major competitors.

Ease of Use - 5/5

Bank of America’s website and mobile app are some of the best we’ve seen. Banking is made quick and easy with their organized and user friendly interface.

Included Features - 4/5

The main feature Bank of America offers is their Business Advantage Relationship Rewards Program. The Relationship Rewards Program includes features such as special interest rate bonuses and discounts, and fee free banking. The interest rate bonuses and APY top out at 0.08%, which is about even with Chase bank. Credit card bonuses offer an additional advantage, allowing card holders to earn up to 3.75% cash back on some purchases, or up to 2.62 points on all purchases.

Conclusion


With 67 million clients, 16,100 ATMs, and 4,400 branches, Bank of America is one of the oldest and most well known banks in the United States, and can be a great option for many businesses. Bank of America’s variety of bank accounts for small and large businesses, and great website and mobile app, set them apart from their competition. Their Business Advantage Relationship Rewards Program caters to and rewards their dedicated customers. Their major drawbacks include low interest rates - even for Relationship Rewards customers - and a large number of fees. Overall, though, Bank of America is a great choice for businesses large and small.

Who is Bank of America right for?

Any business, big or small, can benefit from the banking resources Bank of America offers.

Open a Business Bank Account
Prices vary by package

Bank of America Alternative

Chase Bank offers banking options for every business owner, no matter the size of your company.

Chase Business Bank Account: Starting at $0 in monthly fees (when you maintain a minimum balance of $1,500)

Read our Chase Business Bank Account review