Bank of America Advantage Relationship Banking Checking Account

An interest-bearing checking account packed with free perks, and rewards!

 

 

securely on the bank's website

If you're looking for a checking account that pays interest and comes packed with free perks, you should definitely consider applying for a Bank of America Advantage Relationship Banking checking account!

This checking account is equipped with features that will make banking so much easier for you, including a free debit card you can use and manager wherever you are! You can set up card controls to decide how and when your Bank of America debit card is used, and link it to a digital wallet for faster, more secure payments. Plus, with $0 Liability Guarantee, you'll be protected against any unauthorized transactions. However, in case you ever notice any suspicious activity or your card is lost or stolen, you can always lock it, and disable payments to prevent unauthorized purchases and withdrawals.

In addition to enhanced debit card security features, you can also keep an eye on your Bank of America Advantage Relationship Banking checking account thanks to customizable alerts you can choose to receive via email, text, and mobile app. Speaking of the mobile app, you can get the Bank of America Mobile Banking app on the App Store if using an iPhone or iPad device or on Google Play for Android. If your device is eligible, you can enroll in Touch ID, Face ID or fingerprint sign-in, for an extra layer of protection. This way, you'll be the only one with access to your device, and you can bank with even more confidence (assuming you know how to protect yourself from online financial scams, of course). Bank of America's mobile app lets you manage your money conveniently, while on the go or from the comfort of your home! You can use it to:

  • check your balance and view statements,
  • deposit checks and transfer funds between your accounts,
  • pay bills, and set up automatic payments,
  • send money to friends and family,
  • set up alerts, and debit card controls,
  • chat with Erica, your virtual financial assistant,
  • manage your budget using the budgeting tool,
  • view and choose BankAmeriDeals, and more!

BankAmeriDeals are special offers reserved for Bank of America customers, so they could earn cash back on eligible purchases made using a Bank of America debit card. There's also another program, Keep the Change, which is a savings program for those with both a Bank of America checking account, and a Bank of America savings account. With Keep the Change, the bank will round up each purchase amount to the nearest dollar, and transfer the round-up to your savings account. If you qualify for Preferred Rewards, you'll receive interest rate boosters on your savings account balance, and watch your money grow even more!

So, if you plan on keeping large amounts of money in your bank accounts, whether it be one or more checking accounts, a checking and a savings, or in a checking or some other investment account, then you should consider doing business with Bank of America. Not only will you enjoy many free perks included in the Advantage Relationship Banking checking account offer, but you may also receive a range of exclusive benefits offered through the Bank of America Preferred Rewards program!

Checking account details

Checking account fees

  • Monthly Fee
    $25 (can be waived)
  • APY
    0.01% / 0.02%
  • Minimum Deposit to Open
    $100
  • Out-of-Network ATM Transaction Fee
    $2.50
  • Out-of-Network ATM Withdrawal Fee
    $2.50
  • Overdraft Fee
    $35
  • Non-Sufficient Funds Fee
    $35
  • Foreign Transaction Fee
    3%

Bank of America Advantage Relationship Banking Checking Account FAQ

1. What is a combined balance?

A combined balance is the total amount of money you keep across your different Bank of America accounts. Unless enrolled in Preferred Rewards, you can have the monthly fee waived on the Bank of America Advantage Relationship Banking checking account by maintaining a combined balance of at least $10,000 in eligible Bank of America accounts. Combined balances include:

  • average daily balances for the statement period in your linked checking, savings, and money market accounts, and
  • current balances linked in your personal CDs and IRAs, and
  • current balances as they are 2 business days before the end of the checking statement cycle in your eligible linked Merrill Edge and Merrill Lynch investment accounts.
2. How do I get free additional checking and savings accounts with Bank of America?

If you want to open additional checking and/or savings accounts with Bank of America, and benefit from monthly fee waivers on them, you can do so by getting in touch with a Bank of America representative, whether it be by visiting one of their financial centers or by calling them at the number you'll find on your monthly statement. Bank of America won't automatically link any additional accounts to your primary checking account, the Advantage Relationship Banking in this case, unless you tell them.

You should know that you can open up to 3 additional Bank of America checking accounts, and up to 4 additional Bank of America savings accounts without paying monthly fees. All other fees, minimum balance or deposit requirements still apply.

 

3. What is a digital wallet?

Safe and convenient, digital wallets allow you to pay for your purchases without using your physical debit card, but by using your smartphone, tablet, wearable or other device instead. Normally, you'll have to download a mobile app, where you'll store your physical debit card information. This way, every time you make a digital wallet purchase, your card number won't be shared with a merchant, as digital wallets use tokens as a substitute for your account number. You can complete your purchase with a simple tap, without having to reach out for your debit card at all! Plus, digital wallets can be used for in-store, in-app or online purchases!

Depending on your device, you can link your Bank of America debit card to Apple Pay, Google Pay, Samsung Pay, Microsoft Wallet, and Visa Checkout.

4. What's the difference between the Advantage Relationship Banking and the Advantage Plus Banking checking accounts?

In addition to the Advantage Relationship Banking offering quite a lot of banking products free of charge, this checking account also pays interest. While it comes with a higher monthly fee, it can be waived by keeping at least $10,000 across different Bank of America bank accounts. This makes it more suitable for those with high balances, who'd be interested in opening more than one account with Bank of America.

In terms of all other features and services, the Bank of America Advantage Relationship Banking checking account and the Bank of America Advantage Plus Banking checking account are the same!

5. How do BankAmeriDeals work?

With BankAmeriDeals, you'll earn cash back when you use your Bank of America debit card to pay for purchases offered through the program. Cash back deals are available in Bank of America Online Banking as well as on the Bank of America Mobile Banking app. Once you've enrolled in Online and Mobile Banking, you'll be able to view offers automatically, and select the deals you want.

Your cashback rewards will be credited to your Advantage SafeBalance Banking checking account within 30 days following redemption.

6. What are the benefits of the Bank of America Preferred Rewards?

Whether you're a Gold, Platinum or Platinum Honors tier member of Bank of America's Preferred Rewards program, you'll get:

  • savings rate interest boosters,
  • credit card rewards bonuses,
  • free non-Bank of America ATM Transactions (not available for Gold),
  • Merrill Guided Investing program fee discounts,
  • Priority member service,
  • reduced origination fees on Bank of America's mortgages,
  • home equity discounts,
  • auto loan discounts,
  • no monthly maintenance fees on up to 4 eligible checking and 4 savings accounts from Bank of America,
  • no fees on select services, including standard check orders, cashier's checks, incoming domestic wire transfers and more (the "more" depends on your tier),
  • foreign currency exchange rate discounts.
7. How do I enroll in the Preferred Rewards program?

You can enroll in the Bank of America Preferred Rewards program for free if you meet a certain minimum balance requirement. More precisely, the Preferred Rewards is a tier-based program that is available to Bank of America's customers who reach a balance threshold that qualifies them for the program.

Currently, there are 3 tiers that comes with exclusive benefits that are more valuable as you move up higher to the next rewards tier: 

  1. Gold, for balances between $20,000 and < $50,000.
  2. Platinum, for balances between $50,000 and <$100,000.
  3. Platinum Honors, for balances of $100,000+.

To qualify for Gold, for example, you'll need an eligible Bank of America personal checking account, and a 3-month average combined balance of $20,000 in qualifying Bank of America deposit accounts and/or Merrill investment accounts. The same applies to the other two tiers, only the balance requirement changes.

8. What are savings interest rate boosters offered through the Bank of America Preferred Rewards program?

If you have a savings account with Bank of America, you might be interested in knowing you'll receive interest rate boosters on your Bank of America savings account balance if you qualify and enroll in the bank's Preferred Rewards. Interest rate boosters vary based on your Preferred Rewards status. If your status is:

  • Gold: you'll receive an interest rate booster of 5%.
  • Platinum: you'll receive an interest rate booster of 10%.
  • Platinum Honors: you'll receive an interest rate booster of 20%.

So, for example, if the current interest rate on a Bank of America Savings Account is 1%, it will be increased to 1.05%, 1.10%, and 1.20%, as per each status tier, respectively.

9. What is Overdraft Protection?

Bank of America's Overdraft Protection is an optional service you can choose to include in your Advantage Relationship Banking checking account. With Overdraft Protection, you'll be able to link your Bank of America Advantage Relationship Banking to another Bank of America account of yours, whether it be a second checking account, savings account or a credit card. This way, in case you don't have enough funds in your Advantage Relationship Banking checking account balance to cover a transaction, money will be automatically transferred from your linked account to your Advantage Relationship Banking.

It costs nothing to enroll in Overdraft Protection, and, as an Advantage Relationship Banking customer, you qualify for transfer fee waivers ($12 per transfer).

10. How do I find my Bank of America account and routing numbers?

Bank of America uses different routing numbers for wire transfers and ACH transactions. Also, in Florida, Illinois, Missouri, and Texas, the bank has several routing numbers, which vary from location to location.

In Online Banking, you can find your account and routing number when you sign in to your Bank of America bank account, and go to the Information and Services tab.

If accessing your account through Bank of America's Mobile Banking app, the information is available under "Account Details" after you've selected your account from Accounts Overview.

Check out other Bank of America checking account offers
Bank Monthly Service Charge Minimum Deposit to Open APY
Bank of America Advantage SafeBalance Banking Checking Account $4.95 (can be waived) $25 0.00%
Bank of America Advantage Plus Banking Checking Account $12 (can be waived) $100 0.00%
Bank of America Advantage Relationship Banking Checking Account $25 (can be waived) $100 0.01% / 0.02%
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