Bank of America review: Low savings rates, but easy to waive monthly service fees

Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.

  • Bank of America has over 4,200 branches in 37 US states, plus 16,000 free ATMs.
  • The bank charges monthly service fees, but it’s relatively easy to waive them.
  • Savings and CD rates are low; you can find better rates if you’re willing to bank online.
  • See Insider’s picks for the best high-yield savings accounts »

Should you use Bank of America?

You might like Bank of America if you … You might not like Bank of America if you … 
  • Prefer to bank in person
  • Want a large bank with branches around the US
  • Are interested in a $100 sign-up bonus
  • Would rather bank digitally
  • Are looking for high interest rates on savings and CDs
  • Don’t qualify to waive monthly fees

The bottom line: Bank of America is a worthwhile option if you want a bank with a large national presence. But you can find better interest rates and lower monthly fees at online institutions.

  • A five pointed star
  • A five pointed star
  • A five pointed star
  • A five pointed star
  • 3.75 out of 5 StarsEditor’s RatingOUR EDITOR’S RATINGS ARE PRIMARILY BASED ON 3 THINGS: SIMPLICITY, AFFORDABILITY, AND VALUE. OUR CREDIT CARD EDITOR TAKES THOSE FACTORS INTO ACCOUNT, AND COMES UP WITH A RATING TO BEST REFLECT HOW THE CARD PERFORMS IN THAT CRITERIA – RELATIVE TO OTHER PRODUCTS WE’VE REVIEWED.A tooltipOUR EDITOR’S RATINGS ARE PRIMARILY BASED ON 3 THINGS: SIMPLICITY, AFFORDABILITY, AND VALUE. OUR CREDIT CARD EDITOR TAKES THOSE FACTORS INTO ACCOUNT, AND COMES UP WITH A RATING TO BEST REFLECT HOW THE CARD PERFORMS IN THAT CRITERIA – RELATIVE TO OTHER PRODUCTS WE’VE REVIEWED.American Express American Express® High Yield Savings Account