Bank of America Review for Seniors in 2023

If you're looking for a bank that offers a wide range of products and services, Bank of America is worth considering.

As one of the largest banks in the U.S., it has over 4,300 local branches across the country and maintains a strong digital presence through its highly rated Bank of America app and online banking platform.

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Savings Accounts

In addition to checking accounts, Bank of America also offers savings accounts like Regular Savings Account which allows up to six withdrawals per statement cycle without penalty before charging excessive transfer/withdrawal fees. The account has a low-interest rate and requires a $100 minimum opening deposit.

For those who want to earn higher interest rates, Bank of America offers CDs with terms ranging from 28 days to 10 years. Early withdrawal penalties apply if you withdraw before the maturity date.

Checking Accounts

Bank of America offers three versions of its Advantage checking account: SafeBalance Banking®, Advantage Plus Banking®, and Advantage Relationship Banking®. Each account comes with a complimentary debit card.

• SafeBalance Banking®: This basic checking account only requires a $25 minimum opening deposit with a $4.95 monthly maintenance fee. The fee is waived for Preferred Rewards members and select students under 24 years old.
  
  
• Advantage Plus Banking®: With this account, there's an option to add overdraft protection and paper checks for a $12 monthly service fee. A $100 minimum deposit is required to open an Advantage Plus checking account.
  
  
• Advantage Relationship Banking®: This interest-bearing account features low-interest rates compared to many online banks but includes options for adding paper checks or overdraft protection by paying fees every month or maintaining high combined balances. You can waive the monthly fee two ways:
  1. Maintain at least one qualifying direct deposit each statement cycle.
  2. Maintain at least $10,000 combined balance among your eligible linked accounts (excluding CDs).

Bank of America CD

If you're looking for a low-risk way to save money and earn interest, Bank of America's CD options could be a great fit for your needs.

• The Standard Term CD is perfect if you want flexibility in terms and minimum opening deposit. You can open an account with just $1,000 and choose from terms ranging from 28 days to 10 years. The APY offered on this type of account is currently at 0.03%, which isn't as high as some other banks but still competitive.
  
  
• The Featured CDs banking option requires a higher minimum opening deposit than the Standard Term option - $10,000 – but it also comes with more attractive rates starting at 0.05% APY for terms ranging from seven months up to twenty-seven months only.

It’s important to note that Bank of America CDs are not liquid accounts, and you won't be able to add additional funds once the account is opened.

Bank of America HSA

Bank of America provides convenient ways for customers to manage their Health Savings Accounts (HSAs). Through the bank's member website or the MyHealth BofA mobile app, users can easily submit claims and monitor their HSA activity. The Bank of America HSA comes with a Visa debit card that has no transaction fees, making it convenient for customers to make eligible purchases. 

When it comes to earning interest, savers receive tiered rates, with the highest annual percentage yield (APY) of 0.07 percent offered on balances exceeding $25,000.

For investors, Bank of America HSAs offer a wide range of Merrill Lynch mutual funds to choose from, with no minimum balance requirement for investment. 

To support account holders, Bank of America offers a savings calculator and provides 24/7 customer support via phone or online chat. Moreover, the bank offers guidance and educational resources to help customers align their financial strategies with their health and wellness goals.

Elderly-Friendly Features:

• No Monthly Maintenance Fee Option: Customers aged 62+ can waive monthly fees with a minimum daily balance.
  
  
• Larger Font Checks: Request larger font checks at no extra cost.
  
  
• Accessible ATMs: Bank of America has a large network of ATMs, many with voice guidance and Braille.

Pros and Cons

Overall, if you value face-to-face support that brick-and-mortar banks offer, Bank of America is a top choice. However, be aware that account fees might apply and low APYs are offered for savings accounts.

Advantages:

• Nationwide presence: With over 4,300 local branches and 17,000 ATMs, Bank of America has a vast network that makes banking convenient for customers across the United States.
  
  
• Diverse account options: From basic checking accounts to premium savings accounts, investment services, and credit cards - Bank of America offers a wide range of financial products tailored to various customer needs.
  
  
• Bank of America App: The bank provides a user-friendly mobile app with features like mobile check deposit (though paper checks are still an option), bill pay capabilities, budgeting tools as well as integration with popular digital wallets such as Apple Pay or Google Pay.

Disadvantages:

• Fees can add up quickly: If not managed carefully or if certain requirements aren't met (such as maintaining minimum balances), bank charges on checking accounts can accumulate rapidly. Depending on the amount withdrawn, non-Bank of America ATM withdrawals and monthly maintenance charges could result in pricey expenses over time.
  
  
• Limited high-yield savings options: In comparison to online banks offering higher interest rates on their savings accounts (up to 0.50% APY), Bank of America's savings account interest rates are relatively low, making it less attractive for those looking to grow their savings quickly. 
  
  
• Customer service concerns: While the bank has made efforts to improve customer satisfaction, some Bank of America customers have reported less-than-ideal experiences with customer service at Bank of America branches or over the phone. Consider J.D. Power's 2023 U.S. Retail Banking Advice Satisfaction Study for customer service ratings of other banks.

Fees and Charges

Seniors on a set income may find Bank of America's charges to be an unpleasant expense.

• Overdraft Fees: If you spend more than you have, Bank of America will charge you $35 per item.
  
  
• ATM Fees: Using a non-Bank of America ATM can cost you $2.50 domestically and $5 internationally - better to stick with your own bank's ATMs.
  
  
• Maintenance Fees: Some accounts come with monthly maintenance fees ranging from $4.95-$25 - but you can avoid them by meeting certain criteria.
  
  
• Paper Statement Fee: If you're old school and prefer paper statements, be prepared to pay around $5 per statement cycle.

Bonus: Bank of America Mobile App & Other Services

The highly rated mobile app makes banking easy on-the-go with features such as AI virtual assistant Erica®, Zelle® person-to-person payments, mobile check deposits, bill pay options, and more.

In addition, Bank of America also provides other services including:

- EDD debit card.
- HSA accounts.
- Video Banking.
- Drive-thru ATMs and ATM cards.
- Plasma Loyalty Card.
- Schedule Appointment option through their website or app.

Comparing Banks

Choose the bank that best suits your specific needs and preferences. Research each institution thoroughly before making a decision.

Bank of America Review vs. Wells Fargo Review

Bank of America and Wells Fargo are two of the largest banks with extensive branch networks across the United States.

• Fees: Bank of America has lower monthly maintenance fees for checking accounts compared to Wells Fargo.
  
  
• Savings rates: Bank of America's Advantage Savings Account offers slightly higher APYs than Wells Fargo's Way2Save account.
  
  
• Credit cards: Bank of America has more co-branded travel rewards cards available.

Bank of America Review vs. Chase Bank Review

The competition of signing up for Chase or Bank of America accounts is fierce as well.

• Fees: Chase generally has lower or waived fees for certain types/accounts if specific requirements are met (e.g., minimum balance).
  
  
• Savings rates: Chase's standard savings account offers a slightly higher APY than Bank of America.
  
  
• Customer service: Chase has received higher ratings in recent customer satisfaction surveys.

FAQs

Is My Money Safe in Bank of America?

Yes, your money is safe at Bank of America as it's FDIC-insured up to $250,000 per depositor.

How Do I Open an Account in Bank of America Online?

You can easily open an account online by visiting bankofamerica.com, selecting the type of account you'd like to open, and filling out the application form.

How do I get the Bank of America App?

To get the Bank of America app on your phone, go into your phone's app store and search "Bank of America App". Once downloaded, sign in one the front page, and all benefits should be available to you.

Conclusion

Looking for a reliable bank with physical locations across the country? Bank of America might be worth considering but be aware of potential fees and compare different banks before making any decisions.

In this Bank of America Review, pros of Bank of America include an extensive ATM network, while cons include potential fees.