Bank of America Review | Still Worth it in 2022?

Bank of America Overview

In this section, we will provide an overview of Bank of America and its account options.

Account Options

• Bank of America offers various account options, including credit cards, home loans, auto loans, small business accounts, investing through Merrill Lynch, and other financial tools.

• On the banking side, Bank of America provides standard checking and savings accounts.

• The Safe Balance Checking Account is designed for students and waives overdraft fees. However, there is a monthly fee of $4.95 that is difficult to get waived.

• The Advantage Plus Account has a $12 monthly fee but can be easily waived with a qualifying direct deposit or maintaining a balance of $1500.

• The Advantage Relationship Account is the most premium checking account with additional benefits such as fee waivers on select services. It requires an account balance of $10,000 or enrollment in preferred rewards to waive the monthly fee.

Features and Benefits

• All checking accounts come with features like Bank of America's $0 liability guarantee, mobile deposit features, interactive spending and budgeting tools, convenient payment methods including Zelle integration for money transfers.

• Smart money management tools allow users to set up custom alerts and savings goals while earning cash back rewards based on spending habits.

• Savings accounts have an $8 monthly maintenance fee that can be waived by meeting certain criteria, such as having a minimum balance or being enrolled in preferred rewards.

• Preferred rewards members enjoy higher interest rates on savings accounts, but even with enrollment, Bank of America's rates are relatively low compared to other banks.

Conclusion

Bank of America offers a range of account options for individuals and businesses. While some accounts have fees that can be waived under certain conditions, the bank provides various features and benefits such as mobile banking tools and convenient payment methods. However, the interest rates on savings accounts may not be as competitive as other banks.

Bank of America Review

In this section, the speaker provides an overview of Bank of America's digital technology and compares it to its competitors. They also discuss the bank's mobile application and digital banking assistant.

Bank of America's Digital Technology

• Bank of America has invested a significant amount of time and money into their digital technology.

• This sets them apart from some of their national banking competitors like Wells Fargo and Chase, which are perceived as being stuck in the past.

• The Bank of America mobile application is comparable to Capital One's in terms of functionality and user experience.

Erica - Bank of America's Digital Banking Assistant

• Erica is Bank of America's digital banking assistant, highly rated for its customer service.

• It is easier to get answers from Erica than from a real person on the phone.

Certificates of Deposit (CDs)

• Bank of America offers CDs or certificates of deposit, which many modern financial technology companies do not provide.

• However, the interest rates offered by Bank of America on CDs are very low (0.03% on average).

• Considering that these accounts require locking your money for a set period, they are not advantageous compared to checking accounts with higher interest rates.

Is Bank of America Worth It?

In this section, the speaker addresses whether or not using Bank of America as a banking platform is worth it. They also mention alternative options.

Banking Side Evaluation

• The speaker suggests avoiding using Bank of America as a primary banking platform due to its low-interest rates and surface-level features.

• There are better options available for traditional banking experiences with higher interest rates, such as Capital One's 360 banking options.

Other Financial Tools Offered by Bank Of America

• Despite shortcomings in their banking services, Bank Of America offers other useful tools.

• The speaker highlights the credit card offerings, particularly the Bank of America Customized Cash Rewards card, which provides 3% cash back on a chosen category each month.

• Merrill Lynch is another valuable tool offered by Bank of America, providing an investing platform with no fees for stocks, ETFs, options, and other assets.

Overall Assessment

• While Bank of America may have some useful tools outside of banking services, the speaker concludes that it is not worth using as a primary banking platform.

• There are better alternatives available in terms of both traditional banking experiences and investment platforms.

Conclusion

In this section, the speaker summarizes their assessment of Bank of America and emphasizes the importance of considering other options.

Final Verdict

• The speaker states that Bank of America's banking features are not impressive compared to its competitors.

• They rate the bank account experience as two out of ten on a good day.

• However, they acknowledge that Bank Of America has some unique credit card offerings and a decent investment platform through Merrill Lynch.

Consider Other Options

• The speaker advises against using Bank Of America's lesser-known tools like lending services unless already using them as a primary banking or investing platform.

• They suggest exploring alternative options that offer better overall experiences and benefits.