Review: Bank of America Advantage Relationship Banking - CNBC

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Select’s editorial team works independently to review financial products and write articles we think our readers will find useful. We may receive a commission when you click on links for products from our affiliate partners.

Editor’s Note: APYs listed in this article are up-to-date as of the time of publication. They may fluctuate (up or down) as the Fed rate changes. CNBC will update as changes are made public.

If you keep a healthy sum of cash in your personal checking account, it's worth looking into banking options that reward you with interest and other perks.

It's rare that you can earn interest on cash you keep in a checking account, but Bank of America Advantage Relationship Banking® customers can earn 0.01% to 0.02% APY on large balances more than $10,000. It won't exactly make you rich, and rates are still slightly lower than the national average of 0.03%. However, the benefit of banking at a nationally-recognized, brick-and-mortar bank may be worth it to Bank of America loyalists.

Here’s a closer look at the Bank of America Advantage Relationship Banking. Ahead, Select reviews its APY, access to your cash, perks and fees, so you can decide if this checking account is a good choice for you.

Bank of America Advantage Relationship Banking review

Bank of America Advantage Relationship Banking®

• Monthly maintenance fee

  $25, with options to waive

• Minimum deposit to open

• Minimum balance

  Maintain a balance of $10,000 or more in combined eligible Bank of America and/or Merrill investment accounts each statement cycle to avoid monthly maintenance fee

• Annual Percentage Yield (APY)

  Varies by balance size (0.01% to 0.02%)

• Free ATM network

  16,900 Bank of America ATMs

• ATM fee reimbursement

• Overdraft fee

• Mobile check deposit

Terms apply. Bank of America is a Member FDIC.

APY

Bank of America Advantage Relationship Banking offers tiered APY on large balances over $10,000 at the following rates:

• Less than $50,000: 0.01% APY
• $50,000 to $100,000: 0.01% APY
• $100,000 and above: 0.02% APY

Access to your cash

Account holders can conveniently access cash every day by going to one of Bank of America's more than 16,000 ATMs or visiting a teller at the bank. If you don’t need cash, Zelle is conveniently integrated into the Bank of America mobile app, so you can send and receive money within minutes.

Debit card withdrawals from an ATM are limited to $1,500 per day. Debit card purchases have a higher threshold of $5,000 per day.

Perks

• Earn cash back with BankAmeriDeals®, offers apply to participating stores and restaurants. Activation is required to benefit from each deal.
• Zelle is integrated directly into the Bank of America mobile app, allowing you to send and receive money within minutes.
• Over 16,000 fee-free Bank of America ATMs, so you can get cash or deposit money without paying a fee.
• Mobile check deposit, allows you to easily take a photo of a check and deposit it using the Bank of America mobile app, saving you a trip to an ATM or bank.
• Lock and unlock your card, halting most new transactions if your card is stolen, lost or misplaced. Autopay, returns, credits and some other transactions may continue to be processed.

Fees

The Bank of America Advantage Relationship Banking account comes with many common checking account fees, such as a $25 monthly fee and $35 overdraft fee.

You can waive the monthly fee by meeting one of these requirements each statement cycle:

• Maintain a minimum daily balance of $10,000 or more in qualifying linked accounts.
• Be a Preferred Rewards client (requires a minimum qualifying combined balance of $20,000 in a Bank of America® deposit and/or Merrill® investment accounts).

The $35 overdraft fee applies to transactions over $1 and you can incur a maximum of four per day. You can you sign up for overdraft protection, which authorizes transfers from a linked Bank of America savings or secondary checking account, and then you'll only pay a $12 fee. The $12 fee applies to transfers exceeding $1, and there’s a limit of one transfer fee per day.

While Bank of America has over 16,000 fee-free ATMs, if you use a non-Bank of America ATM, Bank of America will charge you an ATM fee of $2.50 per U.S. transaction or $5 for each foreign country transaction. The ATM operator may also charge an additional fee.

Bottom line

Overall, the Bank of America Advantage Relationship Banking account can be a good choice for banking clients with high checking account balances and/or linked savings and investment accounts that, combined, total $10,000 or more.

While customers can earn a modest 0.01% to 0.02% APY, there's also the added perk of earning cash back through BankAmeriDeals®.

However, those looking for a no-fee checking account option that also yields interest without the high minimum balance requirements should look at opening an Ally Interest Checking Account, which was our runner-up for best overall free checking.

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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.

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