Why Bank of America is the best?
Pros. Bank of America has approximately 4,300 branch locations and 17,000 ATMs, so you'll always have access to your money. The minimums to open a checking account are relatively low, so it's fairly easy to switch banks. If you can qualify for their Preferred Rewards program, it's worth it.
Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world.
Pros. Vast ATM network: Bank of America is one of the largest banks in the US. If you need cash, there are thousands of branch and ATM locations to visit. Digital payment options: Each account gets a chipped debit card, access to Zelle and a digital wallet.
- CREDIT CARD. 25% Rewards bonus on eligible Bank of America credit cards 3
- SAVINGS. 5% Interest rate booster on a Bank of America Advantage Savings account 7
- BANKING SERVICES. No Fees. ...
- MORTGAGE. $200. ...
- HOME EQUITY. 0.125% ...
- AUTO LOAN. 0.25% ...
- FOREIGN CURRENCY. 1% ...
- DEPOSITS. No Monthly Maintenance Fees.
- RANK33 Fortune 100 Best Companies to Work For.
- RANK14 America's Most Innovative Companies.
- RANK42 World's Most Admired Companies.
- RANK82 Global 500.
- RANK17 50 Best Large Workplaces in Financial Services and Insurance.
- RANK27 100 Best Large Workplaces for Women.
- RANK32 Fortune 500.
Strong client-employee relationships
Bank of America claims: '[We are] a company united in our purpose to help make financial lives better through the power of every connection. Our story is all about the impact clients and communities can have and the progress they can make.
No fees on select banking services. No monthly maintenance fees on up to seven eligible accounts when you ask us to linkFootnote them to your primary Advantage Relationship Banking account. Option to enroll in Balance Connect for overdraft protection. Peace of mind with our $0 Liability Guarantee.
Bank of America could be a good fit for consumers who want access to a local branch, plenty of ATMs and a highly rated app. But, like many big banks, it generally offers low rates of return compared with what other financial institutions are paying out.
1. JPMorgan Chase. JPMorgan Chase, or Chase Bank, is the biggest bank in America with nearly $3.4 trillion in assets. It boasts a vast network of over 4,800 physical branches and more than 15,000 ATMs.
Bank of America pays slightly higher interest on your account balance. It also has a lower monthly fee and more options to have it waived. While the comparison between the two banks' checking accounts stacks up as a draw, the clear winner among savings accounts is Bank of America Advantage Savings.
What makes Bank of America different from its competitors?
The bank has diversified revenue sources beyond loans, such as wealth management and investment banking. BAC's loan portfolio growth is slower compared to competitors, but non-interest income services contribute significantly to total revenues. We assess BAC's metrics compared to those of its main peers.
- Low rate of income in the countries outside of the U.S: Bank of America gets 90% of its annual revenue from the banks in the United States. ...
- Higher Rate of Interest: Most customers believe that the bank incurred a higher Rate of Interest.
Bank of America has the Financial Strength Rank of 4.
GuruFocus Financial Strength Rank measures how strong a company's financial situation is.
Bank of America is a reputable option for customers who want both in-person and online service, but its deposit accounts generally have low rates. Key Takeaways: We rate Bank of America 4 out of 5 stars, giving it high marks for branch and ATM access but lower scores for its rates on deposit accounts.
Ex-Goldman Sachs helping train students/recent grads to secure jobs in banking - 90% placement rate to banks like GS, UBS and JP. These are the 10 hardest investment banks to get a job at in the world🌍👇 1. JP Morgan 2. Goldman Sachs 3.
How satisfied are employees working at Bank of America? 76% of Bank of America employees would recommend working there to a friend based on Glassdoor reviews. Employees also rated Bank of America 3.7 out of 5 for work life balance, 3.9 for culture and values and 3.8 for career opportunities.
It was formed through NationsBank's acquisition of BankAmerica in 1998. Bank of America is headquartered in Charlotte, North Carolina. The bank's history dates to 1904 when Amadeo Peter Giannini opened the Bank of Italy in San Francisco.
Our employees are at the heart of this purpose, and are key to driving responsible growth. Every day, across the globe, our employees bring a commitment to our purpose and to driving responsible growth by living our values: deliver together, act responsibly, realize the power of our people and trust the team.
Based on the analysis of Bank of America's financial health, risk profile, and regulatory compliance, we can conclude that the bank is relatively safe from any trouble or collapse.
The Wells Fargo Everyday Checking slightly beats out the Bank of America Advantage Plus Banking® because it requires a lower minimum opening deposit and monthly service fee. It also boasts a higher bank bonus for new customers. However, Bank of America has slightly easier requirements to waive monthly fees.
How much money do you need to open a bank account at Bank of America?
Account Type | APY* | Minimum Opening Deposit |
---|---|---|
Bank of America Advantage Plus Banking® | N/A | $100 |
Bank of America Advantage Relationship Banking® | 0.01% to 0.02% | $100 |
Bank of America Advantage Savings | 0.01% to 0.04% | $100 |
Bank of America featured CD | 0.05% to 4.75% | $1,000 |
Here's one black-and-white difference: Wells Fargo offers personal loans and lines of credit, while Bank of America does not. However, Bank of America has the advantage when it comes to savings and investment:It offers higher interest rates on savings accounts with bigger balances, as well as a wider range of CDs.
- Capital One 360 Checking: Best online checking account.
- Chase Total Checking®: Best for a large branch network.
- Axos Bank Rewards Checking: Best for online account options.
- Discover® Bank: Best for doing all of your banking at one place.
- Synchrony Bank: Best high-yield savings account.
Experts have mixed opinions on Bank of America, with some recommending it as a top pick with strong wealth management and investment banking while others express concerns about potential risks such as commercial real estate and rising interest rates.
JPMorgan Chase is the top largest bank in the US, with a balance sheet total of $3.31 trillion.
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