Bank of America Review: APYs, Fees & Who It's Best For in 2026

Bank of America is the second-largest U.S. bank by deposits, and in 2026 its core checking and savings APYs remain unremarkable. The real story is Preferred Rewards: link enough Merrill brokerage assets and you unlock credit card rewards multipliers, mortgage rate discounts, and waived fees that genuinely change the math.

2026 snapshot

• **Our rating:** 4.1 / 5
• **Best for:** Preferred Rewards tier benefits and nationwide branch access
• **FDIC insured:** Yes, up to $250,000 per depositor, per ownership category

Products and features

Advantage Checking (Plus, Relationship, SafeBalance)

Three checking tiers ranging from a no-overdraft starter account to a relationship-banking flagship.

Advantage Savings

Standard APY is low (around 0.04%), but Preferred Rewards Platinum Honors members earn relationship interest boosts.

Featured CDs

Limited-term promotional CDs that occasionally beat the online-bank average.

Preferred Rewards

Tiered program (Gold/Platinum/Platinum Honors/Diamond) unlocked by combined BofA + Merrill balances starting at $20,000.

What we like

• 3,600+ branches and 15,000+ ATMs nationwide
• Preferred Rewards multiplies credit card cash back by up to 75%
• Excellent mobile app and Erica AI assistant

Where it falls short

• Base savings and CD rates are uncompetitive
• Monthly fees apply unless you meet balance or direct-deposit thresholds

Bottom line

Bank of America is a no-brainer if you already use Merrill for investing. For pure rate-chasing savers, an online bank still wins.

> Rates and product terms shown reflect publicly available information at the time of our 2026 review and can change at any time. Always confirm current APYs and fees directly with the bank before opening an account.

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