Bank of America Advantage Plus Banking®
Flexible banking to meet your needs
Updated September 7, 2026 · By the MoneyAtlas Editorial Team
Category Ratings
Pros
Thousands of ATMs and financial centers
Highly-rated mobile apps
Full-service bank with checking and savings accounts, loans, credit cards, and investment products
Cons
Checking and savings accounts have monthly maintenance fees (can be waived)
Interest-bearing accounts have low annual percentage yield (APY) rates
Why we rate Bank of America Advantage Plus 4.0 out of 5
A national branch network and a rewards multiplier wrapped around an ordinary checking account. Worth it if you keep $20,000 or more across Bank of America and Merrill. An expensive place to hold $500 if you do not.
A $12 monthly fee with three waiver paths, zero interest on every balance, and a 3% foreign transaction charge on the debit card. This is the weakest part of the account and the reason most complaints exist.
Three Advantage Banking settings plus savings, CDs, cards, mortgages, and Merrill investing, all of which count toward the combined balance that unlocks Preferred Rewards.
Round-the-clock phone support and staffed financial centers nationwide, undercut by a long record of customer complaints about maintenance and overdraft fees charged in months the waiver lapsed.
Erica handles transaction search, card locks, and spending insights inside the main app rather than a separate one, alongside Zelle and granular debit card alerts.
Roughly 3,700 financial centers and 15,000 ATMs coast to coast, second only to Chase, with non-network ATM fees waived at the top Preferred Rewards tiers.
Bank of America Advantage Plus Banking® is the standard tier of Advantage Banking — the everyday checking account most customers land on. Its value scales with your balance: link $20,000+ across Bank of America and Merrill and the Preferred Rewards program can boost your Bank of America credit card rewards by up to 75%. For a low-balance customer who can't meet the $250 direct-deposit or $1,500 daily-balance waiver, the $12 monthly fee makes it a pricey pick for basic checking.
At a Glance
- Monthly Fee: $12 (Waived with a $250+ direct deposit or $1,500 minimum daily balance)
- Minimum Opening Deposit: $100
- APY (Interest): None — this account does not earn interest
- Overdraft Fees: $10 (reduced from $35; optional opt-in)
- Key Feature: Preferred Rewards (Massive perks for balances of $20k+)
- ATM Access: ~15,000 ATMs; Fees apply for non-BoA ATMs (waived for higher Preferred Rewards tiers)
- Foreign Transaction Fee: 3% (Debit card)
Fees and How to Avoid Them
Advantage Plus has one fee that really matters and a few that only appear if you go looking. The $12 monthly maintenance fee is waivable three separate ways, and most customers who end up paying it have simply never set up a qualifying direct deposit. Deposits are FDIC insured to the standard limit, and the overdraft setting you pick at account opening decides whether the $10 item fee ever applies to you. The CFPB's guidance on bank accounts is worth reading before you opt in to overdraft coverage.
If the $12 keeps landing, that fee is the whole argument for looking elsewhere. SoFi Checking and Savings charges no monthly fee at all, while Chase Total Checking and TD Beyond Checking sit in the same waivable-fee bracket as this account. Our checking account comparison ranks the current field. And if the real question is where to keep the money rather than which account to open, checking versus savings is the more useful comparison, because this account pays nothing.
Overview
Bank of America simplified its lineup to one product, Advantage Banking, with three settings — SafeBalance, Plus, and Relationship. Advantage Plus is the standard, middle tier; you can switch settings by request with the bank.
- Advantage SafeBalance ($4.95/mo):
- Best for: Students or those worried about overdrafts.
- Features: Checkless (no paper checks). Transactions are declined if you don't have sufficient funds, so there are no $0 overdraft fees.
- Waiver: Students under 25 or members of Preferred Rewards.
- Advantage Plus ($12/mo):
- Best for: The average user who wants checks and a standard experience.
- Waiver: Direct deposit of $250+ OR minimum daily balance of $1,500.
- Advantage Relationship ($25/mo):
- Best for: Higher balance customers.
- Features: Earns interest (low), fee waived on cashier's checks/incoming wires.
- Waiver: Combined balance of $20,000+ in eligible linked accounts (or Preferred Rewards enrollment).
The Power of Preferred Rewards
This is why people stick with Bank of America. If you have a combined 3-month average balance across Bank of America and Merrill Edge (investing), you unlock tiers:
- Gold ($20k+): 25% Credit Card Bonus.
- Platinum ($50k+): 50% Credit Card Bonus + 12 free non-BoA ATM transactions/year.
- Platinum Honors ($100k+): 75% Credit Card Bonus + Unlimited non-BoA ATM withdrawals.
Example: At the Platinum Honors level, the Unlimited Cash Rewards credit card earns 2.62% cash back on everything (1.5% base x 1.75 multiplier). That is unmatched by any other ecosystem.
Borrower Experience
- Erica: BoA's AI assistant, Erica, is actually useful. She can search transactions ("Show me spend at Target"), lock cards, and provide spending insights.
- Security: Features like the "Zelle Safety" warnings and customizable debit card alerts are top-tier.
Who It’s Best For
- The "Trifecta" Optimizer: If you are willing to move $100k of your IRA/Brokerage to Merrill Edge, the Platinum Honors benefits make BoA the most rewarding bank in the country.
- Students: The SafeBalance account is free for students under 25 and helps prevent overdrafts.
- Coast-to-Coast Travelers: With branches from NYC to LA, it’s a reliable hub for people who often move or travel domestically.
Who Should Skip It
- Low Balance / Gig Workers: If you can't guarantee a $250 direct deposit every month and have less than $1,500, you will be charged a $12 fee. Capital One 360 or Chime are better free options.
- High-Yield Seekers: Never use this account for savings. The interest rates are near zero. Use this for checking and move savings to Ally or Marcus.
Bottom Line
Bank of America Advantage Plus Banking is a solid, reliable choice for the average consumer, but it becomes an exceptional choice for the affluent. If you can qualify for Preferred Rewards by linking a Merrill investment account, no other bank gives you as much value back. If you are just looking for a free place to park $500, you can find cheaper options elsewhere.