Yes, Bank of America offers multiple checking accounts for different needs
Bank of America has three main checking accounts: Checking, Interest Checking, and SafeBalance Banking. Each one has different monthly fees, minimum balance requirements, and features. The account that makes sense for you depends on how much money you typically keep in the account, whether you want to earn interest, and what banking tools matter most to you.
The differences are real enough to matter. One account might cost you $12 a month in fees while another costs nothing. One earns interest on your balance; the others do not. If you've had trouble with overdrafts in the past, one account is specifically designed to prevent them. Understanding what each one offers helps you avoid paying for features you don't use or missing features you need.
Key Takeaways
- Bank of America's Checking account has a $12 monthly fee unless you meet one of several ways to waive it, such as keeping a $1,500 minimum balance or setting up direct deposit.
- Interest Checking earns a small amount of interest on your balance but has a higher minimum balance requirement and similar fee-waiver options.
- SafeBalance Banking has no monthly fee and no minimum balance, but it limits your debit card transactions and does not offer overdraft protection.
- You can hold more than one checking account at Bank of America at the same time, though each one is subject to its own fees and requirements.
Bank of America Checking: The standard account with multiple ways to waive the fee
This is Bank of America's most common checking account. It costs $12 per month, but the fee is waived if you meet any one of these conditions: maintain a $1,500 minimum daily balance, set up direct deposit of any amount, keep a linked savings account with a $300 minimum balance, or maintain a combined balance of $20,000 across all your Bank of America accounts.
The account includes a debit card, online and mobile banking, bill pay, and overdraft protection (meaning the bank can cover a transaction that would otherwise bounce, though it charges a fee for doing so). You get access to Bank of America's ATM network and can deposit checks through their mobile app. There is no limit on how many debit card transactions you can make each month.
This account makes sense if you already have direct deposit set up, or if you can comfortably keep $1,500 in the account most of the time. If you cannot meet any of the fee-waiver conditions, the $12 monthly charge adds up to $144 per year.
Interest Checking: Earning interest on your balance
Interest Checking works like the standard Checking account but pays you a small amount of interest on the money you keep in it. The interest rate varies and is typically very low — often less than 0.01% annually, though Bank of America adjusts rates based on Federal Reserve decisions. The monthly fee is also $12, with the same fee-waiver options: $1,500 minimum balance, direct deposit, linked savings account with $300 minimum, or $20,000 combined balance across accounts.
The trade-off is that Interest Checking usually requires a higher minimum balance to earn any interest at all. Bank of America typically requires you to keep at least $10,000 in the account to start earning interest. Below that threshold, you pay the fee but earn nothing.
This account makes sense only if you regularly keep several thousand dollars in checking and want to earn whatever interest is available. For most people, the interest earned is small enough that it does not offset the $12 monthly fee unless you maintain a very high balance.
SafeBalance Banking: No fees, no minimum balance, limited transactions
SafeBalance Banking has no monthly fee and no minimum balance requirement. It is designed for people who want to avoid overdraft fees and keep banking straightforward. The account includes a debit card, online banking, and mobile check deposit.
The main limitation is that you can make only 6 debit card transactions per month. After that, additional debit card purchases are declined. You can still withdraw cash at Bank of America ATMs without counting against this limit, and transfers between your own Bank of America accounts do not count either. If you need more than 6 debit card transactions monthly, you would need to switch to a different account.
SafeBalance Banking also does not offer overdraft protection. If you try to spend more than you have, the transaction is straightforward declined rather than approved and charged a fee. This prevents the spiral of overdraft fees, but it also means your card might be rejected at checkout if your balance is low.
This account works well if you primarily use cash or make most purchases in person at a few regular places, or if you have had problems with overdraft fees in the past and want a hard stop instead.
Comparing the three accounts side by side
| Feature | Checking | Interest Checking | SafeBalance Banking |
|---|---|---|---|
| Monthly fee | $12 (waivable) | $12 (waivable) | $0 |
| Minimum balance to waive fee | $1,500 | $1,500 | None |
| Minimum balance to earn interest | None | $10,000 | None |
| Interest earned | No | Yes (very low rate) | No |
| Debit card transactions per month | Unlimited | Unlimited | 6 included |
| Overdraft protection available | Yes | Yes | No |
| Debit card included | Yes | Yes | Yes |
How to choose between them
Start by asking yourself three questions: Do you have direct deposit or can you keep $1,500 in the account? Do you want overdraft protection, or would you prefer transactions to be declined if you do not have the money? How many debit card transactions do you typically make in a month?
If you have direct deposit or can maintain $1,500, the standard Checking account costs nothing and gives you full flexibility. Interest Checking only makes sense if you keep $10,000 or more in the account regularly and want to earn the small amount of interest available. SafeBalance Banking is the right choice if you want to avoid fees and overdraft situations entirely, and you can live with 6 debit card transactions per month.
You can also hold more than one account at Bank of America. Some people keep a SafeBalance account for everyday spending and a standard Checking account linked to savings for bill pay and larger transactions. There is no rule against it, though each account is subject to its own fees and requirements.
How to open a different checking account
If you already have a Bank of America checking account and want to switch to a different one, you can change your account type online through your Bank of America profile, or visit a branch and ask a banker to convert your account. The process is usually when ready. Your account number, routing number, and existing debit card may change, so you will need to update any automatic payments or direct deposits that are tied to your old account.
If you want to keep both accounts open at the same time, you can open a second checking account online or at a branch. Bank of America does not charge extra for holding multiple accounts, but each one is subject to its own monthly fee and balance requirements.
Frequently Asked Questions
Can I switch between checking accounts without closing the first one?
Yes. You can convert your existing account to a different type, or open a second checking account and keep both open. Each account has its own fees and balance requirements. If you convert rather than open a second account, your old account number closes and you will need to update any automatic payments tied to it.
What happens if I do not meet the minimum balance for fee waiver?
You pay the $12 monthly fee. The fee is charged even if your balance drops below the requirement for just one day. If you know you cannot maintain the minimum, SafeBalance Banking has no fee and no minimum balance, though it limits debit card transactions to 6 per month.
Does the interest rate on Interest Checking change?
Yes. Bank of America adjusts the interest rate based on Federal Reserve decisions and market conditions. The rate is typically very low — often less than 0.01% per year. You can check your current rate through your online account or by calling Bank of America.
Can I use SafeBalance Banking if I need more than 6 debit card transactions a month?
You can make unlimited ATM withdrawals and transfers between your own accounts without counting against the limit. If you need more than 6 debit card purchases, you would need to switch to standard Checking or Interest Checking, though those accounts charge a $12 monthly fee unless you meet a fee-waiver condition.
Will switching accounts affect my credit score?
No. Switching between Bank of America checking accounts does not involve a credit check and does not affect your credit score. Your credit is only checked if you open a new account at a different bank.