The right account depends on your balance, monthly deposits, and how often you use ATMs

Bank of America offers four main checking accounts: Advantage SafePass, Advantage Plus, Advantage Relationship, and Interest Checking. Each one has different monthly fees, minimum balance requirements, and rewards. The account that costs you the least is not always the one with the lowest advertised fee—it depends on whether you can meet the balance requirement that waives the fee, and whether you value ATM access or cash deposits.

The core difference between them is how you avoid the monthly maintenance fee. Some accounts waive the fee if you keep a certain balance. Others waive it if you set up direct deposit. One offers no monthly fee at all, but charges for certain transactions. Understanding which waiver applies to your situation is the only way to pick the account that will actually cost you nothing.

Key Takeaways

  • Advantage SafePass has no monthly fee and no minimum balance, but charges $2.50 per debit card transaction after the first four per month.
  • Advantage Plus waives its $12 monthly fee if you maintain a $1,500 minimum balance or set up direct deposit of at least $250 per month.
  • Advantage Relationship waives its $12 monthly fee if you maintain a $10,000 combined balance across Bank of America accounts, or set up direct deposit.
  • Interest Checking charges $25 per month unless you maintain a $25,000 minimum balance, and is designed for customers who want interest earnings on their balance.
  • All accounts include access to Bank of America's nationwide ATM network and mobile banking, but fees explore if you use out-of-network ATMs.

Advantage SafePass: No fees, but limited debit card use

Advantage SafePass is the only Bank of America checking account with no monthly maintenance fee and no minimum balance requirement. This makes it the obvious choice if you have a small balance, receive irregular income, or want to avoid any monthly charges. You get a debit card, online banking, and access to Bank of America ATMs at no cost.

The catch is the debit card transaction limit. You can make four debit card transactions per month for free. After that, each transaction costs $2.50. This includes purchases, ATM withdrawals, and bill payments made with the card. If you use your debit card more than four times a month—which most people do—the fees add up quickly. A person who uses their debit card 15 times a month would pay $27.50 in fees alone. For this reason, Advantage SafePass works best for people who rarely use their debit card and prefer to pay by check, ACH transfer, or cash.

Advantage Plus: The middle ground for regular banking

Advantage Plus charges $12 per month, but the fee disappears if you meet one of two conditions: keep a $1,500 minimum balance, or set up direct deposit of at least $250 per month. This account is designed for people who have steady income and a modest savings cushion. You get unlimited debit card transactions, access to Bank of America ATMs, and mobile banking.

If you receive a paycheck via direct deposit and can keep $1,500 in the account, the monthly fee is waived and you pay nothing. If you cannot maintain that balance but do have direct deposit, the fee is also waived. The account becomes expensive only if you cannot meet either condition—in that case, you pay $12 every month. For someone who uses their debit card regularly and has a steady income source, this is usually the cheapest option.

Advantage Relationship: For customers with multiple Bank of America accounts

Advantage Relationship also charges $12 per month, but waives the fee if you maintain a $10,000 combined balance across all your Bank of America accounts, or if you set up direct deposit. The "combined balance" part is important: it includes savings accounts, money market accounts, and CDs, not just checking. This account makes sense if you already have other Bank of America accounts and are close to that $10,000 threshold anyway.

If you have $5,000 in checking and $5,000 in savings, the fee is waived. If you have only checking and cannot reach $10,000, you would need direct deposit to avoid the fee. For most people with a single checking account, Advantage Relationship is harder to use than Advantage Plus because the balance requirement is higher. It becomes valuable only if you are already managing multiple Bank of America accounts.

Interest Checking: Only if you have $25,000 to hold

Interest Checking charges $25 per month unless you maintain a $25,000 minimum balance. If you do keep that balance, the fee is waived and your account earns interest. The interest rate varies and is typically very low—often less than 0.01% annually—so the interest you earn may be only a few dollars per year. This account is rarely the best choice for most people because the interest earned does not offset the high balance requirement.

Interest Checking makes sense only if you have $25,000 or more sitting in checking anyway and want to earn something on it rather than nothing. Even then, you should compare the interest rate Bank of America offers to what you could earn in a high-yield savings account elsewhere, which often pays 4% or more. For most customers, keeping $25,000 in a Bank of America checking account to earn minimal interest is not a good use of money.

How to compare these accounts for your situation

Start by answering three questions: Do you have steady direct deposit income? Can you keep a minimum balance in the account? How often do you use your debit card? Your answers determine which account costs you the least.

If you have direct deposit, Advantage Plus or Advantage Relationship will waive the monthly fee regardless of your balance. Choose Advantage Plus unless you already have other Bank of America accounts. If you do not have direct deposit but can keep $1,500 in checking, Advantage Plus still waives the fee. If you cannot keep any minimum balance and use your debit card more than four times a month, none of these accounts are free—you will pay either $12 per month (Advantage Plus or Relationship without the waiver) or $2.50 per transaction (Advantage SafePass). In that case, Advantage SafePass may be cheaper if you use your card fewer than five times per month.

Check your current banking habits for the last three months. Count your debit card transactions, note your average balance, and confirm whether you have direct deposit. Then match those numbers to the account that requires the least from you to waive the fee.

ATM access and out-of-network fees

All four accounts include access to Bank of America's ATM network, which has thousands of machines nationwide. Using an in-network ATM is free. If you use an out-of-network ATM—one that does not belong to Bank of America—you will be charged a fee. Bank of America typically charges $2.50 per out-of-network withdrawal, though the other bank's ATM may charge an additional fee on top of that.

If you travel frequently or live in an area without many Bank of America ATMs, factor this into your decision. You might pay $5 or more per withdrawal if you regularly use out-of-network machines. Some customers find it worth keeping a Bank of America account just for the ATM access, even if they do most of their banking elsewhere.

Frequently Asked Questions

Can I switch from one Bank of America checking account to another without closing my current account?

Yes. You can convert your existing account to a different type by visiting a branch or calling Bank of America. You do not need to close the old account and open a new one. The conversion is usually when ready, and your account number and routing number stay the same.

Do any of these accounts charge overdraft fees?

Yes. All four accounts charge overdraft fees if you spend more than your balance. Bank of America's overdraft fee is typically $35 per transaction. You can opt out of overdraft coverage, which means transactions will be declined instead of charged a fee, but this may affect your ability to use your debit card.

What if I do not have direct deposit but want to waive the monthly fee?

You would need to maintain the minimum balance for your account type. For Advantage Plus, that is $1,500. For Advantage Relationship, it is $10,000 combined across all Bank of America accounts. If you cannot do either, Advantage SafePass is your only fee-free option, though you will pay per debit card transaction after the first four.

Does Bank of America offer any rewards or cash back with these checking accounts?

Bank of America's checking accounts do not include built-in cash back or rewards. Some of their credit cards offer cash back, but checking accounts are fee-based, not rewards-based. If cash back is important to you, you may want to pair a Bank of America checking account with a rewards credit card from another bank.

Can I have more than one checking account with Bank of America?

Yes. You can open multiple checking accounts and they will count toward the combined balance requirement for Advantage Relationship. However, each account will have its own monthly fee unless you meet the waiver conditions for each one separately or the combined balance waives all of them.