Bank of America is the second-largest bank in the US. They have focused not only on expanding market share financially but also on a handful of charitable projects, including a big push towards sustainability. Partnering with Brighter Planet, they offer eco-friendly financial support to develop renewable energy projects further. There are plenty of reasons to consider banking with Bank of America.
Let’s take a look at our top three.
Bank of America offers a robust checking account that has three different options:
➢ Advantage SafeBalance – This option offers students a waiver on their monthly service fees. There are also no overdraft fees. Therefore, it helps you spend only what you have in your account. This option is open to anyone above 16 and allows single ownership of the account.
➢ Advantage Plus – This is another option within the checking account that offers students under 24 a waiver on the monthly service fees. In addition, they get protection from over-drafting their account, with no overdraft fees, and account holders can utilize the use of paper checks.
➢ Advantage Relationship – This option protects account holders from overdraft fees and does not require a minimum monthly deposit.
Depending on your needs, you can pick any option to start with, and have the flexibility to move between any of the options when your circumstances change. Read more on Bank of America’s checking account here.
The Preferred Rewards program offers you a free membership with exclusive benefits which are customized based on your spending and saving pattern. This program has three tiers – gold, platinum, and platinum honors. Each of these tiers requires a different average daily balance and is reviewed every three months.
The lowest balance is between $20 and $50 and falls under the gold tier. The next one is platinum, and it requires an average daily balance from $50 to $100. The third one is the platinum honors tier, and you are required to maintain the average daily balance of over $100.
Read about the rewards of each tier here.
Bank of America Life Plan
Bank of America has a unique life plan that is extremely flexible. This allows you to make your short and long-term financial goals and track them over time to see how you are doing. Life is unpredictable and you are likely to have a few dramatic changes thrust upon you. At these times, you may need some one-on-one advice from financial experts to guide you. You get this from the Bank of America Life Plan.
This Life Plan covers twenty-seven categories, including but not limited to buying a home, saving for retirement, and saving for education. You can access this plan on your phone or through their website and mobile app. Despite so much information being available online, aligning yourself with the bank that offers personalized assistance is usually a preferable option.