Overview
Bank of America sells two Business Advantage checking accounts. Fundamentals Banking costs nothing for the first 12 months and then $16 a month, waived by keeping a $5,000 combined average monthly balance, making $500 of net purchases on a business debit card, or enrolling in Preferred Rewards for Business[3]. Relationship Banking costs $29.95 a month, waived with a $15,000 combined average balance or Preferred Rewards membership; it includes a second Relationship Banking account and a Business Savings account without monthly fees, and waives fees on incoming wires and stop payments[3].
Preferred Rewards for Business is the bank’s loyalty scheme, with Gold, Platinum and Platinum Honors tiers at $20,000, $50,000 and $100,000 of qualifying business deposit and Merrill business investment balances[3]. The scheme rewards owners who consolidate cash with one institution, though the product page does not list the specific benefits. Transaction and cash-deposit allowances are not stated on the product page and are set out in the Business Schedule of Fees[3]. The debit-spend waiver on Fundamentals is easier to meet than balance tests for young businesses with low reserves.
Bank of America features
- Fee waiver via $500 debit card spend
- Preferred Rewards for Business tiers
- Free second account on Relationship Banking
- Free incoming wires on Relationship Banking
- Merrill investment linkage
Bank of America pricing
Fundamentals Banking: $0 for 12 months, then $16/month, waivable. Relationship Banking: $29.95/month, waivable with $15,000 average balance or Preferred Rewards. Transaction allowances in the Business Schedule of Fees.
Bank of America strengths and limitations
Strengths
- First year free on Fundamentals
- Debit-spend waiver suits low-balance firms
- Loyalty benefits for consolidated balances
- Branch network
Limitations
- Allowances not shown on product page
- Relationship tier needs $15,000 to waive
- Preferred Rewards benefits not itemised
- No interest on base checking
Appears in
- Largest Employers in the US (2026) #25
- Largest Banks in the US (2026) #2
- Largest Banks in the World (2026) #6
- Best Business Bank Accounts in 2026 #7
Bank of America alternatives and competitors
Alternatives to Bank of America: companies ranked in the same lists.
- Citigroup
Wells Fargo Bank, N.A.
JPMorgan Chase
Goldman Sachs Bank USA
U.S. Bank National Association
TD Bank Group
Capital One, National Association
Morgan Stanley Bank, N.A.- Crédit Agricole Group
- Postal Savings Bank of China
Walmart
HSBC Holdings plc
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