Bank of America’s Advantage Plus checking account requires a $1,500 minimum daily balance to waive the $12 monthly fee — or a $250 monthly direct deposit, whichever is easier to meet. Savings accounts require $500. The entire fee structure ties directly to the Preferred Rewards program: the more you keep with BofA and Merrill combined, the more fees disappear automatically.
Bank of America Checking Account Minimums
| Account | Monthly Fee | Minimum Balance to Waive | Other Waivers |
|---|---|---|---|
| Advantage SafePass | $4.95 | Not balance-based | Any qualifying direct deposit, or under age 25 |
| Advantage Plus | $12 | $1,500 combined daily | $250+ direct deposit |
| Advantage Relationship | $25 | $20,000 combined daily | Preferred Rewards Gold status ($20K+ with BofA/Merrill) |
For the full schedule of account charges that balance thresholds can eliminate, see the Bank of America fees guide.
How “Combined Daily Balance” Works at BofA
Bank of America calculates combined daily balance across these accounts:
- Checking accounts
- Savings accounts
- CDs
- IRAs held at BofA
- Merrill investment accounts (brokerage, 401k, IRA)
Example: If you have $500 in checking, $1,000 in savings, and no investments, your combined daily balance is $1,500 — enough to waive the Advantage Plus fee. The balance is checked every day, and all days must be at or above the threshold.
Advantage SafePass: BofA’s Easiest Account
| Feature | Details |
|---|---|
| Monthly fee | $4.95 |
| Waiver | Any qualifying direct deposit (no minimum amount) or under 25 |
| Check writing | Not included |
| Overdraft | Transactions declined (no overdraft fees) |
| ATM access | All BofA ATMs (no fee) |
| Annual cost if not waived | $59.40 |
The key advantage over Chase Secure Banking: BofA waives the fee with any direct deposit, while Chase Secure Banking’s $4.95 fee cannot be waived at all.
Advantage Plus: Standard Checking
The $250+ direct deposit waiver is the lowest among big banks:
| Bank | Minimum Direct Deposit to Waive Fee |
|---|---|
| Bank of America | $250 |
| Chase | $500 |
| Wells Fargo | $500 |
| Citibank | Varies by account |
| US Bank | $1,000 |
This makes BofA Advantage Plus one of the easier big bank accounts to keep fee-free if you receive regular deposits.
Advantage Relationship: Premium Checking
Best for customers with $20,000+ across all BofA and Merrill accounts. Benefits include:
| Benefit | Details |
|---|---|
| Monthly fee waived | With $20K+ combined balance |
| Savings bonus | Higher rates on Advantage Savings |
| ATM fees | Refunds for non-BofA ATM fees |
| Safe deposit box | Discounted |
| Priority service | Dedicated phone line |
Bank of America Preferred Rewards Program
This is the key to understanding BofA’s fee structure. Everything revolves around your combined 3-month average balance across BofA and Merrill accounts.
| Tier | Balance Required | Checking Fee Waiver | Key Benefits |
|---|---|---|---|
| Gold | $20,000 | Advantage Relationship ($25) waived | 5% credit card bonus, savings rate boost |
| Platinum | $50,000 | All checking fees waived | 25% credit card bonus, free checks, no-fee trades |
| Platinum Honors | $100,000 | All checking fees waived | 75% credit card bonus, priority service |
| Diamond | $1,000,000 | All fees waived | Dedicated advisor, highest boosts |
| Diamond Honors | $10,000,000 | All fees waived | Concierge service, premium benefits |
Credit card bonus example: A Bank of America Customized Cash Rewards card earns 3% in a chosen category. With Platinum Honors (75% boost), that becomes 5.25% — one of the highest flat-rate category bonuses available.
How Preferred Rewards Balance Is Calculated
- Uses the 3-month average combined balance
- Includes Bank of America deposit accounts (checking, savings, CDs, IRAs)
- Includes Merrill Edge brokerage and managed account balances
- 401(k) balances through Merrill do count
- Mortgage or loan balances do not count
To check your current Preferred Rewards tier, enroll, or confirm which of your accounts are counted, call the dedicated line at 1-800-446-0135 or use the BofA mobile app. See the Bank of America customer service guide for full contact options.
Bank of America Savings Account Minimums
| Account | Monthly Fee | Minimum Balance to Waive | Other Waivers |
|---|---|---|---|
| Advantage Savings | $8 | $500 daily balance | Linked Advantage Relationship checking, Preferred Rewards Gold+, or under 25 |
Advantage Savings Fee Details
The $8 monthly fee ($96/year) applies unless you meet one of these:
- $500 minimum daily balance — Your balance cannot drop below $500 on any day during the statement period
- Linked to Advantage Relationship checking — Automatically waived
- Preferred Rewards Gold tier or above — Automatically waived
- Under 25 years old — Automatically waived
Rate reality: BofA Advantage Savings pays 0.01-0.04% APY. On a $500 balance, that’s $0.05-$0.20 per year. If you miss the minimum and pay the $8 fee, you’re paying $8 to earn $0.10. High-yield savings accounts pay 4-5% APY with no minimums.
Bank of America CD Minimums
| CD Term | Minimum Deposit | Typical APY | Preferred Rewards Bonus |
|---|---|---|---|
| 7 days | $10,000 | 0.03% | — |
| 28 days | $1,000 | 0.03% | — |
| 3 months | $1,000 | 0.03-2.00% | Up to 0.05% boost |
| 6 months | $1,000 | 0.03-2.50% | Up to 0.05% boost |
| 1 year | $1,000 | 0.05-3.50% | Up to 0.05-0.10% boost |
| 13 months (Featured) | $1,000 | 3.50-4.15% | Additional boost |
| 2 years | $1,000 | 0.05-3.00% | Up to 0.05% boost |
| 3 years | $1,000 | 0.05-2.50% | Up to 0.05% boost |
| 5 years | $1,000 | 0.05-2.50% | Up to 0.05% boost |
Note: BofA occasionally offers “Featured CDs” with promotional rates that are competitive with online banks. The standard CD rates (0.03-0.05%) are among the lowest in the industry. Always check for Featured CD availability before locking in.
Early Withdrawal Penalties
| CD Term | Penalty |
|---|---|
| Less than 12 months | 90 days interest |
| 12-23 months | 180 days interest |
| 24+ months | 365 days interest |
Merrill Edge Investment Minimums
| Account | Minimum to Open | Notes |
|---|---|---|
| Self-Directed Brokerage | $0 | $0 stock and ETF commissions |
| Merrill Guided Investing (robo) | $1,000 | 0.45% annual advisory fee |
| Merrill Guided Investing with Advisor | $20,000 | 0.85% annual advisory fee |
| Merrill Private Wealth Advisor | $250,000+ | Negotiable fee |
Key benefit: Merrill Edge balances count toward Preferred Rewards tiers. A $20,000 Merrill brokerage balance qualifies you for Gold tier, which waives checking fees and boosts credit card rewards.
The True Cost of BofA Minimums
Scenario: Customer with Advantage Plus Checking + Savings
| If You… | Monthly Fees | Annual Cost |
|---|---|---|
| Have $250+ direct deposit | $0 checking + $8 savings = $8 | $96 |
| Also maintain $500 in savings | $0 checking + $0 savings = $0 | $0 |
| Meet neither requirement | $12 checking + $8 savings = $20 | $240 |
Opportunity Cost
That $1,500 minimum balance earning 0.01% at BofA could earn:
| Alternative | APY | Annual Earnings on $1,500 | Difference |
|---|---|---|---|
| BofA checking | 0.01% | $0.15 | — |
| High-yield savings | 4.25% | $63.75 | +$63.60 |
| 1-year CD (online) | 4.75% | $71.25 | +$71.10 |
How to Minimize BofA Fees
Strategy 1: Direct Deposit + Linked Accounts
Set up any direct deposit ($250+ for Advantage Plus) and link your checking and savings to auto-waive the savings fee. Cost: $0.
Strategy 2: Preferred Rewards Consolidation
If you have investments, consolidate at Merrill Edge. A $20,000 balance gets Gold tier, which waives checking fees and gives credit card boosts worth $100-$300/year.
Strategy 3: SafePass + Direct Deposit
If you can’t maintain $1,500, downgrade to Advantage SafePass ($4.95/month, waived with any direct deposit). You lose check writing but avoid all fees.
Strategy 4: Switch to Online Banking
If you don’t need BofA branches, switch to an online bank and save $96-$240/year in fees while earning 4%+ on savings.
Bank of America vs. No-Minimum Alternatives
| Feature | BofA Advantage Plus | Ally Bank | Capital One 360 |
|---|---|---|---|
| Monthly fee | $12 | $0 | $0 |
| Minimum balance | $1,500 (or $250 DD) | $0 | $0 |
| Savings APY | 0.01-0.04% | 4.00-4.20% | 4.00-4.25% |
| ATM network | 16,000 BofA ATMs | 43,000+ Allpoint | 70,000+ |
| Branches | 3,800+ | None | 280+ |
| Overdraft fee | $10 per item | $0 | $0 |
| Preferred Rewards | Yes (major value at $20K+) | No | No |
| Zelle | Yes | Yes | Yes |
BofA’s advantage: The Preferred Rewards program makes BofA worthwhile if you have $20,000+ in combined balances. The credit card bonus alone (up to 75% boost) can be worth $300-$1,000+/year for heavy spenders. Below $20,000, online banks are better value.
The Bottom Line
| Account | Monthly Fee | Easiest Waiver |
|---|---|---|
| Advantage SafePass | $4.95 | Any direct deposit |
| Advantage Plus | $12 | $250+ direct deposit |
| Advantage Relationship | $25 | $20K+ combined or Preferred Rewards Gold |
| Advantage Savings | $8 | $500 balance or linked checking |
Bank of America’s fees are avoidable if you have direct deposit and can maintain $500 in savings. The Preferred Rewards program makes BofA one of the best big banks for high-balance customers ($20K+), offering fee waivers, rate boosts, and credit card bonuses that online banks can’t match. For customers with lower balances, online banks provide better rates and no fees.
For a full overview of Bank of America accounts, fees, limits, and contact information, see the Bank of America complete guide.
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