Bank of america is one of the largest banks in the United States and is the second-largest bank holding company in the world. It offers a wide range of banking and financial services, including retail and commercial banking, credit cards, mortgages, investment management and insurance.
The bank has a large footprint with branches and ATMs in most major cities in the US, as well as international offices in more than 40 countries. It is also a member of the Global ATM Alliance, which provides reduced fees for consumers using a Bank of America or Chase-branded ATM in a foreign country when traveling abroad.
Its credit cards are among the most popular in the industry, with a variety of options in cashback, travel and business categories. These are ideal for people who want to earn rewards on their everyday spending or who prefer low-hassle credit card earning structures that give them control over where they spend money and how much they can earn back.
For example, the Bank of America Customized Cash Rewards credit card allows you to choose the specific spending categories that earn the most cash back for you, and the Bank of America Cash Rewards MasterCard and Bank of America Visa Business cards let you customize your spending category choices even further.
You can use Erica, Bank of America’s virtual financial assistant, to manage your accounts and receive insights on your spending habits. She can provide you with weekly snapshots of your spending and a variety of other helpful tools to help you track your finances more easily.
While interest rates on Bank of America savings and CDs can’t compete with the best online banks, they’re still worth checking out if you’re looking for an easy way to save money. They’re also a good option for college students who qualify for fee waivers.
Bank of America’s Featured and Standard Term Certificates of Deposit (CDs) offer a range of terms, from 28 days to 10 years. Both CDs are available with a minimum deposit of $1,000 and earn 0.03% APY on your balance. However, they do come with early withdrawal penalties.
If you’re looking to build a long-term savings portfolio, you’ll want to consider a standard CD, which offers longer term options and a higher APY than a featured CD. This type of CD is also easier to manage than a standard IRA CD, as it is automatically renewed after reaching maturity.
As a bank that recognizes that economies change but values stay constant, Bank of America is committed to providing you with the resources you need to thrive and grow. They do this by delivering financial solutions that are designed to help you build wealth, live well and connect with the people and communities that matter most to you.
For example, they provide a wealth management platform called Merrill Edge to help you build your wealth and plan for retirement. They also offer a range of services for small and mid-size businesses, including payroll and remote deposit, credit card payments and cash management tools like mobile check deposits.
