Bank of America SafeBalance vs Advantage Plus: Which is Right for You

If you're looking for a checking account with some extra perks, Bank of America offers two popular options: SafeBalance and Advantage Plus. SafeBalance is designed for those who tend to overdraft their accounts often, as it comes with a lower overdraft fee.

One of the key differences between SafeBalance and Advantage Plus is the overdraft fee structure. With SafeBalance, the fee is a flat $25 per overdraft, whereas Advantage Plus charges a variable fee that can range from $34 to $38.

SafeBalance also has a strict no-overdraft policy, which means your account will be closed if you try to overdraft it, while Advantage Plus allows overdrafts with the option to link a savings account to cover the amount.

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Bank of America SafeBalance vs Advantage Plus: Which is Right for You?

Bank of America SafeBalance and Advantage Plus are two popular checking accounts from Bank of America, but they have some key differences.

SafeBalance has no monthly maintenance fees, which is a big plus.

To compare these accounts side by side, you can tick the Compare box on up to four accounts, including SafeBalance and Advantage Plus.

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If you're considering Bank of America's SafeBalance vs Advantage Plus, you'll want to weigh the benefits of each account. The Advantage SafeBalance Banking account has no overdraft fees, but the monthly maintenance fee can be waived if you're under 25 or maintain a minimum daily balance of $500 or more.

The Advantage Plus Banking account requires a $100 minimum opening deposit and waives the monthly maintenance fee with a balance of $1,500 or a direct deposit of at least $250 each statement cycle.

One key difference between the two accounts is the minimum balance required to waive the monthly maintenance fee. SafeBalance requires $500, while Advantage Plus requires $1,500 or a direct deposit. This means if you can maintain a higher balance, Advantage Plus might be the better choice.

Here's a quick comparison of the two accounts:

Ultimately, the choice between SafeBalance and Advantage Plus will depend on your individual financial situation and needs.

Bank of America offers a range of savings and checking accounts to suit different needs and preferences.

The Advantage Savings Account has a low opening deposit of $100 and no minimum daily balance requirement, but it earns a relatively low interest rate of 0.01% APY.

To earn more interest, you can become a Preferred Rewards member, which also waives the $8 monthly fee associated with the Advantage Savings Account.

You can choose from three main personal checking accounts: Advantage Plus, Advantage SafeBalance, and Advantage Relationship. Each account has its own requirements, perks, and fees.

The Advantage Plus account has a minimum opening deposit of $100 and comes with optional overdraft protection, while the Advantage SafeBalance account has a lower minimum opening deposit of $25 and is free for students under 25 or Preferred Rewards members.

The Advantage Relationship account requires a higher minimum opening deposit of $100 but offers a waivable account maintenance fee if you have $10,000 across all linked accounts.

Here's a brief comparison of the three checking accounts:

If you're looking for a checking account that offers more benefits, Bank of America has two additional options to consider. The Advantage Plus Checking account comes with a monthly fee of $12, but you can avoid it by maintaining a $1,500 minimum daily balance or having at least one qualifying direct deposit of $250 or more.

One of the benefits of the Advantage Plus Checking account is that it doesn't have overdraft fees, but you can only spend what you have. To waive the monthly maintenance fee, you'll need to keep a balance of $1,500, or have one direct deposit of at least $250 each statement cycle, or become a member of Bank of America Preferred Rewards.

The Advantage Relationship checking account offers up to 0.02% APY on your money, but this is below the national average for interest checking accounts. You can get a higher APY if you join the Preferred Rewards program.

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The Advantage Relationship bank account has a monthly fee of $25, but it can be waived with a combined balance of at least $10,000 in eligible linked accounts.

Here are the details of the two additional checking accounts:

Overall, these two checking accounts offer more benefits and flexibility than the basic checking account, but you'll need to meet certain requirements to avoid the monthly fees.

The Bank of America Advantage Savings account requires a low opening deposit of $100.

You won't earn great gains on your money with this account, as it offers a 0.01% APY, which is well below the national average.

The only way to earn more interest is to become a Preferred Rewards member.

To avoid the $8 monthly fee, you'll need to maintain a minimum daily balance of $500, link your savings account to your Advantage Relationship Banking account, or become a Preferred Rewards member.

This fee waiver applies to the first four savings accounts.

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The Bank of America Advantage SafeBalance Banking requires no monthly maintenance fee when you meet one of the following conditions: you're under 25, maintain a $500 daily balance, or are a member of Bank of America Preferred Rewards.

To avoid the monthly fee in Business Advantage Fundamentals Banking, you must meet one of the following requirements: maintain a $5,000 combined average monthly balance, use your debit card for at least $500 in new net qualified purchases, or become a member of Preferred Rewards for Business.

Here are the specific requirements to avoid monthly fees in both accounts:

Security is a top priority with Bank of America, and their Advantage SafeBalance Banking account is no exception. There is no overdraft option, which means no overdraft fees.

This means you can bank with confidence, knowing you won't be charged extra for accidentally going over your balance.

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The Business Fundamentals account from Bank of America is a solid option for businesses that meet certain requirements.

There's no fee for the first 20 transactions per statement cycle, and the first $5,000 in cash deposited per statement cycle at an ATM or Financial Center is also free.

To avoid the monthly fee after the initial 12 statement cycles, you'll need to meet one of three requirements each statement cycle: maintain a $5,000 combined average monthly balance, use your Bank of America business debit card to make at least $500 in new net qualified purchases, or become a member Preferred Rewards for Business.

The Business Advantage Fundamentals account is a good choice for businesses that can meet these requirements, but it's not the best option if you need a lot of flexibility or don't meet the balance or purchase requirements.

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You can earn interest on your balance with Bank of America's Advantage Relationship Banking. To avoid a $25 monthly maintenance fee, you need to maintain a minimum daily balance of $20,000 in your account or be a member of Bank of America Preferred Rewards.

Their overdraft protection option, Balance Connect, can help you avoid unexpected fees. With Balance Connect, you'll pay $0 in overdraft fees, but without it, you'll pay $10 per item, up to 2 items per day.

Customer service is available Monday through Friday from 8 AM to 11 PM ET, and on weekends from 8 AM to 8 PM ET. If you need help outside of those hours, you can still get automated support 24/7.

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Bank of America's Advantage SafeBalance and Advantage Plus accounts have some great features that can help you manage your finances.

One notable benefit is the low overdraft fee. If you're prone to accidentally going over your balance, this can be a huge relief.

You can also waive certain account fees, which can save you money in the long run. For example, students under 24 can have their monthly fee waived.

To avoid a monthly maintenance fee, you'll need to meet certain requirements. One way to do this is by maintaining a minimum daily balance of $20,000 in your account. If you're a high earner, this might not be a challenge.

Alternatively, you can join Bank of America's Preferred Rewards program, which also waives the monthly maintenance fee.

Customer support is available Monday through Friday from 8 AM to 11 PM ET, and on weekends from 8 AM to 8 PM ET. If you need help outside of these hours, you can also use automated support 24/7.