Bank of America came into being in 1998. Before that, it was known as “Bank American,” and prior to that, as NationsBank, and even earlier, it was North Carolina National Bank. In 1998, NationsBank acquired San Francisco based Bank America and renamed it “Bank of America.” This bank in reality has a history that dates back to the founding of our nation.
Over the years, many historical banks across the United States were consolidated into the Bank of America, including having a stake in big names in the international markets. Bank of America has branches all over the world. Apart from being in the forefront in consumer banking, Bank of America recently spent more than $675 million dollars in building its US investment banking business and is on the verge of becoming one of the top five investment banks in the world. It is also a member of the FDIC.
Bank of America offers many types of account, including checking, high yield savings accounts and CDs. MyAccess Checking is a free account with no direct deposit requirement or minimum balance. CampusEdge Checking is a free student checking account designed for students. Prima Checking is an account where a minimum balance needs to be maintained. For those that open this account, they are eligible for an additional checking and savings accounts with no monthly service charges. Another account with a minimum balance requirement is the Standard Checking.
One of their most popular savings accounts is the Regular Savings. This is an ideal account for those that are opening their first savings account or those who wish to save money consistently to fulfill their goals. The opening balance is low but this account needs a minimum of $300 daily balance to be maintained or an automatic monthly transfer of $25 from the Bank of America checking account, to avoid the monthly service charges. Free online banking is available along with the option to transfer money to or from the checking accounts.
Bank of America’s certificates of deposit provide various options and are very flexible. They come with the flexibility of a savings account and returns of a CD. Let us look at the Risk Free CD, which offers a great option of withdrawing funds without penalties prior to the maturity date. A minimum of $5000 is required for this short-term (9 month) CD. Top CD rates are offered for online depositors only.
The High Yield CD maximizes the earnings with the best certificates of deposit (CD) rates, without having to commit the money for long periods. It requires $5000 to open and the term is a short 4-months. The Opt-Up CD is a long term CD of 30-month term. Since this is long term, best bank interest rates are applicable on this. This is perfect for people looking for all the features of a traditional CD but with the best CD rates. This CD can be opened with any amount ranging from $10000 up to $500000. There is also the option to increase the bank interest rate once after six months, if the interest rates increase during the term of the CD; all this without any fee or extension of term.
Bank of America offers the best money market on their high yield Money Market Accounts. The Balance Rewards Money Market Savings Account is great for the convenience of savings along with the flexibility of withdrawal. It offers higher bank interest rates, easy access to the money and a cash bonus depending on the savings balance. Free online banking and free bill pay are part of the benefits. The interest rates are tiered and interest is compounded daily and paid on a monthly basis. When this account is linked to a Prima Checking account, no monthly charges apply. Another money market account, the Flexible Balance Rewards Money Market savings provides the option of setting up automatic monthly transfers from the checking account. Unlimited withdrawals, deposits and transfers are allowed.
Their credit cards division is amazing in that, it offers up to 400 types of cards to choose from. Cards are available for all segments of society, for individuals and for small or big business owners.
Bank of America prides itself on their mortgage and loan offers to individuals as well as small businesses too. Whether it is to buy a first home or a new home or even buying a business, these mortgage features fulfill all needs with the best value guaranteed. Their home equity loans and personal loans offer every possible loan to their customers, such as debt consolidation, vacation, home improvement, healthcare financing etc., they provide them with the lowest bank interest rates possible.
Their investment options are many and varied for both business owners and individuals. A complete wealth and asset management system is provided to the customer along with a dedicated banking and investment team that works together to create tailored banking and investment solutions, while keeping in mind the customer’s financial challenges.
Speaking of individual retirement accounts (IRAs,) they have the Roth IRA, Traditional IRA and the Rollover IRA. All of them provide significant tax advantages. These IRAs are the key to pursuing the type of retirement one wants. Towards making this easier for the customer to achieve this, Bank of America waives of all the annual maintenance and custodial fee.
With so many benefits and features bundled up into the Bank of America product package, there is no need for the customer to look elsewhere, either for the services or for the bank interest rates offered. Their online banking works like a breeze with no hiccups and thousands of happy customers are proof.
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