What Advantage Plus Banking actually is
Bank of America Advantage Plus Banking is a checking account. It functions like a standard checking account—you deposit money, write checks, use a debit card, and pay bills from it—but it comes with specific features, fees, and requirements that differ from Bank of America's other checking products.
The account is designed for customers who want basic checking without some of the higher maintenance requirements of premium accounts. It includes a debit card, online banking, and mobile access. The key difference between Advantage Plus and Bank of America's other checking accounts is the monthly fee structure and the balance thresholds that waive or trigger those fees.
Bank of America offers several checking accounts: Advantage Plus, Advantage SafePass, Preferred Rewards checking, and Student Checking. Advantage Plus sits in the middle tier—more basic than Preferred Rewards but with different fee rules than SafePass.
Key Takeaways
- Advantage Plus Banking is a checking account that lets you deposit, withdraw, and pay bills, with a debit card and online banking included.
- The account charges a monthly maintenance fee unless you meet one of the fee-waiver conditions, such as maintaining a minimum balance or setting up direct deposit.
- You can avoid the monthly fee by keeping a daily balance of $1,500 or more, or by setting up a may have access to direct deposit each month.
- The account includes standard checking features like check writing, bill pay, and mobile deposits, but does not offer interest on your balance.
Monthly fees and how to avoid them
Advantage Plus Banking charges a $12 monthly maintenance fee. This fee is waived if you meet at least one of these conditions each month: maintain a minimum daily balance of $1,500, or have a may have access to direct deposit of at least $250 posted to the account.
The $1,500 balance requirement is calculated as a daily balance, not an average. This means your account must hold at least $1,500 every single day of the month to waive the fee. If your balance dips below $1,500 on even one day, you will owe the $12 fee for that month.
Direct deposit is often the easier path for employed people. If your paycheck, Social Security, or other regular income is deposited directly into the account, the $250 minimum direct deposit waives the fee regardless of your balance. Many people find this more practical than maintaining a large balance.
What you can and cannot do with this account
Advantage Plus Banking functions as a full checking account. You receive a debit card for purchases and ATM withdrawals, can write checks, set up bill pay through online banking, and deposit checks using your phone camera. You can transfer money between your own Bank of America accounts and to external accounts you own at other banks.
The account does not pay interest on your balance. If you are looking to earn money on cash you hold, this is not the right account—you would need a savings account or money market account instead. Advantage Plus is purely for spending and bill payment, not for saving.
You can link this account to other Bank of America accounts you hold, such as savings or credit cards, to move money between them or set up overdraft protection. Overdraft protection transfers funds from a linked account if you spend more than your balance, though this service comes with its own terms and fees.
Overdraft and insufficient funds fees
If you spend more money than you have in your Advantage Plus account, Bank of America will charge an overdraft fee. The fee applies when a transaction is approved even though it brings your balance negative. The current overdraft fee is $35 per transaction, though this amount can change.
You can decline overdraft protection, which means transactions will simply be declined if you do not have enough funds. This prevents the fee but also means your card or check will not go through. Many people choose this route to avoid surprise fees.
If you link a savings account or another checking account to your Advantage Plus for overdraft protection, Bank of America will transfer funds automatically when you overdraw, preventing the fee. This is free if the transfer succeeds, but you will pay the overdraft fee if the linked account does not have enough money either.
How Advantage Plus compares to other Bank of America checking accounts
Bank of America's Advantage SafePass checking also charges a $12 monthly fee but waives it with a $500 minimum daily balance or $250 direct deposit—lower thresholds than Advantage Plus. SafePass also includes extra fraud protection features and text alerts for suspicious activity, which Advantage Plus does not emphasize.
Preferred Rewards checking has no monthly maintenance fee at all, but it requires you to be enrolled in Bank of America's Preferred Rewards program, which typically requires a higher overall relationship with the bank (such as holding investments or maintaining a large balance across all accounts).
Student Checking has no monthly fee and no minimum balance requirement, but it is only available to students under 24 years old. Once you age out of student status, your account converts to a different product.
| Account Type | Monthly Fee | Fee Waiver Option 1 | Fee Waiver Option 2 |
|---|---|---|---|
| Advantage Plus | $12 | $1,500 daily balance | $250 direct deposit |
| Advantage SafePass | $12 | $500 daily balance | $250 direct deposit |
| Preferred Rewards | None | Enroll in Preferred Rewards program | N/A |
| Student Checking | None | Under 24 years old | N/A |
When Advantage Plus makes sense for you
Advantage Plus works well if you receive regular direct deposit and do not mind a $12 monthly fee as a backup. The direct deposit waiver is straightforward—once it is set up, the fee disappears automatically each month without any action on your part.
It also suits people who want a basic checking account without the complexity of premium tiers. You get standard features like bill pay, mobile deposits, and a debit card without paying for extras you may not use.
If you cannot maintain a $1,500 balance and do not have direct deposit, Advantage SafePass or Student Checking (if you may have access to) may be better choices. If you are already a Preferred Rewards member, that account eliminates the monthly fee entirely.
Frequently Asked Questions
Can I open an Advantage Plus account online?
Yes, you can open an Advantage Plus account through Bank of America's website or mobile app. You will need to provide personal information, a Social Security number, and initial funding. The account typically opens within a few business days.
What happens if my direct deposit stops?
If your direct deposit ends, you lose the fee waiver unless you maintain the $1,500 daily balance. The $12 monthly fee will begin charging on your next statement cycle. You should set up a new direct deposit or adjust your balance before the waiver expires.
Does Advantage Plus include ATM access?
Yes, you can withdraw money from any Bank of America ATM for free. Out-of-network ATM withdrawals may charge a fee from the other bank, though Bank of America does not charge you directly for using another bank's ATM.
Can I convert my Advantage Plus to a different checking account?
Yes, you can contact Bank of America to change your account type. The process is usually simple and can be done online, by phone, or at a branch. Your account number and routing number may change, so update any automatic payments or direct deposits after the switch.
Is there a minimum opening deposit?
Bank of America requires an initial deposit to open an Advantage Plus account, though the amount varies. Check the current requirements on Bank of America's website or call their customer service line, as minimums can change.