Learn how to apply for the Bank of America Advantage Plus account
Everyday banking with the option to waive the monthly fee is provided to customers by the Advantage Plus account.
Opening a Bank of America Advantage Plus Account: Everything You Need to Know
If you’re looking for an everyday banking solution with the opportunity to waive the monthly fee, the Bank of America Advantage Plus account is worth considering. Here’s everything you need to know about this account and how you can open one.
Bank of America is a multinational banking and financial services corporation founded in 1784. With a presence in all 50 states and serving customers in more than 150 countries, Bank of America is the second-largest bank in the United States in terms of assets. It has a strong relationship with 99% of the U.S. Fortune 500 companies, showcasing its reputation and reliability.
Benefits of Opening an Advantage Plus Account
In addition to the everyday banking services, Advantage Plus account holders enjoy several additional features:
Fraud Protection
The Advantage Plus account comes with a $0 Liability Guarantee. If your debit card is lost or stolen, any fraudulent transactions made on it will be credited back to your account as soon as the next business day.
Mobile Deposits
Easily deposit checks into your account by using the camera on your smartphone or tablet with the Bank of America Mobile Banking app. Rest assured, the images are securely stored by the bank and never on your device.
Debit Card Controls
Safeguard your account by quickly and easily locking a missing card to prevent unauthorized use. If you need a new card immediately, you can request a digital card through the mobile app. The Advantage Plus account also allows you to add your cards to a digital wallet for convenient use at stores and cardless ATMs.
Custom Alerts
Stay on top of account changes with custom alerts. Set up notifications via email or text for important events such as low balance, pending deposits, upcoming bills, and more.
Better Budgeting
Take control of your finances with the interactive Spending and Budgeting tool. This tool provides a comprehensive view of your habits and enables you to set budgets, helping you manage your money effectively.
Fast, Secure Sign-In
Access your account quickly and securely by logging in to the Bank of America Mobile Banking app using the fingerprint feature on your mobile device.
Eligibility and Cost
To apply for a Bank of America Advantage Plus account, you must be 18 years of age or older and have a valid Social Security Number, mailing address, and form of identification.
The Advantage Plus account has a monthly fee of $12. However, you can waive this fee by meeting one of the following requirements each statement cycle:
- Have at least one qualifying direct deposit of $250 or more.
- Maintain a minimum daily balance of $1,500.
- Enroll in Preferred Rewards.
How to Apply
Applying for a Bank of America Advantage Plus account is a straightforward process. Follow these steps:
- Select an account type and provide your personal information.
- Verify the information provided.
- Choose any additional features and funding options.
After completing the application, you will receive an email confirming its receipt. You can expect a follow-up email notifying you of the approval status and any necessary next steps. The application is typically processed within 1 to 2 business days.
Once approved, your account documents will be sent to you via U.S. Mail within 7–10 business days. Please note that processing times may be longer due to the high volume of applications.
Advantage Plus vs. Aspiration Plus: Which Account Should You Choose?
If you’re considering the Advantage Plus account, you may also be interested in the Aspiration Plus account. While the Advantage Plus account provides everyday banking with the option to visit physical branches, the Aspiration Plus account offers a digital-only banking experience with features like earning interest and making a positive impact.
Although the Aspiration Plus account offers a high interest rate when certain requirements are met, it does come with additional requirements and a fee. Make sure to read our comprehensive review of the Aspiration Plus account before making a decision.
If having access to physical branches is important to you, the Advantage Plus account is the better choice. However, if you prefer a digital-only banking experience and want to earn interest while making a positive impact, the Aspiration Plus account may be more suitable.
Comparison Chart
| Advantage Plus | Aspiration Plus | |
| APY | 0% | Saving: 3% |
| Bal. Transfer Fee | 0% | $5 or 3% of the amount of each transfer, whichever is greater. |
| Monthly Fee | $12 or $0 | $7.99/month, or $5.99/month if paid annually. |
| ATM Fee | $0 in network | 55,000 free in-network ATMs, and 1 out-of-network ATM reimbursement per month. |
