Bank of America - Regular Savings

Average Score:

•   Not So much

  My savings account experience had not been that great. I have the over draft protection and it will only take a in increments of $100. While I love this add on, i don't like the fact that you cant choose your amount to be takin out... Sometimes I just balance my checking account wrong and i barely go over, but it still takes out $100 to take care of a few dollars. While I know that I can transfer it online, its still annoying to have to do it. Plus they charge you for it so its not really any help. I do like the fact that you can view this account online though. Another thing i dont like is the fact that they limit your transactions out of that account. I like to put the money for my bills in my savings so not to use them before the bill is due. Unfortunately if I do this to many times, it will force me to make it a checking account. Overall this account is great for people who are not wanting to touch there savings or who are not ones to let there chaecking get too low.

  Posted by sbdillehay -- July 28, 2009

•   Many product offerings

  I have been with Bank of America for about 10 years and have always been happy with the service and product offerings. I have seen credit unions offer slightly better savings rates but all of my other accounts, CDs, checking, auto loans, home loans are with Bank of America so there is a lot of simplicity in staying with one single bank. I rarely go inside the bank for any transactions related to my savings account so I can’t speak to customer service in person but the few times I have had to call the 1-800 number they have been relatively friendly. I like the ability to move money around to/from the savings accounts to/from other accounts I have with Bank of America. Once you get used to using their website its pretty easy. I especially like the bill pay section where you can set up recurring payments and even make payments to people without an account number. My account has been set up for a very long time so I don’t remember much detail about that process, but nothing sticks in my brain as being overly complex or cumbersome. My only concern (as with any bank nowadays) is that they stay solvent and don’t need some type of government bailout!

  Posted by raneil_2000 -- July 28, 2009

•   never again

  So I had this account for about 2 months now and I absolutely hate it only because my money kept going missing.The best part about this bank account was the people working there they never once gave me a problem unlike Sun trust.The worst thing about it was that my money was always going missing im not really sure why so when that happened I told them I wanted my money back and I closed the account.i would not recommend this bank to anyone unless you dont care about you money.I think the bank really needs to watch what they do with other peoples money and they probably need to get a better system to keep track of it all or at least thats what I think they should do.
  

  Posted by SoStuckUp12 -- July 27, 2009

•   Stay Away

  I had a savings account with Bank of America in 2004 and I always had so much trouble with them. My money keep going missing and it was not me using it. I was trying to save money for when I graduated later on that same year. I started it with twenty dollars my grandparents gave me. I made arrangements to clean their home every other week for fifty dollars. I put all of it except twenty in there every time they paid me. In the end I was told that they money was not deposited into my account which I knew was wrong because I am the one who did it. I ended up speaking to the manager and he said that according to their records I only had the same twenty that I started out with. I started to get very upset and counted how much I really added and came to the total three hundred and twenty dollars. At least that is what was supposed to be in there. I closed my account the same day and lost the three hundred dollars. So do not trust these people. I had my stubs from my transactions and that still did not help anything.

  Posted by mommy1255 -- July 16, 2009

•   good job

  The Bank of America Savings account was very hard to set up maybe because of the attitude the worker was giving me but other then that it was pretty good.Also I think they need to increase there interest rate.I have had this account for about two years now and i originally chose this account because my friend told me about it. My overall feeling about this account is that it is great they really never gave me any trouble. The best thing about this account is that they always keep me updated on my savings the worst thing about this account is that they don't save all the transactions I make. An overall experience i had with customer service was good because they are very polite. I would recommend this account to anybody who would like to save money.

  Posted by tiffany10243 -- July 15, 2009

•   Good for the most Part

  I have never really had a problem with my savings account. I do wish they would raise the interest rate though. I have had my account for almost 2 years and have not received much in interest. The fees are also an inconvenience. I have 2 separate savings and one was not showing on my online management, so I wasn't even aware it was active still, and suddenly it came back up and was in the negative and now it is taking money out of my current account. I have NEVER had a problem with the customer service. All the tellers know me and are always polite and very helpful.

  Posted by etgarcia619 -- July 15, 2009

•   Okay service, but fees and low rates

  Although Bank of America's locations are widespread and convenient, their savings account rates are poor and there is a monthly charge if you do not meet a minimum balance. I have always had good service at Bank of America branch locations. Tellers are polite and upbeat; however, there are frequently long waits at peak times like weekends and evenings. This is mostly made up for by their new ATMs which scan checks for you on the spot and automatically read the deposit amount off of the check.

  I originally signed up for this account during college because Bank of America was in both my home town and my college's town. My savings account charges me $3 per month if my balance dips at any point below $300, even for a single day. This fee is incredibly frustrating. The interest rate on the account is practically non-existent and not at all competitive with online savings accounts. This means that I just keep the basic $300 in the account to avoid the fee and just use my checking account and keep all of my savings in an account with better yield for my money. I wish the interest rate was higher.

  Posted by ajo223 -- July 12, 2009

•   Not the Best Account I Have Had

  After recently moving to the Los Angeles area and firmly out of the local area of the credit union I have been a member of since college, I decided it was time to finally give Bank of America a try for my savings account. The process of opening the account was fairly straight forward and the new accounts person was very polite and friendly. Unfortunately, after that first experience, things started to go downhill pretty quickly. It took several weeks for my account balance to equal what I had deposited despite the fact that my initial deposit was a cashier's check. I also found it very difficult to make transfers and bill payments from my savings account to even my pre-existing Bank of America credit card account. I would select an automatic payment for a certain date and it would either not happen at all or happen a day after the date requested. While this shouldn't be a major problem, I actually ended up getting hit with a late payment fee on one occasion. I was able to call and get it taken off the account, but it left a really sour taste in my mouth.

  At present, I maintain a fairly small balance in the account as I think the interest rate is pretty terrible and I really don't like going into my local branch if I can avoid it since it is always packed. Using the computerized banking options are great, but I probably will eventually transfer the funds to another bank down the road that is a little more flexible and frankly not so large and impersonal.

  Posted by bmcphail -- July 8, 2009

•   Like a rock

  I think this is a solid bank, that I have had an account with for 3 years. The customer service seems to be pretty solid, the ATM fees are low and best of all, they have online banking!
  The branch near my house give dog treats to my puppy when I hit the drive through.
  Negatives are sometimes checks not from Bank of America tend to take over seven days to clear. This can be inconvenient if you need the money immediately. I believe it had bought out several other banks, so they are expanding.
  

  Posted by hopefick -- July 2, 2009

•   Not competitive

  I opened a savings account with B of A because I already had a checking account with them and I'm a least-resistance kind of guy. I guess I deserved to be punished. 0.10% is a pathetic rate. If you already have a checking account, link it to something like ING Direct and get 1.5% instead. It couldn't be easier and your money is still FDIC insured. Or invest in a Chinese ADR and really clean up.

  Posted by bennegan -- June 22, 2009

•   secure savings with strings attached

  I responded to a solicitation I received in the mail. I received a seventy five dollar incentive to open this account. This account is an online only account because there are no Bank of America branches in the New Orleans area. The account is secure and accrues interest monthly. You can make transfers between accounts inside and outside of the bank. Monthly statements are mailed promptly. The only problem I have with the account is that if you fall below the three hundred dollar minimum balance, a five dollar monthly fee is taken from your account. I was taken by surprise when I was charged this fee. I do not remember this fee being disclosed to me when I enrolled. However, the bank is currently waiving monthly fees for unemployed account holders. This is welcome news for me. I called the bank about a week ago and asked for the fee waiver. I did not have any problem getting the customer service representative to waive the fee for me. To my surprise, the customer service representative agreed to waive fees on this account for the next six months. I like this account because I use it as a just in case account. When I am low on cash I can use it for emergencies. It is also a joint account.

  Posted by halfapint74 -- June 2, 2009