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Best Free Stock Trading Apps For July 2024

Free stock trading apps make it easy to trade. But the best of them let you do all your trading on your phone, including advanced trades. You can sign up in minutes, buy on the go, and check how your stock is doing at a glance.

We've researched over 45 brokers to bring you this list of the best free stock trading apps. See our picks below:

2 Featured Picks From Our Best Free Stock Trading Apps

We've highlighted a short list of free stock trading apps below, in case you're short on time:

  • SoFi Active Investing: Exceptional brokerage for keeping all your financial accounts in one place
  • E*TRADE: Great brokerage for both active traders and long-term investors
  • Our 8 Best Free Trading Apps Next Steps Best For:

    Diverse investing needs

    Commission:

    $0 for stocks, $0 for options contracts

    Best For:

    Mobile trading platform

    Commission:

    Commission-free; other fees apply

    Best For:

    No-frills stock and options trading

    Commission:

    $0 for stocks, ETFs, and options; up to $6.99 monthly for Robinhood Gold

    Best For:

    User-friendly trading platform

    Commission:

    $0 per trade

    Best For:

    For a user-friendly full-featured broker

    Commission:

    $0 commission for online U.S. Stock and ETF trades. No fees to buy fractional shares.

    Best For:

    Wide range of accounts and investments

    Commission:

    $0 for online stock and ETF trades

    Best For:

    Investing and banking in one

    Commission:

    $0 stock and ETF trades

    Best For:

    Full-featured broker with lots of investment choices

    Commission:

    $0 stock, ETF, and Schwab Mutual Fund OneSource® trades. No fees to buy fractional shares.

    When we researched online brokers to create this list of brokerages, some of the things we looked for were low costs, a variety of account types, and great customer service ratings. Everyone's investing journey is different, but I've found these three factors are important for anyone to have a great investing experience.

    Reviews of the best free stock trading apps

    For diverse investing needs: SoFi Active Investing Ratings Methodology SoFi Active Investing

    SoFi Active Investing

    Open Account

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    Our Rating:

    Bottom Line

    SoFi Invest delivers for investors a full-service financial institution in an app, in addition to a great trading platform and experience.

    Fees:

    $0 for stocks, $0 for options contracts

    "The SoFi Active Investing app is fairly easy to use, especially compared to some other apps I've used. It wasn't hard to figure out where to go to buy stock and see my portfolio. And I liked the free stock I got for opening an account; it was from a fairly well-known company that I was curious about anyway. (Some apps give you stock you've never heard of or would never buy.)"

    - Brittney Myers, writer at The Ascent

    Pros
  • Low-cost
  • Fractional share trading
  • Access to new IPOs
  • Cons
  • Light on trading tools
  • Not for active trading
  • Few investing resources
  • Why is SoFi one of our best free stock trading apps? SoFi's free app provides many different banking products and services, including a brokerage platform where users can buy and sell stocks and options with no commissions. It offers some unique perks, especially among free trading apps, such as access to new IPOs, commission-free options trading, and more.

    For mobile trading platform: E*TRADE Ratings Methodology E*TRADE

    E*TRADE

    Open Account

    Double arrow

    Our Rating:

    Bottom Line

    E*TRADE sports two of the best stock trading apps: one that shines for its ease-of-use, and one tailored to advanced active traders.

    Fees:

    Commission-free; other fees apply

    "I love the 'Add to Watchlist' feature on individual stocks within the E*TRADE app. And while I like that they include news, earnings, and jobs reports, it's more info than I, as a pretty passive trader, usually need."

    - Alexi Ueltzen, Editor/Analyst at The Motley Fool

    Pros
  • Two excellent trading platforms
  • Lots of accounts available
  • Investment choices
  • Cons
  • Not the simplest
  • Options commissions
  • Why is E*TRADE one of our best free stock trading apps? E*TRADE was one of the pioneers of online stock trading, and while it is best known for its desktop and web-based platform, it also offers one of the best trading apps among the full-featured brokers. It offers excellent research and screening tools, as well as a top-rated advanced trading platform (Power E*TRADE) that is available as a separate app and is free to use for E*TRADE customers.

    E*TRADE has not only one, but two, excellent free mobile trading platforms. Its main app is great for most investors, but there's also the free Power E*TRADE app that has an excellent advanced trading platform.

    You can open up most account types through E*TRADE, including individual and joint brokerage accounts, traditional, Roth, SEP, SIMPLE IRAs, and many others. Additionally, many other free trading apps don't allow for mutual fund or bond trading, but E*TRADE does.

    For no-frills stock and options trading: Robinhood Ratings Methodology Robinhood

    Robinhood

    Open Account

    Double arrow

    Our Rating:

    Bottom Line

    Robinhood offers a user-friendly mobile trading app that allows trading in stocks, options, and cryptocurrencies.

    Fees:

    $0 for stocks, ETFs, and options; up to $6.99 monthly for Robinhood Gold

    "My favorite Robinhood feature is access to all your notifications in one place. These include buy/sell requests, buy/sell completions, shareholder updates, and Robinhood app updates. Less fun, it also includes things like margin call warnings. Robinhood feels video-gamey in a good way."

    - Cole Tretheway, writer at The Ascent

    Pros
  • Free features
  • Easy to use
  • Retirement match
  • Cons
  • Few advanced trading tools
  • No access to research reports without a subscription
  • Why is Robinhood one of our best free stock trading apps? Robinhood was a pioneer in the free trading app industry, and still shines today. It remains one of the only places to trade not only stocks, but options and cryptocurrencies, with no commissions, and fractional share trading is offered on the platform. It also offers a $5 per month subscription product that unlocks some great features, including a high APY on uninvested cash and preferable margin rates.

    Some of the rare perks Robinhood offers include retirement benefits. Not only does Robinhood offer IRAs, but it offers unique features such as a 1% match on contributions (more for Robinhood Gold members).

    Robinhood also features commission-free stock, option, and cryptocurrency trading, a rare trio among free trading apps.

    For a user-friendly trading platform: Webull Ratings Methodology Webull

    Webull

    Open Account

    Double arrow

    Our Rating:

    Bottom Line

    Webull offers a user-friendly stock investing platform with more features than some of its app-based rivals.

    "I've had my Webull trading account for three years and primarily did my trading using my mobile device. I love that the app allows you to check your individual account's risk level based on your investments. However, I felt it wasn't as user-friendly when I first started trading and took some adjusting. Other trading platforms have offered walkthroughs of their platforms which made a difference for me."

    - Sharice Wells, Editor at The Motley Fool

    Pros
  • No commissions
  • IRA investing available
  • Built for active traders
  • Cryptocurrencies available
  • Cons
  • Lack of educational resources
  • Doesn't offer mutual funds, bonds, or CDs
  • Why is Webull one of our best free stock trading apps? Webull is designed to be the best free app-based platform for active and experienced stock traders, and it does a good job of it. It offers some advanced trading tools that other free mobile-first platforms don't, and it is one of the few platforms where you can trade options completely free with no per-contract fees. It offers IRA investing for retirement and has a few cryptocurrencies available for trading on the platform.

    Webull offers $0 commission trading, even on options, where it doesn't charge a per-contract fee. And unlike some of the free app-based investment platforms, Webull offers traditional and Roth IRAs. Webull also offers Bitcoin, Bitcoin Cash, Ethereum, Litecoin, as well as several others through its Webull Pay App.

    For a user-friendly full-featured broker: Fidelity Ratings Methodology Fidelity

    Fidelity

    Our Rating:

    Bottom Line

    Fidelity is one of the largest and one of the most well-rounded brokerages available in the US today. Importantly, Fidelity offers $0 commissions for online stock and ETF trades, plus one of the best online trading apps that's good for both beginners and seasoned investors.

    Fees:

    $0 commission for online U.S. Stock and ETF trades. No fees to buy fractional shares.

    Account Minimum:

    $0, ($1 minimum per fractional share transaction)

    "The 'Transact' page on the Fidelity app could not be better designed. From that single page, you can do everything from deposit checks and make trades to chat with customer service. It's such a clean and user-friendly site that beginners would not immediately feel lost."

    - Dana George, writer at The Ascent

    Pros
  • Fractional share investing available
  • International trading available
  • Variety of account types
  • Cons
  • Options commissions
  • Margin rates above industry average
  • Why is Fidelity one of our best free stock trading apps? Fidelity offers one of the highest-rated free stock trading apps among the full-featured online brokers. It has few account fees, the ability to trade on 25 different international stock markets, fractional share investing, and more. Its app offers live streaming quotes, charting tools, and additional features.

    As a full-featured brokerage, Fidelity offers a variety of account types that can be opened for free through its app, including individual, joint, retirement, custodial, and trust accounts.

    For a wide range of accounts and investments: Merrill Edge® Self-Directed Ratings Methodology Merrill Edge® Self-Directed

    Merrill Edge® Self-Directed

    Our Rating:

    Bottom Line

    Merrill Edge® Self-Directed is a great option to consider not only for users of Bank of America (which it is a part of), but also those who are looking to invest and bank under one roof and with a highly capable app.

    Fees:

    $0 for online stock and ETF trades

    "As a long-term investor, I don't want a lot of noise in my investing app. I want the important information and I want to be able to find what I want to find when I want to find it. I don't want to be enticed to trade and I don't want to see a barrage of short-term results in my face. The Merrill Edge® Self-Directed app fits all of this. I invest to get results - I get my entertainment elsewhere. I also like that the app ties in well to the rest of the Bank of America ecosystem, so I can navigate between my investing and other accounts."

    – Matt Koppenheffer, Head of Product Coverage at The Motley Fool

    Pros
  • Most major investment account types available
  • Qualify for select Bank of America Preferred Rewards benefits
  • Debit card access to money
  • Cons
  • Options commissions
  • Higher margin rates
  • Why is Merrill Edge® Self-Directed one of our best free stock trading apps? Merrill Edge® Self-Directed is one of our top free stock trading apps for a few reasons, and that's especially true if you're already a Bank of America customer (Merrill Edge's parent company).

    The platform offers stocks, ETFs, options, mutual funds, bonds, and CDs. You can open up most major investment account types to buy stocks with Merrill Edge® Self-Directed's free trading app, including individual brokerage accounts, IRAs, SEP and SIMPLE IRAs, custodial accounts, small business accounts, and more. Additionally, Merrill Edge® Self-Directed customers can get a debit card to access their money for free at any Bank of America ATM.

    Finally, Bank of America's Preferred Rewards loyalty program is the gold standard in banking relationship programs, and Merrill Edge accounts can help you qualify for certain benefits.

    For investing and banking in one: Ally Invest Ratings Methodology Ally Invest

    Ally Invest

    Our Rating:

    Bottom Line

    Ally's stock app offers an easy-to-use trading platform and commission-free ETFs.

    Fees:

    $0 stock and ETF trades

    "I've used Ally Invest for 5 years, and the interface is easy to use, with helpful shortcuts to tasks and customizable dashboards. One of the features I like the most is the research section with a Screener that includes Analyst Top Stocks, Market Movers, Value Stocks, and Money Makers. I also like that you can find ETFs by Morningstar Rating, Price, Asset Class, and more."

    - Ally Wines, Head of Prospect Marketing at The Motley Fool

    Pros
  • Low margin rates
  • Access to in-depth stock reports
  • Investment and banking services in one app
  • Cons
  • Some commissions
  • Few trading tools
  • Why is Ally Invest one of our best free stock trading apps? Ally Invest is one of our top free trading app choices for a few reasons. It not only offers commission-free stock trades, but offers mutual fund investing through its app, and with no commissions whatsoever. Ally Invest also offers a top-rated robo-advisor platform through its app, which can be a great choice for investors who want to automate some or all of their investments.

    Ally Invest doesn't have many active trading tools, but it does offer access to in-depth stock research reports, which many free trading apps don't have. And while investing on margin isn't always a good idea, Ally Invest offers some of the lowest margin interest rates on our radar among free trading apps.

    Lastly, Ally Invest's free app offers all of its investment and banking services in the same place, which could make it a great choice for stock traders who like keeping their finances in one place.

    For a full-featured broker with lots of investment choices: Charles Schwab Ratings Methodology Charles Schwab

    Charles Schwab

    Our Rating:

    Bottom Line

    A full-featured broker with an excellent mobile trading app to complement its desktop platform.

    Fees:

    $0 stock, ETF, and Schwab Mutual Fund OneSource® trades. No fees to buy fractional shares.

    Account Minimum:

    $0, ($5 minimum per fractional share transaction)

    "I've used Charles Schwab for about 2 years now, and it's just a solid broker in every way. The app itself can be a bit clunky at times, but they've improved it a ton in the last 2 years I've been using it, and I love that I can quickly see how all my accounts are doing in one place. I would recommend it to beginner investors who need educational resources and customer support -- I've used both a lot and have had great experiences."

    - Brooklyn Welch, SEO Lead at The Ascent

    Pros
  • Lots of investment choices
  • Wide range of account types
  • Global markets available
  • Cons
  • Not easy to use
  • Some commissions
  • Why is Charles Schwab one of our best free stock trading apps? Charles Schwab is one of the largest and most well-known brokers in the world. While its free trading app isn't quite as easy to use as some of the mobile-first trading platforms, it makes up for this in features. It also offers virtually every type of account you might need, and has a top-rated robo-advisor.

    Charles Schwab's platform offers stocks, ETFs, bonds, options, mutual funds, foreign exchange, futures, and CDs for investors, all in one free trading app. And in addition to standard brokerage accounts and traditional and Roth IRAs, Schwab offers SEP and SIMPLE IRAs, Solo 401(k)s, college savings accounts, custodial accounts, and several other types.

    Charles Schwab is also one of the few free trading apps that allows customers to trade stocks on foreign markets, with more than 30 global markets currently available.

    How do I choose a free stock trading app

    There are a few things we like to look for when comparing free stock trading apps:

  • Diverse investment options: Some free investment apps only invest in ETFs. Others offer an array of options, including stocks, bonds, options, and mutual funds.
  • Affordable account minimum: Certain free investment apps let you open an account with as little as $1, while some require an initial deposit of $500 or $1,000.
  • Educational resources: It's nice if the app offers resources like third-party research and stock analysis to help you learn to be a better investor.
  • User-friendly platform: Online and app-based products should be reliable and easy to use! Check reviews for an app before you sign up to make sure users are happy with their experience.
  • How to open an account with a free stock trading app

    The exact process of opening an account through a free stock trading app depends on the specific app. But the general process is as follows:

  • Fill out the new account application: This is usually a simple form that includes information about you and the type of account you want to open (individual, joint, retirement, etc.). In most cases, the application takes just a few minutes.
  • Make a deposit: The easiest way to deposit money into a stock trading app is to link a checking or savings account and make a deposit electronically. Alternatively, you could potentially mail a check or wire money.
  • Start trading: That's it! Once your deposit has been posted to your new account, you're ready to start trading stocks.
  • Should I choose a robo-advisor or self-directed investment app?

    Many free stock trading apps offer both self-directed investing (where you choose your own stocks) and automated investing, where the app automatically allocates your money into an appropriate investing portfolio. In some cases, you can do both on the same platform.

    The right choice for you depends on your investment goals and risk tolerance, as well as the amount of time you want to spend researching investments and monitoring your portfolio. If you don't have the time, knowledge, and desire to research stocks, there's nothing wrong with automating the process.

    What investments can I buy in a free stock trading app?

    Aside from the obvious (stocks), there are other investments you may be able to buy in a free stock trading app. Depending on the app, these can include mutual funds, ETFs, futures, cryptocurrencies, and more. Some stock trading apps also offer banking products like high-yield savings accounts, CDs, and checking accounts.

    Some free stock trading apps also offer automated investing (robo-advisor) services in addition to the ability to buy and sell individual investments.

    How much money do I need to start trading in a free stock trading app?

    This depends on the particular app and its policies. Most of the free trading apps we like don't have any minimums to start trading, although you might need a certain amount -- such as $5 -- before it is practical to make an investment.

    However, some stock trading apps have minimums. If an app has a minimum, it is typically in the $100 to $1,000 range, although higher minimums are possible, especially among automated investing (robo-advisor) apps.

    Are free stock trading apps safe?

    Free stock trading apps are safe in the sense that your investments are generally protected by SIPC insurance in the event that the app or brokerage fails. And many have protections against unauthorized trading activity, so you're protected if your account gets hacked.

    However, it's important to realize that the investments you choose in a free stock trading app can be volatile. Depending on what you invest in, and how the overall economy and stock market performs, it's possible to lose money. For this reason, it's important not to invest any money in stocks that you'll need in the next few years, and not to invest any money at all in speculative investments that you can't afford to lose.

    What is a free stock trading app?

    A stock trading app allows you to buy and sell stocks and other investments from your mobile device. Stock trading apps might offer self-directed trading (where you choose your own stocks), they might offer automated investing services, or both. Free stock trading apps come in many different varieties, so it's important to do some research to see which is the best fit for you.

    Our brokerage rating methodology

    At The Motley Fool Ascent, brokerages are rated on a scale of one to five stars. We primarily focus on fees, available assets, and user experience; however, we also take into account features like research, education, tax-loss harvesting, and customer service. Our highest-rated brokerages generally include low fees, a diverse range of assets and account types, and useful platform features.

    FAQs
  • What should I look for in a free stock trading app?

    When choosing between free online trading apps, you should find one with a wide range of investment products, investment research, and educational tools. You should also look for a free trading app that has a trading platform that best suits your trading style.

  • What is the easiest free stock app to use?

    All the free stock apps on this list are pretty easy to use -- that's one of our top criteria for selecting it as one of the best trading apps on the market. However, our two top picks for the easiest free stock apps to use are Fidelity and Robinhood. Fidelity has a user-friendly mobile experience with access to many investment options, as well as $0 commissions for stock and ETF trading. Robinhood also has an excellent mobile experience, with an interface designed specifically for mobile use, and has eliminated fees on all of the investments it offers, even options and cryptocurrencies.

  • Brokerages we evaluated for consideration on this page: Acorns, Ally Invest, Axos Self-Directed Trading, Betterment, Cash App Investing, Charles Schwab, Delphia, Domain Money, Ellevest, Empower, eToro Brokerage, E*TRADE Core Portfolios, E*TRADE, Fidelity, Fidelity Cash Management, Fidelity Go®, Firstrade, FOREX.Com, Interactive Brokers, J.P. Morgan Self-Directed Investing, M1 Finance, Magnifi, Marcus Invest, Merrill Edge® Self-Directed, Moomoo, NinjaTrader, Personal Capital, Plynk, Prosperi Academy, Public, Robinhood, Rocket Dollar, Schwab Intelligent Portfolios, SoFi Active Investing, SoFi Automated Investing, Stash, Stockpile, Tastytrade, Titan, Tornado App, TradeStation, Tradier, Vanguard, Vanguard Digital Advisor®, Wealthfront, Webull, Zacks Trade.


    Bank Of America Review 2024

    Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate banking products to write unbiased product reviews.

    The information for the following product(s) has been collected independently by Business Insider: Alaska Airlines Visa Signature® credit card, Bank of America® Customized Cash Rewards Credit Card for Students. The details for these products have not been reviewed or provided by the issuer.

    The bottom line: Business Insider's personal finance team compared Bank of America bank accounts to ones at the best banks and found them to be standard offerings. Bank of America is a worthwhile option if you want a bank with a large branch presence that makes it relatively easy to waive monthly fees. But, you can find higher savings rates at online banks, and many don't charge monthly fees at all.

    Bank of America Review: Overall Rating Bank of America Pros and Cons About Bank of America Bank of America National Branch and ATM Presence

    Bank of America is one of the largest banks in the U.S. And serves customers in all 50 states.

    It has over 3,800 financial centers and 15,000 free ATMs. You can become a digital customer if you live in a state that doesn't have branches.

    You can use ATMs outside the Bank of America network, but you'll pay a $2.50 fee each time.

    Financial centers are available in the following states: Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Iowa, Idaho, Illinois, Indiana, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nebraska, North Carolina, New Hampshire, New Jersey, New Mexico, Nevada, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, and Washington, DC.

    What You Need to Know About Bank of America Personal Bank Accounts

    Bank of America has several different types of checking accounts, savings accounts, and CDs.

    You can choose between three checking accounts: a checkless option, a standard account, or a premium account.

    If you'd like to get a savings account, there's only one option, but you qualify for a slightly higher interest rate if you're a Preferred Rewards member.

    To qualify for the Bank of America Preferred Rewards program, you must have a Bank of America checking account and keep a certain three-month total average balance in all your Bank of America bank accounts and Merrill Lynch investments.

    Bank of America also has three types of CDs. Featured CDs are promotional CDs with higher interest rates. Fixed Term CDs are the bank's traditional CDs. Flexible CDs are a type of no-penalty CD — you won't have to pay for any withdrawals after the first six days of opening an account.

    Your deposits are insured by the FDIC insured for up to $250,000 or $500,000 for joint accounts.

    Bank of America Digital Experience and App Usability

    You can use Bank of America mobile banking to manage Bank of America bank accounts and credit cards, as well as Merrill investment accounts.

    We've rated it as one of the best mobile banking apps because it has strong digital and security features.

    Through the app, you can set bank account alerts, replace your debit card, and get recommendations on how to make your mobile banking more secure. You can also make mobile check deposits, send money through Zelle, or use online bill pay.

    The Bank of America mobile app has 4.8 out of 5 stars in the Apple store and 4.6 out of 5 stars in the Google Play store.

    According to the J.D. Power 2024 Banking Mobile App Satisfaction Study, Bank of America ranks second in banking mobile satisfaction among national banks but lower than the segment average in online banking satisfaction.

    Bank of America Customer Support Availability and Satisfaction

    Bank of America customer support is available at branches or by phone. Exact customer service hours vary depending on what products you're inquiring about.

    To speak with customer support about your bank accounts, call Monday through Friday from 8 a.M. To 11 p.M. ET. Or call weekends from 8 a.M. To 8 p.M. ET. If you have questions about credit cards, customer service is available 24/7, including stolen and lost credit card assistance. To help about auto loans, existing customers must call between 8 a.M. To 8 p.M. ET on weekdays.

    Bank of America Fees, Rates, and Financial Benefits

    Understanding Bank of America's Fee Structure

    All Bank of America checking and savings accounts have monthly bank maintenance fees, so you'll need to meet certain criteria each month to avoid paying them.

    Monthly service fees are a common charge among most national brick-and-mortar banks but are not typical for online banks. If your priority is to find a national brand with fee-free bank accounts, the best online banks may be a better match.

    Bank of America also has out-of-network ATM fees, stop payment fees, cashier's check fees, and various wire transfer fees.

    There isn't a fee for international outgoing wire transfers sent in foreign currency, statement copies, or card replacements. Certain fees may be waived if you qualify for Preferred Rewards.

    Bank of America Savings and CD Rates and How They Compare

    Bank of America's savings account is not a strong option if you'd like to get a competitive savings rate. The bank's savings rates are lower than the average savings account interest rate.

    A high-yield savings account will be a better fit for your needs because they pay higher savings account interest rates than average savings accounts and traditional savings accounts from national brick-and-mortar banks. You can find the best high-yield savings accounts at online banks and credit unions.

    Bank of America CD rates are also pretty low, with the exception of 7-month and 13-month Featured CDs and Fixed-Term CDs between 90 days and 179 days.

    Is Bank of America Trustworthy?

    The Better Business Bureau gives Bank of America an A- rating because of government action taken against the business. A strong BBB grade indicates a company responds to customer complaints effectively and is transparent about business practices.

    Bank of America has been involved in the following recent controversies:

  • Bank of America paid over $100 million to customers in a settlement when accused of repeatedly charging a $35 overdraft fee for the same transaction, withholding credit card rewards, and enrolling customers in credit card accounts without them knowing or authorizing it (2023).
  • The Consumer Financial Protection Bureau fined Bank of America for freezing customers' accounts because its automatic fraud filter incorrectly detected fraud on accounts. The CFPB claimed that the bank made it difficult for customers to un-freeze their accounts (2022).
  • If these issues bother you, you may prefer to use a different bank.

    Bank of America FAQs

    Bank of America offers personal and business checking accounts, savings accounts, and CDs. You can also get auto loans, home loans, and credit cards. Bank of America also has a division called Merrill that's for investing.

    There are many fees associated with Bank of America accounts, such as monthly service fees, out-of-network ATM fees, stop payment fees, cashier's check fees, and various wire transfer fees. Some fees may be waived if you qualify for Preferred Rewards.

    You can contact Bank of America customer service at branches if you live in an eligible state. You can also call agents, regardless of whether you live near a branch or are a digital customer.

    The main pros of banking with Bank of America are strong home loan options, in-person banking, and a national ATM network. The cons of banking with Bank of America include low savings rates, monthly service fees on all checking and savings accounts, and various common bank fees for personal and business banking.

    A routing number is a nine-digit number you may need to provide in a financial transaction. Your Bank of America routing number depends on which state you live in and the type of transaction you're making (there's one routing number for most digital and paper payments, and another for wire transfers). To find the number you need, visit Bank of America's routing number page. Look under the section "Do you have a list of routing numbers I can review?" and scroll down, then select "Change state." Your routing numbers will appear.

    Bank of America Personal Banking Review Bank of America Advantage Savings Account

    Bank of America Advantage Savings Account

    Insider's Rating

    A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star

    3.25/5

    Fees

    $8 monthly service fee

    Annual Percentage Yield (APY)

    0.01% to 0.04%

    Minimum Opening Deposit

    $100

    Pros
  • A check mark. It indicates a confirmation of your intended interaction. New accounts have monthly fee waived for the first 6 months
  • A check mark. It indicates a confirmation of your intended interaction. Multiple ways to waive monthly fee after the first 6 months
  • A check mark. It indicates a confirmation of your intended interaction. No excess withdrawal fee if your balance is at least $20,000, or if you're a Preferred Rewards customer
  • Cons
  • Two crossed lines that form an 'X'. Low APY
  • Two crossed lines that form an 'X'. Compounds interest monthly, not daily
  • Two crossed lines that form an 'X'. $100 opening deposit
  • Two crossed lines that form an 'X'. $8 monthly service fee
  • Two crossed lines that form an 'X'. $10 excess withdrawal fee
  • Product Details
  • Access to over 3,900 branches and 15,000 ATMs
  • Earn slightly higher rates by becoming a Preferred Rewards customer and qualifying for the Gold, Platinum, or Platinum Honors tier
  • Earn cash back when you make a debit card or credit card purchase through the BankAmeriDeals® program; Cardholders will automatically be enrolled in the program when setting up online banking and a list of eligible offers and deals will be available through online banking
  • Waive $8 monthly service fee by maintaining $500 balance, OR linking to your Bank of America Advantage Relationship Banking® account, OR by becoming a Preferred Rewards customer
  • Waive monthly fee if you're a student under age 25
  • Waive monthly fee if an account holder is under age 18
  • Interest compounded monthly and paid monthly
  • FDIC insured
  • Like most large brick-and-mortar banks, Bank of America savings rates are pretty low. On the bright side, you may have an easier time waiving the $8 monthly service fee than with some banks. Here are your options for waiving it:

  • Be a student under age 25
  • Have an account holder be under age 18
  • Keep a $500 daily balance
  • Sign up for the bank's Preferred Rewards program, a rewards group for people with higher balances
  • Link to an Advantage Relationship Checking Account, which is best for customers with at least $10,000 in checking
  • The monthly fee is also waived for all account holders for the first six months.

    Bank of America Advantage Plus Checking Account

    Bank of America Advantage Plus Checking Account

    Insider's Rating

    A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star

    3.75/5

    It indicates a confirmed selection.

    Perks

    Earn $200 bonus for eligible new customers who open a Bank of America Advantage SafeBalance Banking® account with qualifying activities (offer expires May 31, 2024)

    Fees

    $12 monthly service fee

    Annual Percentage Yield (APY)

    None

    Minimum Opening Deposit

    $100

    Pros
  • A check mark. It indicates a confirmation of your intended interaction. Multiple ways to waive monthly service fee
  • A check mark. It indicates a confirmation of your intended interaction. Link to savings for free overdraft protection
  • Cons
  • Two crossed lines that form an 'X'. $100 minimum opening deposit
  • Two crossed lines that form an 'X'. $12 monthly service fee
  • Two crossed lines that form an 'X'. $10 overdraft fee
  • Two crossed lines that form an 'X'. $2.50 out-of-network ATM fee
  • Product Details
  • New Bank of America customers may receive a $200 bonus when you open a Bank of America Advantage Banking account with a Bank of America associate who enrolls you in offer, and set up direct deposit for $2,000 or more within the first 90 days of opening the account (offer expires May 31, 2024)
  • Access to over 3,900 branches and 15,000 ATMs
  • Waive $12 monthly service fee by doing one of the following: receive $250/month in direct deposits, keep $1,500 minimum daily balance, enroll in Preferred Rewards, or be a student under age 25
  • If you use Balance Connect and link your checking account to a backup account, there's a $0 overdraft protection transfer fee
  • FDIC insured
  • You might like the Bank of America Advantage Plus Checking Account if you can waive the $12 monthly service fee by completing one of the following each month:

  • Make at least one qualifying direct deposit of $250 or more
  • Keep at least $1,500 in your account daily
  • Be enrolled in the bank's Preferred Rewards
  • Bank of America has reduced overdraft fees from $35 to $10.

    Bank of America CDs

    Bank of America Fixed Term CD

    Insider's Rating

    A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star

    3.25/5

    Annual Percentage Yield (APY)

    0.03% to 4.00%

    Minimum Opening Deposit

    $1,000

    Pros
  • A check mark. It indicates a confirmation of your intended interaction. Terms from 28 days to 10 years
  • A check mark. It indicates a confirmation of your intended interaction. Access to over 3,900 branches and 15,000 ATMs
  • Cons
  • Two crossed lines that form an 'X'. Low APY
  • Two crossed lines that form an 'X'. Interested is compounded monthly, not daily
  • Two crossed lines that form an 'X'. $1,000 opening deposit
  • Two crossed lines that form an 'X'. High early withdrawal penalties
  • Product Details
  • Access to over 3,900 branches and 15,000 ATMs
  • Terms ranging from 28 days to 10 years
  • Early withdrawal penalties are as follows: the greater of all interest earned or 7 days interest on the amount withdrawn for terms under 90 days; 90 days interest for terms over 90 days and under 12 months; 180 days interest for terms of 12 months to under 60 months; 365 days interest on terms of 60 months or more
  • Interest compounded monthly and paid monthly
  • FDIC insured
  • The bank has more term options for than most institutions, with terms ranging from 28 days to 10 years. Bank of America CD rates are low on most terms, but it does pay relatively high rates for terms of 90 to 179 days. Select Featured CDs also pay competitive interest rates.

    Still, you'll earn the best CD rates with online banks.

    Bank of America Credit Cards Review

    Bank of America has cash-back credit cards, travel credit cards, airline rewards credit cards, credit cards for building credit, and credit cards for students. Here are some of our favorite options:

    See Business Insider's Best Bank of America Credit Cards.

    Bank of America Auto Loans Review

    Bank of America has auto loans for buying a car at a dealership, refinancing your current loan, or buying a leased car.

    You can get a Bank of America auto loan regardless of where you live in the U.S. Bank of America won't finance cars that are older than 10 years, have 125,000 miles or more, are a value of $6,000 or less, are used for commercial or business purposes, or are salvaged or brand-titled.

    Bank of America Mortgages Review

    Bank of America stands out as the best mortgage lender overall. It ranks high in customer satisfaction and has low average rates and fees. Bank of America has conforming loans, jumbo loans, FHA loans, VA loans, home equity lines of credit, and physician loans.

    See Business Insider's Bank of America Mortgage Review.

    Bank of America Investment Services Review

    Bank of America has an investment and wealth management division called Merrill. Merrill Edge is a self-directed service, while Merrill Guided Investing offers more assistance from actual professionals.

    You can use investment balances to help qualify for the Bank of America Preferred Rewards program.

    Bank of America Business Banking Review

    Bank of America has two business checking accounts — one for new, small businesses and another for bigger businesses. It also has one business savings account and several business CDs. Similar to the bank's personal CDs, you'll be able to choose from Business Featured CDs, Fixed Term Business CDs, and Business Flexible CDs.

    How Bank of America Compares Bank of America vs. Chase

    Bank of America and Chase charge similar monthly fees, but Bank of America makes it a little easier to waive the monthly charges. You might prefer Chase for a checking account, though, because Chase Total Checking® pays a $300 bonus when you open an account and make direct deposits totaling $500 or more within 90 days of coupon enrollment (offer expires on 10/16/2024).

    Chase has branches in more states than Bank of America, so it may be the more convenient option depending on where you live.

    Chase Bank Review

    Bank of America vs. Wells Fargo

    You may prefer Bank of America for CDs. It has more term options than Wells Fargo, and the minimum opening deposit is lower. For checking accounts, Bank of America's overdraft fee is significantly lower.

    But the Wells Fargo Way2Save® Savings Account includes an ATM card, which is unusual for savings accounts. This makes it easy to access your savings quickly at an ATM.

    Wells Fargo Bank Review

    Is Bank of America Right For You?

    Bank of America's strongest products are its home loans and Bank of America Advantage Plus Checking Account, so it may be right for you if you're looking to establish relationship banking with a national brick-and-mortar bank.

    If you're not interested in these products and aren't looking to bank primarily with one financial institution, you might lean toward a different bank. For example, online banks have stronger choices for savings accounts or CDs. Meanwhile, the best brokerage accounts are with online investment platforms or online financial institutions.

    Why You Should Trust Us: How We Reviewed Bank of America

    To review Bank of America, we rated accounts and services using Business Insider's bank account methodology.

    In general, we look at ethics, customer support, and mobile apps when rating an account. Other factors we consider depend on which type of account we're reviewing.

    For example, we look at overdraft protection for checking accounts, and early withdrawal penalties for CDs. We'll look at loan types for mortgages, and annual fees and sign-up bonuses for credit cards.

    Sophia Acevedo

    Banking Editor

    Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics.ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, and budgeting and saving. She is highly knowledgeable about long-term trends in rates and offers at banks across the U.S.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalis

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