Both Bank Of America and Truist bank offer a range of financial products and services, but which one is better suited to your needs? In this article, we'll delve into a detailed comparison between them.
Checking Accounts
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Account Types
Bank Of America offers three types of personal checking accounts and two accounts for business use. While all of them charges monthly fees, customers can waive them in various ways::
BofA Checking Account | Monthly Fee | Average Day Balance To Waive |
|---|---|---|
Safe Balance | $4.95 | $500 |
Advantage Plus | $12 | $1,500 |
Advantage Relationship
| $25 | $20,000 |
Truist bank offers personal checking accounts with many features and easily waived monthly fees:
Truist Bank Account | Monthly Fee | Average Day Balance To Waive |
|---|---|---|
Truist One Checking account | $12 | $500 |
Truist Confidence Account | $5 | $500 |
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Features
Bank of America offers a range of features for both personal and business accounts. For personal accounts, they provide paper checks, overdraft protection, and a $0 liability guarantee. Digital banking services are also available, ensuring convenient access to account information.
In the realm of business accounts, Bank of America offers the Business Advantage Fundamentals Banking package, which includes QuickBooks integration, cash flow monitor, Erica (BofA virtual financial assistant), mobile check deposit, and Zelle for business transactions.
BofA Checking Account | Main Features |
|---|---|
Safe Balance | Digital banking, no overdraft fees, $0 liability guarantee |
Advantage Plus | Paper checks, overdraft protection, $0 liability guarantee |
Advantage Relationship
| Earns interest, no fees on select banking service ,overdraft protection |
Business Advantage Fundamentals
| QuickBooks® integration, Cash Flow Monitor, Erica, Mobile Check Deposit, Zelle® for business |
Business Advantage Relationship
| No fees for incoming wires, stop payments, electronic deposits & more |
The Truist bank checking account offers a range of features designed to meet the diverse needs of customers. Also, Truist offers a range of personal debit cards, combining convenience, security, and ease of use.
These cards provide control over spending with features like setting limits and purchase tracking. Users can earn cash back through exclusive deals, lock and unlock cards via Truist Mobile for security, and benefit from contactless checkout.
Truist Bank Account | Main Features |
|---|---|
Truist One Checking account | Loyalty Bonus on Truist credit cards, Free first order 10-pack checks |
Truist Confidence Account | mobile bill pay, No overdraft fees, No check cashing fees |
Our own experience with this feature has been smooth, with a seamless onboarding process for Zelle. Once enrolled, sending money to friends and family becomes as easy as a few taps:
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Savings Accounts
Bank of America and Truist offer savings accounts with relatively low interest rates, which are lower compared to other options. However, their minimum deposit requirements are reasonable, and the associated fees can be easily waived.
Bank of America's Rewards Savings account offers a feature called Keep the Change. This feature automatically saves by rounding up your purchases made with a Bank of America debit card. Additionally, Bank of America's mobile app allows convenient check deposits into your savings.
Truist Bank, resulting from the merger of BB&T and SunTrust, provides savings accounts with various features. The Truist One Savings account offers benefits like no overdraft fees with Truist One Checking and the opportunity to earn interest. It's a useful tool for building an emergency fund or working towards specific financial goals.
Truist One Savings | Bank Of America Savings | |
|---|---|---|
Savings Rate | 0.01% | 0.01% – 0.04% |
Minimum Deposit | $50 | $100 |
Fees | $5
The monthly maintenance fee can be waived by maintain a minimum daily ledger balance of $300 OR
schedule a recurring preauthorized internal transfer of $25 or more per statement cycle into the Truist One Savings account OR
waived for a minor under the age of 18 OR
waived with ANY related Truist checking product
| $8 per month
Can be waived by maintaining a balance of $500+, becoming a Preferred Rewards member or linking to your B of A Advantage Banking account. Fees are also waived for enrolled students aged under 24
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Certificate Of Deposits (CDs)
Both Truist Bank and Bank of America offer high CD rates only on specific terms. Truist Bank does not currently disclose certificate of deposit (CD) rates on its website. Also, you can open Truist CDs only at a branch and not online.
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Bank of America CD Rates
CD Term | APY |
|---|---|
3 Months | 4.50% |
6 Months | 0.03% |
7 Months (Featured) | 5.00% |
12 Months | 0.03% |
13 Months (Featured) | 5.00% |
24 Months | 0.03% |
25 Months (Featured) | 3.00% |
36 Months | 0.03% |
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Credit Cards
When it comes to credit cards, Bank of America is a clear winner.
Bank of America provides a diverse range of credit cards, each designed to meet varying financial needs and preferences. The Bank of America Customized Cash Rewards is a popular choice, offering cash back on everyday purchases with customizable bonus categories. The Bank of America Travel Rewards is ideal for frequent travelers, providing points for travel-related expenses and featuring no foreign transaction fees.
For those seeking premium benefits, the Bank of America Premium Rewards Elite Credit Card offers substantial rewards on travel and dining, along with statement credits for travel expenses.
Card | Rewards | Bonus | Annual Fee |
| Bank of America Unlimited Cash Rewards
| 1.5%
unlimited 1.5% cash back on all purchases
| $200
$200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening
| $0 |
|---|---|---|---|---|
| Bank of America® Customized Cash Rewards credit card | 1-3%
3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings, 2% cash back at grocery stores and wholesale clubs and 1% cash back on all other purchases. The 3% and 2% cash back available on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter (then 1%)
| $200
$200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening
| $0 |
| Bank of America® Travel Rewards credit card | 1.5X
1.5 points for every $1 you spend on all purchases everywhere, every time and no expiration on points
| 25,000 points
25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening – which can be redeemed for a $250 statement credit toward travel purchases
| $0 |
| BankAmericard | N/A | 21 billing cycles on purchases and balance transfers made within the first 60 days | $0 |
| Bank of America® Premium Rewards® Elite | 1.5x – 2x
2 points for every dollar you spend on travel or dining purchases, with 1.5 points per dollar on all your other purchases | 75,000 points
75,000 bonus points if you spend $5,000 or more within 90 days of opening your account
| $550 |
| Bank of America Premium Rewards | 1.5X – 2X
Unlimited 2X points on travel and dining purchases. Unlimited 1.5X points on all other purchases | 60,000 points
60,000 online bonus points for spending $4,000 on new purchases in the first 90 days of opening their card account.
| $95 |
Card | Rewards | Bonus | Annual Fee |
| Truist Enjoy Cash credit card | 1% – 3%
3% cash back on gas and EV charging, 2% on utilities and groceries (up to the $1,000 monthly spend cap) and 1% on all other eligible purchases
OR 1.5% cash back on all eligible purchases | 0% Intro APR 12 months on purchases | $0 |
|---|---|---|---|---|
| Truist Enjoy Travel credit card | 1x – 2x
2x miles per $1 spent on airfare, hotels, and car rentals, 1x on all other eligible purchases | 20,000 miles
20,000 bonus miles when you spend $1,500 in first 90 days after account opening | $0 |
| Truist Future credit card | N/A | 0% Intro APR 15 months on balance transfers and purchases | $0 |
| Truist Enjoy Beyond credit card | 1x – 3x
3x points per $1 spent on airfare, hotels, and car rentals, 2x on dining and 1x on all other eligible purchases | 30,000 points
30,000 bonus points when you spend $1,500 in first 90 days after account opening | $195 |
| Truist Enjoy Cash Secured credit card | 1% – 3%
3% cash back on gas, 2% on utilities and groceries (up to the $1,000 monthly spend cap) and 1% on all other eligible purchase | N/A | $19 |
Mortgage And Loans
When it comes to lending products, Truist Bank is our winner due to larger options for borrowers than Bank Of America.
Bank of America offers a comprehensive array of lending options, including mortgages, mortgage refinancing, and home equity loans. Additionally, they offer auto purchase loans and auto refinancing options.
On the other hand, Truist Bank also offers a comprehensive suite of lending products, including mortgages,home equity lines of credit, auto loans, personal loans, and boat loans.
Which Bank Is Our Winner?
There is no clear winner as to which of them is a better choice, but we prefer Bank of America. They offer more options when it comes to credit cards and checking accounts for individuals , and decent CD rates for featured terms.
However, it is crucial to assess various factors, with a primary focus on those that are significant for your specific needs. This could include considerations such as banking services, overdraft assistance, frequent ATM usage, proximity to bank locations, and other elements that vary from person to person.
Comparing Truist Bank and BofA: Our Methodology
In our detailed banking comparison, The Smart Investor team thoroughly looked in five main areas in both banks and compare them side by side:
Checking Accounts (30%): We checked things like direct deposit, debit card availability, monthly fees, ATM and branch access, check deposit, bill pay options, and account alerts. We also considered any special offers for customers.
Savings Accounts including CDs (20%): We focused on important stuff like how much interest you can earn (APY), the smallest amount you need to open an account, how flexible the accounts are, and if they're insured by FDIC. We also looked at special savings offers, different types of CDs, and any fees for taking money out early.
Credit Cards (15%): We looked at what rewards you get, how much the card costs each year, any bonuses you get for signing up, perks for traveling, how much interest you pay on balances, and if you can transfer balances from other cards.
Lending Options (15%): We checked out the different kinds of loans they offer, like personal loans, student loans, mortgages, and loans where you use your home as collateral.
Customer Experience And Bank Reputation (20%): We looked into how easy it is to use their online and mobile banking, how helpful their customer support is, what people say about them online, any awards they've won, and how stable they are financially. This gave us a good idea of what it's like to be a customer and how much people trust them.
Compare Truist Versus Other Banks
While Truist is a full-service bank where you can find almost any financial product, Chase is our winner. Here's why – and what else to know: Chase vs. Truist Bank
Wells Fargo offers better savings rates than Truist Bank, more selection for checking accounts and better credit cards. Here's our comparison: Truist Bank vs. Wells Fargo Bank
Citibank is our winner due to its checking account options, various credit cards, and better savings account rates than Truist Bank.
Overall, we like Fifth Third a bit more than Truist bank, mainly due to the various checking options. Truist is better in credit cards.
Each bank excels in different categories, but our winner is M&T Bank over Truist. There are some reasons for that, here's our comparison: Truist Bank vs. M&T Bank
Our winner is PNC Bank as it offers more options for checking and higher savings rates than Truist bank. Here's our comparison: Truist Bank vs. PNC Bank
Both Truist and TD Bank are active in a variety of states, such as Florida, Georgia, North And South Carolina, and more. Here's our winner: Truist Bank vs. TD Bank
There is no clear-cut answer to which bank is better, but Regions Bank is better than Truist if we have to choose one. Here's why: Truist Bank vs. Regions Bank
Our preferred choice is American Express, which provides a comprehensive banking package that outshines Truist Bank. Here's how they compare: Truist Bank vs. American Express Bank
Compare BofA With Alternative Banks
Since its inception as a credit card provider, Discover has come a long way.Of course, credit cards are available, but you can also get home loans, personal loans, and a variety of checking and savings products such as retirement accounts, CDs, and money market accounts.
Bank of America offers a far more comprehensive range of banking services. There are numerous credit card options, as well as various savings and checking accounts.
Bank of America also provides mortgages, auto loans, and investments. This makes switching from a traditional bank much easier because you won't have to compromise on your banking products.
Read Full Comparison: Discover vs Bank of America: Compare Bank
Bank of America is a nationwide network that offers deposit, loan, and credit card services. There are also increased daily limits on ATM and debit purchases, which is an excellent incentive to improve your financial situation. Aspiration's company was presented in a very different manner than their bank competitors.
One feature that sets them apart from their competitors is that they let their customers decide how much they want to pay for their services. The fee that the customer believes is fair or appropriate for the level of service they receive is set by the customer.
Read Full Comparison: Aspiration vs Bank of America: Which Bank Account Is Better?
Wells Fargo's product offering is even more extensive. This bank offers checking accounts, a variety of savings accounts, mortgages, loans, and investment options such as IRAs, 401ks, and wealth management services. This makes switching from another bank even easier because you'll have access to all of your favorite banking products.
Bank of America offers a diverse range of banking services. Checking and savings accounts, auto loans, home loans, credit cards, and investment options are all available.
Read Full Comparison: Bank of America vs Wells Fargo: Which Bank Is Better?
Bank of America has an impressive line of banking products, as one would expect from a large banking institution. Aside from various checking and savings accounts, there are auto loans, home loans, a variety of credit cards, and investment options. This makes switching from your current bank easier because you'll find many familiar products.
Chase also has a good selection of banking products. There are checking and savings accounts, auto loans, home loans, and home equity options, as well as a fantastic selection of credit cards.
Read Full Comparison: Bank of America vs Chase: Where to Save Your Money?
US Bank offers an even more impressive range of banking services. Savings and checking account options, investments, personal loans, mortgage products, and wealth management are all available.
Bank of America offers a wide range of banking services. There are numerous credit cards available, as well as various checking and savings accounts, home loans, investments, and auto loans.
Read Full Comparison: Bank of America vs US Bank: Which is Best For You?
Bank of America is a large banking institution, and its impressive banking product line reflects this. Aside from savings and checking accounts, there are home loans, auto loans, investment options, and a variety of credit cards. Citi also has a diverse product offering. Credit cards, CDs, personal loans, mortgages, IRAs, investment options, wealth management plans, and checking and savings accounts are all available.
As a result, if you want to switch from your current bank, either bank is a viable option because you won't have to make any compromises in terms of banking products.
Read Full Comparison: Bank of America vs Citi: Which Bank Suits You Best?
Spend and Save is a SoFi savings and checking account hybrid. For the purposes of this comparison, we'll look at the savings features, of which there are a few. The most visible are the savings vaults. These enable you to set up separate funds to work toward different savings goals without the need for multiple accounts. This helps you organize your money, and you can even designate a vault for your round-up funds.
Bank of America offers a more traditional savings account, but it pays far less interest, ranging from 0.01 percent to 0.04 percent depending on your Preferred Rewards status, compared to SoFi's 0.25 percent. In addition, there is a $8 monthly maintenance fee that can be waived by keeping a balance of $500 or more in the account or linking your checking account. By linking your accounts, you can avoid going overdrawn with Balance Connect.
Read Full Comparison: SoFi Money vs Bank of America: Which Is Better For Your Needs?
Both banks have a decent selection of banking products, but there are some gaps in each line up. If you’re looking for the best returns, Capital One does have the edge in terms of CD and savings rates.
Bank of America and PNC Bank offer various banking products, but which is a better fit for you? Let's compare and see our winner: PNC Bank vs. Bank Of America
We'll explore Bank Of America and TD Bank savings accounts, checking accounts, CDs, credit cards, and lending products. Here's our winner: TD Bank vs. Bank Of America
BMO is the winner when it comes to savings products, while Bank Of America offers many more credit card options. Here's our winner: Bank of America vs. BMO Bank
There is no clear-cut winner, but we prefer Bank Of America. But, there are cases when Citizens is best. Here's our comparison: Bank of America vs. Citizens Bank
While Bank of America and Fifth Third Bank offer a range of banking services, Fifth Third is our winner in this competition. Here's why.
Bank of America vs. Fifth Third Bank: Which Bank Account Is Better?
We'll explore Bank of America and M&T Bank savings accounts, checking accounts, CDs, credit cards, and lending products. Here's our winner: Bank of America vs. M&T Bank
We believe Bank Of America is the preferred option in this battle. But, there are significant differences to know. Here's our comparison: Bank of America vs. KeyBank
While Regions Bank offers better checking accounts, Bank of America wins in credit cards and CDs. Here's our side by side comparison: Regions Bank vs. Bank of America
If you feel comfortable with online-only banking and depending on your needs – Ally may be a better option than Bank Of America. Here's why.
Ally Bank vs. Bank of America: Which Bank Account Is Better?
For most consumers, Bank of America may be a better option. American Express is a solid option for customers with higher wealth. Here's why.
American Express Bank vs. Bank of America: Which Bank Account Is Better?
