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Bank of America Business Account: 2021 Review

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Susan Guillory

Susan Guillory

Updated May 25, 2021
If you’re considering opening a Bank of America business account, there’s a lot to love. In addition to several checking account options and lending products, the bank also offers business services like payroll and cash management.
Pros and cons

Pros

  • Offers two types of business checking for different business needs
  • The Business Advantage option has no fee for stop payments, incoming wire transfers, and check image service
  • Business Advantage account also offers seamless Quickbooks integration with Account Management service

Cons

  • Fees for accounts may be higher than with other banks
  • No free account option
  • High minimum average balance to waive fees

Bank of America Business Account Rates, Fees, Types, and More

Bank of America offers business checking and saving accounts, as well as loans, credit cards, and lines of credit. Read on for fees, rates, and requirements for these account types.

Bank of America Business Checking

Fees: 
  • Business Fundamentals® Checking: $16/mo; waivable
  • Business Advantage Checking: $29.95/mo; waivable
Minimum average monthly balance to waive fee:
  • Business Fundamentals® Checking: $5,000
  • Business Advantage Checking: $15,000

Bank of America Business Savings

Interest Rates: 
  • Business Investment Account: 0.01%
  • Business Advantage Savings Account: 0.01% 
    • If enrolled in Preferred Rewards for Business: 0.02-0.05%
Fees:  
  • Business Investment Account: $5/mo; waivable
  • Business Advantage Savings Account: $15/mo; waivable
Minimum daily balance to waive fee:
  • Business Investment Account: $2,500
  • Business Advantage Savings Account: $5,000
Free monthly transfers: 6

Bank of America Business Credit Cards

Interest Rates: 
  • Business Advantage Cash Rewards Mastercard®: 12.24% to 22.24%
  • Platinum Plus® Mastercard®: 10.24% to 21.24% 
  • Business Advantage Travel Rewards Mastercard®: 12.24% to 22.24%
Annual Fee:  $0, on all three credit cardsSign-up bonus: 0% intro APR first 9 billing cycles plus:
  • Business Advantage Cash Rewards Mastercard®: $300 statement credit
  • Platinum Plus® Mastercard®: $300 statement credit
  • Business Advantage Travel Rewards Mastercard®: 30,000 bonus points

Bank of America Business Loans & Lines of Credit

Interest Rates: 
  • Secured business loans: from 3.5%
  • Secured lines of credit: from 3.75%
  • Equipment loans: from 3%
  • Commercial real estate: from 3%
  • SBA loans: based on Small Business Administration’s rates
Fees: 
  • Secured business loans: 0.5% of amount financed
  • Secured lines of credit: variable based on line amount
  • Equipment loans: 0.5% of amount financed
  • Commercial real estate: 0.75% of amount financed
  • SBA loans: 0.25-3.75%

Alternatives to Bank of America Business Account

While researching business bank accounts, it can be helpful to explore other banks and reviews. Two options to consider include those for a U.S. Bank business account and a TD Bank business account.

What Types of Business Accounts Does Bank of America Offer?

Bank of America small business accounts offer many benefits, but don’t stop with just a Bank of America business checking account. Here are the business services offered by Bank of America.

Bank of America Business Checking

There are two types of Bank of America bank accounts, each with different features and fees. For Bank of America business checking fees, see the section Account Rates, Fees, Types, and More above.
  • Business Fundamentals® Checking
  • Business Advantage Checking

Bank of America Business Savings

There are two Bank of America business savings account options that are similar. Account holders may be able to secure a more competitive interest rate if they qualify for and are enrolled in the Preferred Rewards for Business.Here are the two Bank of America small business savings accounts:
  • Business Investment Account. Note that beginning in February 2021, this account type will no longer be available for new accounts. 
  • Business Advantage Savings Account 

Bank of America Business Credit Cards

If you’re in the market for one or more small business credit cards, Bank of America has three rewards cards to choose from:
  • Business Advantage Cash Rewards Mastercard®
  • Platinum Plus® Mastercard®
  • Business Advantage Travel Rewards Mastercard®

Bank of America Business Loans and Lines of Credit

In addition to offering checking and savings accounts, you can also find several financing tools at Bank of America, including:
  • Secured and unsecured business term loans
  • Secured and unsecured lines of credit
  • Equipment loans
  • Commercial real estate
  • SBA loans

Why Choose Bank of America

While there are many banks that offer multiple savings and business checking account options, it’s the Bank of America business services that add value here. Bank of America business solutions like cash management tools, merchant services, and payroll services provide a one-stop resource for many of the functions small business owners seek.

Important to Keep in Mind

Bank of America business account fees are not the lowest, and the requirements to waive the fees can be steep. If you have a super small business and don’t keep much in the bank, be prepared to pay those fees.On a high note, its Preferred Rewards program offers some great perks like a 25% reward bonus on eligible credit cards, a complimentary financial analysis with a Merrill Financial Solutions Advisor, and $10 a month off payroll services.

Opening a Bank of America Business Account

Bank of America offers three ways to open a checking account: online, over the phone, or in person at a branch.

Bank of America Business Account Requirements

Bank of America business account requirements are similar to what other banks require. If you run a corporation or LLC, you will need to provide your current and stamped/filed articles or certificates of organization or articles of incorporation. If you operate a DBA (“doing business as”), you will need to provide a fictitious name certificate or DBA certificate.No matter what your business structure is, you will generally be asked to provide:
  • Business tax ID
  • Date business was formed
  • Country and state of legal formation (must be formed in U.S. for online application)
  • Country and state of primary business operation (must be a U.S.-operating business)
  • Legal business name and DBA name, if applicable
  • Personal information about the business owner and controlling manager

Opening a Bank of America Business Account Online

If you plan to open a business bank account online, the process is fairly easy. You have the option to open a second checking account, savings account, or credit card at the same time, which can simplify getting everything done at once.You’ll be asked questions about your business, industry, and your personal information. Once you have submitted your application online, you’ll receive an application ID. Use that to email or fax supplemental documents you need to get your account up and running. You should receive your business debit card(s) and checks within 5-7 business days.

The Bottom Line

Bank of America business accounts may be ideal for businesses with larger sums in their accounts, or those who need multiple business services they want housed under one roof.

Frequently Asked Questions

What do I need to open a business bank account at Bank of America?
How much does it cost to open a Bank of America business account?
Can I open a Bank of America business account online?
Is Bank of America a good bank for small business?
What are the benefits and drawbacks to a Bank of America business bank account?

About the Author

Susan Guillory

Susan Guillory

Susan Guillory is the president of Egg Marketing, a content marketing firm based in San Diego. She’s written several business books, and has been published on sites including Forbes, AllBusiness, and Cision. She enjoys writing about business and personal credit, financial strategies, loans, and credit cards. Follow her on Twitter @eggmarketing.
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