Bank of America Business account review

Snapshot

Bank of America is one of the largest banks in the United States, offering business checking, savings, cards, and lending through a nationwide branch and digital network. Its entry account waives the monthly fee for the first 12 statement cycles. As of 11 October 2026.

Who it suits: United States registered businesses that want a full service bank with branches, cash handling, cards, lending, and a rewards programme, rather than an online only account.
Broadly available in: The United States. Accounts are for businesses registered in the United States. As of 11 October 2026.
Headline monthly fee: Business Advantage Fundamentals is 16 US dollars a month, waived for the first 12 statement cycles and waivable afterwards. Business Advantage Relationship is 29.95 US dollars a month. As of 11 October 2026.
Account type: Business checking and savings at a licensed United States bank, FDIC insured. Bank of America is a bank.

Fees and features as of 11 October 2026Last updated 11 October 2026

General information, not financial, legal, or tax advice. Verify current terms and eligibility with the provider before applying.

Bank of America is a licensed United States bank that offers business checking, savings, cards, and lending to United States registered businesses. It suits firms that value a nationwide branch network, cash handling, credit, and the Preferred Rewards for Business programme over a low cost online only account. Its entry account, Business Advantage Fundamentals, costs 16 US dollars a month, waived for the first 12 statement cycles and waivable afterwards. Figures here are shown as of 11 October 2026. Verify current terms with Bank of America.

Overview

Bank of America provides business checking and savings accounts, business credit and debit cards, lending, and merchant services to businesses across the United States. It is a licensed United States bank and a member of the FDIC, so eligible deposits are insured up to the standard limit. The two main small business checking accounts are Business Advantage Fundamentals and Business Advantage Relationship, which add higher transaction allowances and relationship benefits. The Preferred Rewards for Business programme can waive fees and add rewards based on balances. As of 11 October 2026.

Strengths

A nationwide branch network with cash handling, a full range of business credit and lending, a rewards programme that can waive monthly fees, strong digital and accounting tools, and FDIC insured deposits at a major United States bank. As of 11 October 2026.

Limitations

Monthly fees apply after the introductory period unless you meet balance or activity conditions, the accounts are aimed at businesses registered in the United States, and it does not offer local business accounts in other countries. Bank of America does not publish a non resident policy for these accounts. Verify current terms with Bank of America.

Fees and features

All figures as of 11 October 2026. Verify current terms with Bank of America.
Monthly fee	Business Advantage Fundamentals is 16 US dollars a month, waived for the first 12 statement cycles, then waivable with a 5,000 US dollar combined average monthly balance, 500 US dollars of qualifying debit card purchases, or Preferred Rewards for Business membership. Business Advantage Relationship is 29.95 US dollars a month, waivable with a 15,000 US dollar combined average monthly balance or Preferred Rewards for Business membership. As of 11 October 2026.
Transaction fees	Fundamentals includes 20 transactions and 5,000 US dollars of cash deposits each statement cycle, then 0.45 US dollars per item and 0.30 US dollars per 100 US dollars deposited. Relationship includes 500 transactions and 20,000 US dollars of cash deposits. Debit card and electronic debits do not count. Wire fees vary. As of 11 October 2026. Verify the current schedule of fees with Bank of America.
FX fees	Debit card purchases in a foreign currency carry a 3 percent international transaction fee. International wire fees vary, and the currency conversion markup is included in the Bank of America exchange rate.
Minimum deposit	Bank of America says the opening deposit varies by account and some business checking accounts need 100 US dollars. As of 11 October 2026. Verify the amount for your account with Bank of America.
Multi currency	Accounts are United States dollar based. International wires can be sent in US dollars or in a foreign currency. As of 11 October 2026. Verify with Bank of America.
Integrations	Online and mobile banking, accounting integrations including QuickBooks, cards, payroll and merchant services, and Preferred Rewards for Business. Verify current integrations with Bank of America.
Eligibility	Businesses registered in the United States, including sole proprietors, partnerships, LLCs, and corporations. Documents required vary by entity type. As of 11 October 2026. Verify eligibility with Bank of America.

Open a Bank of America business account

Bank of America serves businesses registered in the United States. Fees and eligibility shown as of 11 October 2026. Confirm current terms with the provider before applying.

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Bank of America Business by country

Bank of America business accounts are for United States registered businesses. The country page below explains availability and fees, as of 11 October 2026.

Questions about Bank of America Business

Is Bank of America a bank?

Yes. Bank of America is a licensed United States bank and a member of the FDIC, so eligible deposits are insured up to the standard limit of 250,000 US dollars per depositor, per ownership category. It serves business customers through a nationwide branch and digital network. As of 11 October 2026. Verify the current position with Bank of America.

Does Bank of America Business charge a monthly fee?

The Business Advantage Fundamentals account has a 16 US dollar monthly fee, waived for the first 12 statement cycles and waivable afterwards with a 5,000 US dollar combined balance, 500 US dollars of qualifying debit card purchases, or Preferred Rewards for Business membership. The Business Advantage Relationship account is 29.95 US dollars a month, waivable with a 15,000 US dollar combined balance or Preferred Rewards for Business membership. As of 11 October 2026. Verify current pricing with Bank of America.

Who can open a Bank of America business account?

Bank of America business checking is for businesses registered in the United States, including sole proprietors, partnerships, LLCs, and corporations. Requirements vary by entity type. As of 11 October 2026. Verify eligibility with Bank of America.

Can you open a Bank of America business account from outside the United States?

Bank of America business accounts are aimed at businesses registered in the United States, and it does not offer local business accounts in other countries. It does not publish a non resident policy for these accounts, so verify with Bank of America. As of 11 October 2026.

Fees, features, and eligibility change and vary by region. This page was last reviewed on 11 October 2026. Confirm current terms with Bank of America before applying.