As a company almost as old as the country itself, Bank of America has been in business since 1784. In that year, founding father John Hancock signed the charter for Massachusetts Bank, making it only the third commercial bank in existence in the country at the time. While Massachusetts Bank is the earliest predecessor of Bank of America, it is only one of a number of notable institutions that merged to form the current firm.
Among the companies that have been folded into the current Bank of America are MBNA, LaSalle Bank, Countrywide Financial and Merrill Lynch. The Bank of America name was adopted in 1998. Today, it offers its customers a range of financial products and is listed as the second largest holding company in the country, with assets totaling $2.4 trillion at year-end 2015, according to its latest annual report.
Bank of America offers both personal and business financial products. Individuals can use the bank for borrowing or investing, as well as for the following deposit accounts:
Banking customers have access to a variety of account management tools including debit cards, online and mobile banking, direct deposit and overdraft protection. Bank of America also offers loans, credit cards and insurance products.
In addition to the savings and money market account rates in the table at the bottom, MoneyRates.com also lists Bank of America certificate of deposit rates. Compare these rates with your current financial institution and note any minimum deposit requirements to earn the advertised APY for the CD term you select.
While most Bank of America deposits accounts are similar to those offered at other institutions and its savings account interest rates are comparable to those at other brick-and-mortar banks, the company does offer a unique program designed to help customers save more money.
Bank of America's innovative Keep the Change program automatically makes a small savings deposit with each debit card purchase. Individuals who sign up for the program will have their purchases rounded up to the next dollar. Then, the bank transfers the difference from an individual's checking account to their savings account.
Although the transfers are small -- always less than a dollar -- the savings can add up, particularly for those who use their debit cards heavily.
Despite its name, Bank of America operates in more than 35 countries. It serves approximately 47 million consumers and small businesses through its network of about 4,700 retail financial centers and 16,000 ATMs. According to the company, 32 million customers actively use Bank of America online banking to manage their accounts.
The Better Business Bureau reports Bank of America has been accredited with the bureau since 1949. The bank currently maintains an A+ rating from the BBB.
With a rich heritage and a broad product portfolio, Bank of America is the bank of choice for millions of Americans. Offering everything from savings accounts to investment products, Bank of America makes it easy to consolidate all of your finances in one place.