Bank of America

Bank of America is the second-largest institution here — about $2.67 trillion in assets, $2.13 trillion in deposits and 3,823 branches — but its checking terms are noticeably gentler than Chase's. Advantage Plus Banking waives its monthly fee on $250 a month in qualifying direct deposit, half the $500 that Chase asks for.

That difference sounds small and isn't. $250 a month is roughly a part-time paycheck; $500 is closer to a full-time one. For anyone whose income arrives in irregular amounts — freelance work, shift work, a second job — the lower threshold is the difference between an account that's free most months and one that's free every month.

Bank of America is unusually consistent about age-based waivers. Advantage Savings drops its $8 fee for account holders under 25. Bank of America Student Checking has no monthly fee at all for enrolled students under 25, and no overdraft charges — the only account in this catalog that pairs those two exemptions. Two of the seven Bank of America cards we track are student versions of the main cash-back products rather than stripped-down starter cards.

Taken together that's a coherent position rather than a scattering of promotions: this is the branch bank with the clearest path for someone in their late teens or early twenties who wants a full-service account without paying for it yet.

Advantage Savings charges $8 a month, the highest savings fee in this catalog. It's waivable with a $500 minimum daily balance, by being under 25, or by reaching a Preferred Rewards tier — but note what that means for the account's natural audience. Someone building a first emergency fund is precisely the person most likely to dip below $500, and that's the month the $8 lands.

The Preferred Rewards path is the one Bank of America is really steering toward: consolidate enough across banking and investment balances and the fees disappear across the relationship. That's a real benefit if you have the assets to qualify. If you don't, the savings side of this bank costs more than most alternatives on this site.