Banking · Banking + Credit & Lending
Bank of America Business Advantage Banking Review
Big-bank business checking with branches and Preferred Rewards benefits that grow with your balances
Quick verdict
Bank of America Business Advantage Banking is best for Cash- and check-handling trades who want branch service and plan to keep cards, loans and merchant services at one bank, especially with growing balances. $16/$29.95 monthly fee unless waived (Fundamentals free for the first 12 cycles); $5,000 free cash per cycle on Fundamentals, then $0.30 per $100; 20 free counted transactions then $0.45 each; $30 outgoing domestic wires; no interest; Preferred Rewards starts at $20,000.
Fees & APY
Business Advantage Fundamentals: $16/mo, not charged until your 13th statement cycle closes, then waived in any cycle with a $5,000 combined average monthly balance in eligible linked business accounts, $500 in new net qualified business debit card purchases, or Preferred Rewards for Business membership. 20 free transactions (checks paid, other debits, deposited items) per cycle, then $0.45 each; debit card transactions, electronic debits and checks deposited by mobile, ATM or Remote Deposit Online do not count. Cash deposits free up to $5,000 per cycle, then $0.30 per $100. Business Advantage Relationship: $29.95/mo, waived with a $15,000 combined average monthly balance or Preferred Rewards; 500 free transactions and $20,000 free cash per cycle. No minimum opening deposit; both accounts are non-interest-bearing. Outgoing domestic wires $30, incoming $15. New-account bonus $400-$2,500 for $5,000-$200,000 in new money, offer expires November 30, 2026.
- Monthly fee
- $16/mo Fundamentals (no fee for the first 12 cycles, then waivable); $29.95/mo Relationship (waivable)
- APY / yield
- No interest on either checking account (both are non-interest-bearing)
Affiliate disclosure: The link to Bank of America Business Advantage Banking on this page goes to its own site and is not an affiliate link.
About Bank of America Business Advantage Banking
Bank of America Business Advantage Banking is Bank of America's small business checking, offered as two accounts you can switch between: Fundamentals for lower transaction and cash needs and Relationship for higher volumes. Bank of America, headquartered in Charlotte, North Carolina, says it has about 3,500 financial centers and 15,000 ATMs, and the business side offers credit cards, lines of credit, equipment financing, SBA loans, merchant services and payroll.
Fundamentals costs $16 a month, but Bank of America does not charge it until your 13th statement cycle closes; after that it is waived in any cycle with a $5,000 combined average monthly balance in eligible linked business accounts, $500 in new net debit card purchases, or Preferred Rewards for Business membership. It includes 20 free counted transactions per cycle (then $0.45 each, with debit card purchases, electronic debits and mobile or ATM check deposits not counted) and $5,000 of free cash deposits per cycle, then $0.30 per $100. Relationship costs $29.95 a month unless you keep a $15,000 combined average balance or are a Preferred Rewards member, and raises the allowances to 500 transactions and $20,000 in cash.
Preferred Rewards for Business is the main reason to consolidate at Bank of America. It has three tiers based on a three-month combined average daily balance: Gold at $20,000, Platinum at $50,000 and Platinum Honors at $100,000. Members get monthly fees waived on up to four checking accounts, some wire-fee waivers, and a 25%, 50% or 75% bonus on rewards from eligible Bank of America business credit cards. Business Advantage 360 online banking includes Cash Flow Monitor, bill pay, mobile check deposit, Zelle and QuickBooks integration.
The trade-off: branch service, a full product shelf and a year without the Fundamentals fee, but the fee returns if you miss a waiver, cash above $5,000 a cycle costs $0.30 per $100 on Fundamentals, neither account earns interest, and the Preferred Rewards benefits start at $20,000 in balances.
How it works
Open Fundamentals or Relationship online or at a financial center with no minimum opening deposit, and switch between them if your needs change. On Fundamentals no monthly fee is charged until your 13th statement cycle closes; after that meet one waiver each cycle (balance, $500 in debit card purchases or Preferred Rewards). Deposit cash and checks at financial centers and ATMs, or deposit checks by mobile. Once your combined business balances average $20,000 or more over three months you can enroll in Preferred Rewards for Business. Manage everything in Business Advantage 360 with Cash Flow Monitor, bill pay, Zelle and QuickBooks integration.
Pros & cons
What works
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Branches and cash/check deposits
Bank of America cites about 3,500 financial centers and 15,000 ATMs for in-person cash and check deposits.
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First year without the Fundamentals fee
The $16 Fundamentals fee is not charged until the 13th statement cycle closes, and $500 in monthly debit card purchases waives it after that.
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Preferred Rewards scales with you
At $20,000, $50,000 and $100,000 in combined balances, members get fee waivers on up to four checking accounts and a 25%, 50% or 75% bonus on eligible business card rewards.
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Full product shelf
Business credit cards, lines of credit, equipment financing, SBA loans, merchant services and payroll are all available at the same bank.
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Digital tools + Zelle
Business Advantage 360 includes Cash Flow Monitor, bill pay, mobile check deposit, Zelle for business and QuickBooks integration.
What doesn't
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Monthly fee unless waived
$16 (Fundamentals, after the first 12 cycles) or $29.95 (Relationship) per month unless you meet a balance, debit-spend or Preferred Rewards waiver.
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Limited free cash on Fundamentals
Only $5,000 in cash deposits per cycle is free on Fundamentals, including ATM cash, then $0.30 per $100 ($20,000 free on Relationship).
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Counted transactions on the entry tier
Fundamentals includes 20 free checks paid, other debits and deposited items per cycle, then $0.45 each.
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Wire fees
Outgoing domestic wires cost $30 and incoming wires $15, unless a Relationship or Preferred Rewards waiver applies.
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No interest; perks need $20,000+
Neither account earns interest, and Preferred Rewards benefits start at a $20,000 combined balance.
Features & integrations
Key features
Integrations
Frequently asked
How does Bank of America Preferred Rewards help a contractor?
Once your qualifying business balances average $20,000 (Gold), $50,000 (Platinum) or $100,000 (Platinum Honors) over three months, you can enroll in Preferred Rewards for Business. Members get monthly fees waived on up to four Business Advantage checking accounts, a 25%, 50% or 75% bonus on rewards from eligible Bank of America business credit cards, and some wire-fee waivers at higher tiers.
What does Business Advantage cost and how do I avoid the fee?
Fundamentals is $16/mo, but Bank of America does not charge it until your 13th statement cycle closes. After that it is waived by a $5,000 combined average monthly balance in eligible linked business accounts, $500 in new net debit card purchases, or Preferred Rewards membership. Relationship is $29.95/mo, waived at a $15,000 combined average balance or through Preferred Rewards. Neither account needs a minimum deposit to open.
Can I deposit cash at Bank of America?
Yes, at financial centers and ATMs. Fundamentals includes $5,000 in free cash deposits per statement cycle, counting both ATM and financial-center deposits, then $0.30 per $100. Relationship raises the free amount to $20,000 per cycle.
Is there a signup bonus for Bank of America business checking?
Yes, as of 30 September 2026. Bank of America's offer page lists $400 to $2,500 for opening a new Business Advantage account and depositing $5,000 to $200,000 in new money within 30 days, then keeping it through the maintenance period. It is not open to anyone who owned a Business Advantage account in the last 12 months, and it expires November 30, 2026. Check the current terms before opening.
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