Looking for a top-notch bank? π¦ Wondering which bank surpasses Bank of America in quality and service? π° Look no further! π What’s the best alternative to Bank of America that offers superior service and benefits? π€ Discover the ideal bank that suits your needs with ease! π
#banking #bankoptions #bestbank #financialservices
Why Consider an Alternative to Bank of America?
β’ Fee structures
β’ Customer service
β’ Branch locations
β’ Additional benefits
Top Alternatives to Bank of America
1. Chase Bank
β’ Extensive branch network
β’ Convenient online and mobile banking
β’ Variety of account options
β’ Reward programs
2. Wells Fargo
β’ Diverse financial products
β’ Strong online presence
β’ Financial advice options
β’ ATM network
3. Citibank
β’ Global presence
β’ Wide range of banking services
β’ Competitive rates
β’ Reward programs
Don’t settle for less when you have better options available! Explore these top alternatives to Bank of America and choose the perfect bank for your financial needs. π #bankingtips #financialfreedom
This would largely depend on your goals and how you use banking!
That being said, almost any choice will be better than BoA.
I’ve used Schwab for online only checking, great if you don’t need access to an in-person bank. They cover ATM fees.
For high-yield savings I use Ally. They’re fine to use but mostly I just want my money sitting there, making money.
For US finances, I quite like First Tech FCU because they have no account fees and good interest rates. Also very expat friendly
Schwab checking/investment account: it is free. You can take money from any ATM (in the world), and they will refund you for all transactions once a month. You can also buy stocks for free.
Schwab is generally regarded as the best option unless you’re a high net worth individual. The fact that I’m able to withdraw from any ATM without fees, even internationally, is incredible. Also their portfolio of investment products is expansive, you could literally live your entire life banking with Schwab. (Besides a high yield savings account, they’re not great at that) but flexible checking and brokerage/IRA offerings, they’re top.
Go outside and find a rock. Pick up rock. Put your money down. Put rock on top of money.
This^^ is a better bank than Bank of America.
Any bank is better. BoA is a machine built to run scams. They’re the absolute worst. Wells Fargo hasn’t cleaned up their act completely, but I would even trust them more than BoA.
Your local credit union is a good option for a debit card. Ally has a good savings account. Any online bank that’s FDIC insured should offer a decent interest and easy ACH access.
For anyone else strolling by. BoA sucks:
https://www.consumerfinance.gov/about-us/newsroom/cfpb-orders-bank-of-america-to-pay-12-million-for-reporting-false-mortgage-data/#:~:text=In%20July%202023%2C%20the%20CFPB,rewards%2C%20and%20opening%20fake%20accounts.
https://www.consumerfinance.gov/about-us/newsroom/federal-regulators-fine-bank-of-america-225-million-over-botched-disbursement-of-state-unemployment-benefits-at-height-of-pandemic/
https://www.consumerfinance.gov/about-us/newsroom/cfpb-orders-bank-of-america-to-pay-10-million-penalty-for-illegal-garnishments/
https://www.consumerfinance.gov/about-us/newsroom/cfpb-orders-bank-of-america-to-pay-727-million-in-consumer-relief-for-illegal-credit-card-practices/
Most local regional banks are much betterβ¦BUT BoAs are everywhereβ¦if you need to go into bank to do businessβ¦the bank and debit cards are universally acceptedβ¦and in my opinion they have always offered acceptable customer service if things go sidewaysβ¦.but thatβs about itβ¦other banks have higher rates of returnsβ¦.for deposits for interestβ¦
Chase is a good bank but banking is all subjective
Just about anyone other than Wells Fargo
Credit unions are a great place to “bank.” Lower fees. Good loan rates. They are not for profit.
Editing to add my credit unions in response to a comment below:
Schools First
BECU
JP morgan chase is on the most solid footing, and itβs top guy Jamie Dimon is talked about as a wizard. They have a good mobile app, and are found everywhere in the US. Online banks offer better savings and imo better customer service. Ally, discover, etc. I still use a regular retail bank for convenience, and I try to keep less than 1k in them.
Pick any random bank and itβs better
I like Ally, but there are plenty of good ones around. Could open an account at a credit union as well to get the benefits of in person banking and then use Ally for every day stuff
I used BOA for years and had no problem with them. A plus is that they have locations everywhere. But they were charging me a monthly fee for checking and I finally switched to a local credit union with free checking.
Fidelity has a lot of great offerings. Awesome customer support would recommend.
Not technically a βbankβ in the conventional sense but you can open a brokerage account with Fidelity and get a debit card for the brokerage, so effectively a bank. You can send direct deposits to it too, and youβll get like 5%+ interest
Not sure if they have a credit card option
I think it depends on what you want. I switched to Schwab because BoA were charging BS fees for nearly everything I wanted to do with my money and otherwise had no real value. I also hated that they kept sending me letters with offers almost constantly with “offers.” I think they were overall awful.
Now I am with Schwab and it’s simple online banking with an app that works well and is pretty easy to use. They cover ATM fees and generally leave me be which is perfect for me.
Moving was a bit of a pain for me since it took quite a bit to move all my money over without encurring tons of BoA transfer fees so I partial zelled everything over and I was good to go. Not sure if it’s the best way perse, but it worked and it was quick.
I use a combination of a local credit union and Ally. I have all of my savings at Ally in a high yield and a lot of my bills set up to autopay from Ally checking. I like the combination of Allyβs modern and simple platform but also having local customer service from my Credit Union for checks or replacement debit cards. I even get a little bit of cash back on my credit union check account. Credit unions usually have really good lending rates and Ally has a great savings rate. My auto loan rate is great with my bank and I like being able to work with a local loan officer.
Chase private banking. Morgan Stanley for money market and investments.
I use a credit union for everyday use, auto loans, and emergency fund. I use Capital One for HYSA, and secondary checking that doesnβt actually get used lol
The biggest problem is that it takes 1-5 days to transfer money in and out of my savings account so I have to keep my emergency fund in the credit union so itβs actually accessible during an emergency.
Just about any bank is better than Bank of America. They “Lost” 9 million dollars belonging to one of my employers in the past due to a clerical error.
I recommend going with a credit union, military based if you’re able.
A credit union.
I have never had a bank account, if I have my way I never will.
Nearly every other bank, and *all* credit unions.
Pretty much any loan shark from my dealings with Bank of America
Anywhere that’s not BoA or Wells Fargo.
The Bank of Uzbekistan is better than Bank of America.
Go with a credit union or online bank with high interest checking/savings and no fees.
Literally anything. I use Capital One and their rates are decent along with a great app. No fees on accounts like BoA as well.
I got an Alaska credit cards and was surprised how terrible the BoA app/site was.
They also charge monthly fees and are mildly antagonistic to their customers in other ways.
I always suggest going with a regional credit union thatβs part of the co-op atm network. Credit unions are cooperatives, meaning you actually own a very small sliver of the company, and they arenβt profit driven. They tend to have better savings rates that you donβt have to fight for. Itβs a way better relationship to be in.
Literally any of them. Any at all.
Regional banks and credit unions can give you the same branches with better service and rates; some can be difficult to join, but are good once you’re in. Online banks can give you much better rates without the branches. Other national banks give you better service.
Sofi and Ally are great for online.
I had a great relationship with Chase until rates started booming and they didn’t keep up. But if you value the branches and availability, they were good for me. I also liked TD Bank. BoA was bottom of the list for damn near everything.