Bank of America Advantage Plus checking account at a glance

Bank of America is one of the largest banks in the country and has a vast network of retail branches and ATMs, making it a convenient option for people who like banking in person.

Bank of America offers three types of checking accounts:

• SafeBalance: SafeBalance accounts are aimed at students looking to manage their spending. It requires a $25 minimum deposit to open and a monthly fee of $4.95, though many students can get this fee waived.    

• Advantage Plus: Advantage Plus accounts require a $100 minimum deposit and a monthly maintenance fee of $12 that you may be able to avoid.

• Advantage Relationship: Advantage Relationship accounts allow you to earn interest, but they come with higher monthly fees and minimum balances. It requires a $100 minimum deposit and a monthly fee of $25, which you may be able to waive if you meet certain qualifications.    

In this review, we’ll focus on the Advantage Plus account.

3 things to know about Bank of America Advantage Plus checking

1. A long list of fees

If you want to avoid fees, Bank of America probably isn’t your best choice because it charges many — including overdraft fees, which you won’t see from some other banks. However, those who meet certain deposit or daily balance requirements can escape many of Bank of America’s fees.

For example, if you want to avoid the $12 monthly fee for your Advantage Plus account, you need to have at least one qualifying direct deposit of $250 or more, or maintain a $1,500 minimum daily balance — or be enrolled in Preferred Rewards, which requires a pretty big daily balance (more on that in the next section).

Bank of America does offer an optional overdraft protection service that allows you to connect your checking account to as many as five other Bank of America accounts. Funds are then automatically withdrawn from those accounts if you have a transaction that exceeds your checking account balance.

2. Preferred Rewards program

If you maintain a combined average daily balance of $20,000 over three months in your Bank of America checking account, or in a qualifying deposit or Merrill investment account, you can qualify for the Bank of America Preferred Rewards program and avoid all banking service fees.

You can also limit or eliminate ATM fees, depending on which Preferred Rewards Program you qualify for. Put simply Preferred Rewards is most helpful for people with a lot of cash. For example, you can get unlimited fee-free ATM transactions if your average monthly balance is $100,000 or more and are enrolled in the Platinum Honors plan.

3. Useful money management tools

A Bank of America checking account comes with tools on Bank of America’s mobile app or desktop site for tracking your spending and budgeting. These include interactive charts aimed at helping you see how much you spent, and on what. Bank of America says its tools may help you identify spending trends and possibly reevaluate your financial habits.

Does Bank of America have free checking?  

Technically, no. Bank of America’s checking accounts are only “free” if you meet certain qualifications. Again, to avoid Bank of America’s Advantage Plus accounts’ $12 monthly maintenance fee, you’ll have to meet one of several requirements, such as maintaining a $1,500 daily minimum balance.

Not sure if Bank of America is right for you? Consider these alternatives.

• Chase: Chase is worth considering if you prefer a big bank and you want plenty of brick-and-mortar locations to bank at.
• Ally: Ally Bank is worth considering if you don’t mind an online bank and want an interest-bearing checking account.

Albert checking accounts at a glance

Albert is an online financial service, not a traditional bank. Still, deposits are FDIC-insured — and Albert has a feature than can help you manage your money across multiple bank accounts and track your spending and bills.

4 things to know about an Albert Cash account

Here are a few things to know if you’re considering an Albert Cash account.

1. ‘Genius’ provides human financial experts

If you subscribe to Albert’s “Genius” offering, you can access real people for advice and info on your financial and investing decisions. The Genius team works like a personalized financial advisory service for subscribers. 

Subscribing also gets you access to individualized guidance, benefits and other services like:

• Notifying you if you’re overpaying a bill
• Giving you a higher annual percentage yield (APY) on your Albert Savings account
• Automating your savings

A Genius subscription starts at $6 a month, but you can pay more if you’d like.

2. Potential for overdrafts

If you’re worried about overdrawing your account, Albert says it tries to avoid this by declining transactions that would cause an overdraw. 

Overdraft fees also are possible if the financial institution that handles your “connected” account charges them.

If an Albert transaction triggers an overdraft fee from your connected institution, you may be able to get reimbursement from Albert — if you meet certain conditions.

3. Cash advance option

Albert Instant is a service that may advance you up to $250 from your next paycheck. But you’ll have to meet eligibility requirements, including a paycheck via direct deposit into your connected account (open at least two months) and proof of consistent income from the same employer. 

You can choose to pay a small fee to get the money right away or wait to get it within two to three days for free. 

If you don’t qualify, keep in mind that Albert also offers paycheck access up to two days early if you have direct deposit.

See our picks for the 10 best apps that loan money.

4. No physical branches

Albert isn’t a traditional bank, so if you’re looking for face-to-face checking account services, you probably want to look elsewhere. With Albert you won’t be able make deposits and withdrawals in person.

Does Albert give you money?

You have the potential to earn cash-back rewards on certain purchases with your Albert debit card. For example, you can get money back when you use your card to buy groceries, coffee or gas at certain places.

Keep in mind that you’ll have to activate this feature, and you can only choose one offer at a time.

Does Albert let you borrow money?

Yes. Albert Cash lets you borrow up to $250 at a time if you meet certain requirements, but you have to pay it back using your next paycheck. You have two borrowing options: You can either get the money right away for a fee or get it within two to three days for free. 

Not sure if Albert is right for you? Consider these alternatives.

• Monzo: If you want a debit card without a foreign transaction fee, Monzo may be worth a look.
• Cleo: If you want a card that may help you build your credit over time, Cleo is an option to consider.

SoFi Checking and Savings accounts at a glance

SoFi Checking and Savings isn’t a bank account — it’s a brokerage account. But your deposited funds are FDIC insured once it reaches SoFi’s program bank.

The financial tech company also offers a number of other financial products, including investment accounts, student loans, personal loans and mortgages. It’s known for its member perks, which include career coaching, exclusive events and discounts on estate planning.

5 things to know about SoFi Checking and Savings accounts

1. No stand-alone savings or checking accounts

SoFi offers a combined checking and savings account — previously known as SoFi Money. Signing up is straightforward, but keep in mind that SoFi isn’t a traditional bank since it doesn’t have brick-and-mortar locations.

If you want just a savings account or just a checking account, you’ll have to look elsewhere. SoFi doesn’t have physical locations.

2. High APYs

Not all checking accounts pay interest, and even the ones that do typically have very low annual percentage yields, or APYs. But SoFi’s Checking and Savings accounts offer APYs that are much higher than average.

Just keep in mind that you’ll need to set up direct deposit to get SoFi’s highest rate.

3. You might face fees

While SoFi advertises “no account fees,” you still may face some other fees for using your SoFi Checking and Savings account. If you use an ATM that’s not within a network of more than 55,000 Allpoint ATMs, you won’t be reimbursed for your fees. But you won’t be charged if you use an in-network ATM.

For every cash deposit you make to your SoFi Checking and Savings account through Green Dot at participating business, you’ll have to pay a fee of up to $4.95. Locations include 7-Eleven, Walgreens and Walmart. You’ll want to check online to find a location near you.

4. Overdraft coverage is limited

If you make at least $1,000 in qualifying direct deposits to your SoFi Checking and Savings account each month, SoFi will provide overdraft coverage up to $50 with no fees. That means that if you have $25 in your account and you try to take out $75, SoFi will let you do so without charging you any penalty.

But if you don’t replenish your account within 30 days, you’ll lose access to this coverage.

5. Access to financial insights

SoFi Relay helps you track your money and gives you financial insights by connecting your accounts in a dashboard format. You can track financial progress and spending, as well as set goals.

You can also monitor your credit score from TransUnion.

How do I open a SoFi Checking and Savings account?

You can open a SoFi Checking and Savings account online by providing some basic info such as your name, date of birth, address, phone number and Social Security number.

SoFi will allow you to open either a single or joint account.

Is an online bank right for me?

An online bank can be a good choice for people who don’t need to go in and talk with a banker face to face. As with many other online banks, this isn’t an option with SoFi. You also have to be comfortable with cashing checks by scanning them with an app or using direct deposit.

Not sure if SoFi is right for you? Consider these alternatives

• Current: This online account also offers a combined checking and savings account, and you can set up Savings Pods that position you to earn a higher APY.   
• Ally checking: This online bank may be a good choice if you want some of your out-of-network ATM fees reimbursed.