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Business Savings and CDs FAQs

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Frequently Asked Questions

How long does it take for my account to be opened online and available for use?

Once we have both your completed application and required supplemental documents, we’ll make an application decision. If approved, your account could be open and ready to use within 24 hours. Remember, we need your supplemental documents within 11 days after you apply.

After your account is open, you should receive your debit card and checks (if ordered) within 5-7 business days. Visit us at a financial center for a temporary debit card and/or checks.

How do I make an initial deposit for an account that I just opened online?

If you are already a customer, you can make your opening deposit by transferring money from your existing account. If you're transferring money from another bank, you can use a Visa® or MasterCard® debit card, check or money order.

If for some reason your account isn't approved, your deposit request will be canceled.

What is the monthly fee for a business savings account?

Business Advantage Savings account
The monthly fee is $10. However, we waive the monthly fee if you do one of the following each statement cycle:

  • Maintain a $2,500 minimum daily balance
  • Include one Business Advantage Savings account as part of your Business Advantage Relationship Banking solution
  • Become a member of Preferred Rewards for Business

    Get more information on rates and fees

    How is interest calculated on my business savings account?

    Business Advantage Savings account
    Interest is calculated at the discretion of Bank of America and can change at any time after the account is opened without notice or limit. See a complete listing of rates

    Can I write checks with my business savings account?

    Business Advantage Savings account
    No, you may not write checks on this account or use a debit card for point-of-sale purchases and transactions. However, you can link this account to your Business Advantage Banking account for overdraft protection.

    Do I pay an additional fee for Bank of America Small Business Online Banking?

    No. There are no additional fees to sign up for and use Business Advantage 360, Bank of America's Small Business Online Banking. In fact, once you sign up you'll have access to our online and mobile features such as mobile check deposit, online account management tools and access to your account online 24/7. Fees may apply for additional services.

    Do you automatically renew CDs at the time of maturity?

    Yes. Bank of America will automatically renew the account by redepositing funds on the maturity date, which is the first day after the term ends. We redeposit both principal and interest. You can elect to receive the interest earned on the account, a portion of the account or the entire amount of the account. The term for the automatically redeposited deposit is the same length as the previous term of the account.

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