Running a business in 2025 means having financial tools that are secure, scalable, and seamlessly integrated—and Bank of America (BofA) Business Banking remains one of the most trusted and widely used banking platforms for small businesses, entrepreneurs, and growing enterprises across the United States.
Whether you’re launching a startup, managing a small retail shop, or operating a growing LLC, Bank of America offers a range of business checking, savings, credit, and merchant services designed to help you manage cash flow, save on fees, and grow with confidence.
In this comprehensive 2025 guide, we’ll cover:
- Types of BofA business accounts
- Features, fees, and benefits
- Digital tools and security
- How to open an account
- Pros and cons
- Alternatives to consider
Let’s dive into everything you need to know about Bank of America business accounts.
🏦 Types of Bank of America Business Accounts
Bank of America offers four main business checking accounts, each tailored to different business needs and transaction volumes.
1. Business Fundamentals Checking
- Best For: Startups and low-volume businesses
- Monthly Fee: $16
- Fee Waiver: $500+ average daily balance
- Features:
- Unlimited transactions
- Free online banking & mobile app
- Up to 150 transactions/month included
- $500 deposit bonus for new business customers (2025 promo)
💡 Ideal For: Freelancers, solopreneurs, new LLCs
2. Business Advantage Relationship Checking
- Best For: Businesses with multiple BofA accounts
- Monthly Fee: $29.95
- Fee Waiver: Maintain $20,000 combined average balance or link to a Merrill Edge investment account
- Perks:
- Up to $500 in ATM fee rebates annually
- Preferred pricing on loans and merchant services
- Access to Merrill Lynch advisory services
💡 Ideal For: Established businesses with investments or loans
3. Business Advantage Plus Checking
- Best For: Medium to high-volume businesses
- Monthly Fee: $75
- Fee Waiver: $75,000 combined average balance
- Benefits:
- Unlimited transactions
- Higher ATM rebates ($700/year)
- Dedicated banker support
- Cash flow management tools
💡 Ideal For: Growing businesses with complex banking needs
4. Business Advantage Cash Rewards Checking (Limited Availability)
- Best For: Businesses that want cash back
- Monthly Fee: $24.95
- Fee Waiver: $10,000 average daily balance
- Rewards:
- 1.5% cash back on debit card purchases (up to $10,000/month)
- No annual fee on business debit card
⚠️ Note: Not available in all regions; rewards subject to change.
💰 Business Savings & Money Market Accounts
In addition to checking, BofA offers:
- Business Savings Account
- $15 monthly service fee (waived with $500 min balance)
- FDIC-insured
- Great for emergency funds or tax savings
- Business Money Market Account
- Tiered interest (higher balance = higher APY)
- $25 monthly fee (waived with $10,000 min balance)
- Check-writing and debit card access
💳 Business Credit Cards & Loans
Bank of America complements its accounts with integrated credit solutions:
- Business Credit Cards:
- Customized Cash Rewards
- Travel Rewards
- Unlimited Cash Rewards
- Business Loans & Lines of Credit:
- Term loans up to $1M
- SBA loan support
- Overdraft protection
✅ Pro Tip: Linking a BofA business credit card can help qualify for fee waivers.
📱 Digital Tools & Online Banking
Bank of America’s online and mobile platform is one of the most robust in the industry.
Key Features:
- Online Banking Dashboard – View accounts, pay bills, transfer funds
- Mobile App – Deposit checks, send payments, manage cards
- Cash Flow Monitor – Track income vs. expenses
- Zelle® Integration – Send money to vendors instantly
- Bill Pay & ACH Services – Schedule recurring payments
- Merchant Services – Accept credit cards with BofA Payment Processing
🔐 Security: Multi-factor authentication, real-time fraud alerts, and 24/7 monitoring.
✅ Benefits of a Bank of America Business Account
❌ Potential Drawbacks
📋 How to Open a Bank of America Business Account (2025)
Step-by-Step:
- Gather Required Documents:
- Government-issued ID (e.g., driver’s license)
- Employer Identification Number (EIN) or SSN
- Business formation documents (LLC, corporation, DBA)
- Business license or registration
- Business address and contact info
- Choose Your Account Type
Use BofA’s Business Account Selector Tool - Apply Online or In-Branch
- Online: bankofamerica.com/smallbusiness
- In-Person: Visit a local BofA financial center
- Make an Opening Deposit
- Minimum: $25 (for most accounts)
- Set Up Online Access
Enroll in online banking and download the app
⏱️ Time to Open: 15–30 minutes online; 30–60 minutes in person
🆚 Bank of America vs. Top Alternatives (2025)
✅ Verdict: BofA is ideal for businesses that want a mix of digital tools and in-person support.
Final Thoughts: Is a Bank of America Business Account Right for You?
Yes—if you value:
- A trusted national bank with strong security
- In-branch access for complex needs
- Integrated credit, loans, and merchant services
- Cash flow and accounting tools
Consider alternatives if you:
- Want $0 monthly fees
- Prefer fully digital banking
- Are a solopreneur or freelancer with simple needs
For small to mid-sized businesses that are growing and want a full-service banking partner, Bank of America remains a top contender in 2025.
Ready to Open Your Business Account?
👉 Take the Next Step:
- Compare accounts at bankofamerica.com/smallbusiness
- Start your application online or visit a local branch
- Take advantage of the $500 welcome bonus (available for new business customers)
- Link to QuickBooks and automate your finances
With Bank of America, your business gets more than a bank—it gets a financial partner.