Bank of America Review (2026): History in Utah & Products

Bank of America Review: History, Utah Branches, and Services

Bank of America is one of the largest banks in the United States and offers a wide range of financial products and services, including checking accounts, savings accounts, credit cards, loans, investing, and business banking. In Utah, the bank combines a growing branch presence with a broader national platform, giving people access to both in-person banking and digital tools. This profile reviews Bank of America’s history, expansion in Utah, and the main products and services that shape its overall banking experience.

History

Bank of America’s history goes back to the early 1900s. It was founded in 1904 in San Francisco as Bank of Italy by Amadeo Giannini, originally serving immigrant communities that often had difficulty accessing credit from other banks. Over time, the institution expanded significantly, growing into a much larger national and international banking company. In 1998, its merger with NationsBank helped shape the modern Bank of America and moved the company’s headquarters to Charlotte, North Carolina. 

Today, that long history helps explain why Bank of America operates as more than a traditional retail bank. Its platform now includes consumer banking, credit cards, lending, investing, and business services under 1 national brand. 

Expansion in Utah

Bank of America’s expansion has been driven by strategic acquisitions and the broadening of its financial services over time. One of the most important steps came in 2008, when it acquired Merrill Lynch, which had been in Utah since 1948, strengthening Bank of America’s presence in investment banking and wealth management. That broader expansion also helped Bank of America build a wider lineup of products and services, including credit cards, mortgage lending, investing, and financial guidance.

In Utah, Bank of America opened its first branch in Draper in 2019. Before launching in the state, however, the company already had more than 300,000 customers with mortgages or credit cards there. Since then, the bank has expanded its branch presence across the state, helping build a more visible local footprint alongside its larger national and digital banking platform.

Personal Banking

Bank of America’s personal banking lineup includes many of the core products people expect from a large national bank, including checking accounts, savings accounts, credit cards, and digital banking tools. This broad consumer lineup helps Bank of America serve a wide range of everyday financial needs instead of focusing only on basic deposit accounts.

Its personal banking platform also connects account holders to borrowing options, rewards products, and online account management through the same larger system. That wider product mix is part of what makes Bank of America a more full-service banking brand rather than only a place for checking and savings.

Checking Accounts

Bank of America keeps its personal checking lineup relatively simple around its core consumer checking accounts. The main options are Advantage SafeBalance Banking, Advantage Plus Banking, and Advantage Relationship Banking, although other specialized account options may also be available through the bank.

Advantage SafeBalance Banking

A simpler checking account designed for everyday banking with digital access and a debit card.

• Monthly fee: $4.95
• Paper checks: Not included
• Best fit: Basic checking and controlled day-to-day spending

Advantage Plus Banking

A more traditional checking account for people who want standard everyday banking features.

• Monthly fee: $12
• Paper checks: Included
• Best fit: Regular day-to-day banking with more flexibility

Advantage Relationship Banking

A higher-tier checking account for people who want a broader banking relationship and added deposit benefits.

• Monthly fee: $25
• Interest-bearing: Yes
• Best fit: Customers who keep higher balances or want relationship-based benefits

Read our guides for the Best Checking Accounts in Utah and What You Open a Checking Account in Utah.

Savings Accounts

Bank of America keeps its personal savings lineup relatively simple around its core consumer savings products. The main options include Advantage Savings and Certificates of Deposit (CDs), although other deposit-related products may also be available through the bank.

Advantage Savings

Bank of America Advantage Savings is the bank’s main personal savings account for basic savings goals and linked banking relationships.

• Monthly fee: $8
• Minimum to avoid fee: $500 daily balance, or linked qualifying relationship
• Best fit: Basic savings kept with the same bank as checking

Certificates of Deposit (CDs)

Bank of America also offers CDs for customers who want fixed-term savings instead of everyday access to their money.

• Monthly fee: $0
• Access: Funds are tied to a fixed term
• Best fit: Money set aside for a defined period

Credit Cards

bankofamerica.com | Credit Cards

Bank of America has a broader credit card lineup than the core products shown here. These are some of the main consumer cards that help represent the bank’s overall credit card offering.

Customized Cash Rewards

A cash back credit card built around category-based rewards for everyday spending.

• Monthly fee: $0
• Rewards style: Category-based cash back
• Best fit: People who want flexible rewards based on how they spend

Unlimited Cash Rewards

A simpler cash back card designed for straightforward everyday use.

• Monthly fee: $0
• Rewards style: Flat-rate cash back
• Best fit: People who prefer a simpler rewards structure

Travel Rewards

A travel-focused card for people who want to earn rewards on purchases without centering everything on a single airline or hotel brand.

• Monthly fee: $0
• Rewards style: Travel rewards
• Best fit: General travel spending and flexible redemption

BankAmericard

A card focused more on lower-interest features than on rewards.

• Monthly fee: $0
• Main focus: Intro APR and financing flexibility
• Best fit: People more focused on carrying or transferring balances than earning rewards

Loans

Bank of America’s lending options are concentrated in a few core categories, covering vehicle financing, home lending, home equity, and a small short-term borrowing option for eligible customers.

Auto Loans

Bank of America offers auto loans for vehicle purchases.

Home Loans

Bank of America offers mortgage loans for home purchases and refinancing.

Home Equity Line of Credit (HELOC)

Bank of America offers a HELOC for eligible homeowners who want to borrow against available home equity.

Balance Assist

Balance Assist is a small short-term loan option for eligible checking customers who need to cover a smaller unexpected expense.

Investing

ml.com | Merrill Lynch

Bank of America extends beyond traditional banking through its investing and wealth management services. This side of the business gives customers access to self-directed investing, guided investing, and advisory services through the broader Bank of America and Merrill Lynch platform.

Merrill Edge Self-Directed

Merrill Edge Self-Directed is designed for people who want to manage their own investments through an online brokerage platform.

Merrill Guided Investing

Merrill Guided Investing is a managed investing option for people who prefer a professionally built and monitored portfolio.

Merrill Wealth Management

Merrill Wealth Management is the bank’s advisory offering for customers who want more personalized financial guidance and planning support.

Business Banking

Bank of America also offers a broad business banking platform, with products and services for small businesses that want banking, cards, savings, and cash management tools under 1 national brand.

Business Advantage Fundamentals Banking

Business Advantage Fundamentals Banking is a business checking account designed for smaller businesses with more basic day-to-day banking needs.

Business Advantage Relationship Banking

Business Advantage Relationship Banking is a higher-tier business checking account for businesses that want a broader banking relationship and added banking tools.

Business Advantage Savings

Business Advantage Savings is the bank’s main business savings option for businesses that want to keep reserve funds within the same banking relationship.

Business Credit Cards

Bank of America also offers business credit cards for spending, rewards, and expense management.

Read our guide for Best Business Checking Accounts in Utah.

Conclusion

Bank of America is a major national bank with a meaningful presence in Utah and a broad lineup that goes well beyond basic checking and savings. Its profile combines personal banking, lending, investing, and business banking under 1 brand, making it a relevant option for people who prefer scale, digital access, and a wide range of services in the same institution.

In Utah, Bank of America stands out more for the size of its platform, the variety of its products, and the convenience of combining multiple financial needs in 1 place.

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Disclaimer:
This page is not affiliated with, maintained by, or sponsored by Bank of America. The information provided in this overview may be outdated or inaccurate after the publication date. UtahFi does not assume responsibility for the accuracy of the content. The logo is a registered trademark of Bank of America.