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, home loans, auto loans, investing, and business banking. In Utah, the bank combines a broad branch footprint 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 May 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.

Products & Services

Bank of America offers a broad range of financial products for individuals and businesses, extending from everyday banking to lending, business services, and investing.

• Checking & Savings: Advantage Banking checking accounts, savings accounts, and certificates of deposit for everyday banking and saving.
• Credit Cards: Cash-back, travel, premium rewards, and other consumer and business credit card options.
• Home & Auto Lending: Mortgages, home equity lines of credit, and auto financing for qualifying borrowers.
• Business Banking: Business Advantage checking, credit cards, lending, merchant services, and payment tools for businesses.
• Investments: Brokerage, retirement, and investment services available through Merrill, connecting Bank of America customers with a broader range of financial services.
• Digital Banking: Online and mobile banking tools for managing accounts, payments, transfers, cards, and other financial activity.

Together, these services make Bank of America a full-service financial institution that can support personal banking, business finances, borrowing, and investing within the broader Bank of America organization.

Bank of America occasionally offers bonuses and promotional offers for checking accounts, business banking, credit cards, and other products. See our Bank of America Bonuses and Promotions page for current offers.

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, a linked Advantage Relationship Banking account, qualifying BofA Rewards tiers, or an account owner under age 25
• 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

Best for people who want flexible cash back based on how they spend.

• Annual fee: $0
• Welcome bonus: $200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days
• Intro offer: 0% intro APR for 15 billing cycles on purchases and on balance transfers made within the first 60 days
• Rewards: Category-based cash back
• Other perks: Flexible rewards structure for everyday spending

Unlimited Cash Rewards

Best for people who want simple flat-rate cash back.

• Annual fee: $0
• Welcome bonus: $200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days
• Intro offer: 0% intro APR for 15 billing cycles on purchases and on balance transfers made within the first 60 days
• Rewards: Flat-rate cash back
• Other perks: Straightforward rewards structure for everyday spending

Travel Rewards

Best for people who want general travel rewards without centering everything on one airline or hotel brand.

• Annual fee: $0
• Welcome bonus: 25,000 online bonus points after making at least $1,000 in purchases in the first 90 days
• Intro offer: 0% intro APR for 15 billing cycles on purchases and on balance transfers made within the first 60 days
• Rewards: Travel rewards
• Other perks: No foreign transaction fees

BankAmericard

Best for people focused on intro APR and financing flexibility rather than rewards.

• Annual fee: $0
• Welcome bonus: None
• Intro offer: 0% intro APR for 21 billing cycles on purchases and on balance transfers made within 60 days
• Rewards: None
• Other perks: Built more around lower-interest features than rewards

Loans

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

Auto Loans

Bank of America offers auto loans for new and used vehicle purchases, along with prequalification, rate locks, and authorized dealer financing.

Home Loans

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

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 for eligible checking customers that allows borrowing up to $500 for unexpected expenses.

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 says it offers $0 online stock, ETF, and option trades with no trade or balance minimums. 

Merrill Guided Investing

Merrill Guided Investing is a managed investing option for people who prefer a professionally built and monitored portfolio. Merrill’s current investing path shows a $1,000 minimum initial investment for this option. 

Merrill Wealth Management

Merrill Wealth Management is the advisory offering for customers who want more personalized financial guidance and planning support through a dedicated advisor relationship.

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 digital tools under 1 national brand.

Business Advantage Fundamentals Banking

Business Advantage Fundamentals Banking is a business checking account designed for new and smaller businesses with simple banking needs. 

Business Advantage Relationship Banking

Business Advantage Relationship Banking is a higher-tier business checking account designed for businesses that need extra accounts and more robust 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, and it can be linked to either Business Advantage checking solution.

Read our guide for Best Business Checking Accounts in Utah.

Business Credit Cards

Bank of America also offers several individual business credit cards for companies that want help with cash back, travel rewards, or lower-interest borrowing. Some of the main business cards in its lineup are Business Advantage Unlimited Cash Rewards, Business Advantage Customized Cash Rewards, Business Advantage Travel Rewards, and Platinum Plus Business.

Business Advantage Unlimited Cash Rewards

A business credit card designed for companies that want straightforward cash back on everyday spending.

• Annual fee: $0
• Rewards: 1.5% cash back on all purchases
• Welcome bonus: $500 cash rewards bonus after making at least $5,000 in purchases within 90 days

Business Advantage Customized Cash Rewards

A business credit card built for companies that want category-based cash back with more flexibility in how rewards are earned.

• Annual fee: $0
• Rewards: 3% cash back in the category of your choice, 2% on dining, and 1% on other purchases
• Welcome bonus: $500 cash rewards bonus after making at least $5,000 in purchases within 90 days

Business Advantage Travel Rewards

A business travel credit card for companies that want rewards tied to general travel spending.

• Annual fee: $0
• Rewards: 1.5 points per $1 on everyday purchases and 3 points per $1 on travel purchases made through the Bank of America Travel Center
• Welcome bonus: 50,000 online bonus points after making at least $5,000 in purchases within 90 days
• Other perks: No international transaction fees 

Platinum Plus Business

A business credit card focused more on lower-interest borrowing and financing flexibility than on rewards.

• Annual fee: $0
• Main focus: Lower-interest business borrowing
• Welcome bonus: $300 statement credit after making at least $3,000 in purchases within 90 days

Conclusion

Bank of America is a major national bank with a broad 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.

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.