bank of america business plan

• Small business
• Wealth management
• Businesses & institutions

Suggested Keywords

Delivering responsible growth, at bank of america, we are guided by a common purpose to help make financial lives better through the power of every connection..

We’ve transformed Bank of America into a simpler, more efficient company that combines two crucial areas: growing the economy while creating tangible value for our business,

our clients and the communities we serve. We’re helping create jobs, develop communities, foster economic mobility and address society’s biggest challenges around the world.

We must grow and win the market — no excuses

The first tenet of responsible growth is that we have to grow, no excuses.

Our eight lines of business are focused on delivering one company, deepening client relationships and developing new relationships.

We must grow with our customer-focused strategy

We serve three groups of customers — people, companies and institutional investors. In the U.S. we serve all three customer groups, and outside the U.S. we serve larger companies and institutional investors.

As we look across our businesses and the clients they serve, we have a leading set of capabilities in every area where we operate. That is the power of this company; that is the strength of the model and the balance we are striking to ensure we are doing all we can for our customers and clients, while optimizing our balance sheet to perform efficiently with the post-crisis regulations.

We must grow within our risk framework

Managing risk well is foundational to responsible growth. It contributes to the strength and sustainability of our company for the future, and it supports the work we do today to serve our customers, clients, communities and shareholders.

Everyone has a role to play in managing risk. It’s about understanding the risks and reward in all we do to ensure we’re there for our customers, clients, communities and shareholders –in good and bad times. All employees are responsible for proactively managing risk as part of their day-to-day activities through prompt identification, escalation and debate of risks.

Maintaining intellectual curiosity and identifying new risks is fundamental to understanding all the ways we can win or lose. The risks we face change and develop over time, and understanding new risks as they develop is a key part of our business processes.

We must grow in a sustainable manner

We must ensure our growth is sustainable. This requires progress across three dimensions: driving operational excellence, being a great place to work for our teammates and sharing our success with our communities.

Driving operational excellence

Operational excellence is a process of continuous improvement that generates savings and efficiencies that we can then reinvest. By improving the way we serve clients, streamlining our internal processes and creating other efficiencies that stem from the thousands of ideas our teammates generate each year, we are able to invest in our team, our capabilities, our client experience and our communities and shareholders.

Great place to work

This includes being a diverse and inclusive workplace, attracting and developing talent, recognizing and rewarding performance, and supporting our employees’ physical, emotional and financial wellness.

Sharing our success

That includes all we do to drive progress on societal priorities, including those that are broadly defined in the United Nations Sustainable Development Goals. We do this through our sustainable finance efforts, our philanthropy, and how we manage our own activities and expenses.

CHARLOTTE, N.C.--( BUSINESS WIRE )--Bank of America today announced the launch of Life Plan®, a new digital experience through which clients can set and track near- and long-term goals based on their life priorities, and better understand and act on steps toward achieving them. Available within the Bank of America mobile app and online banking platform, Life Plan enables clients to:

• Select and prioritize their most important goals at every life stage and across multiple areas, including finances, family, health, home, work, leisure and giving.
• Create and continuously adjust financial goals in real time within the app, as life happens and priorities change.
• Track progress against their goals, with personalized guidance and recommendations on incremental steps toward achieving them along the way.
• Leverage the company’s network of financial professionals by scheduling in-person or virtual one-on-one appointments for collaborative discussions about their goals and strategies to help achieve them.

“We designed Life Plan to give clients the power to define, prioritize and make progress toward their financial goals,” said David Tyrie, Bank of America head of Digital, Financial Center Strategy, and Advanced Client Solutions. “Life Plan delivers a personalized experience for every client, providing information that is timely and relevant, aligned to their unique financial goals, and offering a choice of the next best step.”

Available in English and Spanish, Life Plan delivers a holistic view of a client’s financial goals and helps track progress toward them. The high-tech and high-touch experience integrates with Bank of America’s award-winning solutions such as Erica®, its AI-driven virtual financial assistant, and Preferred Rewards, the company’s industry-leading loyalty program that recognizes the value of a client’s entire relationship. Life Plan also provides information and tips from Better Money Habits® , a free financial education platform that helps clients make sense of their money and take action.

Life Plan is now available nationwide following an eight-month pilot with nearly 80,000 clients. During the pilot, the top five goals set by clients included: budget and start saving (32%); save for retirement (31%); buy a home (30%); save for a large purchase (30%); and improve my credit (28%).

About Bank of America Digital Banking Bank of America’s award-winning digital banking platform is an evolving source of increased client engagement and satisfaction serving 40 million digital clients, including more than 30 million active mobile users. During the second quarter of 2020, digital clients logged into their accounts more than 2 billion times and used digital to make 133 million bill payments and book 665,000 appointments.

Bank of America Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 3,000 lending centers, 2,600 financial centers with a Consumer Investment Financial Solutions Advisor and approximately 2,200 business centers; approximately 16,900 ATMs; and award-winning digital banking with approximately 39 million active users, including approximately 30 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom . Click here to register for news email alerts.

www.bankofamerica.com

Bank of America, N.A. Member FDIC © 2020 Bank of America Corporation.

Reporters May Contact: Andy Aldridge, Bank of America, 980.387.0514 [email protected]

Important notice

You are leaving bank of america.

You are continuing to another website that is not affiliated with Bank of America or Merrill. Bank of America is not responsible for and does not endorse, guarantee or monitor content, products, services and level of security that are offered or expressed on other websites. Please refer to the website’s posted privacy policy and terms of use. You can click the Cancel button now to return to the previous page.

Advertising Practices

We strive to provide you with information about products and services you might find interesting and useful. Relationship-based ads and online behavioral advertising help us do that.

Bank of America participates in the Digital Advertising Alliance ("DAA") self-regulatory Principles for Online Behavioral Advertising and uses the Advertising Options Icon on our behavioral ads on non-affiliated third-party sites (excluding ads appearing on platforms that do not accept the icon). Ads served on our behalf by these companies do not contain unencrypted personal information and we limit the use of personal information by companies that serve our ads. To learn more about ad choices, or to opt out of interest-based advertising with non-affiliated third-party sites, visit YourAdChoices  powered by the Digital Advertising Alliance or through the  Network Advertising Initiative's Opt-Out Tool . You may also visit the individual sites for additional information on their data and privacy practices and opt-out options.

To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review the  Bank of America Online Privacy Notice  and our  Online Privacy FAQs .

Starting a new business

No matter where you are in your business journey, Bank of America has the information, tools and products you need to make decisions with confidence.

Learn and plan

Helpful articles and guides that answer the questions you have when starting a business to ensure you start off right.

Form your business

Tools, information and exclusive offers to form your business.

Set up banking

Set your business banking relationship up for success with information on powerful digital solutions and product offerings.

An exclusive discount on business formation

Bank of America and Incfile 1 are working together to make it quick, easy and less expensive than you may think to establish a legal business entity, including filing for a federal Employer Identification Number (EIN) for your new business.

For example, in nearly all states you can create a Limited Liability Company (LLC) for less than $350. And as a Bank of America client, you’ll get a $70 or $150 exclusive discount when completing your business formation with Incfile. 2

After completing the business formation process, you may also be eligible for additional offers from Bank of America when you apply for business banking accounts. 3

Getting your business started with the right products and digital solutions

Answer a few simple questions to receive customized business banking solutions.

A business checking account gives you the tools you need to move your business forward

Powerful digital tools.

Manage your business efficiently with customizable digital tools like Cash Flow Monitor 4 , Mobile Check Deposit 5 , and access to Zelle® 6 . All your business transactions in one place.

Small business specialists

Our Small Business team is ready to help with the unique challenges small business owners face.

Secure Banking

We're committed to keeping your banking information secure so you can bank with confidence.

Preferred Rewards for Business 7

New business checking account clients can enjoy a wide range of valuable benefits and savings on Bank of America business products and services if they enroll in the program at the time of account opening and meet qualifying balance requirements.

Ready to get started?

• Sign in

Business Savings Account For Your Small Business

Watch your savings grow with a business advantage savings account " aria-label="footnote 1"> footnote [1], business savings account rates, business savings account fees.

• Schedule an appointment
• Phone number: 866.283.4075

Mobile Banking " aria-label="Footnote 2"> Footnote [2]

Powerful digital tools, earn interest.

• Balance Connect™ for overdraft protection

Link accounts

Extra business services.

If you're enrolled in Preferred Rewards for Business " aria-label="Footnote 8"> Footnote [8] Business Schedule of Fees for details on accounts that qualify towards the combined balance calculation and receive program benefits. Eligibility to enroll is generally available three or more business days after the end of the calendar month in which you satisfy the requirements. Benefits become effective within 30 days of your enrollment, or for new accounts within 30 days of account opening, unless we indicate otherwise. Certain benefits may be available without enrolling in the program if you satisfy balance and other requirements. Additional program information is available at Preferred Rewards for Business ." data-footnote="preferredRewardsForBiz" href="#ftn_preferredRewardsForBiz_content" aria-label="Footnote 9"> Footnote [9] you get extra interest based on your relationship tier

Select average daily balance

Interest rate, apy . this is a variable rate account. rates may change at any time without prior notice. fees could reduce earnings on the account." data-footnote="apybusinessinvestment" href="#ftn_apybusinessinvestment_content" aria-label="footnote 10"> footnote [10] , rate sheet for more information." data-footnote="apybalancetiers" href="#ftn_apybalancetiers_content" aria-label="footnote 11"> footnote [11].

If you're enrolled in Preferred Rewards for Business " aria-label="Footnote 8"> Footnote [8] Business Schedule of Fees for details on accounts that qualify towards the combined balance calculation and receive program benefits. Eligibility to enroll is generally available three or more business days after the end of the calendar month in which you satisfy the requirements. Benefits become effective within 30 days of your enrollment, or for new accounts within 30 days of account opening, unless we indicate otherwise. Certain benefits may be available without enrolling in the program if you satisfy balance and other requirements. Additional program information is available at Preferred Rewards for Business ." data-footnote="preferredRewardsForBiz" href="#ftn_preferredRewardsForBiz_content" aria-label="Footnote 9"> Footnote [9]

Gold Tier APY . This is a variable rate account. Rates may change at any time without prior notice. Fees could reduce earnings on the account." data-footnote="apyBusinessInvestment" href="#ftn_apyBusinessInvestment_content" aria-label="Footnote 10"> Footnote [10] , rate sheet for more information." data-footnote="apyBalanceTiers" href="#ftn_apyBalanceTiers_content" aria-label="Footnote 11"> Footnote [11]

Platinum tier apy . this is a variable rate account. rates may change at any time without prior notice. fees could reduce earnings on the account." data-footnote="apybusinessinvestment" href="#ftn_apybusinessinvestment_content" aria-label="footnote 10"> footnote [10] , rate sheet for more information." data-footnote="apybalancetiers" href="#ftn_apybalancetiers_content" aria-label="footnote 11"> footnote [11], platinum honors tier apy . this is a variable rate account. rates may change at any time without prior notice. fees could reduce earnings on the account." data-footnote="apybusinessinvestment" href="#ftn_apybusinessinvestment_content" aria-label="footnote 10"> footnote [10] , rate sheet for more information." data-footnote="apybalancetiers" href="#ftn_apybalancetiers_content" aria-label="footnote 11"> footnote [11].

Preferred Rewards for Business clients get extra interest based on their relationship tier.

How to qualify

Monthly Fee

• 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 Business Schedule of Fees for details on accounts that qualify towards the combined balance calculation and receive program benefits. Eligibility to enroll is generally available three or more business days after the end of the calendar month in which you satisfy the requirements. Benefits become effective within 30 days of your enrollment, or for new accounts within 30 days of account opening, unless we indicate otherwise. Certain benefits may be available without enrolling in the program if you satisfy balance and other requirements. Additional program information is available at Preferred Rewards for Business ." data-footnote="preferredRewardsForBiz" href="#ftn_preferredRewardsForBiz_content" aria-label="Footnote 9"> Footnote [9]
• Or pay $10 per month

Required Opening Deposit

View all savings fees at a glance

Download the Business Schedule of Fees

Business Schedule of Fees for details on accounts that qualify towards the combined balance calculation and receive program benefits. Eligibility to enroll is generally available three or more business days after the end of the calendar month in which you satisfy the requirements. Benefits become effective within 30 days of your enrollment, or for new accounts within 30 days of account opening, unless we indicate otherwise. Certain benefits may be available without enrolling in the program if you satisfy balance and other requirements. Additional program information is available at Preferred Rewards for Business ." data-footnote="preferredRewardsForBiz" href="#ftn_preferredRewardsForBiz_content" aria-label="Footnote 9"> Footnote [9]

Rewards that grow with your business

• Mobile Banking
• FDIC insurance
• Financial network
• Automatic Transfers

Top business savings FAQs

We offer 3 convenient ways of opening a business savings account:

• Choose your business savings account and apply online
• Call 866.543.2808
• Schedule an appointment with a small business specialist
• Sole Proprietor
• General Partnership
• Limited Partnership
• Corporation
• Professional Corporation
• Limited Liability Company
• Unincorporated Association
• Professional Association

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

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 ATM card in the mail within 5-7 business days.

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:

• Become a member of Preferred Rewards for Business

Get more information on rates and fees

Additional Business Savings and CD FAQs

Connect with us

Mon-Fri 8 a.m. – 10 p.m. ET

Enter your zip code

Please enter the zip code for your business address so we can give you accurate rate and fee information for your location.

Our vision and commitment to innovation

We live in a time when technological advancements are creating unprecedented opportunities to make financial services more innovative, seamless and convenient. We are combining our industry-leading expertise with cutting-edge technology to build smart, forward-thinking solutions that enable us to continue leading the way in helping people live better financial lives, as well as companies and institutional investors improve their financial performance.

High-tech and high-touch

Whether it’s through digital or physical interactions, our job is to make it easy to provide the technology tools and resources so our clients can bank how and where they want to. We are transforming the banking landscape through innovative products and services such as:

• Erica, the industry’s first widely-available artificial intelligence-driven virtual assistant to help clients manage their finances.
• Zelle, the simple and secure way to send and receive money – even split a dinner check – with friends and family, no matter where they bank.
• Merrill Guided Investing (MGI), an online advisory program that offers portfolio management strategies directed by our Chief Investment Office.

We’re also evolving our financial centers to accommodate both the growing demand for a digital environment and the face-to-face financial expertise our clients continue to want. Newly-renovated financial centers have been transformed into comfortable and inviting places for clients to get advice from experts on all aspects of their financial lives, and include dedicated learning spaces and interactive tools to enhance the high-tech, high-touch experience.

The Responsible use of Artificial Intelligence (AI)

We’re innovators and thought-leaders in the use of leading technologies in financial services, including AI. Increasingly, AI is helping us understand our clients’ evolving expectations, improve how we serve them efficiently and reliably, and enhance risk and financial management.

We also know that any technology can carry risks when not used responsibly. That’s why we are a founding sponsor of the Harvard Kennedy School’s Council on the Responsible Use of Artificial Intelligence. The council convenes leaders from government, business, academia and civic society, to balance the client opportunities with the need to reskill tomorrow’s workforce.

More on this partnership

Commitment to innovation

We’re proud of our culture of innovation. In today’s rapidly changing marketplace, we believe that everyone should be empowered to innovate and learn new skills. At Bank of America, our focus takes several forms:

• We lead in intellectual property, with more patents and applications than any other bank. Of the 300 organizations recognized by the Intellectual Property Owners Association, we are the highest-ranking bank. We encourage invention, with thousands of inventors globally, and a robust process for submitting patent ideas.
• Global Technology & Operations University supports our employees’ lifelong career goals by providing the knowledge and skills, through contemporary learning solutions, for the GT&O roles of today and the future.  
• DevCon is just one of our regularly hosted internal conferences focused on giving technologists the opportunity to share their ideas and creativity with people across the company who share their passion, regardless of business area or location.

Diversity & Inclusion in GT&O

A diverse and inclusive environment fosters fresh thinking and innovation. We’re committed to diversity and inclusivity across GT&O as the right thing to do – and the smart thing to do. A key area includes women in technology, where we are helping to build a strong pipeline of talent both for today and for the future. Our efforts range from partnering with organizations like Girls Who Code, to sponsoring key conferences such as the annual Grace Hopper Celebration, to supporting employee advocacy groups like Women in Technology & Operations, which enhances the professional development of women across GT&O. We were named winner of the Top Companies for Women Technologists by the Anita B.org Institute in 2019 for the second consecutive year.

Important notice: You are now leaving Bank of America

By clicking Continue, you will be taken to a website that is not affiliated with Bank of America and may offer a different privacy policy and level of security. Bank of America is not responsible for and does not endorse, guarantee or monitor content, availability, viewpoints, products or services that are offered or expressed on other websites.

You can click the Return to Bank of America button now to return to the previous page or you can use the Back button on your browser after you leave.

You need a web browser that supports JavaScript to use our site. Without it, some pages won't work as designed. To make sure JavaScript is turned on, please adjust your browser settings.

Browser Help and Tips

Log In to Online Banking

We can't process your request.

How does "Save this User ID" work?

Saving your User ID means you don't have to enter it every time you log in.

Don't save on a public computer

Only save your User ID on your personal computer or mobile device.

How to clear a saved User ID

To clear a saved User ID, log in and select Saved User IDs from Profile and Settings.

We sent a notification to your registered device. Verify your identity in the app now to log in to Online Banking.

If you're enrolled in this security feature, we sent a notification to your registered device. Verify your identity in the app now to log in to Online Banking.

We can't identify you at this time. Please use your User ID/Password to log in.

Stay connected with our app

Download directly to your mobile device.

{noticeText}

We'll text you a link to download the app.

We'll email you a link to download the app..

By providing your mobile number you are consenting to receive a text message. Text message fees may apply from your carrier. Text messages may be transmitted automatically.

Visit bankofamerica.com in your mobile web browser for a link to download the app.

Our mobile app is not available for all devices

Select your device

Please select your device to continue:

• Forgot ID/Password?
• Problem logging in?

Not using Online Banking?

• Enroll now for online Banking
• Learn more about Online Banking
• Service Agreement

Bank of America, N.A. Member FDIC. Equal Housing Lender © 2024 Bank of America Corporation.