Bank of America Gold IRA was founded 240 years ago and today is the second-largest bank by assets in the United States. It provides full banking services both online and in person through around 4,300 branches across the country. 

Customers rated its mobile app and Internet banking capabilities highly. Bank of America offers products for individual individuals as well as banking products for business and commercial customers.

From humble beginnings, Bank of America has expanded to service millions of customers. But do they provide IRAs that allow you to keep physical gold and other precious metals?  Continue reading to find out.

What is Bank of America Gold IRA?

The Bank of America Corporation (abbreviated BofA or BoA) is an American global investment bank and financial services holding firm headquartered at the Bank of America Corporate Centre in Charlotte, North Carolina, with investment banking and auxiliary headquarters in Manhattan. 

The bank was established in San Francisco, California. It is the second-largest banking institution in the United States, after JPMorgan Chase, as well as the world’s second-largest bank by market value.

Bank of America is one of the United States Big Four banking institutions. It competes with JPMorgan Chase, Citigroup, and Wells Fargo for around 10.73% of all American bank deposits. Commercial banking, wealth management, and investment banking are its core financial services.

What services does Bank of America Gold IRA offer?

Bank of America is a major global financial institution. They provide a diverse range of banking services for saving, lending, and investing.

Checking Accounts

Bank of America offers three types of checking accounts that can be opened with less than $100.

• Advantage SafeBalance: provides a debit card, no checks. No overdraft fees. The monthly fee is $4.25; the fee is waived for students below 25 years of age.

• Advantage Plus: General checking account. The monthly fee is $12 but is waived if the minimum daily balance is $1,500 or if the direct deposit is $250 or more.

• Advantage Relationship: interest checking. The monthly fee is $25 but is waived if you maintain a combined balance of $10,000 from qualifying saving and checking accounts that you link.

All checking account monthly fees are waived if you are a member of their Preferred Rewards programme. 

If you use another bank’s ATM, the transaction will cost you $2.50 in addition to the other bank’s fees. These fees are not refunded or waived through your BofA checking account.

Savings

Bank of America Advantage Savings is the bank’s primary savings product. This account requires a minimum deposit of $100 to open. Advantage Savings accounts have an $8 monthly maintenance cost. The cost is waived if you meet one of the following conditions:

• Keep a minimum daily balance of $500.
• Link your savings account to a BofA Advantage Relationship Banking account.
• Become a Bank of America Preferred Rewards customer.

There is also a $10 fee for each withdrawal or transfer that exceeds the six monthly transactions allowed.

Currently, Advantage Savings accounts earn 0.01% APY on all balances. Members of Bank of America Preferred Rewards can earn up to 0.04% APY, depending on their rewards tier level.

The Bank of America Minor Savings Account and the Bank of America Custodial UTMA Savings Account are also available for children.

CDs

Bank of America offers two types of certificates of deposit or CDs. Bank of America Featured Certificates of Deposit need a $1,000 minimum deposit and are available in five terms ranging from seven to 37 months. 

Standard Term Certificates of Deposit from Bank of America provide even more flexibility, with periods ranging from 28 days to 10 years. 

They also have a $1,000 minimum deposit requirement. Currently, all conventional CD terms earn 0.03% APY. With so many term options, Bank of America standard CDs are an excellent choice for building a CD ladder.

Both the Featured and Standard Term CDs have early withdrawal penalties of up to 365 days’ interest on the amount withdrawn.

Other Products of Bank of America Gold IRA 

Aside from personal bank accounts and banking services, you can also get a variety of other financial products. Here’s a closer look at what else Bank of America has to offer.

Credit Cards

Bank of America features a number of credit card options, including:

• Cashback rewards credit cards
• Travel rewards credit cards
• Student credit cards
• Credit-building cards
• Airline credit cards
• 0% APR balance transfer cards

Bank of America also provides business credit cards, including cashback and travel rewards. 

Loans

Bank of America is also a lender and offers various loans to qualifying applicants, including:

• Mortgage loans
• Home equity lines of credit (HELOCs)
• Auto loans
• Small business loans

However, certain types of loans are not available here. Personal loans, personal lines of credit, or private student loan funding are not currently available from Bank of America.

Investing and Wealth Management

Bank of America may help you in building wealth. Individuals, families, company owners, and institutions can turn to BofA’s Private Bank for assistance with:

• Portfolio management and diversification
• Speciality asset management
• Long-term financial planning
• Charitable giving and philanthropy
• Sustainable and impact investing
• Trusts and estates
• Family wealth planning and family office services
• Art management

To qualify for Private Bank services, you must have at least $250,000 in investable assets. If you don’t have enough money saved, you can open an individual retirement account (IRA) through Merrill Edge or IRA CDs through Bank of America.

Business Accounts

Bank of America features a range of business banking options, including:

• Business Checking
• Business Savings
• Small business loans
• Small business credit cards

You can also enrol in Bank of America’s cash management tools to help you run your business more efficiently. Payroll services, remote deposit, and credit card payment processing are examples of solutions.

Student Accounts

Bank of America does not provide student bank accounts. Instead, students can open conventional bank accounts without incurring monthly fees. Students must be under the age of 24 and enrolled in an appropriate high school, college, university, or vocational programme to be eligible for fee waivers.

My Recommended Bank of America Gold IRA Alternative

I don’t recommend investing in a gold IRA with Bank of America. Why? Because they don’t specialize in this area.

I recommend going with our top-rated company: Augusta Precious Metals. You can check out my review of them here.

Augusta Precious Metals is regarded as one of the most trustworthy companies in the market. Their company was founded in 2012, and their main goal is to help their clients have a better retirement.

Thousands of good reviews about their products and services can be found on numerous websites. This shows how successfully they achieve their tasks and handle their customers regardless of their needs.

Augusta Precious Metals maintains its leadership position by providing its clients with educational resources. This is excellent for people who need more field experience and understanding.

It is also significantly easier to open an account with them. You will still have to deal with paperwork, but they will assist you through the process to ensure everything is in order.

The only disadvantage of the company is its high minimum investment requirement of $50,000. Others may think this is overpriced, but rest assured that they will keep your assets and cash protected.

Pros:

• Kingdom Trust, which manages over $12 billion in assets, has been a long-term partner.
• A wide range of products
• A long list of coins
• All orders receive free shipping.

Cons:

• The minimum investment cost is high ($50,000).

What Makes Gold an Ideal Investment For Your IRA?

Invest in an Individual Retirement Account (IRA) to safeguard your retirement and the financial stability of your family.

To guarantee your future, you must devote a major amount of your long-term savings to reliable assets.

As the value of cash in an IRA depreciates rapidly and inflation rises, you need a stable asset that will retain its value and expand over time. Without question, gold is the best alternative for this purpose.

As the global economy struggles with lockdowns, shortages, conflicts, and inflation, investors are concerned. Many people invest in gold IRAs to protect their wealth and achieve a better future.

During a crisis, when other assets suffer, a gold IRA investment thrives. The greatest risk is failing to protect yourself and your family, but you can simply ensure your financial future with a Gold IRA. You achieve safety by being aware of economic risks and taking proactive steps to prevent them.

Conclusion

Bank of America’s CD and savings account interest rates are lower than those offered by online banks. They also provide a comprehensive range of banking services. 

Additionally, they provide excellent online banking tools and a wide range of services to customers who prefer to bank in person.

However, they are not the best option for a gold IRA, but don’t worry, there are a few companies that specialize in these retirement investments.

You can check out the best gold IRA companies of this year here.

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