Holdings vs Bank of America
Bank of America gives you a business checking account. Holdings gives you 57 free tools, accounting software, and an account that connects it all — for free.
Feature comparison
See how Holdings stacks up against Bank of America
| What you get | Holdings | Bank of America |
|---|---|---|
| 57 Free Tools | ✅ Included | ❌ Not included |
| Built-in Accounting | ✅ Free | ❌ No (QuickBooks sync $10/mo) |
| Auto-Categorization | ✅ Yes | ❌ No |
| Invoice Generator | ✅ Free | ❌ Not included |
| Tax Tools | ✅ Free | ❌ Not included |
| Monthly Fee | $0 | $16/mo (Fundamentals) — waivable |
| APY (Checking) | 1.75% | 0% |
| FDIC Insurance | Up to $3M | $250K standard |
| Free Transactions | Unlimited | 20/mo (Fundamentals) or 500/mo (Relationship) |
| Domestic Wire | Free | $30 outgoing |
| Physical Debit Cards | ✅ Free | Free |
| Virtual Cards | ✅ Free | Not standard |
Why choose Holdings over Bank of America
Stop juggling 5 apps — tools, accounting, and banking in one place
BofA gives you a checking account. That's it. You still need QuickBooks ($10/mo just to sync), invoicing tools, spreadsheets, and more. Holdings gives you 57 free tools, accounting, and banking in one place.
Your invoices auto-update your books
Create invoices, track payments, and auto-categorize every transaction — all connected. BofA doesn't include any business tools or accounting.
Tax time takes 10 minutes, not 10 hours
Auto-categorization, real-time P&L, and tax-ready reports are built in. Plus 1.75% APY vs BofA's 0%.
Replace $100+/mo in software with a free platform
BofA charges $16/mo for checking + $10/mo QuickBooks sync + $30–80/mo for accounting software + $0.45/transaction overages. Holdings: $0 for everything.
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When Bank of America might be the better choice
Bank of America may be a better fit if you need 4,600+ branches nationwide, SBA lending and business credit, or Established reputation and ecosystem.
Frequently asked questions
I already have a bank — why do I need Holdings?
Holdings isn't just banking. You get 57 free tools, built-in accounting, invoicing, and a connected bank account — all in one place. Accounting from $25/mo. Done-for-you bookkeeping from $59/mo. It replaces your accounting software, your spreadsheets, and your bank — all from $0/mo.
Can I use Holdings tools without banking?
Yes. All 57 free tools are free to use regardless of whether you open a Holdings account. The banking is optional — the tools and accounting work on their own.
Can I switch from Bank of America to Holdings?
Yes. Open a Holdings account online, then transfer funds via ACH. You can keep your BofA account open during transition and close it once everything moves over.
Which has lower fees — Holdings or Bank of America?
Holdings. $0 monthly fees, $0 transaction fees, $0 wire fees, and accounting from $25/mo. BofA charges $16–$29.95/month, from $0/mo.45/transaction after limits, $30/wire, and $10/month for QuickBooks sync.
Can I deposit cash with Holdings?
Holdings is a digital-first platform and doesn't support branch cash deposits. If your organization handles significant cash, you may need a supplementary account at a branch-based bank.
Ready to run your business from one place?
57 free tools. Free banking. Free invoicing. Accounting from $25/mo.
1.75% APY† • Zero fees^ • FDIC insured to $3M*