Holdings vs Bank of America
If you need a nationwide branch network, SBA lending, and merchant services under one roof, Bank of America is the most established name in the game.
Feature comparison
See how Holdings stacks up against Bank of America
| Feature | Holdings | Bank of America |
|---|---|---|
| Monthly Fee | $0 | $16 (Fundamentals) or $29.95 (Relationship) — waivable |
| Min. Balance | $0 | $5K (Fundamentals) or $15K (Relationship) to waive fee |
| APY (Checking) | 1.75% | 0% |
| APY (Savings) | 1.75% | 0.01–0.04% (typical) |
| FDIC Insurance | Up to $3M | $250K standard |
| Free Transactions | Unlimited | 20/mo (Fundamentals) or 500/mo (Relationship) |
| Sub-Accounts | Unlimited, free | Limited; additional accounts have separate fees |
| Built-in Accounting | Yes, free | No (integrates with QuickBooks — $10/mo fee for sync) |
| Auto-Categorization | Yes | No |
| Nonprofit Features | Yes | Limited |
| Physical Debit Cards | Free | Free |
| Virtual Cards | Free | Not standard |
| Domestic ACH | Free | Free (online bill pay) |
| Domestic Wire | Free | $30 outgoing |
Why choose Holdings over Bank of America
$0 monthly fees, no minimums, ever
BofA's Fundamentals account charges $16/month unless you maintain $5K minimum daily balance or $15K combined. The Relationship tier is $29.95/month unless you hold $15K minimum or $50K combined. Holdings is $0 with $0 minimums, period.
1.75% APY vs. effectively 0%
BofA business checking pays no interest. Their business savings rates are negligible (0.01–0.04%). A nonprofit with $200K in deposits earns ~$3,500/year with Holdings and essentially $0 with BofA.
Unlimited free transactions
BofA Fundamentals limits you to 20 free transactions/month, then charges $0.45/each. Even Relationship caps at 500. Holdings has no transaction limits or fees.
Built-in accounting eliminates QuickBooks costs
BofA charges $10/month just to sync with QuickBooks or Xero. Holdings includes full accounting software for free — no sync fee, no separate subscription.
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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
Is Holdings or Bank of America better for nonprofits?
Holdings. BofA doesn't offer nonprofit-specific banking features, charges monthly fees, and pays no interest on checking. Holdings is purpose-built for nonprofits with built-in fund accounting.
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.
Does Bank of America have nonprofit banking features?
BofA offers a basic "Nonprofit Checking" product in some markets, but it's not meaningfully different from standard business checking. No built-in fund accounting or donor management.
Which has lower fees — Holdings or Bank of America?
Holdings. $0 monthly fees, $0 transaction fees, $0 wire fees, and free accounting software. BofA charges $16–$29.95/month, $0.45/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 switch?
Open your Holdings account in minutes. Keep your current bank during the transition — move at your own pace.
1.75% APY† • Zero fees^ • FDIC insured to $3M*