How to Buy Crypto with Bank of America
Author: Marco Vela - Fact-checked ✓
Summary: While Bank of America doesn’t offer crypto trading on its own platform, you can easily use your account to buy crypto using a third-party crypto trading platform.
There are plenty of crypto exchanges to choose from, we recommend using eToro as the exchange to work with.
They have most of the popular cryptocurrencies available, are easy to work with, and have fantastic support!
Buy Crypto with eToro
[Rated 4.2/5 based on 15710 reviews on Trustpilot]
As mentioned above, just like most banks, Bank of America doesn’t offer cryptocurrency trading directly, as setting up a crypto exchange is quite complex and comes with regulations and extra requirements for the banks.
Luckily for us, there are plenty of cryptocurrency trading platforms to choose from that you can use to buy bitcoin or any other cryptocurrency you might want.
You can sign up for an exchange (we will use eToro as our example because it is a trusted and worldwide exchange) and transfer funds to the exchange to trade crypto.
Table of Contents
How to buy crypto or bitcoin with Bank of America
There are only 4 steps involved, let’s get started!
1. Choose a crypto trading platform
As mentioned above, we’ll be using eToro for this guide as they are a widely used exchange and have over 50 cryptocurrencies to choose from. They also have a few really neat features like “Copy Trading”, which enables users to copy the trades of popular investors on the platform.
Let’s get started!
2. Sign up with the trading platform
The first thing to do is to sign up with the platform.
Once you’ve completed the initial sign-up process, you’ll have to go through a quick verification process (also known as KYC).
3. Funding your account
Next up is funding your account. When it comes to depositing money to your eToro account, you have the option to use a bank transfer, PayPal, credit/debit card, and more.
4. Buy cryptocurrency
Finally, just go to the eToro Markets section, find the cryptocurrency you would like, and buy it.
And that’s it, it’s all pretty straightforward, now you know how to buy bitcoin or most other cryptocurrencies with Bank of America.
About Bank of America
Bank of America is a good choice if you are looking for a bank with excellent digital features, a large branch network, and many ATMs. This bank is not the right choice if you are looking to save money and earn high rates of return.
Bank of America's Advantage Savings offers a minimum APY which is lower than the average. To open an account, you must deposit $100. There is also an $8 monthly maintenance fee. However, this can be avoided by keeping a minimum $500 balance. To avoid the monthly service fees, you can link a Bank of America Advantage savings or Bank of America Preferred Rewards account.
Tiered APYs are available at Bank of America Advantage Savings. You can deposit checks to your savings account via the bank's mobile app.
There is a fee for more than six withdrawals and transfers per month. This is common among banks. Bank of America charges $10 per withdrawal or transfer that exceeds the limit of six withdrawals.
Bank of America's Keep the Change Program helps you automate your savings. It rounds up purchases made using a Bank of America debitcard and transfers the difference to your savings account.
Bank of America offers CDs with 14 terms. The CD terms are available for one month up to 10 years. Customers can choose from two types of CDs. Standard CDs have a $1,000 minimum deposit and allow customers to choose between multiple terms. Customers who are interested in a short term account can apply for the featured CD. It requires a minimum $10,000 deposit. Limited terms are available for featured CDs, which can be used for up to 37 months.
Early withdrawals are subject to a penalty The penalty for CDs with terms of 12 months or more is 180 days interest.
To open an Advantage Plus Banking checking bank account at Bank of America, you will only need $100. If you have less than $1,500 in your account, there is a $12 maintenance charge. You can also waive the monthly fee by having at least one qualifying direct payment of $250 each statement cycle, or enrolling with Preferred Rewards.
Bank of America Advantage Relationship Banking provides an interest-bearing account with a minimum $100 opening deposit. For customers with a combined $10,000 balance in eligible linked accounts and Preferred Rewards customers, the $25 monthly maintenance fee will be waived.
The Advantage SafeBalance Bank, which is noninterest bearing and costs $4.95 per month with a $25 opening balance and requires no paper checks, is another option.
Bank of America provides access to approximately 4,200 branches and 16,000 ATMs. Customers have access to Zelle, which allows you to send and receive money from friends and family.
The Bank of America mobile app has a few more touches than its competitors. You can personalize your dashboard and get guidance from Erica (the bank's virtual assistant).
Customer service representatives are available seven days a semaine.
Bank of America, today known as Bank of America, was founded by Amadeo Piannini in San Francisco in 1904. It was a local bank that served immigrants who were not served by other financial institutions. It grew until it was the only state-owned bank in California. It opened offices in Italy and other U.S. towns, and was the largest bank worldwide by 1945.
Bank of America became the first bank to operate from coast-to-coast after a merger with NationsBank 1998. The bank's headquarters is located in Charlotte, North Carolina.
Bank of America offers many banking, wealth management and small business services. You will find many ATMs, a large branch network, and top-notch digital features. If you don't want to pay bank fees or are looking for a higher rate of return, you can bank elsewhere.
Related:
author Marco Vela
A crypto obssessed digital marketer passionate about making a difference in the world. When he's not behind the computer he can be found hiking, camping and relaxing with his dog.