CHARLOTTE, N.C.—Bank of America’s fight against financial technology challengers appears to be making headway, at least with its entry-level checking account, according to one analysis.
BofA said its Advantage SafeBalance Banking program now counts more than three-million client accounts, up from 2.1 million at the start of September in 2020, MarketWatch reported.
“It’s the bank’s quickest-growing checking account program, aimed at younger prospective clients—such as college students as well as people from less lucrative professions—looking to open up their first bank account or repair their credit,” according to the report.
All told, MarketWatch reported more than one-million college students now use the account type as total students accounts at the bank rose 50% in the past year, MarketWatch said.