Bank of America Gold IRA Review

April 17, 2023
Written by Peter Anderson

Bank of America Gold IRA Review is an extremely important piece of information for those who are interested in investing their money.

With the current economic climate, it's essential to know how your investments will perform and whether they're secure. That's why it's so important to review a company like Bank Of America, which provides gold investment services through its self-directed IRAs. 

In this article, we'll take a close look at what makes them unique and provide you with a comprehensive review that covers all aspects of the service they offer - from fees and commissions to customer support and more.

So if you're considering making an investment with Bank Of America Gold IRA, read on to learn everything you need to know before committing your hard-earned nest egg!

Bank Of America has grown into one of the largest banks in the United States by offering competitive rates for checking accounts, savings accounts, mortgages, credit cards and other financial products.

Now the bank offers gold IRA services that allow customers to invest in physical gold bullion or coins within their retirement account.

This can be beneficial because it allows investors to diversify their portfolio beyond stocks and bonds while also providing protection against inflationary pressures due to market fluctuations.

When exploring any type of new investment opportunity, however, there are always risks involved as well as potential rewards.

Understanding exactly how much risk is associated with different types of investments can help ensure that individuals make smart decisions when planning out their retirement funds.

Therefore, prior to opening an account with Bank Of America Gold IRA services, it’s important to consider several factors such as costs associated with setting up an account, commission fees charged upon transactions and customer service availability just to name a few.

All these topics will be discussed further throughout our review below so stay tuned!

Disclosure: Some of the links in this article are from sponsors. The list below is an honest review gathered from thorough research, experience, and consumer-based feedback. 

Before we get started with this review:

We understand that choosing a company to invest with is an extremely important financial choice; good news for you, we have done all the research and digging in this field for years.

That being said, through our rigorous review process, we have compiled a list of our 5 top gold investment companies for 2022.

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Check if Bank of America made our top 5 list in 2023! 


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About Bank of America

Bank of America is one of the largest banks in the United States. Founded over 200 years ago, it has a history that stretches far back into American financial lore.

The bank offers a variety of services to its customers, including banking and investment accounts, mortgages and other loans, credit cards, business banking solutions, insurance products, and more.

Bank of America also owns Merrill Lynch, which provides wealth management services for individual investors as well as businesses across the globe through its Merrill Edge platform.

These two entities combine to create an expansive suite of offerings that can meet nearly any customer's needs. One such product offered by Bank of America and Merrill Lynch is their Gold IRA offering.

With this program, customers can add gold or other precious metals to their retirement portfolio to diversify their investments and potentially increase long-term returns with added stability.

Customers may be eligible for preferred rewards when investing in a Gold IRA at Bank of America or Merrill Lynch if they have certain account balances or use qualifying products/services within their relationship with either company.

This can include waived fees on trading commissions or exclusive access to select research opportunities among other benefits.

With all these options available from two trusted sources, those looking to invest in a Gold IRA should take a closer look at what Bank of America and Merrill Lynch have to offer.

Why Put Gold in Your IRA?

Investing in gold is a great way to diversify and offset the risks of other investments. It can also provide exposure to an asset that has historically been a safe haven during economic downturns.

As with any investment, there are pros and cons associated with adding gold to your retirement portfolio.

Fortunately, you don’t have to worry about these factors when investing through a Gold IRA since it operates under the same regulations as a traditional IRA does.

A Gold IRA gives you access to physical gold such as coins or bars which appreciate over time--unlike stocks or mutual funds which may depreciate.

With gold, you can hedge against inflation by taking advantage of its low correlation with other assets like stocks and bonds. Plus, if held long enough, gains on precious metals such as gold can be tax-deferred until withdrawal (at age 59 ½).

When adding gold to your portfolio, the best option for most people is to invest in bullion coins or bars rather than rare ones.

This type of product will typically cost less and be easier to store due to their smaller size compared with larger products like ingots or commemorative coins.

You should also consider the Spot Price—the current market price of gold per troy ounce—when making your purchase decision so that you ensure maximum return on investment potential.

Gold offers investors unique advantages not found in other types of alternative investments; however, it's important for individuals looking into putting some money into this precious metal understand both sides before committing their hard-earned dollars. By understanding why one might want to put gold into an IRA account, they can make more informed decisions regarding this potentially lucrative investment opportunity.

What Is a Gold IRA?

Have you heard about Gold IRAs? Perhaps it has been mentioned on the news or in conversations about investments.

What is a Gold IRA?

A Gold IRA, also known as a Precious Metals Individual Retirement Account (PM-IRA), allows individuals to purchase physical gold and other precious metals such as silver, platinum, and palladium while reaping all of the tax benefits associated with traditional retirement accounts.

Unlike paper assets like stocks and bonds, physical gold held in an individual’s account provides protection against inflation.

As one of the oldest forms of money, gold has historically been used as currency and can be exchanged for goods and services.

For example, many banks offer gold checking accounts where customers are able to keep their bullion stored safely at home or abroad. Automatic gold transfers from one bank to another enable people to buy or sell precious metal without having to worry about storage costs or potential theft risks that come with owning physical gold directly.

The Birch Gold Group and Oxford Gold Group are two of the most popular companies offering these special types of retirement accounts.

Both have years of experience helping clients build wealth by investing in tangible assets such as coins, ingots, and bars made out of precious metals like gold.

With sound advice from experienced brokers who understand the markets inside out, investors can trust these firms to make sure they get the best value for their hard earned dollars when making an investment into a PM-IRA account.

Advantages of a Gold IRA

A gold IRA is a retirement account that holds alternative assets such as physical gold. It offers many advantages over traditional mutual funds and other retirement funds, making it an attractive option for those looking to diversify their holdings.

One advantage of a Gold IRA is the potential tax benefits associated with it.

For example, investors may be eligible for tax credits, deductions or exemptions depending on their circumstances. They can also rollover existing 401(k)s, IRAs or checking accounts into a Gold IRA without incurring taxes or penalties.

Gains from investments held in a Gold IRA are typically not taxed until distributions are taken out at retirement age.

This allows them to maximize growth potential by allowing their money to remain untouched by taxation during its accumulation period.

Gold IRAs also provide more flexibility than other types of investments do when it comes to contributing new money and controlling investment strategies.

Investors have broader control over what they buy and sell since there is no limit on how much gold they can own in the account; this helps protect investors against market volatility while providing access to different types of asset classes like precious metals and stocks.

They also don't need to worry about minimum balance requirements because deposits into most Gold IRAs are usually low-cost and relatively easy to make due to the lack of complexity involved in setting up these types of accounts.

Gold ETFs vs. Physical Gold

When considering a gold IRA, it is important to understand the differences between holding physical gold and investing in gold ETFs.

Physical gold can be stored in an investment account or held with a custodian for safekeeping.

With this method of ownership, you are able to physically possess your gold investments and have complete control over them.

Gold Exchange Traded Funds (ETFs) allow investors to buy shares of funds that track the price movements of underlying physical gold assets such as bars, coins, and bullion.

These funds provide an easier way to invest in gold without having to store it yourself; however, they also require more specific knowledge about the markets since prices may fluctuate rapidly due to foreign currency exchange rates or other economic factors.

It is always wise to speak with a financial advisor before making any decisions regarding investments accounts which involve precious metals like gold.

How Does a Self-Directed IRA Work?

A self-directed IRA is a type of retirement account that allows you to manage your own investments and take full advantage of the tax benefits associated with an individual retirement account (IRA).

With this type of account, you can invest in stocks, bonds, mutual funds, real estate, commodities, and other assets.

It is important to note that while there are certain restrictions on what types of investments can be made within a self-directed IRA, you have much greater freedom than with traditional IRAs offered by banks or other financial institutions.

At Bank of America's Diamond Honors program, investors may open up their own Self-Directed IRAs using Merrill Guided Investing services.

This service provides access to experienced Investment Advisers who will help guide them through each step of the investment process.

Through these advisers they can create an Individual Retirement Account tailored specifically to meet their specific investing goals and needs.

Clients at the Platinum Honors Program also receive assistance from dedicated Investment Advisers which helps make setting up a Self-Directed IRA easy for those interested in taking control over their own retirement savings plans.

How a Gold IRA Works

Investors looking for an alternative to traditional investments may consider a Gold IRA. A Gold IRA is an individual retirement account that allows investors to purchase gold, silver and other precious metals as part of their investment portfolio.

These accounts are becoming increasingly popular due to their potential for long-term growth and the fact that gold can serve as a hedge against inflation and market volatility.

When it comes to opening a Gold IRA, there are several steps involved.

First, you'll need to select a custodian or trustee who will manage your account. Most brokerage firms offer some form of self-directed IRAs with different levels of service depending on the amount of money invested in them.

Once you've chosen a custodian, you'll need to open an account where funds will be deposited into either savings accounts or mutual funds before being allocated towards purchasing gold coins or bullion bars.

Any fees associated with setting up and managing your account must also be taken into consideration when selecting which type of Gold IRA works best for your financial situation.

In addition to understanding how the process works, it's important that those considering investing in a Gold IRA understand the types of assets allowed by these accounts such as US Mint approved coins like American Eagles and South African Krugerrands; recognized foreign coins; certain forms of platinum; palladium; rhodium; and more recently Bitcoin Cash (BCH).

There are balance requirements needed for each asset class making it critical that investors work closely with investment professionals to ensure they comply with regulations set forth by the IRS regarding what types of precious metals can be included within an IRA structure.

Precious Metals That Are Eligible Investments for IRAs

The Bank of America Gold IRA allows for investments of gold and other precious metals. The range of eligible investments includes coins, bars, rounds, wafers and ingots made from approved metals such as platinum, palladium, silver and gold.

These assets can be held in a variety of physical forms including bullion coins accepted by the Internal Revenue Service (IRS) or non-standard types issued overseas from France and Italy banks.

When investing with Bank of America's gold IRAs there are certain restrictions on coinage that must be followed to ensure compliance with IRS regulations.

Here is an overview:

  • Standard Check: Coins minted through government entities (like the US Mint), which have been verified by Numismatic Guaranty Corporation (NGC) or Professional Coin Grading Services (PCGS). This includes US Eagles, Canadian Maple Leafs, Austrian Philharmonics and Chinese Pandas.
  • Private Bank Octave: Uncirculated coins produced at private mints such as Noble Gold Investments that feature purity levels greater than 0.999%.
  • Non-Standard Types: Foreign currency coins not listed above but also NGC/PCGS certified may qualify if they meet specific requirements set forth by the IRS.

In order to maintain full compliance with tax rules governing retirement accounts all investments must abide by IRS guidelines which require metal holdings to be stored in authorized third party depositories located within the United States.

With this important guideline comes the assurance that these valuable assets will remain secure until distribution begins when the account holder reaches retirement age.

How Does a Gold IRA Rollover Work?

A Gold IRA Rollover is a process whereby an individual moves assets from a traditional retirement account such as an IRA or 401(k) into physical gold, silver, and other precious metals.

Many people choose to do this in order to diversify their portfolio and protect against market volatility.

The process of setting up the rollover can be complex, so it is important to understand all of the details before beginning.

When rolling over funds into a Gold IRA, you must first determine how much money you want to invest and which types of approved coins and bars you would like to purchase.

Once that decision has been made, you will need to open a self-directed Individual Retirement Account (IRA). This allows for your investments to remain safe from taxes until they are withdrawn at retirement age.

After opening the account, you will then transfer funds from your current retirement account into your new IRA via direct deposit or check.

Once the money has been transferred into the new account, you can then use those funds to purchase gold coins or bars through an approved dealer.

It's also possible for investors who prefer not to have physical metal delivered directly to them to store their investment in a safe deposit box or paper assets such as certificates of deposit or annuities with an annual program fee.

Once paperwork is filed with both custodians confirming ownership of these assets by the investor’s name, the last step is completed -the investor now owns his/her chosen precious metals within their own personal retirement account!

Services of Bank of America

Bank of America offers a variety of services to its customers. 

For starters, their Advantage Savings Account provides competitive interest rates and no monthly maintenance fees so you can save more money. They offer foreign wire transfers, equity interest rate discounts, rewards tiers for higher balances, and balance transfers that waive transfer fees.

The bank also makes it easy to manage your account with online banking tools including mobile deposits and digital payments.

You'll have access to 24/7 customer service support if needed as well.

With Bank of America's comprehensive suite of products and services, you can take control of your finances in one convenient place.

These services make Bank of America an ideal choice for those who are looking for a reliable financial institution with the flexibility to meet their individual needs.

From college students on a budget to business owners seeking global payment solutions, there is something for everyone at Bank of America.

Who Is the Ideal Customer for Bank of America?

The ideal customer for Bank of America is someone who wants access to a variety of banking options, such as:

  1. Bank of America Advantage Relationship Banking – offers tiered interest checking and customized cash rewards
  2. Bank of America Advantage with Tiered Interest Checking – provides higher rewards on larger account balances
  3.  Bank of America Customized Cash Rewards – allows customers to earn higher returns through tailored investment accounts

For those who are looking for an all-in-one solution, the Bank of America Advantage Relationship Banking option may be best suited for their needs.

This package includes features like free online bill pay, no monthly maintenance fees, and unlimited ATM withdrawals from any Bank of America branch or affiliated ATMs worldwide. 

This product also offers automatic payments and transfers between different accounts within the same bank.

With these features combined, customers can easily manage their finances in one place without having to worry about multiple transactions and bills coming due at once.

Customers who want more control over how they invest their money will find that the customizable cash rewards program gives them just that by allowing them to adjust the types and amounts of investments they make according to their own risk tolerance levels.

They can even set up automated deposits into specific savings goals so that their money is automatically put away each month towards achieving their long-term financial objectives.

All in all, Bank of America's wide range of products makes it possible for anyone to find a suitable banking solution regardless of what their individual needs may be.

With its various offerings, Bank of America has something for everyone whether you’re a first time user or have been banking with them for years; there’s sure to be something here that meets your needs!

From comprehensive relationship banking services designed to simplify everyday tasks like managing bills and transferring funds to specialized investment solutions that offer greater return potential—Bank of America truly does have it all when it comes to meeting individual financial needs.

Now let us take a look at some pros and cons associated with this provider...

Pros and Cons

Investing in a Bank of America Gold IRA comes with both pros and cons. Suspense builds as you consider the financial implications of this unique retirement vehicle, but there are some definite benefits to be had.

One major pro is that international wire transfers can be made for free when you have a combined balance of $20,000 or more across your Bank of America accounts.

Plus, if you reach a platinum tier level then cash withdrawals from over 2 million ATMs worldwide are also free! Eligible cardholders can even get reimbursed up to four times per month for ATM fees charged by non-Bank of America banks.

On the negative side, it's important to understand that most other bank services associated with the account – like online banking, mobile deposits and check writing privileges – will cost an extra fee each month unless certain requirements are met.

Gold IRAs generally require larger initial investments than traditional ones do, so they're not always ideal for those just starting out with their retirement savings plan.

Although diversification may help protect against volatility in markets where stocks tend to rise and fall quickly, precious metals don't typically provide growth opportunities like mutual funds or ETFs (exchange traded funds) might.

So while investing in a Bank of America Gold IRA could offer many advantages depending on your individual situation, it's essential to weigh all the pros and cons carefully before making any final decisions about how best to save for your future.


When it comes to investing in gold, Bank of America is one of the most trusted names. Not only do they offer a wide range of services and products, but their Gold IRA rollover process is also straightforward and efficient.

With this type of investment, you can diversify your financial portfolio while protecting your wealth from inflation.

There are several advantages associated with opening up a Gold IRA including tax-free profits when you withdraw money at retirement age.

However, before making any decisions, it's important to weigh the pros and cons carefully.

For instance, there are two main options for purchasing gold: physical gold or exchange traded funds (ETFs).

Each option has its own benefits and drawbacks so researching them both will help you make an informed decision. Certain fees may apply depending on which route you choose as well as other factors such as storage costs if you opt for physical gold investments.

All things considered, Bank of America is still a great choice for those looking to invest in gold through an IRA account.

Their customer service team is knowledgeable about all aspects of investing and can provide assistance throughout the entire process – from setting up the account to managing it over time.

Ultimately, taking advantage of these services could help maximize returns while minimizing risk - something every investor should strive for!

You can get a Complimentary Gold Investing Guide from the top gold investing company we recommend by clicking the button above. 

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