Bank of America 401(k) at a glance
| Employer match | Bank of America matches 100% of what you contribute up to 5% of eligible pay, with a year-end true-up. |
|---|---|
| Maximum match | 5% of pay |
| Contribution needed for full match | 5% of pay |
| Company contribution (no match needed) | An annual company contribution of 2% of eligible pay (3% after 10 years of vesting service) is paid whether or not you contribute. |
| Vesting | ImmediateThe match vests immediately. The annual company contribution vests fully after 36 months of vesting service. |
| Eligibility | You can contribute right after hire. The match and annual company contribution start after 12 months of service, and contributions made before then are not matched. |
| Automatic enrollment | New hires are auto-enrolled at 3% of pay, with a 45-day opt-out window and 1% yearly increases up to 5%. |
| Roth 401(k) option | Yes |
| Plan provider | Bank of America / Merrill (Bank of America, N.A. is trustee) |
| Who this applies to | US-payroll full-time, part-time and temporary employees |
How much is the Bank of America match worth?
If you contribute 5% of your pay, Bank of America adds the full match. Here is what that means at different salaries, per year, before investment growth:
| Salary | You contribute (5%) | Bank of America match | Company contribution |
|---|---|---|---|
| $40,000 | $2,000 | $2,000 | $800 |
| $60,000 | $3,000 | $3,000 | $1,200 |
| $90,000 | $4,500 | $4,500 | $1,800 |
| $150,000 | $7,500 | $7,500 | $3,000 |
Illustration based on the plan terms above. Your actual match depends on eligible pay, timing and plan rules.
Good to know
- The match applies only up to the plan's match-eligible compensation limit, which the 11-K does not state.
- Interns hired on or after April 1, 2021 must meet an hours requirement before they can join the plan.
Other Bank of America retirement benefits
- Participant loans (up to two at a time)
- Up to $1,000 emergency withdrawal
How to make the most of your Bank of America 401(k)
- Always get the full match. Contribute at least 5% of pay. It is an instant return you cannot get anywhere else.
- Check your vesting date before you change jobs, so you do not leave unvested money behind.
- Pre-tax or Roth? If you expect a higher tax rate in retirement, Roth contributions can pay off. Model it with our Roth conversion calculator.
- Watch fees and prefer low-cost index or target-date funds in the plan lineup.
- Plan the whole picture: see how your state taxes retirement income before you decide where to retire.
Frequently asked questions
Does Bank of America match 401(k) contributions?
Bank of America matches 100% of what you contribute up to 5% of eligible pay, with a year-end true-up. An annual company contribution of 2% of eligible pay (3% after 10 years of vesting service) is paid whether or not you contribute.
When does the Bank of America 401(k) match vest?
The match vests immediately. The annual company contribution vests fully after 36 months of vesting service.
When can I join the Bank of America 401(k)?
You can contribute right after hire. The match and annual company contribution start after 12 months of service, and contributions made before then are not matched.
How much should I contribute to get the full Bank of America match?
Contribute at least 5% of your pay. Anything less leaves part of the match unclaimed.
Sources (last verified 2025 plan year)
- The Bank of America 401(k) Plan Form 11-K for 2025 — SEC (2026-06-16)
- Employee Benefits & Perks at Bank of America — Bank of America Careers (2026-09-24)
Educational content only, not tax, legal or investment advice. Plans and tax laws change; confirm details with your employer's plan documents or your state revenue department. Smart Financial Lifestyle is not affiliated with any employer named on this site.