Updated August 22, 2022

Average Bank of America Salary

$53,211yearly

$25.58 hourly

Entry level Salary
$26,000 yearly
$26,000
10 %
$53,211
Median
$107,000
90 %

How Much Does Bank of America Pay?

Bank of America pays $53,211 on average per year, or $25.58 an hour in the United States. Bank of America pays the lowest earners $26,000 a year, while the top 10 percent are paid over $107,000. Bank of America employees in different jobs earn different salaries. In engineering jobs, employees earn an average salary of $99,334. In marketing jobs, the average pay is $81,382. Due to variations in the cost of living, location influences how much Bank of America pays employees. Bank of America pays employees the most in New York, NY and Jersey City, NJ.

Highest Paying Jobs At Bank of America

While the average employee salary at Bank of America is $53,211, there is a big variation in pay depending on the role. Some of the job titles with high salaries at Bank of America are finance vice president, consultant systems engineer, banking center manager, and senior software engineer. A typical finance vice president salary at Bank of America is $121,014 per year. Some of the other roles at Bank of America are cashier and data entry clerk. A worker with the title cashier at Bank of America earns an average salary of $32,920 per year.

Highest Paying Jobs At Bank of America

RankJob TitleAverage Bank of America SalaryHourly Rate
1Finance Vice President$121,014$58.18
2Consultant Systems Engineer$111,949$53.82
3Banking Center Manager$110,967$53.35
4Senior Software Engineer$108,022$51.93
5Senior Java Developer$107,388$51.63
6Support Lead$99,278$47.73
7Lead Operator$94,902$45.63
8Technical Associate$91,765$44.12
9Assistant Vice President Operations$91,755$44.11
10Account Executive$81,313$39.09
11Team Leader$76,207$36.64
12Business Analyst$75,436$36.27
13Customer Relationship Manager$75,348$36.23
14Fraud Analyst$59,276$28.50
15Finance Advisor$56,790$27.30
16Operation Supervisor$56,175$27.01
17Mortgage Underwriter$55,615$26.74
18Specialist-Small Business$49,579$23.84
19Service Specialist$40,956$19.69
20Loan Processor$39,837$19.15

Highest Paying Bank of America Competitor Salaries

Competitors of Bank of America include Merrill Lynch, American Express, and Bank of the West. Employees at Merrill Lynch earn more than most of the competition, with an average yearly salary of $87,121. Employees at American Express earn an average of $86,421 per year, and the employees at Bank of the West earn an average salary of $83,013 per year.

Salaries By Bank of America Competitors

RankCompany NameZippia ScoreAverage Salary
1Merrill Lynch4.9$87,121
2American Express4.8$86,421
3Bank of the West4.7$83,013
4Citizens Financial Group4.8$75,737
5Citi4.9$75,483
6JPMorgan Chase & Co.4.9$73,946
7Capital One4.7$61,566
8Discover4.7$61,535
9USAA4.9$59,089
10KeyBank4.6$56,777
11MetLife4.8$52,477
12Fifth Third Bank4.9$48,033
13Regions Bank4.5$47,661
14U.S. Bank4.9$46,793
15M&T Bank4.8$45,852
16SunTrust4.9$44,515
17Wells Fargo4.8$41,599
18BB&T4.8$40,025

Average Pay By State For Bank of America

RankStateAverage Bank of America SalaryHourly Rate
1New York$68,696$33.03
2New Jersey$67,196$32.31
3Massachusetts$65,935$31.70
4Connecticut$64,415$30.97
5Rhode Island$64,185$30.86
6Delaware$61,688$29.66
7Maryland$61,048$29.35
8New Hampshire$60,719$29.19
9Pennsylvania$59,966$28.83
10Virginia$59,965$28.83
11California$58,923$28.33
12Washington$56,934$27.37
13North Carolina$56,855$27.33
14Illinois$55,302$26.59
15Michigan$55,113$26.50
16Florida$53,791$25.86
17Georgia$53,735$25.83
18Oregon$53,071$25.51
19South Carolina$52,981$25.47
20Texas$52,790$25.38

How Much Does Bank of America Pay By Location?

It's no secret that workers earn different salaries in different parts of the country, since the cost of living can be much higher in certain areas. At Bank of America, the employees are paid different salaries depending on their location. Our data shows that Bank of America employees in New York, NY get paid the most, where the average yearly pay is $68,810. This can be compared to Jersey City, NJ, where Bank of America employees earn an average salary of $67,302.

Salaries By Location At Bank of America

RankLocationAverage Bank of America SalaryHourly Rate
1New York, NY$68,810$33.08
2Jersey City, NJ$67,302$32.36
3Boston, MA$65,941$31.70
4Washington, DC$65,689$31.58
5Hartford, CT$64,457$30.99
6Newark, DE$61,712$29.67
7San Francisco, CA$60,230$28.96
8Richmond, VA$59,516$28.61
9Seattle, WA$57,186$27.49
10Charlotte, NC$55,885$26.87
11Chicago, IL$55,526$26.70
12Jacksonville, FL$53,663$25.80
13Atlanta, GA$53,400$25.67
14Addison, TX$52,223$25.11
15Denver, CO$51,928$24.97
16Las Vegas, NV$51,184$24.61
17Phoenix, AZ$51,072$24.55

Bank of America Salaries By Department

Salaries at Bank of America can vary depending on the department or organizational function. Employees who work in the engineering organizational function tend to get paid the most at at Bank of America, earning an average yearly salary of $99,334. Employees working in the marketing department earn a relatively high salary as well, averaging $81,382 per year. The organizational function at Bank of America where employees earn the lowest salaries is retail with yearly earnings averaging $35,715. Customer service is the second-lowest paying organizational function at Bank of America, where the workers earn $37,669 per year.

Salaries By Department At Bank of America

RankDepartmentAverage Bank of America SalaryHourly Rate
1Engineering$99,334$47.76
2Marketing$81,382$39.13
3Plant/Manufacturing$78,614$37.80
4Business Development$76,130$36.60
5IT$74,216$35.68
6Sales$54,404$26.16
7Finance$53,395$25.67
8Administrative$40,710$19.57
9Customer Service$37,670$18.11
10Retail$35,715$17.17

How Much Does Bank of America Pay by Department?

Best Paying Bank of America Finance Position Salaries

RankPositionAverage Bank of America SalaryHourly Rate
1Consultant$83,460$40.13
2Finance Center Manager$72,075$34.65
3Claims Analyst$71,867$34.55
4Investment Advisor$69,305$33.32
5Wealth Management Internship$60,556$29.11
6Fraud Analyst$59,276$28.50
7Senior Underwriter$58,190$27.98
8Finance Advisor$56,790$27.30
9Branch Manager$56,338$27.09
10Mortgage Underwriter$55,615$26.74
11Banking Associate$52,171$25.08
12Specialist-Small Business$49,579$23.84
13Personal Banking Officer$49,470$23.78
14Foreclosure Specialist$47,394$22.79
15Loan Processor$39,837$19.15
16Post Closer$39,473$18.98
17Loan Officer$38,812$18.66
18Mortgage Service Specialist$38,142$18.34
19Personal Banker$37,619$18.09
20Relationship Banker$36,547$17.57

Best Paying Bank of America Retail Position Salaries

RankPositionAverage Bank of America SalaryHourly Rate
1Team Manager$67,972$32.68
2Assistant Manager$59,263$28.49
3Operations Team Leader$50,090$24.08
4Teller$33,564$16.14
5Cashier$32,920$15.83

Best Paying Bank of America Customer Service Position Salaries

RankPositionAverage Bank of America SalaryHourly Rate
1Support Analyst$71,442$34.35
2Client Manager$63,935$30.74
3Support Associate$55,367$26.62
4Service Specialist$40,956$19.69
5Customer Assistant$36,802$17.69
6Operations Representative$35,076$16.86
7Retention Specialist$34,773$16.72
8Customer Service Representative$33,208$15.97

Recently Added Bank of America Salaries

JobLocationDate AddedSalary
Software Compliance Quality AnalystJacksonville, FL07/24/2022$80,000
Software Compliance Quality AnalystCharlotte, NC07/24/2022$80,000
Solutions Engineer/Analyst-Cyber Security OperationsChicago, IL07/24/2022$54,900
Network Mitigation Lead-Cyber Security OperationsChicago, IL07/24/2022$125,000
Software Compliance Quality AnalystAtlanta, GA07/24/2022$80,000

Frequently Asked Questions About Bank of America Salaries

Is The Pay Good At Bank Of America?

No, the pay is not good at Bank of America. Compared to the industry average of $60,425 per year, the average annual salary at Bank of America is $53,211, which is 11.94% lower.

What Is The Starting Pay At Bank Of America?

The starting pay at Bank of America is $26,000 per year, or $12.50 per hour.

How Much Does Bank Of America Pay Compared To Wells Fargo?

Bank of America pays $53,211 per year on average compared to Wells Fargo which pays $41,599. That works out to $25.58 per hour at Bank of America, compared to $20.00 per hour at Wells Fargo.

How Much Does Bank Of America Pay An Hour?

Bank of America pays $25.58 an hour, on average.

What Benefits Does Bank Of America Offer?

Bank of America offers benefits to full-time employees including:

  • Health insurance

  • Dental insurance

  • Vision insurance

  • Life insurance

  • Temporary disability insurance

  • Long-term disability insurance

  • Accidental death and dismemberment insurance

What Is The Salary Of The Ceo Of Bank Of America?

The salary for the CEO of Bank of America was $32 million in 2021. Bank of America Corp Chief Executive Brian Moynihan's total compensation for 2021 rose by $7.5 million, or more than 30% according to regulatory filings.

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Zippia gives an in-depth look into the details of Bank of America, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Bank of America. The employee data is based on information from people who have self-reported their past or current employments at Bank of America. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Bank of America. The data presented on this page does not represent the view of Bank of America and its employees or that of Zippia.

Bank of America may also be known as or be related to Banc of America Securities LLC, Bank Of America, Bank of America, Bank of America Corporation, Bank of America, N.A. and bank of america merrill lynch.