Bank of America vs. U.S. Bank HELOC
Bank of America and U.S. Bank compared on rates, fees, borrowing limits and fixed-rate options, from each lender's published terms.
Reviewed by Shawn Way, NMLS #1007298★ 4.9 from 111 reviewsUpdated
Disclosure: Shawn Way is a loan officer at West Capital Lending, Inc., which competes with these lenders. HELOCHQ isn't paid by any lender for reviews, and every fact below comes from the lender's own published terms.
Bank of America usually wins for existing BofA customers who draw a lot at opening, thanks to stacked discounts and no closing costs or annual fee. U.S. Bank wins on transparency and payment control: it publishes an APR range and lets you lock up to three fixed-rate portions.
On this page
Side by side
| Bank of America | U.S. Bank | |
|---|---|---|
| Type | National bank | National bank |
| Rate | Variable, prime minus a discount; 6-month intro rate (amount not published) | Variable, prime plus a margin; 6.20%–11.10% APR as of September 17, 2026 |
| Credit score | 660+ | 660+ |
| Max borrowing | Generally up to 85% | Not published by U.S. Bank as of October 23, 2026; ask the lender. Best rate assumes 60% LTV |
| Line size | Not published by Bank of America as of October 23, 2026; ask the lender. Pricing assumes $100,000 | Not published by U.S. Bank as of October 23, 2026; ask the lender. Lines under $50,000 may price higher |
| Terms | 10-year draw, 20-year repayment | Draw period then repayment; interest-only available for some |
| Fees | No application fee, no annual fee, no closing costs on lines up to $1,000,000 | No closing costs; $75 annual fee after year one (waived with Platinum Checking); 1% early-closure fee, up to $500, within 30 months |
| Fixed-rate option | Convert $5,000 or more to a fixed rate, no fee | Lock all or part at a fixed rate for up to 20 years, up to 3 locks |
Sources: Bank of America (checked October 23, 2026) and U.S. Bank (checked October 23, 2026). Terms change; confirm with each lender.
Use a free calculator, or get your HELOC rate from Shawn.
The difference that matters
The real difference is how each prices. Bank of America starts from a standard rate and subtracts discounts for autopay, a large initial draw and Rewards status; without those, its edge shrinks. U.S. Bank shows its range up front but charges a $75 annual fee after year one (waived with Platinum Checking) and a 1% early-closure fee, up to $500, within 30 months.
Choose Bank of America if
- You bank with Bank of America or belong to Preferred Rewards
- You'll draw a large amount when the line opens
- You want no annual fee and no closing costs on a big line
Choose U.S. Bank if
- You want to see a published rate range before applying
- You plan to lock part of the balance at a fixed rate
- You don't have a Bank of America relationship to unlock discounts
If neither fits
Different lenders draw the line in different places on credit score, loan-to-value, property type and state. A broker can price several lenders with one application. Get your HELOC rate, or if you already have an offer from either lender, see how it compares with HELOCs closed this year.
Full reviews
Shawn Way is a loan officer at West Capital Lending, Inc., which may compete with the lenders reviewed here and may also arrange loans through some of them as a mortgage broker. Facts come from each lender's own website on the date shown and can change; confirm current terms with the lender.
Sources
Official sources behind this guide.
- What is the difference between a home equity loan and a HELOC? · Consumer Financial Protection Bureau
- What you should know about home equity lines of credit (booklet, PDF) · Consumer Financial Protection Bureau
- Regulation Z §1026.40: Requirements for home equity plans · Consumer Financial Protection Bureau