Bank of America Savings Account Interest Rate
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Bank of America's Advantage Savings has a standard APY way below the national average. Read on to find out more.
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Bank of America is one of the largest financial institutions in the US. And they have Bank of America Advantage Savings for those who want a fail-safe place for their money.
But, how much interest will you earn with them? Check out this article to learn about their current savings account rates.
Bank of America Advantage Savings - Preferred Rewards
| Account Balance | Gold APY | Platinum APY | Platinum Honors APY | Diamond and Diamond Honors APY |
|---|---|---|---|---|
| Less than $2,500 | 0.02% | 0.03% | 0.04% | 0.04% |
| $2,500 and over | 0.02% | 0.03% | 0.04% | 0.04% |
Bank of America Advantage Savings
| Account Balance | Standard APY |
|---|---|
| Less than $2,500 | 0.01% |
| $2,500 and over | 0.01% |
Bank of America Advantage Savings Interest Rates
Bank of America's Advantage Savings account has a basic interest rate of 0.01% APY.
They also offer a Preferred Rewards program with four tiers that each have a slightly better APY than the basic rate. Here are the tiers:[1]
- Gold: $20,000 to $49,999
- Platinum: $50,000 to $99,999
- Platinum Honors: $100,000 to $999,999
- Diamond: $1,000,000 or more
However, even with a rewards program, the APY is not competitive compared to high-yield savings accounts.
How Much Can You Earn in a Bank of America Advantage Savings Account?
Here is a calculator to see how much interest you can earn with Bank of America Advantage Savings.
Can You Lose Money with Bank of America Advantage Savings?
No. Because Bank of America is a member of the FDIC (Cert #3510), this means your deposits are insured up to $250,000 per depositor, per ownership category.
Thus, should the bank ever fail, you're guaranteed to get your money back. But this account does have a monthly fee, so if you can't waive it for the month, you'll still lose some of our money.
Fees to Look Out For
Bank of America Advantage Savings requires a minimum opening deposit of at least $100.
It also has a monthly service charge of $8 which is waived for new account holders in the first 6 months. To continue avoiding this, you must meet any of the following:[2]
- Maintain a daily balance of at least $500
- Have your Bank of America Advantage Savings account linked to a Bank of America Advantage Relationship Banking®, Bank of America Advantage® with Tiered Interest Checking or Bank of America Advantage® Regular Checking account (first 4 savings accounts)
- Be a Bank of America Preferred Rewards member
- Are under the age of 25
You might encounter other charges as well such as a $2.50 out-of-network ATM fee and a $30 outgoing domestic wire transfer fee.[3]
Pros and Cons
Pros
- Renowned, trusted bank
- Access to thousands of ATMs and financial centers
- Complimentary debit card
- FDIC-insured
Cons
- Low interest rates
- $100 initial deposit requirement
- $8 monthly maintenance fee
Should You Open a Bank of America Advantage Savings Account?
The Bank of America Advantage Savings is best for individuals who want a safe place to store their money. It is ideal for people who want a safe location for their savings while having easy access to it through ATMs, physical locations, and mobile banking.
However, it does not offer competitive rates. So don't expect your funds to grow significantly with this account.
- Name, date of birth, and Social Security number
- Phone number and email address
- Physical address in the US
- A co-applicant over 18 years old (if the applicant is below 16 years old)
How to Open an Account
There are two ways you can open a Bank of America Savings Account: at a Bank of America financial center or through their website. Here's how to do it online:
- Go to Bank of America's Advantage Savings page.
- Select Open Now and fill out the online application form.
- Fund your account with at least $100 and you're good to go.
Depositing money into your account is easy. You can do any of the following:
- Go to a Bank of America ATM with a deposit option
- Set up direct deposits
- Do a mobile check deposit
- Deposit through the mail
- Go to a Bank of America financial center
How Bank of America Advantage Savings Compares
High-Yield Savings Premier - 5.36% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
CIT Bank Platinum Savings - 5.05% APY
- 5.05% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
UFB Secure Savings - Earn up to 5.25% APY
- Earn up to 5.25% APY*
- No monthly maintenance fees
- No minimum deposit required to open an account
- Access your funds 24/7 with easy-to-use digital banking tools
Online Savings Account - Earn 4.25% APY
- No fees
- No minimum opening deposit
- No minimum balance required
High Yield Savings Account - 5.24% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- Deposits are FDIC insured through Third Coast Bank SSB
Other Bank of America Accounts
A big bank like Bank of America has a full suite of financial products. Aside from their savings account, they also have checking accounts and certificates of deposits (CDs) that you can consider.
Bank of America Advantage Banking - $200 Bonus Offer
- The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 5/31/2024.
- To qualify, open a Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new account within 90 days of opening.
- Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- Bank of America, N.A. Member FDIC.
Bank of America Business Advantage Checking Account - $200 Bonus Offer
- Open a new eligible business checking account by June 30, 2024
- Make Qualifying Deposits* of $5,000 or more in new money within 30 days of opening the new eligible business checking account
- Maintain an average balance of $5,000 for the next 60 days (day 31-90) during the maintenance period**
**The maintenance period begins thirty-one (31) days after account opening and ends ninety (90) calendar days after account opening.
Member FDIC
Bank of America Advantage SafeBalance Banking®
- Banking that helps you stay within your balance.
- No monthly maintenance fee each statement cycle when you meet one of the following: an owner of this account is under the age of 25 or maintain a minimum daily. balance of $500 in your account or are a member of Bank of America Preferred Rewards®.
- Bank of America, N.A. Member FDIC.
Bank of America Advantage Plus Banking®
- Flexible banking to meet your needs.
- Pay with a debit card, Mobile and Online banking or paper checks (if purchased).
- Bank of America, N.A. Member FDIC.
Bank of America Advantage Relationship Banking®
- Benefits for higher balances, like fee waivers and interest.
- Earn interest on your balance.
- Option to enroll in Balance Connect® for overdraft protection.
- Overdraft fee without Balance Connect® : $10 each item, up to 2 items per day.
- Bank of America, N.A. Member FDIC.
Bank of America: Business Advantage Fundamentals™ Banking
- No fee for first 200 transactions per statement cycle
- No fee for first $7,500 in cash deposited per statement cycle
- Waive the $16 monthly fee in a variety of ways
Bank of America: Business Advantage Relationship Banking
- No fee for first 500 transactions per statement cycle
- No fee for first $20,000 in cash deposited per statement cycle
- Waive the $29.95 monthly fee by maintaining a $15,000 combined average monthly balance
Bank of America Advantage Savings - Preferred Rewards
| Account Balance | Gold APY | Platinum APY | Platinum Honors APY | Diamond and Diamond Honors APY |
|---|---|---|---|---|
| Less than $2,500 | 0.02% | 0.03% | 0.04% | 0.04% |
| $2,500 and over | 0.02% | 0.03% | 0.04% | 0.04% |
Bank of America: Featured CD
| Term | APY |
|---|---|
| 7 Month | 4.75% |
| 10 Month | 0.05% |
| 13 Month | 4.30% |
| 25 Month | 3.20% |
| 37 Month | 0.05% |
Rates are for Pasadena, California, and may vary per location. Rates are for opening deposits of less than $10,000. Annual Percentage Yield (APY) is accurate as of April 25, 2024.
Bank of America: Free Museum Entry
Offer valid for all current Bank of America customers. Enjoy free museum admission on the first full weekend of every month, from more than 225 participating museums. Simply show your Bank of America or Merrill Lynch credit or debit card and an ID, and get one free general admission.
Bottom Line
Bank of America Advantage Savings is a standard savings account with low interest rates. If you are looking to make your money work harder, you won't get much with this traditional account.
It would be better to check out high-yield savings accounts or CDs if you want to grow your money.
But if you don't care about earning high interest, Bank of America Advantage Savings is a secure and convenient place for you to put your money.
References
- ^ Bank of America. Preferred Rewards, Retrieved 12/06/2023
- ^ Bank of America. Bank of America Advantage Savings Clarity Statement®, Retrieved 12/06/2023
- ^ Bank of America. Bank Account Fees, Retrieved 12/06/2023
Bank of America Advantage Banking - $200 Bonus Offer
- The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 5/31/2024.
- To qualify, open a Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new account within 90 days of opening.
- Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- Bank of America, N.A. Member FDIC.
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- Access to more than 15,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
U.S. Bank Smartly® Checking and Standard Savings - Up to $700 Bonus
Earn up to $500 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:
- Enroll in online banking or the U.S. Bank Mobile App
- Make two or more direct deposit(s) totaling $3,000 to $4,999.99 to earn $100, $5,000 to $9,999.99 to earn $300 or $10,000 or more to earn $500
Earn up to $200 with a new Standard Savings account.
- Make new money deposit(s) totaling $15,000 or more by July 17, 2024
- Maintain that balance until October 31, 2024
Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.
BMO Smart Advantage Checking - $250 Cash Bonus
Open a new BMO Smart Advantage Checking account and get a $250 cash bonus when you have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening. Offer is limited to one per customer and is not available for existing BMO personal checking customers (including signers on joint accounts) or those who have closed a BMO personal checking account within the past 12 months. Conditions apply.
Online Savings Account - Earn 4.25% APY
- No fees
- No minimum opening deposit
- No minimum balance required
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