January 3, 2024

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.

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 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.

If you want to be a Preferred Rewards member, you need an active, eligible Bank of America checking account and a 3-month average combined balance of $20,000+.

How do you feel about Bank of America's current savings account interest rate?

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.

Savings Calculator

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.

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.[2]

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

What is your primary goal when choosing a savings account?

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.

To open a Bank of America Advantage Savings account, you need to provide the following:
  • 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:

  1. Go to Bank of America's Advantage Savings page.
  2. Select Open Now and fill out the online application form.
  3. Fund your account with at least $100 and you're good to go.

How to fund your Bank of America Advantage Savings Account?
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

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.

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

  1. ^ Bank of America. Preferred Rewards, Retrieved 12/06/2023
  2. ^ Bank of America. Bank Account Fees, Retrieved 12/06/2023
Bank of America
Member FDIC

Bank of America Advantage Banking - Up to $500 Cash Offer

Expires in 4 days
  • The cash offer up to $500 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 1/31/2026.
  • To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* into that new eligible account within 90 days of account opening. Your cash bonus amount will be based on the total amount of your Qualifying Direct Deposits received in the first 90 days.
    Cash BonusTotal Qualifying Direct Deposits
    $100$2,000
    $300$5,000
    $500$10,000+
  • If all requirements are met 90 days after account opening, Bank of America will attempt to deposit your bonus into your new eligible account within 60 days.
  • Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
  • Additional terms and conditions apply. See offer page for more details.
  • *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
  • Bank of America, N.A. Member FDIC.
Chase
Member FDIC

Chase Total Checking® - $400 Bonus

Expires 4/15/2026
  • New Chase checking customers can receive $400 when you open a Chase Total Checking® account and make direct deposits totaling $1,000 or more within 90 days of coupon enrollment.
  • Unlock more offers with Chase. Get up to $500 per calendar year by referring friends and family. Plus, get cash back from top brands with Chase Offers when you use your debit card.
  • Chase Total Checking® has a $15 monthly service fee, you can easily avoid the fee with direct deposits totaling $500 or more, or a minimum average daily balance each statement period.
  • 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*
  • Chase Mobile® app makes banking simple. Manage accounts, pay bills, send money to friends with Zelle® and deposit checks on the go with Chase Quick Deposit℠.
  • Chase has the largest branch network in the U.S. with thousands of ATMs and branches. Use the Chase locator tool to find a branch or ATM near you.
  • Chase helps keep your money protected with features like Zero Liability Protection, fraud monitoring and card lock.
  • Chase Total Checking includes FDIC insurance up to the maximum amount allowed by law.
Wells Fargo

Wells Fargo Everyday Checking Account - $325 Bonus

Expires 4/14/2026
  • Get a $325 new checking customer bonus when you open an Everyday Checking account and receive $1,000 or more in qualifying direct deposits.
  • Wells Fargo Bank, N.A. Member FDIC
U.S. Bank
Member FDIC

U.S. Bank Business Essentials - $400 Bonus

Expires 3/31/2026

Promo code Q1AFL26 MUST be used when opening a U.S. Bank Business Essentials® or Platinum Business Checking account. Limit of one bonus per business. A $100 minimum deposit is required to open one of the referenced accounts.

To earn a business checking bonus, open a qualifying U.S. Bank business checking account between 1/15/2026 and 3/31/2026. Make the required deposit(s) in new money within 30 days of account opening, maintain the same required daily balance through the 60th day, and complete 6 qualifying transactions based on posted date within 60 days of account opening.

Business Essentials: $400 bonus with $5,000 new money deposits, daily balance, and 6 qualifying transactions.

Qualifying transactions include debit card purchases, ACH and wire credits or debits, Zelle credits or debits, U.S. Bank Mobile Check Deposit, electronic or paper checks, Bill Pay (excluding payments made by credit card), and payment received via U.S. Bank Payment Solutions. Other transactions, such as person-to-person payments, credit card transfers, or transfers between U.S. Bank accounts, are not eligible.

New money is defined as funds from outside U.S. Bank and cannot be transferred from another U.S. Bank product or a U.S. Bank Affiliate. For accounts opened on non-business days, weekends or federal holidays, the open date is considered the next business day. Account fees may reduce the required daily balance during the qualifying period.

Bonus will be deposited into your new eligible U.S. Bank business checking account within 30 days after the month-end in which all offer requirements are met, provided the account remains open with a positive available balance.

Offer may not be combined with other business checking bonus offers. Existing businesses with a business checking account or had one closed within the past 12 months, do not qualify.

All regular account-opening procedures apply. For full checking account pricing, terms and policies, refer to your Business Pricing Information, Business Essentials Pricing Information, and YDAA disclosure. These documents are available at any U.S. Bank branch or by calling 800.872.2657.

Bonus will be reported as interest earned on IRS Form 1099-INT and recipient is responsible for any applicable taxes. Current U.S. Bank employees are not eligible. U.S. Bank reserves the right to withdraw this offer at any time without notice.
Member FDIC

CIT Bank
Member FDIC

CIT Bank Platinum Savings - $300 Bonus

Expires Tomorrow
  • Qualify for a $300 cash bonus with a minimum deposit of $50,000
  • This limited time offer to qualify for a $225 cash bonus with a minimum deposit of $25,000 or a $300 bonus with a minimum deposit of $50,000 is available to New and Existing Customers who meet the Platinum Savings promotion criteria. The Promotion begins on September 23, 2025 and can end at any time without notice.
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Write to Darlene Santos at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

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