January 3, 2024

Bank of America Savings Account Interest Rate

Read more about Bank of America
Editorial Note: This content is not provided by the companies mentioned. Opinions expressed here are author's alone, and have not been reviewed, approved or otherwise endorsed by the companies.
Ad Disclosure: This article contains references to products from our partners. We may receive compensation if you apply or shop through links in our content. This compensation may impact how and where products appear on this site. You help support CreditDonkey by using our links. (read more)

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. 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

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 of America Advantage Savings Clarity Statement®, Retrieved 12/06/2023
  3. ^ Bank of America. Bank Account Fees, Retrieved 12/06/2023
Bank of America
Member FDIC

Bank of America Advantage Banking - $200 Bonus Offer

Expires 9/30/2024
  • 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 9/30/2024.
  • To qualify, open a new eligible 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 eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
  • Once all requirements are met, 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
Member FDIC

Chase Total Checking® - $300 Bonus

Expires 10/16/2024
  • New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
  • With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
  • 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*
Discover Bank
Member FDIC

Discover® Online Savings - $200 Cash Bonus

Expires 9/12/2024

To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY624 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/12/2024, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

CIT Bank
Member FDIC

CIT Bank Platinum Savings - 5.00% APY

  • 5.00% 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
Bluevine

Free Business Checking - Up to 2.0% APY

  • 2.0% APY on your balance up to $250,000 for customers that meet monthly eligibility requirements
  • $0 minimum opening deposit
  • $0 monthly service fee
Banking services provided by Coastal Community Bank, Member FDIC

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.

Compare:

Save money and build wealth. Sign up to get our FREE email newsletter.

Current Bank of America Promotions

How to Get Bank of America Bonuses

About CreditDonkey
CreditDonkey is a bank comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

†Advertiser Disclosure: Many of the offers that appear on this site are from companies from which CreditDonkey receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CreditDonkey does not include all companies or all offers that may be available in the marketplace.

*See the card issuer's online application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However, all information is presented without warranty. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website.

CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.

About Us | Reviews | Deals | Tips | Privacy | Do Not Sell My Info | Terms | Contact Us
(888) 483-4925 | 680 East Colorado Blvd, 2nd Floor | Pasadena, CA 91101
© 2024 CreditDonkey Inc. All Rights Reserved.