December 30, 2023

Does Bank of America Have a High Yield Savings?

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 offers various banking products and services. But does it have a high-yield savings account? Find out here.

High-yield savings accounts have become popular for their impressive rates. And, many online banks currently have at least one in their offerings.

But what about a brick-and-mortar institution like Bank of America? Unfortunately, they don't. Read on to learn more and find out what they have available instead.

Does Bank of America Have a High-Yield Savings?

As of now, Bank of America does not have a high-yield savings option. It only offers a basic savings account, called Bank of America Advantage Savings, which has an insignificant 0.01% APY.


How satisfied are you with the current yield on your savings account?

What Is Bank of America Advantage Savings?

Bank of America Advantage Savings is a standard savings account with a very low 0.01% APY. Low rates on savings accounts are quite common among traditional banks, unfortunately.

However, Bank of America does have a Preferred Rewards program that gives slightly higher rates than their standard offering.

It has four tiers based on a member's 3-month combined average daily balance:[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

But even with the rewards program, the rates may not be as attractive compared to most online high-yield savings accounts.

To be a Preferred Rewards member, you must have an active, eligible Bank of America checking account and a 3-month average combined balance of at least $20,000 or higher.

Fees to Look Out For

Bank of America's savings account has some fees you need to be aware of. These are:[2]

  • $100 minimum opening deposit
  • $8 monthly service fee
  • $2.50 out-of-network ATM fee within the U.S.
  • $30 outgoing domestic wire transfer fee

How Bank of America Savings Compares

Have you ever considered switching banks for a better savings account yield?

Pros and Cons

Pros

  • Access to thousands of ATMs and financial centers
  • ATM card available
  • FDIC-insured

Cons

  • Very low rates
  • $8 monthly service fee
  • $100 opening deposit requirement

Can You Lose Money with Bank of America Advantage Savings?

Generally, you can't lose money with the Bank of America Advantage Savings Account.

Bank of America is an FDIC member (Cert #3510) so your deposits are insured by the FDIC up to $250,000 for individual accounts and $500,000 for joint accounts.

This means you're guaranteed to get your money back should the bank fail. However, the $8 monthly service charge can reduce your balance if you are unable to waive the fees.

Is Bank of America Savings Worth It?

If you're simply looking for a safe place to stow your money away, Bank of America's savings account is a good choice.

It is a trusted bank that allows users easy access to their money through their wide network of finance centers and ATMs and through online banking.

But if your goal is to earn passively through high rates, then this account is not for you. You're better off checking out online banks and credit unions that offer high-yield savings options.

How to Open a Bank of America Savings Account

You can open a Bank of America savings account in person or online. Here's how to do it through their official website:

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

How do I fund a Bank of America savings account?
You can fund your new account by transferring funds from another bank account. If you're already a Bank of America client, you can move money from your current account. You can also use a debit card, check, or money order for the initial deposit.[3]

Bottom Line

Even though Bank of America Advantage Savings is reliable and convenient, it is not a high-yield savings account. You can't earn passively or make your money work harder, which makes it unappealing to some.

Regardless, it is a good account to consider — especially if it aligns with your financial goals and preferences!

References

  1. ^ Bank of America. Preferred Rewards, Retrieved 11/17/2023
  2. ^ Bank of America. Bank Account Fees, Retrieved 12/06/2023
  3. ^ Bank of America. Applying for Bank Accounts FAQs, Retrieved 11/17/2023
Bank of America
Member FDIC

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

Expires in 2 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 - 3.75% APY

  • 3.75% 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
Disclosures

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:

How satisfied are you with the current yield on your savings account?
Have you ever considered switching banks for a better savings account yield?
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.

*Terms and conditions apply. Reasonable efforts are made to maintain accurate information. However, all information is presented without warranty. Please review the merchant's website for terms and conditions.

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
© 2026 CreditDonkey Inc. All Rights Reserved.