December 30, 2023

Does Bank of America Have a High Yield Savings?

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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

But you can waive the monthly charge if you are able to meet any of the following criteria:[3]

  • Are under 25 years old
  • Maintain a daily balance of at least $500
  • Have a 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)
  • Are a Bank of America Preferred Rewards member

Also, if you are new to opening a Bank of America Advantage Savings account, you get to waive the monthly maintenance fee for 6 months.

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.[4]

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. Personal Schedule of Fees, Retrieved 11/17/2023
  4. ^ Bank of America. Applying for Bank Accounts FAQs, Retrieved 11/17/2023
Bank of America
Member FDIC

Bank of America Advantage Banking - $200 Bonus Offer

Expires 5/31/2024
  • 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 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
Member FDIC

Chase Total Checking® - $300 Bonus

Expires 7/24/2024
  • 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*
BMO Bank
Member FDIC

BMO Smart Advantage Checking - $250 Cash Bonus

Expires 5/3/2024

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.

Discover Bank
Member FDIC

Online Savings Account - Earn 4.25% APY

  • No fees
  • No minimum opening deposit
  • No minimum balance required
CIT Bank
Member FDIC

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

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About CreditDonkey
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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.

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