Bank of America’s savings account offers rates between 0.01% and 0.04%, far below the national average. Unlike many other savings accounts, which don’t require a minimum deposit and are fee-free, Bank of America requires both. You’ll need at least $100 to open a Bank of America savings account and could face an $8 monthly fee if you don’t meet specific requirements.
This isn’t ideal for many consumer’s goals. In our 2024 banking survey, the top three savings account features our 1,000 respondents most valued were no monthly fees (67%), a competitive interest rate (51%) and no minimum balance requirement (33%).
- Bank of America has an annual percentage yield (APY) ranging from 0.01% to 0.04%, depending on your balance.
- To open a Bank of America Advantage Savings account, you’ll need a minimum deposit of $100.
- Bank of America offers many other financial products including credit cards, checking accounts, certificates of deposit, investing management, auto loans and home loans.
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Bank of America Interest Rates
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Bank of America’s annual percentage yield (APY) on its savings account starts at 0.01%. It is a low rate, no matter how you slice it – lower than other major banks and significantly below the best high-yield savings accounts.
Bank of America offers a rewards program that helps raise its APY, but only slightly. To qualify for the Preferred Rewards program, you must have a linked Bank of America personal checking account and a combined balance of at least $20,000 among your BofA banking and investment accounts.
There are four tiers of the program, each with their own corresponding APY:
- Gold: This tier is reserved for those with balances of $20,000 to less than $50,000.
- Platinum: BofA’s Platinum tier is for balances of $50,000 to less than $100,000.
- Platinum Honors: This tier begins at a balance of $100,000 to less than $1 million.
- Diamond: For high-earners, BofA’s Diamond tier is for customers with balances of $1 million to $10 million.
Here’s a look at the APYs for each of Bank of America’s tiers:
| Bank of America Account | Standard APY* | Preferred Rewards APY* |
|---|---|---|
| Advantage Savings | 0.01% | Gold: 0.02% Platinum: 0.03% Platinum Honors: 0.04% Diamond: 0.04% |
*APY accurate as of 11/15/2024. Rates may vary by location.
Bank of America Savings Rates vs. Other Top Banks
Compared to its competitors, Bank of America savings account rates don’t make much of a splash. It’s by no means a high-yield account, offering a small fraction of what banks like American Express and Discover offer. BofA’s minimum deposit requirement, while not high, is still higher than most other banks that have no opening deposit.
Here’s a look at how BofA compares to savings accounts from major banks:
| Bank | APY* | Minimum Opening Deposit |
|---|---|---|
| Bank of America | 0.01% to 0.04% | $100 |
| American Express | 3.80% | None |
| Discover | 3.75% | None |
| Chase | 0.01% or 0.02% | None |
| Ally | 3.80% | None |
| TD Bank | 0.02% | None |
| Capital One | 3.80% | None |
>> Related: Use our savings account calculator
Bank of America vs. Highest APY Rates
Check out how Bank of America compares to the banks with the highest APYs.
| Bank | APY* |
|---|---|
| Bank of America | 0.01% |
| Veritex Community Bank | 4.90% |
| Wilson Bank & Trust | 5.00% |
| Great Southern Bank | 5.00% |
| Newtek Bank | 4.90% |
>> Related: Learn more about the best savings accounts
Bank of America Savings Account Features
Bank of America’s savings account doesn’t shine in terms of its APY, but it does come with features that could make it a worthwhile account for certain borrowers. With a BofA savings account, you get access to:
- Personalized planning: With your account, you get access to Life Plan, a financial goal-tracking app that offers personalized advice.
- Cashback deals: BankAmeriDeals are cash-back options at various retailers. All you do is activate these deals online and use your BofA debit card when you pay.
- Automatic savings: Bank of America offers a “Keep the Change” program where you can round up your debit card purchases and transfer the difference to your BofA savings account.
>> Related: Learn more about the best bank bonuses
Bank of America Savings Account Fees
Bank of America’s Advantage Savings comes with a $100 minimum opening deposit and a $8 monthly maintenance fee. You can have the maintenance fee waived if you meet one of the following qualifications:
- Maintain a daily balance of at least $500
- Link your savings account to your Bank of America Advantage Relationship Banking® account
You can also have the monthly fee waived if:
- You’re a Preferred Rewards member
- You’re under age 18
- You’re between 18 and 25 and qualify as a student
New account holders also have their fees waived for the first six months.
Who is a Bank of America Savings Account Best For?
Since BofA isn’t the strongest bank in terms of interest, who is it right for? There are certain customers BofA’s Advantage Savings can benefit:
- Current customers: The only way to earn a worthwhile interest rate is to participate in BofA’s Preferred Rewards programs. This program is only available to BofA checking account customers.
- High-income customers: Not only do you need a linked BofA checking account, but you also need to meet certain balance requirements to earn higher interest rates. The highest APY is reserved for customers with balances of at least $100,000.
- Cash-back hungry customers: BofA shines in its cash-back deals, offering significant savings through many retailers, as long as you make sure to activate the offer.
- Those looking for a hybrid banking experience: BofA offers both in-person and online banking options, making it a good option for those who want a branch with the convenience of mobile banking.
How To Open a Bank of America Savings Account
Bank of America states that its application should take about 10 minutes, and explains right away what you’ll need to apply:
- Name
- Date of birth
- Social Security number
- Phone number and email address
- Physical U.S-based address
- Driver’s license (if BofA has a hard time verifying your identity)
You can apply online, and BofA prompts you through the process. You’ll see your progress across the top of the page. You’ll give your personal information and answer questions about your income and any co-applicants.
Before you can finally open your account, you’ll need to transfer the $100 minimum required from an external account. After you open your account, you’ll start accruing interest, which BofA compounds and adds to your balance monthly.
>> Related: Learn more about how to open a Bank of America account
The Bottom Line: Is a Bank of America Savings Account Right for You?
Bank of America’s Advantage Saving account isn’t the highest interest-earner, offering an APY far below the national average. To earn its highest rate, you need a total banking account balance of at least $100,000, making it impractical for many customers.
BofA instead focuses on other features many other savings accounts push to the side. It’s built a financial planning tool to help you get the advice you need to meet your savings goals. Plus, you get access to cash-back deals at popular retailers and autosave features.
Our review of Bank of America dives deeper into the financial institution.
FAQ: Bank of America Savings Account Rate
If you’re not a Preferred Rewards member, you earn an APY of just 0.01%. Gold tier Preferred Rewards members earn 0.02%, Platinum tier members earn 0.03% and Platinum Honors tier members earn 0.04%.
There are no U.S.-based banks that offer 7% on savings accounts. Some CDs offer this rate, but even that’s uncommon.
It’s difficult to find a bank that offers 6% on its savings accounts consistently. The highest available rate today is 4.90% APY from Veritex Community Bank.
*Data accurate at time of publication
Editor’s Note: The provided content structure is based on typical article structures found in competitor articles. Adjustments can be made to headings, subheadings, and content based on specific research findings and audience needs.
Editor’s Note: Parts of this story were auto-populated using data from Curinos, a research firm that collects data from more than 3,600 banks and credit unions. For more details on how we compile daily rate data, check out our methodology here.
