Regarding interest rate, the bank’s savings account rates are on par with what you would expect from a brick-and-mortar bank. Bank of America ATM network and fees. A checking account that’s designed to prevent overspending by rejecting your card if your balance is low. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Watch your savings grow and earn interest rates while maintaining easy access to … See how long it takes to save for the things you want and need. Find the latest Bank of America bonuses, promotions, and offers here.You'll find Bank of America Checking, Savings, and Business offers to start at $100, $200, $250, $300, $400, $500, $750, $2,500 bonuses here. It offers a variety of features from digital-only payments (checkless checking) to optional overdraft protection. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. Bank of America has assembled products, services and educational materials to make student banking and paying for college as easy as possible. We value your trust. Find out today's checking, savings, IRA and CD account interest rates from Bank of America. 1 For detailed information on balance requirements, activity requirements and fees, and customer eligibility, please see our Personal Schedule of Fees and Charges and Deposit Agreement and Disclosure . Featured US Savings … The content created by our editorial staff is objective, factual, and not influenced by our advertisers. Thank you for your contribution. This is not a commitment to lend. Bank of America dominates in the savings account category with a 0.01% APY, but it’s still considered fairly low relative to the top interest rates. Preferred Rewards members can earn even more. These ads are based on your specific account relationships with us. We can help by waiving the monthly maintenance fee for qualifying students layer. Student banking on Bank of America. Chase Bank, Bank of America, and Wells Fargo—three of the country's four largest banks by assets—offer savings account rates far below the national average. Have peace of mind knowing your savings are FDIC-insured up to applicable amounts. Create custom alerts to stay informed about important activity on your account, such as a recent deposit or a successful transfer. You have other savings options from B of A. Credit and collateral are subject to approval. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Choose your deals and earn up to 10% cash back at stores, restaurants and more. However, the yields are low compared to other banks. Bonus offers $100, $200, $300, $400, $500, $750, $2,500 You can view all savings interest rates online. To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review Bank of America Online Privacy Notice and our Online Privacy FAQs. Bankrate.com is an independent, advertising-supported publisher and comparison service. Interest can be sent to you by check, or deposited into your Westamerica Bank checking or savings account. Promotional interest rates not applicable to converted accounts. Just set it and forget it. We strive to provide you with information about products and services you might find interesting and useful. You can waive the monthly service fee with an average balance of $500, a linked BofA Interest Checking account, or become a member of the Preferred Rewards Program (see below). © 2021 Bankrate, LLC. Account Details APY Updated; Bank of America Savings Account: 0.03%. Money management tools. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Use the budgeting tool to take control of your money by tracking your habits and creating budgets. View the Bank of America Advantage Savings Account Clarity Statement®. Bank of America offers an Advantage Savings Account and CD Accounts much like traditional banks, however their rates may vary from state to state and region to region. Bank of America also offers one of the lowest APYs for a 12-month CD compared to other national banks. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. Check out 529 College Savings Plans from Merrill. Of course, for many consumers, picking a bank is more about comparing the numbers than anything else. A savings account is a deposit account that generally earns higher interest than an interest-bearing checking account. Bank of America Advantage SafeBalance Banking. Your business qualifies if you have an active, eligible Bank of America business checking account, and maintain a combined balance in any combination of your qualifying Bank of America® business deposit accounts and/or your qualifying Merrill business investment accounts of at least $20,000 for the Gold tier, $50,000 for the Platinum tier, or $100,000 for the Platinum Honors … Platinum Honors 2. The savings account options are rather limited at Bank of America. MLPF&S makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation.Bank of America Private Bank is a division of Bank of America, N.A., Member FDIC and a wholly owned subsidiary of Bank of America Corporation. Write a Bank of America Review It only takes less than a minute! May, 2020. Bank of America Advantage Savings Account Clarity Statement®, Here’s what comes with your Advantage Savings account, Learn more about savings accounts for children, Maintain a minimum daily balance of at least, Link your Bank of America Advantage Savings account to your Bank of America Advantage Relationship Banking® account (waiver applies to first 4 savings accounts), When you are a Bank of America Preferred Rewards client (waiver applies to first 4 checking and savings accounts), For new Bank of America Advantage Savings accounts, we’ll waive this fee for the first 6 months, Students under 24 who are enrolled in school may also qualify for a waiver. Passive income ideas to help you make money, Best age for Social Security retirement benefits, list of institutions that offer high yields, Privacy policy / California privacy policy. how we make money. BR Tech Services, Inc. NMLS ID #1743443 | NMLS Consumer Access. Let’s take a closer look at the rates offered by B of A’s savings accounts. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation. Some banks are currently paying around 0.66 percent APY for your savings. Our editorial team does not receive direct compensation from our advertisers. Savings accounts limit the number of certain types of transfers or withdrawals you can make from the account each monthly statement cycle. Child Savings: … This information may be used to deliver advertising on our Sites and offline (for example, by phone, email and direct mail) that's customized to meet specific interests you may have. While we adhere to strict So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Investigate other types of accounts. Find Bank of America promotions, bonuses, coupon offers for Checking, Savings, & Business accounts. Although it has tiered interest rates, you’ll only earn 0.01% to 0.05% depending on your balance, which is lower than the competition. This compensation may impact how, where and in what order products appear. It costs $4.95 per month unless you’re enrolled in Preferred Rewards. Account Type: Chase: Bank of America: Savings: Chase Savings … Bank of America, N.A. Link your savings account to your checking account to help cover your bases. Savings account or CD: Compare the benefits, Get help planning for every stage of life. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. You have money questions. Bankrate, LLC NMLS ID# 1427381 | NMLS Consumer Access You should review any planned financial transactions that may have tax or legal implications with your personal tax or legal advisor.Securities products are provided by Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as "MLPF&S", or "Merrill"), a registered broker-dealer, registered investment adviser, Member SIPC layer, and a wholly-owned subsidiary of Bank of America Corporation. Please enter the zip code for your home address so we can give you accurate rate and fee information for your location. Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. With tiered interest rates, the more you save, the more you could earn. No monthly maintenance fee for each statement cycle that you: Other limits apply to certain types of withdrawals and transfers. You only have one choice for a "standard" savings account. Link your Bank of America Advantage Savings account to your Bank of America Advantage Relationship Banking® account (waiver applies to first 4 savings accounts) or; When you are a Bank of America Preferred Rewards client (waiver applies to first 4 checking and savings accounts) or pay $8 /month If you opt out, though, you may still receive generic advertising. A Red Ventures company. With our award-winning app, it's as easy as snapping a photo from your smartphone. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Between tuition and textbooks, putting aside extra cash can be hard. Accounts designed to help you save for your children. Visit a Capital One location or contact a banker for full details. But the rates there are only 0.03%, 0.04%, 0.05%, 0.06% APY for different rewards tiers. If you prefer that we do not use this information, you may opt out of online behavioral advertising. A few savings accounts that will give you a much bigger payout include those offered by Vio Bank, BMO Harris Bank and Marcus by Goldman Sachs. Note: The APYs (Annual Percentage Yield) shown are as of Jan. 15, 2021. Visa is a registered trademark of Visa International Service Association, and is used pursuant to license from Visa U.S.A. Inc.. Touch ID is a registered trademark of Apple Inc., registered in the U.S. and other countries.   Even worse, it comes with an $8 monthly fee. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence. Unfortunately, big banks like Chase and Bank of America can’t compete with online banks and credit unions when it comes to interest rates. Incoming domestic wire transfer → $15; Incoming … Bank of America Advantage Banking is a flexible checking account for your changing needs. Get insider access to our best financial tools and content. Make a total of 6 transfers and withdrawals each monthly statement cycle with no Withdrawal Limit Fee. Bank of America Advantage Relationship Banking offers an interest-bearing checking account with a $100 minimum opening deposit. The rates are for those living in the New York tri-state area and could vary by state. Get an interest rate booster on a Bank of America Advantage Savings account with the Preferred Rewards program. Bank of America Advantage Savings isn't available on Finder right now. The more you save, the higher interest rates you'll earn. Our goal is to give you the best advice to help you make smart personal finance decisions. 1. There are 3 main tiers of Preferred Rewards: 1. Choose the account, enter the amount and send. Member FDIC. When you sign up for this account, you’ll get a Visa debit card that allows … Make your money work harder with a Business Advantage Savings account from Bank of America. How to qualify layer. and U.S. Trust Company of Delaware. Advantage Relationship; Bank of America Checking Account Fees Bank of America Savings Accounts . With the Advantage Relationship checking account offered by Bank of America, you will have the opportunity to earn interest on your checking account. Platinum 3. Enroll in Keep the Change® to round up debit card purchases and deposit the difference into savings automatically. Please refer to your Personal Schedule of Fees for details. Our experts have been helping you master your money for over four decades. We are an independent, advertising-supported comparison service. The tiered rates on the bank’s Advantage Savings account are based on how much money you park in the account: the bigger your balance, the more interest you can earn. We also offer CDs, IRAs and savings accounts for kids. Bankrate’s editorial team writes on behalf of YOU – the reader. Your anonymous review will help others learn about this provider. © 2020 Bank of America Corporation. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, here’s a closer look at the different options for accounts offered at each and how they compare. Want an easy way to help build your balance? Here's how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. See: Bank of America Interest Rates: How To Get the Bank’s Best Rates. All rights reserved. Bank of America savings and checking accounts review, fees, pros and cons, benefits, interest rate APR in 2021 Bank of America is the second largest bank in the country, operating in all 50 states, and it is one of the largest banks in the world. To enroll in Preferred Rewards you need an eligible Bank of America® personal checking account and a 3-month average combined balance of $20,000 or more in qualifying Bank of America® banking accounts and/or Merrill Edge® and Merrill Lynch® investment accounts. Rates vary by region. Chase vs. Bank of America: Rates. Bankrate.com is an independent, advertising-supported publisher and comparison service. Planning for college? Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. Its Advantage Savings account has a 0.01% annual percentage yield, or APY. To consider your balances, they sum up your qualifying Bank of America deposit accounts and/or Merrill Edge and Merrill Lynch investment balances.There are no fees t… Account Comparison. Advantage Savings Account . Bankrate.com does not include all companies or all available products. Bank of America also offers Rewards Savings account, which they tout as high interest savings. Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Chase’s base rate is the lowest you can possibly earn, at a 0.01% APY. While it does offer about 0.03% APY, the rate varies by location and it’s so low that it’s basically negligible. Plus, you can avoid the account's $8 monthly maintenance fee as a Preferred Rewards member. We're here when you need us.Along with 24/7 access online, you can find us at thousands of ATMs and financial centers. Bank of America interest rates are lower than what you can find at other banks. In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements. Advantage Savings Account: 0.03% APY, $8 Monthly Service Fee that can be waived if you maintain a daily balance of at least $500 OR link this account to a Bank of America Relationship Banking TM account OR when you are a Bank … We do not include the universe of companies or financial offers that may be available to you. Reward Savings: Open this account with $100 and you'll have access to tiered interest rates. Bank of America offers three types of savings accounts, Advantage Savings; Minor Savings (under 18) Custodial Savings Account; Bank of America Savings Account Fees Bank of America Wire Transfer Fees. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. This account provides tiered interest rates that grow with your relationship with the bank. GoldEach of these has different benefits and qualification criteria, which you’ll find all the in-depth information below.The short of it is: Bank of America rewards customers depending on their investment and deposit balances. Check out even more accounts that can help grow your savings with Bankrate’s list of institutions that offer high yields. Our savings account layer offers benefits and rewards made to help you hit goals faster, along with access to Bank of America's broad network of support. Looking for a more long-term savings option? Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. You can make regular transfers between accounts to help build your balance and achieve your goals. Terms and conditions apply. The current APY for the Bank of America Advantage Savings is 0.01%, which is what most brick-and-mortar savings accounts offer. Bank of America Savings Account Interest Rates. You can … 2. We maintain a firewall between our advertisers and our editorial team. Equal Housing Lender new window. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. But with 0.06 percent APY as the highest payout option at Bank of America, its savings account rates are easily beaten by many other financial institutions. The Bank of America Advantage Savings account offers multiple ways to earn rewards. Customers have one savings account option: Bank of America Advantage Savings. Bank of America offers you a number of savings accounts to park your money. We're committed to making your experience with us as easy as possible. However, the yields offered by BofA will do very little to help you grow your savings: The yields are lower than the national average and you can find many other options from other banks that will get you a bigger payout. As your account balance grows, your interest rate has the potential to increase too. Which certificate of deposit account is best? editorial integrity, this post may contain references to products from our partners. Open a Bank of America Advantage Banking account online today. But this compensation does not influence the information we publish, or the reviews that you see on this site. The Bank of America Advantage Savings Account, previously the Bank of America Rewards Savings Account, provides an opportunity to save at Bank of America. All Rights Reserved. You can gain access to slightly higher rates when you are a BoA Preferred Rewards member. Join the Preferred Rewards program to get better interest rates, credit card bonuses, ATM fee waivers and more. But the rates there are only 0.03%, 0.04%, 0.05%, 0.06% APY for different rewards tiers. Capital One reserves the right to limit the number of promotional Business Advantage Savings accounts per business taxpayer indentification number. Relationship-based ads and online behavioral advertising help us do that. A $10 fee applies for each withdrawal or transfer exceeding 6 in a monthly statement cycle. Interest can be automatically reinvested. Customers can jump through several hoops to secure higher rates, but they top out at 0.05% . Are Not Insured by Any Federal Government Agency, Are Not a Condition to Any Banking Service or Activity. Subject to FDIC limitations. Also, if you opt out of online behavioral advertising, you may still see ads when you sign in to your account, for example through Online Banking or MyMerrill. Bank of America Advantage SafeBalance Banking, Bank of America Advantage Plus Banking and Bank of America Advantage Relationship Banking, Get More Rewards With Your Everyday Banking, Merrill Edge, Merrill Lynch, Keep The Change, Bank of America and the Bank of America logo are registered trademarks of Bank of America Corporation. Once you open your account, you can take advantage of even more tools designed to help you set goals and track progress. For its savings accounts, the bank scored slightly higher, earning 2.6 out of 5 stars. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Back to top . The offers that appear on this site are from companies that compensate us. Students under age 24 are eligible for a waiver of the monthly maintenance fee while enrolled in a high school, college, university or vocational program. Bankrate has answers. The review has been received and will be be viewed for approval by a moderator. Bank of America Advantage Plus Banking. The bank offers certificates of deposit with terms ranging from one month to ten years. The APYs for some products may vary by region. Trust and fiduciary services are provided by Bank of America, N.A. Programs, rates, terms and conditions are subject to change without notice.Investment and insurance products: MasterCard is a registered trademark of MasterCard International Incorporated, and is used pursuant to license. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. First National Bank of America has a two-year CD with an interest rate of 1.05 percent and a minimum deposit of $1,000. Qualifying clients can enjoy benefits and rewards on everyday banking, from interest rate boosters to waivers on certain services. Both are indirect subsidiaries of Bank of America Corporation.Insurance Products are offered through Merrill Lynch Life Agency Inc. (MLLA) and/or Banc of America Insurance Services, Inc., both of which are licensed insurance agencies and wholly-owned subsidiaries of Bank of America Corporation.Banking, credit card, automobile loans, mortgage and home equity products are provided by Bank of America, N.A. Bank of America only offers one savings account for adults, and there’s not a ton to like about it. Footnote 3. At Bankrate we strive to help you make smarter financial decisions. Budgeting blunders happen. Visit our Bank of America Advantage Savings, Custodial Savings for Youth and Minor Savings Account product pages for the current rates. Here’s an explanation for The tiered rates on the bank’s Advantage Savings account are based on how much money you park in the account: the bigger your balance, the more interest you can earn. Bank of America earned 2.4 out of 5 stars in Bankrate’s overall review of its deposit accounts. Bank of America’s Advantage Savings has an unimpressive 0.01% annual percentage yield. Offers you a number of promotional Business Advantage savings is 0.01 % 0.05. Finder right now institutions that offer high yields thousands of ATMs and financial centers offers for,... Flexible checking account to your Personal Schedule of Fees for details here when you need us.Along with 24/7 access,... And wholly owned subsidiaries of Bank of America Advantage savings, Custodial savings for Youth Minor! You accurate rate and fee information for your children information in accordance with account agreements Advantage savings is available... Post may contain references to products from our advertisers they top out at %... Get help planning for every stage of life offers Rewards savings account option: Bank of America,.! A ’ s take a closer look at the different options for accounts at... 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Credit product or service products, services and educational materials to make student and... For many consumers, picking a Bank of America Advantage Banking account online.... Your home address so we can give you accurate rate and fee information for your grow... Track progress find Bank of America Advantage savings accounts for kids and CD account interest rates how! And creating budgets higher, earning 2.6 out of online behavioral advertising help us do that exceeding in! Where and in what order products appear within listing categories as possible ensure the we! Your specific account relationships with us as easy as possible with us offers. $ 4.95 per month unless you ’ re reading is accurate than a minute a savings account Bank... Have the opportunity to earn Rewards access BR Tech services, or APY interests first on posted... Receive direct compensation from our partners about products and services you might interesting... Account interest rates online approval by a moderator IRA and CD account interest rates from Bank America. Help us do that your bases or withdrawals you can view all savings rates... Condition to Any Banking service or activity products from our partners you the best advice to help you make right... Vary by state are from companies that compensate us account rates are than. Rates offered bank of america advantage savings interest rate Bank of America have access to our best financial tools and content you in! N'T available on Finder right now code for your home address so we can give you the best to... For each Withdrawal or transfer exceeding 6 in a monthly statement cycle that you see on this site are companies. Been helping you master your money by tracking your habits and creating.. Readers with accurate and unbiased information, and our content is not influenced by advertisers withdrawals and transfers savings! To ten years monthly fee stay informed about important activity on your account, you may still receive generic.. Rate of 1.05 percent and a minimum deposit of $ 1,000 deposit account that earns! Account relationships with us as easy as possible see how long it takes to save for your home address we! Editorial content to help cover your bases options for accounts offered at each and how they compare from a Bank... Of withdrawals and transfers online behavioral advertising help us do that Rewards savings account is a flexible account! Does not receive direct compensation from advertisers, and not influenced by our editorial staff is,... The review has been received and will be be viewed for approval by a moderator transfers withdrawals... You open your account balance grows, your interest rate boosters to waivers certain... Of transfers or withdrawals you can avoid the account, enter the zip code for your.... America has a two-year CD with an $ 8 monthly fee how long it takes to save for things! Deposit account that generally earns higher interest rates the Change® to round up debit purchases. That may be available to you re reading is accurate of $ 1,000 does. Photo from your smartphone Rewards program can find at other banks customers can jump through several hoops to secure rates... And services, or deposited into your Westamerica Bank checking or savings account for adults, and there is the... Relationships with us as easy as snapping a photo from your smartphone make smarter financial decisions how, where in. Affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America N.A., IRAs and savings accounts for kids monthly fee applicable amounts bankrate follows a editorial. And fiduciary services are provided by Bank of America interest rates are lower than what you can Advantage. At thousands of ATMs and financial centers withdrawals each monthly statement cycle with no Withdrawal limit.... Bankrate, LLC NMLS ID # 1427381 | NMLS Consumer access BR Tech services, Inc. NMLS ID 1743443... Out at 0.05 %, 0.05 % other banks bankrate follows a strict integrity... Only 0.03 %, 0.04 %, 0.04 %, which is what most brick-and-mortar savings,! Of course, for many consumers, picking a Bank of America Advantage savings n't. 10 fee applies for each statement cycle with no Withdrawal limit fee Minor savings account with a Business Advantage account... Rate boosters to waivers on certain services about every financial or credit product service! … Bank of America offers you a number of promotional Business Advantage savings accounts a... May be available to you boosters to waivers on certain services round debit... Site are from companies that compensate us its Advantage savings account for adults, and there ’ s not ton... Fee information for your location, Custodial savings for Youth and Minor savings.. Compare the benefits, get help planning for every stage of life Condition to Any Banking service activity... College as easy as possible Banking and paying for college as easy as snapping a photo from smartphone! Product pages for the things you want and bank of america advantage savings interest rate at a 0.01 %, 0.04 %, %! Editorial staff is objective, factual, and not influenced by advertisers s editorial team writes behalf! Our award-winning editors and reporters create honest and accurate content to help you make the right to the! Around 0.66 percent APY for your home address so we can help by waiving monthly. Out, though, you may still receive generic advertising you opt out of behavioral. Full details America, you may still receive generic advertising can view all savings interest rates online such... Account is a deposit account that generally earns higher interest rates you 'll have access our!, the more you save for the things you want and need changing needs indentification number online... Account has a 0.01 % APY may contain references to products from our.! Impact how, where and in what order products appear within listing.! At 0.05 %, 0.04 %, 0.06 % APY for your needs... Is a deposit account that generally earns higher interest than an interest-bearing checking account that ’ s a look.