Bank of America savings accounts start at 0.01% annual percentage yield (APY), a low rate by any standards — lower than other major banks and significantly lower than the best high-yield savings accounts.
Bank of America does offer a rewards program that can help boost your APY, but it's only a small amount: To qualify for the Preferred Rewards program, you must have a linked personal checking account with Bank of America and a combined balance of at least $20,000 in your BofA banking and investment accounts.
The program has four levels, each with a different corresponding APY.
Gold: This level is for those with balances between $20,000 and $50,000. Platinum: BofA's Platinum level is for balances between $50,000 and $100,000. Platinum Honors: This level starts at balances between $100,000 and $1 million. Diamond: For higher income earners, BofA's Diamond level is for customers with balances between $1 million and $10 million.
Here are Bank of America's APYs for each tier:
Bank of America AccountStandard APY*Preferred Rewards APY*Minimum Opening DepositAdvantage Savings 0.01%Gold: 0.02%
Platinum: 0.03%
Platinum Honor Award: 0.04%
Diamond: 0.04%$100*APY as of June 25, 2024. Rates may vary by location.
How Bank of America savings rates compare to other major banks
Bank of America's savings account interest rates aren't as impressive as those of its competitors. It's not a high-yield account, and it offers only a fraction of the interest rates offered by banks like American Express and Discover. Bank of America's minimum deposit isn't high, but it's still higher than most other banks that don't require a deposit to open a savings account.
Here's how BofA compares to savings accounts at major banks:
Bank APY*Minimum opening depositBank of America0.01%-0.04%$100American Express4.25% NoneDiscover4.25% NoneChase0.01% or 0.02% NoneAlly4.20% NoneTD BankMaximum0.02% NoneCapital One4.25% None*APYs as of June 25, 2024. Rates may vary by location.
>> Related: Using a Savings Account Calculator
Bank of America vs. Highest Interest Rates
See how Bank of America compares to the banks with the highest APYs.
Bank APY*Bank of America0.01%First Community Bank6.00%MyBankingDirect.com5.55%Sovereign Bank5.40%EagleBank5.38%*APYs accurate as of June 25, 2024. Rates may vary by location.
Bank of America Savings Account Fees
Bank of America's Advantage Savings requires a $100 opening deposit minimum and a monthly maintenance fee of $8. You can waive the maintenance fee if you meet any of the following criteria:
Maintain a daily balance of at least $500 Link your savings account to your Bank of America Advantage Relationship Banking® account
The monthly fee may be waived in the following cases:
You are a Preferred Rewards member You are under 18 You are between 18 and 25 and qualify as a student
New account holders will also be waived fees for the first six months.
Other features
Bank of America's savings account doesn't offer the best APR rates, but it does have features that make it a worthwhile account for certain borrowers. With a BofA savings account, you can take advantage of the following:
Personalized planning: With an account, you'll have access to “Life Plan,” a financial goal tracking app that offers personalized advice. Cashback deals: BankAmeriDeals are cashback options at a variety of retailers. Simply activate these deals online and use your BofA debit card when making payments.
Automatic savings: Bank of America offers a “Keep the Change” program that allows you to round up your debit card purchases and transfer the difference to your BofA savings account.
>> Related: Learn more about the best bank bonuses
Who is a Bank of America savings account best for?
BofA isn't the strongest bank when it comes to interest rates, so who is it for? Customers who would benefit from BofA's Advantage Savings include:
Existing customers: The only way to get a worthwhile interest rate is to join BofA's Preferred Rewards program, which is only available to BofA checking account customers. Higher-income customers: Not only do you need a linked BofA checking account, but you also need to meet certain balance requirements to get the higher interest rate. The best APYs are for customers with balances of at least $100,000. Cash-back-craving customers: BofA stands out with its cash-back deals, offering big savings at many retailers if you activate the offer. Those looking for a hybrid banking experience: BofA offers both in-person and online banking options, making it a good choice for those who want a branch with the convenience of mobile banking.
>> Related: Learn more about the best savings accounts
How to Open a Bank of America Savings Account
Bank of America says the application takes about 10 minutes and is quick to explain what you need to apply.
Name Date of birth Social Security number Phone number and email address U.S. address Driver's license (if BofA has difficulty verifying your identity)
You can apply online and BofA will guide you through the process. You'll see your progress at the top of the page. Enter your personal information and answer questions about your income and co-applicants.
>> Related: Learn more about how to open a Bank of America account
Source: Bank of America
You'll need to transfer a minimum of $100 from an outside account before you can finally open your account. Once you open your account, interest will start accruing, which BofA will add to your balance every month, compounded interest.