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While Bank of America earns 3.5 stars overall in NerdWallet’s Bank of America review, its Advantage Savings account earns 3.0 stars, partly because of its low 0.01% annual percentage yield, or APY. There are slightly better rates available, however, for customers enrolled in the bank’s Preferred Rewards program.
Bank of America’s rates are similar to those at other large banks, but are much lower than what many online institutions offer. (The best savings APYs are around 1% and higher.)
Bank of America interest rates
Interest rate on balances
How it compares
The average national rate for savings accounts is 0.08% APY.
$8, waived for the first six months.
How to avoid monthly fees
Minimum opening deposit
Interest on balances for premium savings accounts
Up to 0.04% APY for customers enrolled in Preferred Rewards. (APYs may vary depending on where you live.)
» Check out high-interest rate options with NerdWallet’s best high-yield online savings accounts
How Bank of America compares to online banks
Large national banks tend to have savings accounts with low interest rates, in part because the institutions spend a lot of money on physical bank branches. You can find higher rates at online banks. They tend to have savings accounts with high yields, often with no monthly fees or minimum balance requirements.
» Dive deeper: Read NerdWallet’s Bank of America review
Bank of America CDs and other savings options
Bank of America has other savings options, but they don’t earn much interest, either. You can open a standard Bank of America CD with a $1,000 minimum. CD terms range from 28 days to ten years. Rates may vary based on term length and deposit amount. They start at 0.03% APY and don’t increase much from there.
Find out how much interest you could be earning with the calculator below. The higher the rate, the faster your money can grow.
» Find this month's best rates in NerdWallet's best savings rates