Bank of America Interest Rates: How They Compare

Margarette BurnetteSeptember 10, 2020

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Bank of America Bank of America Advantage Savings
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Bank of America interest rates are lower than what you can find at other banks. Its Advantage Savings account has a 0.01% annual percentage yield, or APY. There are slightly better rates available for customers enrolled in the bank's Preferred Rewards program.

Bank of America's overall star rating is 3.5 out of 5 stars, but the Advantage Savings account earns 2.5 out of 5 stars.

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 APYs are around 1%.)

» Skip ahead to see how Bank of America compares with two other banks.

Bank of America interest rates

Interest rate on balances

0.01%.

How it compares

The average national rate for savings accounts is 0.05% APY.

Monthly fees

$8, waived for the first six months.

How to avoid monthly fees

  • Maintain minimum daily balance of at least $500, or

  • Link to a qualifying checking account, or

  • Enroll in the Preferred Rewards Program, or

  • Be under age 24 and enrolled in school.

Minimum opening deposit

$100.

Interest on balances for premium savings accounts

Up to 0.05% 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.

Here’s a comparison of Bank of America savings rates with accounts at other institutions.

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APY

0.01%

With $0 minimum balance

APY

0.60%

With $0 minimum balance

APY

0.01%

With $0 minimum balance

Bonus

N/A

Bonus

N/A

Bonus

$150

Requirements to qualify

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 vary based on term length and deposit amount. They start at 0.03% APY and don’t increase much from there.

» Dive deeper: Read NerdWallet’s Bank of America review

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

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