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Bank of America’s 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 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 0.40% and higher.)
Bank of America interest rates
Interest rate on balances
0.01%.
How it compares
The average national rate for savings accounts is 0.06% 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
Be an eligible student under age 24, or
Enroll in the Preferred Rewards Program. (To enroll, you’ll need to have qualifying accounts with a three-month combined average daily balance of at least $20,000. Other perks include loan discounts and no-fee ATM transactions.)
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.)
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.
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.
Find out how much interest you could be earning with the calculator below. The higher the rate, the faster your money can grow.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
0.25%To earn 1.00% APY interest on Aspiration Save Account balances up to and including $10,000.00 in any calendar month, customer must be enrolled in Aspiration Plus and spend $1,000 or more, monthly, with their Aspiration debit card. Balances over $10,000.00 will earn 0.10% APY. If the requirements are not met each month, the APY will be 0.25% on Save Account balances up to and including $10,000.00. Balances over $10,000.00 will earn 0.10% APY.
CDs (certificate of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
CDs (certificate of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
