Bank of America Savings Account Interest Rates: How They Compare

Margarette Burnette
By Margarette Burnette 
Updated

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Bank of America Advantage Savings
NerdWallet rating 

Editor’s note: Some of the information on this page may be outdated as of the publication date.

Bank of America's Advantage Savings account earns a low 0.01% annual percentage yield, or APY. There are slightly better rates available for customers who are members of the bank’s Preferred Rewards program but those rates are still very low.

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 5% and higher.)

Bank of America interest rates

APY on balances

0.01%.

How it compares

The average national rate for savings accounts is 0.45% 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 a member of the Preferred Rewards Program. (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.) Or,

  • No fee if the account owner is under age 25.

Minimum opening deposit

$100.

APY on balances for premium savings accounts

Up to 0.04% APY for Preferred Rewards members. (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

You can open a standard Bank of America CD with a $1,000 minimum. CD terms range from 28 days to 10 years. Rates may vary based on term length and deposit amount. They start at 0.03% APY for standard CDs, though some short-term standard CDs currently have competitive rates. Some of their featured CDs also have decent rates as of the publication date.

Find out how much interest you could be earning with the calculator below. The higher the rate, the faster your money can grow.

Investment details
Contribution frequency

Monthly

Annually

Years

Total Balance

$11,406.15

Principal valueTotal interest
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» Find this month's best rates in NerdWallet's best savings rates

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