Bank of America Savings Account Interest Rates: How They Compare

Margarette Burnette
By Margarette Burnette 

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Editor’s note: Some of the information on this page may be outdated as of the publication date.

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 who are members of 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 3% and higher.)

Bank of America interest rates

APY on balances


How it compares

The average national rate for savings accounts is 0.46% 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 18.

Minimum opening deposit


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 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.

Investment details
Contribution frequency




Total Balance


Principal valueTotal interest
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