We believe everyone should be able to make financial decisions with confidence. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free.
So how do we make money? Our partners compensate us. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services. Here is a list of our partners.
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
While Bank of America earns 3.5 stars overall in NerdWallet’s 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 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 0.07% 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. (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 0.04% 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.
0.85%APYs are subject to change at any time without notice including after an account is opened. Offers apply to personal accounts only. Fees may reduce earnings. Member FDIC.
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.
5.00%The Aspiration Save Account’s up to 5.00% Annual Percentage Yield (“APY”) with up to 83x the national interest rate is variable, subject to change, and only available to customers enrolled in Aspiration Plus after conditions are met. Customers not enrolled in Aspiration Plus receive 3.00% APY after conditions are met.
CDs (certificates 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 (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
2.00%APYs are subject to change at any time without notice. Offers apply to personal accounts only. A penalty may be imposed for early withdrawals from a CD. After maturity, if you choose to roll over your CD, you will earn the base rate of interest in effect at that time. Fees may reduce earnings. Member FDIC.
0.25%You’ll qualify for an annual percentage yield of 0.25% if you opt out of paper statements and have at least one electronic deposit made to your account each month, such as a direct, ATM or mobile deposit or a transfer from another financial institution.
