Bank of America's Advantage Savings account earns a low 0.01% annual percentage yield, or APY. 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 4% and higher.)
Bank of America interest rates
| APY on balances | 0.01%. |
| How it compares | The average national rate for savings accounts is 0.38% APY. |
| Monthly fees | $8, waived for the first six months. |
| How to avoid monthly fees |
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| Minimum opening deposit | $100. |
» 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 featured CDs 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.
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» Find this month's best rates in NerdWallet's best savings rates
