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Bank of America Interest Rates: How They Compare

Nov. 14, 2019
Banking, Banks & Credit Unions, Savings Accounts
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3.5 NerdWallet rating

 

Bank of America interest rates are lower than what you can find at other banks. Its Advantage Savings account has a 0.03% annual percentage yield, or APY. There are slightly better rates available for customers enrolled in the bank’s Preferred Rewards program. While Bank of America’s overall star rating is 3.5 out of 5 stars, the Advantage Savings account earns 2.5 out of 5 stars.

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 APYs are around 2%.)

» Skip ahead to see how Bank of America compares with two other banks.

Bank of America interest rates

Interest rate on balances0.03%.
How it comparesThe 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

  • Enroll in the Preferred Rewards Program, or

  • Be under age 24 and enrolled in school.
  • Minimum opening deposit$100.
    Interest on balances for premium savings accountsUp to 0.06% APY for customers enrolled in Preferred Rewards. (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.

    Here’s a comparison of Bank of America savings rates with accounts at other institutions.

    NerdWallet bank rating:
    3.0 NerdWallet rating


    Marcus by Goldman Sachs

    at Marcus by Goldman Sachs,

    Member, FDIC

    NerdWallet bank rating:
    4.0 NerdWallet rating
    NerdWallet bank rating:
    3.5 NerdWallet rating

    APY



    0.03%





    Monthly fees



    $8





    Bonus features



    Over 4,000 branches

    APY



    1.05%





    Monthly fees



    $0





    Bonus features



    Competitive APY



    APY



    0.01% (effective 6/14/19; rates are variable and subject to change)




    Monthly fees



    $5





    Bonus features



    Nearly 5,000 branches
    See more high-yield savings accounts

     

    Bank of America CDs and other savings options

    Bank of America has other savings options, but they don’t earn much interest, either. The bank offers certificates of deposit; you can open a Bank of America CD with $1,000, which is steep. Rates start at 0.03% APY and go up to 0.08% APY, depending on term length and deposit amount. CD terms range from 28 days to 10 years.

    » Dive deeper: Read NerdWallet’s Bank of America review

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

    » Find this month’s best rates in NerdWallet’s Best Savings Rates

     

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