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Peter Carleton is a writer that covers banking and investing, breaking down what you need to know about where you put your money. When Peter's not thinking about cutting-edge banking apps and robo-advisors, he runs a creative agency and spends his spare time cooking or reading.
BOA savings rewards
Tiered savings. Earn a higher interest rate as your balance increases.
BankAmeriDeals. Get up to 15% cash back when you shop at participating retailers.
Preferred Rewards. Get higher interest rates, more rewards, free ATM transactions and more depending on your balance across all BOA accounts.
Keep the change. BOA can round up your debit card purchases and deposit the difference into your savings account.
What are the benefits of the Bank of America Rewards Savings account?
Beyond the easy access to one of the largest branch and ATM networks in the country, the BOA Rewards Savings account has a variety of other perks:
Four ways to earn rewards.Depending on your balance, you can earn savings rewards.
Automatic Transfers. Set up automatic transfers to or from this account to align with your financial needs.
Resources.Bank of America offers a suite of tools and resources that can help you plan for goals, develop spending and budgeting habits and more.
Overdraft protection. Overdraft protection covers transactions that would otherwise be declined.
What should I look out for?
While this product stands out from its competitors for a number of reasons, it still has a few potential drawbacks:
Low interest rate.From 0.03% to 0.06%, interest rates on this account is far lower than its competitors.
Monthly service fee. This account has an $8 monthly service fee. However, it can be waived if certain conditions are met.
Opening deposit requirement.You need at least $100 minimum deposit to open.
Withdrawal limits. Every withdrawal past the six monthly maximum is subject to a $10 fee.
Overdraft fee. You’ll be charged a $35 overdraft fee every time you use overdraft protection, up to four times daily.
Branch availability.Bank of America operates in all 50 states but has no retail branches in AK, AL, HI, LA, MS, MT, ND, NE, SD, VT, WI, WV or WY.
Compare with other savings accounts
How do I apply?
You can open a Bank of America Rewards Savings account online, by phone or at a branch, all in about ten minutes: Online
Visit the BOA website, click Savings, then Rewards Savings.
Click Open now.
Check any relevant boxes, then click Go to Application.
Enter your personal information, then click Continue.
Fund your account and adjust any account options, then click Continue.
Read and agree to the terms and conditions, then click Continue.
By phone If you’d prefer to speak with a representative to open this account, you can call 844-375-7031 at any time. At a branch Visit a customer service agent or make an appointment at your local Bank of America branch.
To open this account, you’ll need to meet a few eligibility requirements:
Deposit at least $100
Social Security number
Permanent US address
Whether you apply online or at a branch, you’ll need to provide the following information to open an account:
Date of birth
Social Security number — or passport for foreign applicants
How do I deposit or withdraw money?
Bank of America makes it easy to deposit and withdraw money with this account:
At a branch or ATM
Online transfer and wire transfer
With Bank of America mobile deposit
Keep the change rewards program
At a branch or ATM
Online transfer and wire transfer
How can I get in touch with customer service?
There are a number of ways you can get in touch with a Bank of America representative:
By phone: 315-724-4022
By email: Sign into your online banking account, navigate to the Help & Support menu and click Contact Us.
Live chat:Visit the BOA website and click the chat icon to start live chat.
In person:Visit a branch or set up an appointment
Facebook: Bank of America
The Bank of America Rewards Savings account encourages you to save with a number of ways to earn rewards. You’ll get the safety and security of the second-largest bank in the US, along with the convenience of its comprehensive branch and ATM networks. However, its fairly high fees and low interest rates might make it worth shopping around to find an account that suits your needs. Compare your options to explore some of the best savings accounts out there.
Frequently asked questions
No. While it did in the past, the Rewards Savings account is now Bank of America’s only savings account.
Yes. Bank of America is one of the few institutions that will allow you to open an account if you are not a citizen. However, you’ll need a valid passport and US residential address to get approved.
Yes, but BOA charges $10 for each transaction over the limit, and you risk BOA closing your account.
Routing numbers vary depending on your state, so check the Bank of America website to find the one that applies to you.
Savings account ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.
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