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Bank of America Advantage Savings account review

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A savings account that lets you earn more rewards as your balance grows.

finder.com’s rating: 3.0 / 5.0

★★★★★

The Bank of America Advantage Savings account offers multiple ways to earn rewards. Although it has tiered interest rates, you’ll only earn 0.01% to 0.06% depending on your balance, which is lower than the competition.

0.01%

APY

$8 per month

Fee

$100

Minimum deposit to open

Details

APY0.01%
Fee$8 per month
To waive the fee· Maintain a minimum daily balance of at least $500
· OR link your account to your Bank of America Advantage Relationship Banking
· OR become a Bank of America Preferred Rewards client
Minimum deposit to open$100
Minimum balance to earn interest$0
Interest compoundingDaily
Monthly transaction limit6
Fee per transaction over the limit$10
More Info

Expert review

Peter Carleton

Review by


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.

Expert review

The Bank of America Advantage 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. But it has an $8 monthly fee and a low, 0.01% APY, which may make it difficult to quickly grow your savings.

What are the benefits of the Bank of America Advantage Savings account?

Beyond the easy access to one of the largest branch and ATM networks in the country, the Bank of America savings account has a variety of other perks:

  • Tiered savings. Earn a higher interest rate as your balance increases.
  • Earn rewards. Get up to 15% cash back at participating retailers, free ATM transactions and more depending on your balance across all BOA accounts.
  • Automatic savings. BOA can round up your debit card purchases and deposit the difference into your savings account. Or, you can 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 the Bank of America savings account stands out from its competitors for a number of reasons, it still has a few potential drawbacks:

  • Low interest rate. From 0.01% 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 when you meet certain direct deposit or relationship banking requirements.
  • 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. This is the usual policy, but Regulation D is currently suspended. Contact BOA to see if this fee is temporarily waived.
  • 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.

You can use our guide to savings accounts to explore more options and find the best fit for your goals.

Compare with other savings accounts

$
$
months
Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned More info
American Express® Personal Savings High Yield Savings
1.00%
$0
$0
Go to site
View details
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
CIT Bank Savings Builder High Yield Savings Account

0.95% on balances of $25,000+ or set up a direct deposit of $100+ each month
0.79% on balances of $0 to $24,999
$0
$100
Go to site
View details
No account opening or maintenance fees. Daily compounding interest. Earn one of the nation's top rates
Discover Online Savings Account
1.01%
$0
$0
Go to site
View details
Take advantage of a high-interest online savings account with no fees, no minimums and more.
Aspiration Spend & Save Account

1.00% on balances of $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
$0
$10
Go to site
View details
A spend and save combo account with no monthly service fees, free access to every ATM in the world, unlimited cash back rewards and deposits insured by the FDIC. The Aspiration Spend & Save Account is a cash management account offering of Aspiration Financial, LLC, an SEC-registered broker-dealer. Aspiration is not a chartered bank.
BBVA Money Market

0.19% on balances of $1,000,000+
0.10% on balances of $100,000 to $999,999
0.05% on balances of $0 to $99,999
$15 per month
(can be waived)
$25
Go to site
View details
Earn a promotional APY for your first 3 months and access your money by ATM, check or bill pay.
UFB Direct High Yield Savings
1.00%
$0
$100
Go to site
View details
Earn a competitive rate with a balance higher than $10,000.
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Compare up to 4 providers

How do I apply for the Bank of America Advantage Savings account?

You can open a Bank of America savings account online, by phone or at a branch, all in about ten minutes:
Online

  1. Visit the BOA website, click Savings, then Bank of America Advantage Savings.
  2. Click Open now.
  3. Check any relevant boxes, then click Go to Application.
  4. Enter your personal information, then click Continue.
  5. Fund your account and adjust any account options, then click Continue.
  6. Read and agree to the terms and conditions, then click Continue.
  7. Review and Submit your application.

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.

Eligibility

To open this account, you’ll need to meet a few eligibility requirements:

  • At least 18 years old
  • Permanent US address
  • Social Security number
  • Deposit at least $100

Required information

Whether you apply online or at a branch, you’ll need to provide the following information to open an account:

  • Name
  • Date of birth
  • Address
  • Employment information
  • Contact information
  • 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 savings account:

Deposits

  • At a branch or ATM
  • Direct deposit
  • Online transfer and wire transfer
  • By mail
  • With Bank of America mobile deposit
  • Keep the change rewards program

Withdrawals:

  • At a branch or ATM
  • Online transfer and wire transfer
  • Bill pay

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 in to 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

Social media

  • Facebook: Bank of America
  • Instagram: @BankofAmerica
  • Twitter:@BankofAmerica

Frequently asked questions

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.

Read the full methodology of how we rate savings accounts.

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