We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.
finder.com’s rating: 3.0 / 5.0
★★★★★
The Bank of America Rewards Savings account offers four ways to earn rewards and tiered interest rates. However, the interest rate is lower than you’ll find on many other savings accounts.
0.03%
APY
$8 per month
Fee
$100
Minimum deposit to open
| APY | 0.03% |
|---|---|
| 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 compounding | Daily |
| Monthly transaction limit | 6 |
| Fee per transaction over the limit | $10 |
| More Info |
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.
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 difficult to quickly grow your savings.
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:
While this product stands out from its competitors for a number of reasons, it still has a few potential drawbacks:
You can use our guide to savings accounts to explore more options and find the best fit for your goals.
You can open a Bank of America Rewards Savings account online, by phone or at a branch, all in about ten minutes:
Online
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:
Whether you apply online or at a branch, you’ll need to provide the following information to open an account:
Bank of America makes it easy to deposit and withdraw money with this account:
There are a number of ways you can get in touch with a Bank of America representative:
★★★★★ — 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.
