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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 0.04% depending on your balance, which is lower than the competition.
0.01%
APY
$8 per month
Fee
$100
Minimum deposit to open
Annual percentage yield (APY) | 0.01% |
---|---|
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 compounding | Daily |
Monthly transaction limit | 6 |
Fee per transaction over the limit | $10 |
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 Advantage Savings account gives you the safety and security of one of the largest US banks, along with the convenience of its comprehensive branch and ATM networks. You also get rewarded with a higher APY, extra cashback perks and discounts on BOA products if you keep a high account balance.
But it has an $8 monthly fee that you’ll need to avoid and an initial 0.01% APY, which means you’ll only earn $0.10 for every $1,000 you keep in the account — and that’s before fees. Unless you’re set on opening a BOA account, your money will grow faster with a high-yield savings account from another bank.
Open a Bank of America Advantage Savings account online, by phone or at a branch in about ten minutes, either solo or as a joint account.
Online
By phone
If you’d prefer to speak with a representative to open this account, 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. Non-US citizens can also open an account as long as you have a permanent US address and valid passport.
For Preferred Rewards:
Earn a higher APY if you qualify as a Preferred Rewards member. Keep the average amount in all your BOA deposit or Merrill Edge investment accounts at these qualifying levels.
Whether you apply online or at a branch, you’ll need to provide the following information to open an account:
The main benefits of Bank of America’s savings account is that you get higher rewards the more money you save and you get access to one of the largest US bank networks. You can also take advantage of programs available to many BOA customers, like automated savings or its savings account for kids.
This Bank of America savings account won’t grow your money as fast as accounts from other banks, and you have to keep a high balance to earn its best APY. Consider all of the drawbacks to this account before making a final decision.
Grow your money faster with the socially conscious Aspiration or fee-free Quontic Bank’s High Yield Savings. If you prefer big brands, consider Discover’s Online Savings, which offers a recognizable brand and many financial products for your convenience.
Check the Compare box to see accounts that fit your savings style, and select Go to site to apply for your preferred choice.
Bank of America makes it easy to deposit and withdraw money with this savings account. Routing numbers vary depending on your state, so check the Bank of America website to find the one that applies to you.
BOA usually charges a $10 fee each time you make more than six outgoing transactions and you risk having your account closed. But this policy may be temporarily suspended due to the coronavirus pandemic. Contact BOA for information regarding its current policy.
There are four 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.
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Have you considered U.S. Bank Elite Money Market?
With a tiered interest rate, U.S. Bank Elite Money Market pays you more interest for higher balances. Earn 0.01% APY for balances under $25,000. Earn up to 1.07% APY for balances up to $500,000. Monthly fee is waived for a $10,000+ balance.