Bank of America Advantage Savings account review
- APY
- 0.01%
- Fee
- $8 per month
(can be waived) - Minimum deposit to open
- $100
Our verdict
Earn more rewards as your balance grows, but its highest APY is still below average.
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.
Pros
-
APY grows with your account balance
-
Wide network of branches and ATMs
-
Automatic savings
-
Earn rewards
-
Overdraft protection
Cons
-
Low interest rate
-
Monthly service fee
-
Opening deposit requirement
-
Withdrawal limits
-
Overdraft fee
-
Branches not in every state
How do I apply for a Bank of America Advantage Savings account?
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
- Go to the provider’s site and follow the steps to apply.
- Choose Savings on Bank of America’s website, then Bank of America Advantage Savings.
- Hit Open now.
- Check any relevant boxes, then choose Go to Application.
- Enter your personal information, then Continue.
- Fund your account and adjust any account options, then Continue.
- Read and agree to the terms and conditions, then Continue.
- Review and Submit your application.
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.
Eligibility
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.
- At least 18 years old
- Permanent US address
- Social Security number for all account holders
- Deposit at least $100
- Valid passport for non-US citizens
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.
- Gold members: $20,000
- Platinum members: $50,000
- Platinum Honors members: $100,000
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
What are the benefits of this Bank of America Savings 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.
- APY grows with your account balance. Qualify for an APY up to 0.04% if you’re a Preferred Rewards member. Members also get discounts on other BOA products, earn more cash back on credit card purchases than non-rewards members and more.
- Wide network of branches and ATMs. BOA offers over 4,000 branches for in-person banking and over 16,000 ATMs, offering convenience and accessibility that competitors don’t.
- Automatic savings. BOA’s Keep the Change program lets you round up debit card purchases and deposit the difference in your savings account. Otherwise, you can set up automatic transfers to grow your savings quickly.
- Earn rewards. Get up to 10% cash back at participating retailers through BOA’s Bank Amerideals. Sign into your account to choose which deals you want to redeem, and then use your qualifying debit or credit card.
- Overdraft protection. Overdraft protection keeps your transactions from getting declined so that you can keep up with financial needs.
What should I look out for?
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.
- Low interest rate. You start with a 0.01% APY, which is low but common for brick-and-mortar banks.
- Monthly service fee. This account has an $8 monthly service fee. But BOA offers several ways to avoid it, such as maintaining a minimum balance of $500, linking qualifying accounts or becoming a Preferred Rewards member.
- Opening deposit requirement. You need at least $100 minimum deposit to open. This requirement is low compared to some savings accounts, but not committment free.
- Withdrawal limits. Every withdrawal past the six monthly maximum is subject to a $10 fee. This is the usual policy, but this federal requirement 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.
- Branches not in every state. 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
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.
How do I deposit or withdraw money?
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.
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
What if I make more than six withdrawals per month from my Bank of America savings account?
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.
How can I get in touch with customer service?
There are four 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 hit 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
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.
Bank of America Advantage Savings is not currently available on Finder
Have you considered SoFi Checking and Savings?
Earn up to 4.60% APY on savings by meeting deposit requirements, and 0.50% APY on checking balances. Members without deposit requirements will earn 0.50% APY on both savings and checking balances. Turn on automatic savings or use the Roundups feature to help you reach your savings goals faster. Get up to $2M of additional FDIC insurance through a network of participating banks.
- Up to 4.60% APY on savings by meeting deposit requirements
- $0 monthly or overdraft fees
- Get a $300 bonus with direct deposits of $5,000 or more
Peter Finder
Writer
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