Bank of America Rewards Savings review September 2019 | finder.com

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Bank of America Rewards 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 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

Details

APY0.03%
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 compoundingDaily
Monthly transaction limit6
Fee per transaction over the limit$10

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

Name Product Interest rate (APY) Fee Minimum deposit to open
1.90%
$0
$0
Enjoy no monthly fees and a competitive APY with this online-only savings account.
2.00%
$0
$0
Earn 20x the national savings account average with no fees or minimums.
0.01%
$5 per month
(can be waived)
$0
Get a $150 bonus when you open a new Chase Savings account, deposit a total of $10,000 or more in new money within 10 business days and maintain a $10,000 balance for 90 days.
2.20%
$0
$100
A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank.
Betterment Everyday Savings
Betterment Everyday Savings
2.38%
$0
$10
At a 2.38% APY if you join the waitlist for Betterment Everyday Checking or 2.13% if you don't, this is a high-interest FDIC-insured savings account seamlessly tied into Betterment's investment robo-advisor.
2.00%
$0
$0
Earn one of the highest interest rates without the fees.

Compare up to 4 providers

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

  1. Visit the BOA website, click Savings, then Rewards 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:

  • Deposit at least $100
  • Social Security number
  • Permanent US address

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 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 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

Social media

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

Bottom line

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

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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