Bank of America Advantage Savings account review
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 0.05% depending on your balance, which is lower than the competition.
$8 per month
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|
|Monthly transaction limit||6|
|Fee per transaction over the limit||$10|
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 encourages you to save with a number of ways to automate your money and 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 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 a lot faster with a high yield savings account from another bank.
How do I apply for a Bank of America Advantage Savings account?
You can open a Bank of America Advantage Savings account online, by phone or at a branch, all in about ten minutes:
- Go to the provider’s site and follow the steps to apply.
- From Bank of America’s website, click Savings, then Bank of America Advantage Savings.
- Click Open now.
- Check any relevant boxes, then click Go to Application.
- Enter your personal information, then click Continue.
- Fund your account and adjust any account options, then click Continue.
- Read and agree to the terms and conditions, then click Continue.
- Review and Submit your application.
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:
- At least 18 years old
- Permanent US address
- Social Security number
- Deposit at least $100
Whether you apply online or at a branch, you’ll need to provide the following information to open an account:
- Date of birth
- Employment information
- Contact information
- Social Security number — or passport for foreign applicants
What are the benefits of this Bank of America 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:
- Earn rewards. Get up to 10% 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 0.05%, interest rates on this account is far lower than its competitors.
- Monthly service fee. This account has an $8 monthly service fee. But you can avoid it 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
Use this table to see how the Bank of America Savings account compares to the competition.
Can I open this as a Bank of America joint savings account?
Yes. You can open a joint Bank of America savings account online or in-person. You’ll just need to have the Social Security number and date of birth for all account holders.
How do I deposit or withdraw money?
Bank of America makes it easy to deposit and withdraw money with this savings account:
- 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
- At a branch or ATM
- Online transfer and wire transfer
- Bill pay
Can I make more than six withdrawals per month from my Bank of America savings account?
You technically can, but it’s not recommended. 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.
Does Bank of America offer any other savings accounts?
Yes. The Advantage Savings account is Bank of America’s regular savings account, but there’s also a savings account for kids.
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
- Facebook: Bank of America
- Instagram: @BankofAmerica
Frequently asked questions
Can I open a Bank of America savings account if I’m not a US citizen?
Yes. Bank of America is one of the few institutions that will allow you to open an account if you are not a citizen. However, you’ll need a valid passport and US residential address to get approved.
What is the Bank of America routing number?
Routing numbers vary depending on your state, so check the Bank of America website to find the one that applies to you.
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