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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 0.05% depending on your balance, which is lower than the competition.
0.01%
APY
$8 per month
Fee
$100
Minimum deposit to open
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 |
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 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.
You can open a Bank of America Advantage 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:
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:
While the Bank of America savings account 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.
Use this table to see how the Bank of America Savings account compares to the competition.
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.
Bank of America makes it easy to deposit and withdraw money with this 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.
Yes. The Advantage Savings account is Bank of America’s regular savings account, but there’s also a savings account for kids.
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.