Regarding interest rate, the bank’s savings account rates are on par with what you would expect from a brick-and-mortar bank. We also offer CDs, IRAs and savings accounts for kids. Preferred Rewards members can earn even more. Bank of America only offers one savings account for adults, and there’s not a ton to like about it. View the Bank of America Advantage Savings Account Clarity Statement®. Student banking on Bank of America. Enroll in Keep the Change® to round up debit card purchases and deposit the difference into savings automatically. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. The rates are for those living in the New York tri-state area and could vary by state. We strive to provide you with information about products and services you might find interesting and useful. Advantage Savings Account . Thank you for your contribution. Account Details APY Updated; Bank of America Savings Account: 0.03%. Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our editorial team does not receive direct compensation from our advertisers. Investigate other types of accounts. While we adhere to strict Make a total of 6 transfers and withdrawals each monthly statement cycle with no Withdrawal Limit Fee. See how long it takes to save for the things you want and need. Bankrate, LLC NMLS ID# 1427381 | NMLS Consumer Access Bank of America Advantage Plus Banking. Bankrate’s editorial team writes on behalf of YOU – the reader. Want an easy way to help build your balance? Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. The APYs for some products may vary by region. The Bank of America Advantage Savings account offers multiple ways to earn rewards. A savings account is a deposit account that generally earns higher interest than an interest-bearing checking account. We are an independent, advertising-supported comparison service. We're committed to making your experience with us as easy as possible. Bankrate.com is an independent, advertising-supported publisher and comparison service. With the Advantage Relationship checking account offered by Bank of America, you will have the opportunity to earn interest on your checking account. Bank of America also offers one of the lowest APYs for a 12-month CD compared to other national banks. May, 2020. We maintain a firewall between our advertisers and our editorial team. We value your trust. GoldEach of these has different benefits and qualification criteria, which you’ll find all the in-depth information below.The short of it is: Bank of America rewards customers depending on their investment and deposit balances. Make your money work harder with a Business Advantage Savings account from Bank of America. You can gain access to slightly higher rates when you are a BoA Preferred Rewards member. We can help by waiving the monthly maintenance fee for qualifying students layer. Subject to FDIC limitations. and U.S. Trust Company of Delaware. Platinum Honors 2. Bank of America Savings Account Interest Rates. Featured US Savings … A checking account that’s designed to prevent overspending by rejecting your card if your balance is low. Interest can be automatically reinvested. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation. The current APY for the Bank of America Advantage Savings is 0.01%, which is what most brick-and-mortar savings accounts offer. Trust and fiduciary services are provided by Bank of America, N.A. Equal Housing Lender new window. Please refer to your Personal Schedule of Fees for details. While it does offer about 0.03% APY, the rate varies by location and it’s so low that it’s basically negligible. Open a Bank of America Advantage Banking account online today. Bank of America, N.A. Link your Bank of America Advantage Savings account to your Bank of America Advantage Relationship Banking® account (waiver applies to first 4 savings accounts) or; When you are a Bank of America Preferred Rewards client (waiver applies to first 4 checking and savings accounts) or pay $8 /month You can make regular transfers between accounts to help build your balance and achieve your goals. You only have one choice for a "standard" savings account. © 2021 Bankrate, LLC. MLPF&S makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation.Bank of America Private Bank is a division of Bank of America, N.A., Member FDIC and a wholly owned subsidiary of Bank of America Corporation. Promotional interest rates not applicable to converted accounts. Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements. Visa is a registered trademark of Visa International Service Association, and is used pursuant to license from Visa U.S.A. Inc.. Touch ID is a registered trademark of Apple Inc., registered in the U.S. and other countries. Bank of America ATM network and fees. Watch your savings grow and earn interest rates while maintaining easy access to … Students under age 24 are eligible for a waiver of the monthly maintenance fee while enrolled in a high school, college, university or vocational program. As your account balance grows, your interest rate has the potential to increase too. Bank of America’s Advantage Savings has an unimpressive 0.01% annual percentage yield. Which certificate of deposit account is best? A Red Ventures company. Accounts designed to help you save for your children. Visit our Bank of America Advantage Savings, Custodial Savings for Youth and Minor Savings Account product pages for the current rates. Here's how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. Passive income ideas to help you make money, Best age for Social Security retirement benefits, list of institutions that offer high yields, Privacy policy / California privacy policy. This information may be used to deliver advertising on our Sites and offline (for example, by phone, email and direct mail) that's customized to meet specific interests you may have. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Plus, you can avoid the account's $8 monthly maintenance fee as a Preferred Rewards member. Money management tools. Capital One reserves the right to limit the number of promotional Business Advantage Savings accounts per business taxpayer indentification number. Rates vary by region. Member FDIC. Chase Bank, Bank of America, and Wells Fargo—three of the country's four largest banks by assets—offer savings account rates far below the national average. Qualifying clients can enjoy benefits and rewards on everyday banking, from interest rate boosters to waivers on certain services. Advantage Savings Account: 0.03% APY, $8 Monthly Service Fee that can be waived if you maintain a daily balance of at least $500 OR link this account to a Bank of America Relationship Banking TM account OR when you are a Bank … The tiered rates on the bank’s Advantage Savings account are based on how much money you park in the account: the bigger your balance, the more interest you can earn. For its savings accounts, the bank scored slightly higher, earning 2.6 out of 5 stars. how we make money. Bank of America savings and checking accounts review, fees, pros and cons, benefits, interest rate APR in 2021 Bank of America is the second largest bank in the country, operating in all 50 states, and it is one of the largest banks in the world. Customers can jump through several hoops to secure higher rates, but they top out at 0.05% . 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