Bank of America offers a number of savings accounts for parking your money, but its rates will do little to help you grow your savings. They are lower than the national average, and many savings accounts offered by competing banks offer more rewarding rates.
Bank of America earned 3.2 out of 5 stars in Bankrate’s overall review of its deposit accounts. For its savings accounts, the bank scored 2.7 out of 5 stars.
Bank of America savings account rates
Here’s a closer look at the rates offered by B of A’s savings accounts. The rates are for those living in the New York tri-state area and could vary by state.
|Account name||Interest rate||APY||Minimum deposit|
|Minor Savings Account||0.01%||0.01%||$25|
|Custodial (UTMA) Savings Account||0.01%||0.01%||$100|
|Advantage Savings, Gold||0.02%||0.02%||$100|
|Advantage Savings, Platinum||0.03%||0.03%||$100|
|Advantage Savings, Platinum Honors||0.04%||0.04%||$100|
Note: Annual percentage yields (APYs) shown are as of Jan. 24, 2022, for the New York City area and may vary by region for some products.
How Bank of America savings accounts compare to top-yielding banks
The tiered rates on the bank’s Advantage Savings account are based on how much money you park in the account: The higher your balance, the more interest you can earn. But with 0.04 percent APY as the highest payout option at Bank of America, its savings account rates are easily beaten by many other financial institutions. Some banks are currently paying 0.5 percent APY and higher for your savings.
Savings accounts offered by Vio Bank, Ally Bank and Marcus by Goldman Sachs all offer much higher rates. Bankrate’s list of institutions that offer high yields can help you find the best savings account rates.
Bank of America imposes an $8 monthly maintenance fee on its savings accounts. Though it is possible to waive this fee if you meet certain criteria, such as maintaining a $500 balance, many other banks charge no monthly fees on savings accounts.
Other savings options at Bank of America
Bank of America offers other savings options beyond savings accounts. Its certificates of deposit have terms ranging from 28 days to 10 years, but the yields are low compared with other banks.