Bank of America Business Savings Account Review 2025

At a glance

Bank of America business savings account overview

The Bank of America Business Advantage Savings account is the primary savings option for businesses banking with BofA. While the standard interest rate sits at a mere 0.01 percent annual percentage yield (APY), members of the bank's Preferred Rewards for Business program can earn slightly higher rates:

• 0.02 percent for Gold tier
• 0.03 percent for Platinum tier
• 0.04 percent for Platinum Honors tier. 

Even at these elevated tiers, however, the rates remain well below what many competitors offer. The account enables businesses to maintain easy access to their funds while providing FDIC insurance protection and integration with BofA's small business banking ecosystem.

Where Bank of America stands out

• Extensive branch and ATM network. Bank of America maintains one of the largest branch footprints in the United States, with approximately 3,900 physical locations and 16,000 ATMs across 37 states plus Washington, D.C. This widespread presence gives business owners convenient in-person banking options and cash deposit capabilities.
• Digital banking tools. BofA offers strong digital banking capabilities, including its Cash Flow Monitor tool that helps business owners track income and expenses, generate cash flow projections and monitor key transactions. The bank's mobile app allows businesses to handle most banking needs remotely, including mobile check deposits and account transfers.
• Integration with other BofA business services. For businesses already using other Bank of America services, the Business Advantage Savings account delivers a seamless banking experience. It can be linked to a Business Advantage checking account for overdraft protection, and customers can view all their BofA accounts in one place, including business credit cards and loans.
• Preferred Rewards for Business benefits. The bank's loyalty program offers perks that extend beyond slightly higher savings rates. Members can receive rewards bonuses on business credit cards, interest rate discounts on new loans and reduced fees on select services based on their tier level.

Where Bank of America falls short

• Low interest rates. With a base APY of just 0.01 percent, and a maximum of 0.04 percent even for top-tier Preferred Rewards members, this account offers minimal return on your savings. Many online banks and credit unions pay 100-300 times these rates on business savings accounts.
• Monthly maintenance fee. The $10 monthly fee can eat into your already meager interest earnings if you don't meet the requirements to have it waived. While the fee can be avoided by maintaining a $2,500 minimum daily balance, including the account in a Business Advantage Relationship Banking solution, or enrolling in Preferred Rewards for Business, these requirements may be challenging for some small businesses.
• Limited free transactions. BofA limits free deposits to 25 items per statement cycle, charging $0.45 for each additional deposit item (mobile check deposits and ATM deposits are exempt). Cash deposits are free for the first $5,000 per cycle, with a $0.30 fee per additional $100 deposited. These transaction limits and fees can add up for businesses with high transaction volumes.
• Withdrawal restrictions. Like most savings accounts, BofA's Business Advantage Savings restricts the number of withdrawals you can make each month, potentially limiting your access to funds when needed. While federal regulations no longer mandate the six-withdrawal limit, many banks, including BofA, continue to enforce similar restrictions.

Bank of America customer experience

Customer support

Bank of America provides multiple support channels for business customers. Phone support is available Monday through Friday from 8 a.m. to 10 p.m. Eastern time. Customers can also schedule in-person appointments at branches during regular business hours. Additionally, the bank offers live chat support through its website and mobile app for quick assistance with simple questions.

Digital experience

BofA's digital banking platform includes both a robust website and a well-rated mobile app. Business customers can manage their accounts, transfer funds, pay bills, deposit checks remotely, and set up account alerts.

The Cash Flow Monitor tool integrates with various business software like QuickBooks and Google Analytics. The mobile app receives high ratings (4.8/5 in the Apple App Store, 4.7/5 in Google Play) and includes features specifically designed for business users.

How Bank of America compares to other banks

Bank of America vs. Chase

Chase Business Total Savings also offers extensive branch access with over 4,700 locations nationwide (compared to BofA's 3,900), but similarly pays rock-bottom interest at 0.01 percent APY. Chase charges a similar monthly fee ($10) that can be waived with a $1,000 balance (lower than BofA's $2,500 requirement) or by linking to a Chase business checking account.

Both banks limit free monthly transactions, though Chase allows only 15 free deposited items monthly versus BofA's 25. Both have nationwide ATM networks, though neither refunds out-of-network ATM fees. Businesses primarily concerned with branch access might give Chase a slight edge for its larger network, while those wanting slightly better fee waiver terms may prefer BofA.

Bank of America vs. Capital One

Capital One's Business Advantage Savings offers a significantly higher promotional rate—up to 3.70 percent APY for the first three months for balances between $10,000 and $10 million (rates then revert to standard rates). This promotional rate is nearly 100 times higher than BofA's best rate. Capital One also charges a lower monthly fee ($3 versus BofA's $10) that can be waived with just a $300 minimum balance (compared to BofA's $2,500). 

Where BofA still has an advantage is branch accessibility — with 3,900 locations nationwide versus Capital One's more limited branch presence in nine states. Businesses seeking higher returns should clearly favor Capital One, especially during the promotional period, while those needing extensive in-person banking might stick with BofA despite the interest rate gap.

Is Bank of America right for you?

Who Bank of America is best for

Bank of America's Business Advantage Savings account works best for businesses that already use BofA's other products and services. Companies that value branch access across multiple states will appreciate the bank's widespread physical presence. 

The account makes sense for those who qualify for the Preferred Rewards for Business program and take advantage of relationship benefits across multiple BofA products. It's also suitable for businesses that prioritize convenient digital tools for cash flow management over earning interest on their savings.

This account may also appeal to businesses that prefer banking with an established national institution with a long history of stability and full-service business banking capabilities. Companies that regularly need to deposit cash will appreciate the extensive ATM network and branch locations, making frequent deposits more convenient.

Who Bank of America might not be best for

Bank of America is not a good fit for businesses focused on earning meaningful interest on their savings. With rates barely above zero even for Preferred Rewards members, businesses would find substantially better returns almost anywhere else. Small startups and businesses with fluctuating cash balances might struggle to consistently maintain the $2,500 minimum required to avoid the monthly fee.

Companies with high transaction volumes could face excessive fees for deposits beyond the free monthly limits. Businesses looking for more flexible access to their savings may also find BofA's withdrawal limitations frustrating. Additionally, tech-forward businesses comfortable with online-only banking could find better rates, lower fees, and equally robust digital tools at online banks without sacrificing much functionality.

How to open a business savings account with Bank of America

1. Gather your business documentation, including your Employer Identification Number (EIN) or Social Security number (for sole proprietors), business formation documents, and ownership information.
2. Choose how to apply: online through Bank of America's website, by phone at 866-543-2808, or by scheduling an appointment at a local branch.
3. Complete the application form with your business information, including business name, address, industry type, and formation details.
4. Provide personal information for all owners with 25% or greater ownership stake, including Social Security numbers, addresses, and contact details.
5. Verify your identity by submitting required documentation, which may include a business license, formation documents, and personal identification.
6. Make your initial deposit of at least $100 to fund the account.
7. Set up online banking access to manage your new business savings account.
8. Consider linking your savings account to a Bank of America business checking account for overdraft protection and easier fund management.

How we rated this account

Every bank review we publish has undergone a rigorous editorial process to ensure accuracy and objectivity.

Bankrate evaluates business savings accounts using a 5-star rating system that weighs factors most important to business owners. Our methodology assigns the highest weight (50 percent) to APY offerings, as earning potential is crucial for business cash reserves. We also consider monthly service fees (20 percent), minimum balance requirements (20 percent) and account accessibility (10 percent). 

Accounts receive higher scores for competitive interest rates, low or no monthly fees, reasonable minimum balance requirements and flexible access options including online transfers, mobile deposit and ATM access.

Learn more about our methodology here.

Review methodology

Choosing the right business savings account can significantly impact your company's financial health. Bankrate's comprehensive list of business savings account reviews is regularly updated to help business owners make informed decisions. Our editorial team thoroughly analyzes each financial institution's business savings offerings, evaluating key factors including APY, minimum deposit requirements, monthly service fees, balance requirements and account accessibility options.

We research accounts from national banks, online banks, credit unions and regional institutions to provide a wide range of options for businesses of all sizes. Our team collects data directly from financial institutions, verifying information through multiple sources to ensure accuracy. This rigorous process helps us identify accounts that offer the best combination of competitive rates, low fees and business-friendly features.