SavingsWith our traditional savings account, you can build a solid financial future while your funds grow securely. Show
View Additional Details Market SmartMaximize your savings efforts with our competitive rate structure. The higher your account balance, the higher your returns. View Additional Details Market ManagerCommit to your savings goals and let your bottom line benefit from our tiered interest rate structure. View Additional Details Vacation ClubSave towards your ideal getaway. Let the plans for your next vacation fall into place while your balance grows. View Additional Details Christmas ClubSet funds aside throughout the year for holiday-related expenses and have the cash you need when the shopping rush begins. View Additional Details Skip to main content please wait while the page loads How we can helpOur savings account layer can help boost your financial health and put your goals into focus. What is a savings account?A savings account is a deposit account that generally earns higher interest than an interest-bearing checking account. Savings accounts limit the number of certain types of transfers or withdrawals you can make from the account each monthly statement cycle. Personalized planningBank of America Life Plan® is an easy, flexible way to set and track your short- and long-term goals, get one-on-one advice and adjust when life changes. Learn more about Life Plan A rewarding relationshipQualifying members can enjoy benefits and rewards on everyday banking, from interest rate boosters to waivers on certain services. Learn more about Preferred Rewards Easy ways to saveHave a checking account with us, too? Enroll to round up debit card purchases and transfer the difference to savings automatically. Learn more about Keep the Change® Cash back dealsWant to put more in savings? Search participating merchants and earn up to 10% cash back on everyday purchases. Learn more about BankAmeriDeals® Account details and feesAccount details and fees , openMonthly Fee
Required Opening Deposit
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Today's rates Account balanceStandard Annual Percentage Yield (APY)Preferred Rewards members can earn even more. How to qualify layer
How to qualifyAll you need to qualify is an eligible Bank of America® personal checking account and a three-month combined average daily balance of $20,000 or more in qualifying Bank of America deposit accounts and/or Merrill® investment accounts. Learn more about Preferred Rewards Fee waiver for studentsBetween tuition and textbooks, putting aside extra cash can be hard. We can help by waiving the monthly maintenance fee for Students under 25. Student waivers for Bank of America Advantage SavingsStudents under age 24 are eligible for a waiver of the monthly maintenance fee while enrolled in a high school, college, university or vocational program. Please refer to your Personal Schedule of Fees for details. You can apply online for a checking account, savings account, CD or IRA. Simply select an account, enter your personal information, verify your information and choose features & funding options. You will receive an email once your application is received and a follow-up email telling you whether it has been approved, plus any next steps. Please select your countyEnter your zip codePlease enter the zip code for your home address so we can give you accurate rate and fee information for your location. What is Bank of America savings account interest rate?Bank of America has just one savings account: Advantage Savings. The base APY is 0.01%, but if you're eligible and enroll for the Preferred Rewards program, you can earn up to 0.04%.
Is Bank of America savings account worth it?Final Verdict. The Bank of America Rewards Savings account is not a great savings account because of the high monthly fee and tough fee-waiver requirements. It may serve as an easy cash reserve for emergencies when linked to a Bank of America checking account. Otherwise, it doesn't really help you grow your savings.
Who has the best interest rate for a savings account?Here are the best savings account interest rates for October 2022. CIT Group Inc., APY: 2.40%, Min. Balance: $100.. Marcus by Goldman Sachs, APY: 2.15%, Min. Balance: $0.01.. Synchrony Financial, APY: 2.15%, Min. Balance: $0.01.. Ally Bank, APY: 2.10%, Min. Balance: $0.01.. Capital One, N.A., APY: 2%, Min. Balance: $0.01.. |