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Bank of America Savings Account Interest Rates for 2024

  • Bank of America’s savings account offers multiple tiers with interest rates ranging between 0.01% and 0.04% — well below the national average of 0.47%.
  • The account is best suited to you if you’re currently learning how to save money or you prefer a traditional savings account and banking in person.
  • Online banks typically offer higher interest rates but can lack the extensive branch network and personal touch of Bank of America.
  • There are savings accounts at traditional banks with extensive branch networks that have lower fees and higher yields than BOA.
  • Selecting the best savings account for your needs involves considering factors such as rates, monthly fees and your financial goals.

Making your money work harder for you means exploring a seemingly endless selection of savings accounts. If you’re researching options, you might be curious about Bank of America’s savings account interest rates. We’ve got you covered in this article, which takes an in-depth look at the bank’s?APYs, account minimum, perks and minimum balance requirements.

By the end, you’ll know more about:

  • How Bank of America’s interest rates compare to other savings accounts
  • Methods to qualify for the bank’s Preferred Rewards program, with higher rates
  • Other savings account options and how to apply

Our top picks for savings accounts

Bank of America savings account interest rate

Bank of America’s rates aren’t among the most generous. So, if you dream of depositing a lump sum and watching it double in no time, you may need to look elsewhere. However, if you’re new to the savings game or prefer to invest with one of the big banks, it could be a safe, reliable option.

Its main savings account, the Advantage Savings, has a paltry APY (annual percentage yield) of 0.01%. It’s not high-yield by any measure, falling well below the national average rate and even less than the average checking account rate of 0.07%.

That said, it’s accessible for most people. To open an account, you need $100. Plus, with a monthly fee of $8 that you can waive by maintaining a minimum balance of $500, it’s not the most expensive savings account. There’s no fee at all for budding savers under 18, making it even more affordable for young people looking to save money and get a foot on the banking ladder.

Let’s take a closer look at the Bank of America savings account interest rates. The rates in the table below are for those living in the 90001 Zip code area.

Bank of America Advantage Savings Account Interest Rates

Tier Minimum balance requirement APY Minimum deposit Monthly maintenance fee
Advantage Savings Less than $20,000 0.01% $100 $8
Advantage Savings Gold $20,000 - $49,999 0.02% $100 $8
Advantage Savings Platinum $50,000 - $99,999 0.03% $100 $8
Advantage Savings Platinum Honors $100,000 - $999,999 0.04% $100 $8
Advantage Savings Diamond $1,000,000 - $9,999,999 0.04% $100 $8
Advantage Savings Diamond Honors $10,000,000 or more 0.04% $100 $8

Note that rates are variable percentages and subject to change at any time. What’s more, BOA rates vary by ZIP code, and its savings accounts have withdrawal limits of six per month, which is in line with Federal Reserve requirements.

How to find the Bank of America savings account interest rates

To find the Bank of America’s savings account interest rates for your location, head over to the official website and:

  1. Enter your ZIP code.
  2. Click “Savings & CDs.”
  3. Choose the savings account you’re interested in exploring.
  4. Select the “Rates” tab.

Get the best savings account for your individual needs by reviewing rates across various products and tiers, and take the time to learn about any exclusive perks. Keep your financial situation in mind when selecting a long-term savings account, in addition to interest rates, fees, minimum balance and minimum deposit requirements.

How Bank of America savings account interest rates compare

The national average rate for savings account holders is 0.47% APY in January 2024. As such, it’s fair to say Bank of America’s savings account rates are remarkably low compared to other banks.

Here’s a quick comparison of how it stacks up against other notable savings accounts.

Savings account APY Minimum deposit Monthly fee Transactions Branches and ATMs
Bank of America Savings 0.01% - 0.04% $100 $8 (waivable) Up to 6 free withdrawals per statement cycle 3.9K branches, 15K+ ATMs
Ally Bank Online Savings 4.25% None No fee Up to 6 free withdrawals per statement cycle Online-only, 43K+ ATMs
Wells Fargo Ways2Save Savings 0.15% $25 $5 (waivable) Up to 6 free withdrawals/transfers per statement cycle Around 5.4K branches, 13K ATMs
Citibank Citi Accelerate Savings 4.45% None $4.50 (waivable) Up to 6 free withdrawals/transfers per statement cycle 700 branches, 65K+ ATMs
Synchrony Bank 4.75% None No fee Up to 6 free withdrawals per statement cycle Mostly online - 5 branches, 400K+ Accel ATMs

In summary:

So, say you put away $50,000 in a savings account with Bank of America or Ally Bank, and the interest rates stay the same over five years. With Bank of America, you gain $150 per year or $750 over five years. On the other hand, with Ally Bank, you gain $2,125 in a year and $10,625 over five years. If epic financial gains are your top priority, it’s a no-brainer. However, if you prefer to speak to staff face-to-face and value traditional banking, no amount of money can replace the personal touch.

Is a Bank of America savings account right for me?

Whether Bank of America’s savings account is right for you depends on your circumstances and preferences.

If you value person-to-person interactions, online banking might not be something you’d consider, even if the interest rates are high. Plus, if you gain comfort from a bank’s time-honored reputation, you’d be hard-pressed to find a more reliable option than Bank of America.

That said, other financial institutions with physical locations and excellent reputations offer better interest rates. And if you don’t always keep at least $500 in your account, the fee is quite expensive considering the low yield.

Consider these pros and cons when deciding whether or not to open a savings account with Bank of America.

Pros
  • Extensive network of branches
  • Can withdraw funds up to six times per month
  • Familiar and reliable
Cons
  • Below-average interest rates
  • High minimum balance required for relatively low Boosters
  • High monthly fees and low rewards

How to choose a savings account

Selecting the perfect savings account requires thoughtful consideration of various factors, including?how much you have in savings?already, daily balance limits and your goals.

Here are some factors to consider when choosing a savings account:

How to apply for a Bank of America savings account

Applying for a Bank of America savings account is streamlined and simple.

You’ll need proof of:

1

Personal information

Address, Social Security Number and date of birth

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2

Contact details

Phone number and email address

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3

Financial information

Employment details, annual income and possibly information from other existing banking relationships

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Once you’ve got hold of these details, decide whether you want to go to a branch in person or sign up online.

At a branch:

  1. Visit during opening hours, and be sure to bring the necessary documentation.
  2. Speak to a Bank of America representative about opening a savings account.
  3. Complete the necessary forms and provide evidence as needed.
  4. Review terms and conditions and ask questions.
  5. Submit your application and wait to hear about the next steps from the bank.

If you prefer to apply online:

  1. Access the bank’s official website and enter your ZIP code.
  2. Find the savings account section and choose one that aligns with your needs.
  3. Select “Open Account.”
  4. Complete the application form.
  5. Review the terms and conditions — use live chat to ask questions.
  6. Submit the form and wait for next steps.

Other savings options at Bank of America

In addition to its regular Advantage Savings Accounts, Bank of America offers certificates of deposit?(CDs) and individual retirement accounts (IRAs).

Our top picks for savings accounts

FAQ: Bank of America savings account interest rate

Does Bank of America have high-yield savings accounts?

Bank of America’s Advantage Savings account has various interest rates based on a tiered system, so the higher your account balance, the higher the APY. However, none of its accounts are advertised as high-yield savings accounts.

Are Bank of America savings accounts FDIC-insured?

Yes, all Bank of America savings accounts are FDIC-insured. That means your cash is federally protected up to the?maximum limit?of $250,000 per depositor in case the bank has financial troubles or goes bankrupt.

Does Bank of America have a free savings account?

Bank of America typically charges for savings accounts, but you can waive the fee by maintaining a minimum monthly balance of $500.

How do you close a Bank of America savings account?

Close your Bank of America savings account in person at a branch, over the phone or online. Before doing so, make sure all pending transactions are settled and transfer or withdraw your account balance.

Imogen Sharma
Imogen Sharma Finance Contributor

Imogen Sharma is an experienced writer, specializing in business, culture, and financial guidance for young adults. She has contributed to articles for Varo Bank, Lendzi, MoneyTips and Indeed, providing invaluable insights into budgeting, financial planning, and lines of credit.

As a dedicated self-employed writer, she cherishes the opportunity to share her knowledge and experience with others, offering advice so they can master their bank accounts and secure their financial futures. Her articles, published in CMSWire, Reworked, WalletGenius and The Customer, serve as actionable guides to help people make solid financial decisions.

Prior to her writing career, Imogen honed her financial acumen in management roles, excelling in P&L analysis, budgeting and HR. During her tenure at Smith & Wollensky in London, her strategic contributions contributed to a 2% increase in EBITDA over a year, demonstrating her ability to drive financial performance and organizational success.

Imogen’s writing style combines expertise with accessibility, making complex financial topics easily understandable and actionable. With a focus on the long game, she encourages readers to approach financial matters with enthusiasm and determination.

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