Bank of America

Last Updated: 6/20/2025

Note: Interest rates below are reported as APY, or Annual Percentage Yield

Quick Views

Advantage Savings: 0.01% APY(Rank 86 out of 87 savings accounts)

Minimum Deposit: $100

National Savings Interest Rate: 0.42% (as of 5/19/2025)

Note: The FDIC tracks savings and CD rates nationally, but it does not report APY, only the average interest rate.

(Source: FDIC)

Bank Overview

BBB Rating: A

App Store Rating: 4.8/5

Google Play Rating: 4.6/5

Website: Visit Bank of America

Our Take on Bank of America

Highlights

  • BBB rating of A indicates strong trustworthiness.
  • App Store rating is 4.8, showing high customer satisfaction.
  • Google Play rating is 4.6, reflecting positive user experiences.
  • No direct deposit requirement for Advantage Savings account.

Considerations

  • Current APY is only 0.01%, offering minimal returns.
  • Monthly maintenance fee of $8 unless conditions are met.
  • APY has not changed from 30 days ago.
  • Minimum deposit requirement of $100 for opening an account.
Summary: Bank of America offers an Advantage Savings account with a low APY of 0.01% and a monthly fee of $8, which can be waived under certain conditions. The bank holds a solid BBB rating of A and boasts high customer ratings on both the App Store (4.8) and Google Play (4.6). However, the savings account's low yield and fee structure may deter savers looking for better returns.

Savings Account

Savings Account Offered by Bank of America

FeatureAdvantage Savings
APY
0.01% (as of 6/20/2025)
APY TrendStable for the last month
Minimum Deposit$100
Minimum Balance for APYN/A
FDIC-insured
Yes
Online OnlyNo
Bundled Account
No
Direct Deposit Required
No
Compound Frequency
Monthly
Maintenance Fee$8
EligibilityUnited States
NoteAPY may vary by market. The monthly fee may be waived under some circumstances, such as if you maintain a minimum balance of $500, or are below the age of 25, etc.

No deposit agreement summary available for this bank.

Calculate Savings for Bank of America

All calculations are based on APY.

Advantage Savings (APY: 0.01%)

Deposit Frequency:

Total savings breakdown:

  • Interest earned: $0 (0.00%)
  • Total contributions: $0 (0.00%)
  • Initial deposit: $100 (100.00%)

Your total balance

$100.00

Effective APY: 0.01% (based on your deposit and contributions)

The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.

Bank of America Savings Rates Over Time

Historical APY Insights

MetricAdvantage Savings
Latest APY0.01 %
TrendSideways
Slope (bps/mo)-0.0
Rate Changes / Mo0.00
Days Since Last Change143
High (-5 m)0.01 %
Low (-5 m)0.01 %
Draw-down from High0.0 %
Volatility (CV)0.000
APY Insights Glossary
Latest APY
Most recent advertised annual-percentage yield.
Trend
Direction over the last 5 months (regression slope).
Slope (bps/mo)
Average monthly change; 10 bps = 0.10 pp.
Rate Changes / Mo
Typical number of APY moves per month.
Days Since Last Change
Recency of the latest APY adjustment.
High (-5 m)
Highest APY in the last 144 days.
Low (-5 m)
Lowest APY in the last 144 days.
Draw-down from High
How far today sits below the 5-month peak.
Volatility (CV)
Coefficient of variation = stdev ÷ mean.
Why Track Savings-Account APYs?
  • See how quickly a bank reacts to Fed moves or competition.
  • Gauge “twitchiness” - frequent moves can annoy savers.
  • Spot if you're buying near a peak (draw-down) or riding a rise.
  • Slope (bps/mo) shows speed of change.
  • Volatility (CV) scales jumps by average level.

Compare Bank of America's Savings Account

  • Affirm - 3.85% APY
  • All America Bank - 1.50-3.25% APY
  • Ally Bank - 3.50% APY
  • Amalgamated Bank - 2.25% APY
  • American Express - 3.60% APY
  • Axos Bank - 4.66% APY
  • Bank5 Connect - 4.05% APY
  • Barclays - 3.90-4.10% APY
  • Bask Bank - 4.20% APY
  • Betterment - 4.00% APY
  • BMO Alto - 3.60% APY
  • Bread Savings - 4.30% APY
  • BrioDirect - 4.30% APY
  • Capital One - 3.60% APY
  • Carver Bank - 4.00% APY
  • Charles Schwab Bank - 0.15% APY
  • Chase Bank - 0.01% APY
  • Chime - 1.25-3.75% APY
  • CIBC Bank USA - 4.11% APY
  • CIT Bank - 0.25-4.00% APY
  • Citibank - 3.60% APY
  • Citizens Access™ - 3.70% APY
  • Colorado Federal Savings Bank - 4.25% APY
  • ConnectOne Bank - 4.00% APY
  • Customers Bank - 4.23% APY
  • Discover Bank - 3.60% APY
  • E*TRADE from Morgan Stanley - 4.00% APY
  • EverBank - 4.30% APY
  • Evergreen Bank Group - 4.25% APY
  • First Foundation Bank - 4.25% APY
  • Fitness Bank - 5.00% APY
  • Flagstar Bank - 4.00% APY
  • Forbright Bank - 4.25% APY
  • FVCbank - 4.35% APY
  • High Plains Bank - 0.23-3.82% APY
  • Jenius Bank - 4.20% APY
  • LendingClub - 3.40-4.40% APY
  • Live Oak Bank - 4.10% APY
  • Marcus by Goldman Sachs - 3.65% APY
  • My Banking Direct - 4.30% APY
  • MySavingsDirect - 3.75% APY
  • Neighbors Bank - 4.60% APY
  • Newtek Bank - 4.35% APY
  • OMB Bank - 1.00% APY
  • Openbank - 4.30% APY
  • Peak Bank - 4.44% APY
  • Pibank - 4.60% APY
  • PNC - 3.95% APY
  • Poppy Bank - 4.25% APY
  • Popular Direct - 4.05% APY
  • Presidential Bank - 4.00-4.50% APY
  • Prime Alliance Bank - 4.05% APY
  • Primis Bank - 4.35% APY
  • Quontic Bank - 3.85% APY
  • RBMAX - 4.15% APY
  • Rising Bank - 4.30% APY
  • ROGER - 4.65% APY
  • Salem Five Direct - 4.01% APY
  • Sallie Mae Bank - 3.90% APY
  • Santander Bank - 0.03% APY
  • SoFi Bank - 3.80% APY
  • Synchrony Bank - 3.80% APY
  • TAB Bank - 4.26% APY
  • TD Bank - 0.05-3.00% APY
  • The State Exchange Bank - 1.90% APY
  • TIMBR - 4.40% APY
  • UFB Direct - 4.01-4.21% APY
  • Upgrade - 4.02% APY
  • Valley Direct - 4.20% APY
  • Varo Bank - 2.50-5.00% APY
  • Western Alliance Bank - 4.30% APY
  • Zynlo Bank - 4.35% APY
FeatureBank of AmericaSelect a bank...
ProductAdvantage SavingsN/A
APY
0.01% (as of 6/20/2025)N/A
Bundled Account
NoN/A
FDIC-insured
YesN/A
Online OnlyNoN/A
Compound Frequency
MonthlyN/A
Minimum Deposit$100N/A
Minimum Balance for APYN/AN/A
Maintenance Fee$8N/A
Direct Deposit Required
NoN/A
NoteAPY may vary by market. The monthly fee may be waived under some circumstances, such as if you maintain a minimum balance of $500, or are below the age of 25, etc.N/A

Bank-to-Bank Comparisons

Compare Bank of America's APY of 0.01% with other banks