Bank of America: Savings Account & Rates
Mission: Banksparency aims to make Bank of America's savings account transparent and comparable to the market.
Savings Overview
Advantage Savings
| Min. Deposit | $100 |
| Min. Balance | $0 |
| Maintenance Fee | $8 |
Market Reality Check
This bank offers rates below the current top tier. The best rates we track are currently above 4.21% APY.
Bank Overview
- HQ LocationCharlotte, North Carolina
- Founded1904
- Ratings & Trust
- Zelle® SupportAvailableDaily Limit: $3,500Founding member; highest limits for established users.
- Deposit InsuranceFDIC Insured(Cert: 3510)
Our Take on Bank of America
The Good
- Highly rated mobile apps (iOS: 4.8, Android: 4.6)
Considerations
- Monthly maintenance fee of $8
- Yield is below current market leaders
The Advantage Savings account from Bank of America offers an APY of 0.01%. While it does not require direct deposit or a checking account, it does come with a monthly maintenance fee of $8, which can be waived by maintaining a minimum balance of $500 or if the account holder is under 25 years old. Additionally, the yield is below that of current market leaders. However, the bank is noted for its highly rated mobile apps, with scores of 4.8 for iOS and 4.6 for Android.
Top Market Contenders
Savings Account: In-Depth View
Savings Account Offered by Bank of America
| Feature | Advantage Savings |
|---|---|
APY | 0.01%Verified: 1/4/2026 |
APY Trend | Very StableNo rate changes in last 90 days |
Min. Deposit | $100 |
Min. Balance | N/A |
Monthly Fee | $8 |
Direct Deposit | None |
Checking Bundle | No |
Branch Access | Yes |
Compounding | Monthly |
FDIC Insured | Yes |
Eligibility | United States |
Important | APY 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. |
| Next Steps | - |
Calculate Savings for Bank of America
Savings Breakdown
- Interest Earned+$3.70(0.0%)
- Total Contributions$13,000
- Initial Deposit$1,000
Projected Balance
$14,003.70
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
Last 11 Months| Metric | Advantage Savings |
|---|---|
Latest APY | 0.01% |
Trend | Sideways |
Slope (bps/mo) | 0.0 |
Rate Changes / Mo | 0.18 |
Days Since Last Change | 19 |
High (-11m) | 0.03% |
Low (-11m) | 0.01% |
Draw-down | -66.7% |
Volatility (CV) | 0.123 |
How to read these metrics▼
Trends & Velocity
- Trend
- The general direction of the rate over the analyzed period. Useful for spotting if a bank is currently aggressive or pulling back.
- Slope (bps/mo)
- Speed of change. A high positive number means they raise rates quickly. 10 bps = 0.10%.
- Rate Changes / Mo
- "Twitchiness." High frequency means the rate changes constantly; low frequency means it's stable.
Risk & Range
- High/Low
- The absolute ceiling and floor of the rate during the 340-day window.
- Volatility Score
- Lower is better for predictability. It indicates how wildly the rate swings relative to its average.
- Days Since Change
- If this number is high (e.g., >90), the rate is very sticky. If low, it changed recently.
Why track this? Understanding volatility helps you avoid "bait-and-switch" rates. A steady, rising slope is ideal; high volatility often signals a temporary teaser rate.
Compare with Bank of America
| Feature | Current View Bank of America | Empty Slot |
|---|---|---|
| Product | Advantage Savings | - |
APY | 0.01%Verified: 1/4/2026 | - |
APY Trend | Very StableNo rate changes in last 90 days | - |
| Min. Deposit | $100 | - |
| Monthly Fee | $8 | - |
Direct Deposit | No | - |
Checking Bundle | No | - |
| Branch Access | Yes | - |
| Eligibility | United States | - |
Compounding | Monthly | - |
FDIC Insured | Yes | - |
| Note | APY 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. | - |
| Next Steps | - | - |
Bank-to-Bank Comparisons
Compare Bank of America's APY of 0.01% with other banks
Alternatives to Bank of America
Banks with Higher/Similar Savings APY
For a top list of the highest savings rates, see all HYSA top rates
Colorado Federal Savings Bank
High Yield Savings: 4.00% APY
Minimum Deposit: $1
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Premier Savings: 4.05% APY
Minimum Deposit: $50,000
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Marcus by Goldman Sachs
Marcus Online Savings Account: 3.65% APY
Minimum Deposit: $0
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Ally Bank
Savings Account: 3.30% APY
Minimum Deposit: $0
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Bank5 Connect
Connect Savings: 1.50% APY
Minimum Deposit: $10
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Jumbo Savings: 3.85% APY
Minimum Deposit: $25,000
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Betterment
Cash Reserve: 3.25% APY
Minimum Deposit: $10
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Wealthfront
Cash Account: 3.90% APY
Minimum Deposit: $0
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Northeast Bank
Propel Fusion Savings: 0.05% APY
Minimum Deposit: $50
Eligible States: Limited (see details)
High-Yield Savings: 2.75% APY
Minimum Deposit: $2,500
Eligible States: Limited (see details)
Propel Preferred Savings: 2.75% APY
Bundled Savings & Checking Account
Minimum Deposit: $50
Eligible States: Limited (see details)
Wells Fargo
Way2Save Savings: 0.01% APY
Minimum Deposit: $25
Platinum Savings: 0.05% APY
Bundled Savings & Checking Account
Minimum Deposit: $25
Chase Bank
Chase Savings℠: 0.01% APY
Minimum Deposit: $0
Ivy Bank
High-Yield Savings Account: 4.10% APY
Minimum Deposit: $2,500
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Eligible States: Limited (see details)
Bread Savings
High-Yield Savings Account: 4.05% APY
Minimum Deposit: $100
Online Only
Chime
Chime High-Yield Savings Account: 3.50% APY
Bundled Savings & Checking Account
Minimum Deposit: $0
Online Only
Direct Deposit: You need to receive a qualifying direct deposit of $200 or more within the preceding 34 days