Bank of America: Savings Accounts & Rates

Savings rates updated: 10/1/2025

Mission statement: Banksparency aims to make Bank of America's savings accounts transparent and comparable to those of other banks. Learn more about Banksparency.

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

We earn a commission if you open an account through some links on this page.

Savings Overview

Advantage Savings: 0.01% APY(Rank 94 out of 97 savings accounts)

Minimum Deposit: $100

National Savings Interest Rate: 0.4% (as of 9/15/2025)

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

(Source: FDIC)

Bank Overview

Location: Charlotte, North Carolina

Founded: 1904

Deposit Insurance: FDIC Cert # 3510

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

APY of 0.01% is available with Advantage Savings account.
A+ BBB rating indicates strong trustworthiness.
App Store rating of 4.8 shows high customer satisfaction.
Google Play rating of 4.6 reflects positive user experiences.

Considerations

Current APY of 0.01% is low compared to high-yield accounts.
Monthly maintenance fee of $8 may apply without conditions met.
Minimum deposit requirement of $100 may deter some savers.
No branches available for in-person banking.

Summary: Bank of America offers the Advantage Savings account with a low APY of 0.01%. While it has a strong A+ BBB rating and high app ratings, the account's monthly fee and low yield may not appeal to savers seeking higher returns. The account requires a minimum deposit of $100, and customers may find the absence of branches inconvenient. Overall, it’s a reliable option, but not competitive for high-yield savings.

Savings Account: In-Depth View

Savings Account Offered by Bank of America

Feature	Advantage Savings
APY	0.01% (as of 10/1/2025)
APY Trend	Stable for the last quarter
Minimum Deposit	$100
Minimum Balance for APY	N/A
FDIC-insured	Yes
Online Only	No
Bundled Account	No
Direct Deposit Required	No
Compound Frequency	Monthly
Maintenance Fee	$8
Eligibility	United States
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.
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No deposit agreement summary available for this bank.

Calculate Savings for Bank of America

All calculations are based on APY.

Savings Product:

Advantage Savings (APY: 0.01%)

Initial Deposit:

Recurring Deposit Amount:

Deposit Frequency:

Duration:

Total savings breakdown:

Interest earned: $3.7 (0.03%)
Total contributions: $13,000 (92.83%)
Initial deposit: $1,000 (7.14%)

Your total balance

$14,003.70

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

Metric	Advantage Savings
Latest APY	0.01 %
Trend	Sideways
Slope (bps/mo)	0.0
Rate Changes / Mo	0.00
Days Since Last Change	246
High (-8 m)	0.01 %
Low (-8 m)	0.01 %
Draw-down from High	0.0 %
Volatility (CV)	0.000

APY Insights Glossary

Latest APY: Most recent advertised annual-percentage yield.
Trend: Direction over the last 8 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 (-8 m): Highest APY in the last 246 days.
Low (-8 m): Lowest APY in the last 246 days.
Draw-down from High: How far today sits below the 8-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 - 3.60% APY
All America Bank - 1.50-3.25% APY
Ally Bank - 3.40% APY
Amalgamated Bank - 2.25% APY
American Express - 3.50% APY
Ameriprise Bank - 3.15-3.15% APY
Axos Bank - 4.46% APY
Bank5 Connect - 4.05% APY
Barclays - 3.90-4.10% APY
Bask Bank - 4.05% APY
Betterment - 3.75% APY
BMO Alto - 3.25% APY
Bread Savings - 4.25% APY
BrioDirect - 4.30% APY
Capital One - 3.40% 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 - 4.02% APY
CIT Bank - 0.25-3.85% APY
Citibank - 3.40% APY
Citizens Access™ - 3.50% APY
Colorado Federal Savings Bank - 4.15% APY
ConnectOne Bank - 3.85% APY
Customers Bank - 3.98% APY
Discover Bank - 3.40% APY
Elevault - 4.34% APY
E*TRADE from Morgan Stanley - 3.75% APY
EverBank - 4.05% APY
Evergreen Bank Group - 4.25% APY
First Foundation Bank - 4.10% APY
Fitness Bank - 4.75% APY
Flagstar Bank - 4.00% APY
FNBO Direct - 3.25% APY
Forbright Bank - 4.25% APY
FVCbank - 4.10% APY
GO2bank - 4.50% APY
High Plains Bank - 0.23-3.82% APY
Jenius Bank - 4.20% APY
LendingClub - 3.20-4.20% APY
Live Oak Bank - 4.00% APY
Marcus by Goldman Sachs - 3.65% APY
MutualOne Bank - 4.07% 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 - 4.20% APY
Peak Bank - 4.20% APY
Pibank - 4.60% APY
PNC - 3.85% APY
Poppy Bank - 4.25% APY
Popular Direct - 4.10% APY
Presidential Bank - 4.00-4.50% APY
Prime Alliance Bank - 3.90% APY
Primis Bank - 3.85% APY
Quontic Bank - 3.75% APY
RBMAX - 3.90% APY
Rising Bank - 4.20% APY
ROGER - 3.87% APY
Salem Five Direct - 4.01% APY
Sallie Mae Bank - 3.90% APY
Santander Bank - 0.01% APY
SmartyPig - 3.90% APY
SoFi Bank - 4.50% APY
Synchrony Bank - 3.80% APY
TAB Bank - 3.80% APY
TD Bank - 0.05-3.00% APY
The State Exchange Bank - 4.11% APY
TIMBR - 4.40% APY
UFB Direct - 3.90-4.10% APY
Upgrade - 3.42% APY
Valley Direct - 4.10% APY
Varo Bank - 2.50-5.00% APY
Wells Fargo - 0.05-2.51% APY
Western Alliance Bank - 4.10% APY
Zynlo Bank - 4.35% APY

Feature	Bank of America	Select a bank...
Product	Advantage Savings	N/A
APY	0.01% (as of 10/1/2025)	N/A
Bundled Account	No	N/A
FDIC-insured	Yes	N/A
Online Only	No	N/A
Compound Frequency	Monthly	N/A
Minimum Deposit	$100	N/A
Minimum Balance for APY	N/A	N/A
Maintenance Fee	$8	N/A
Direct Deposit Required	No	N/A
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.	N/A

Bank-to-Bank Comparisons

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

Bank Pair	Competitor APY	Min Deposit
Bank of America vs Ally Bank	3.40%	$0
Bank of America vs American Express	3.50%	$0
Bank of America vs Axos Bank	4.46%	$0
Bank of America vs Barclays	4.10%	$0
Bank of America vs BrioDirect	4.30%	$5,000
Bank of America vs Capital One	3.40%	$0
Bank of America vs Chase Bank	0.01%	$0
Bank of America vs Chime	3.75%	$0
Bank of America vs CIT Bank	3.85%	$100
Bank of America vs Discover Bank	3.40%	$0
Bank of America vs Elevault	4.34%	$0
Bank of America vs EverBank	4.05%	$0
Bank of America vs Fitness Bank	4.75%	$100
Bank of America vs FVCbank	4.10%	$500
Bank of America vs GO2bank	4.50%	$0
Bank of America vs Marcus by Goldman Sachs	3.65%	$0
Bank of America vs Neighbors Bank	4.60%	$0
Bank of America vs Newtek Bank	4.35%	$0
Bank of America vs Peak Bank	4.20%	$100
Bank of America vs Pibank	4.60%	$0
Bank of America vs Presidential Bank	4.50%	$5,000
Bank of America vs Santander Bank	0.01%	$25
Bank of America vs SoFi Bank	4.50%	$0
Bank of America vs Synchrony Bank	3.80%	$0
Bank of America vs TIMBR	4.40%	$1,000
Bank of America vs UFB Direct	4.10%	$5000
Bank of America vs Varo Bank	5.00%	$0
Bank of America vs Wells Fargo	2.51%	$25
Bank of America vs Zynlo Bank	4.35%	$10