American Express vs. Bank of America
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | American ExpressHigh Yield Savings Account Jan 21, 2026 | Bank of AmericaAdvantage Savings Jan 21, 2026 |
|---|---|---|
| APY | 3.30% | 0.01% |
Est. Earnings | $5,000+$165 $10,000+$330 $25,000+$825 | $5,000+$1 $10,000+$1 $25,000+$3 |
Min Deposit | $0 | $100 |
Snapshot view. Rates subject to change. | ||
Terms | - | 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. |
| Features | FDIC InsuredNo MinimumsGreat iOS AppZelle® Supported | FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppIn-Person AccessZelle® Supported |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.20% APY.
Comparison Analysis
Comparing American Express vs. Bank of America
As of American Express offers an APY of 3.30% for its High Yield Savings Account, with a minimum balance of $0, compared to Bank of America's 0.01% APY for its Advantage Savings account, with a minimum balance of .
American Express pays $329 more than Bank of America on a $10,000 balance after one year. American Express pays $330, while Bank of America pays $1 - an APY advantage for American Express.
Why American Express?
- ✓Higher potential APY (3.30% vs 0.01%) on all balances
- ✓No checking account or direct deposit required
Why Bank of America?
- ✓Higher rated Android app (4.6 vs 3.6)
— Key Feature Differences —
Better Returns at $10,000
American ExpressAmerican Express's High Yield Savings Account earns more on smaller deposits (approx. $330 vs $1/yr).
Better Returns at $25,000
American ExpressAmerican Express's High Yield Savings Account pulls ahead with larger amounts (approx. $825 vs $3/yr).
Best for Simplicity
American ExpressAmerican Express's High Yield Savings Account offers 3.30% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, American Express's High Yield Savings Account pays $329 more interest on a $10,000 balance than Bank of America's Advantage Savings.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
Executive Summary as of
American Express offers a High Yield Savings Account with a competitive APY of 3.30%, making it a strong choice for savers, especially given its lack of direct deposit requirements and maintenance fees. This account is online-only and requires no minimum balance, allowing for easy access to funds. In contrast, Bank of America's Advantage Savings account yields a mere 0.01% APY, with a minimum deposit of $100 and a monthly maintenance fee of $8, though this fee can be waived under certain conditions. Overall, American Express stands out significantly in terms of returns.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
American Express vs. Bank of America Savings Calculator
You earn $329 more with American Express than Bank of America on a $10,000 initial deposit for 1 year*.
*This calculation assumes that APYs remain unchanged for 1 year, and takes into account known promo rate periods, but does not factor in bonuses. You can see how often these banks have changed their rates in the Compare Savings Rates Over Time section below.
American Express
High Yield Savings Account
Savings Breakdown
- Interest Earned+$330.00(3.2%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,330.00
Bank of America
Advantage Savings
Savings Breakdown
- Interest Earned+$1.00(0.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,001.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | American Express | Bank of America |
|---|---|---|
| APY | 3.30% Verified: 1/21/2026 ↘︎ 0.20%90d Change | 0.01% Verified: 1/21/2026 Stable (90d) |
| Product Name | High Yield Savings Account | Advantage Savings |
| Minimum Deposit | $0 | $100 |
| Min. Balance for APY | $0 | N/A |
| Monthly Fee | $0 | $8 |
| Branch Access | None | Yes |
| Account Type | Online Only | Online & Branches |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | iOS4.9 Android3.6 | iOS4.8 Android4.6 |
| Zelle® Support | Available Requires Amex Rewards Checking; not available for standalone HYSA. | Available Limit: $3,500/dayFounding member; highest limits for established users. |
| BBB Rating | F | A+ |
| Important Notes | - | 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 | Visit SiteVerify at American Express Non-sponsored link to official site | Visit SiteVerify at Bank of America Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | American Express | Bank of America |
|---|---|---|
| High Yield Savings Account | Advantage Savings | |
Current APY | 3.30% | 0.01% |
Trend | Stable | Stable |
Velocity (bps/mo) | -3.6 | 0.0 |
Days Since Change | 22 | 36 |
12-Month High | 3.80% | 0.03% |
12-Month Low | 3.30% | 0.01% |
Adjustments / Mo | 0.42 | 0.17 |
Volatility Score | 0.037 | 0.120 |
How to read these metrics(Click to expand)
Compare Similar High-Yield Accounts
Compare American Express vs...
Comparing against Standard Savings
Compare Bank of America vs...
Comparing against Standard Savings
High Rates (With Checking Bundle)
Looking for something different? Check out these top-rated alternatives.