American Express vs. Bank of America
Compare rates, requirements, and features side-by-side to find the best option for you.
American Express
High Yield Savings Account
3.40%APYDec 12, 2025FDIC InsuredNo MinimumsGreat iOS AppShow Fine Print & Trends Hide Details
American Express
High Yield Savings Account
Bank of America
Advantage Savings
0.01%APYDec 12, 2025FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppIn-Person AccessShow Fine Print & Trends Hide Details
Bank of America
Advantage Savings
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.25% APY.
American Express vs. Bank of America Savings Calculator
You earn $339 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+$340.00(3.3%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,340.00
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.
Comparison Analysis
Comparing American Express vs. Bank of America
Why American Express?
- ✓Higher potential APY (3.40% 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. $340 vs $1/yr).
Better Returns at $25,000
American ExpressAmerican Express's High Yield Savings Account pulls ahead with larger amounts (approx. $850 vs $3/yr).
Best for Simplicity
American ExpressAmerican Express's High Yield Savings Account offers 3.40% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, American Express's High Yield Savings Account pays $339 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
American Express offers a High Yield Savings Account with a competitive 3.40% APY, providing better returns on both smaller and larger deposits, and has no direct deposit requirement or maintenance fees. In contrast, Bank of America's Advantage Savings account offers a significantly lower APY of 0.01%, with an $8 maintenance fee that can be waived under certain conditions. While both accounts are FDIC insured, American Express's account stands out for its higher yield and simplicity, making it the preferred choice for savers.
Analysis generated based on current Banksparency database records
* AI-generated content provided for informational purposes only. Accuracy is not guaranteed; always verify details with the provider.
Stop Losing Interest
See who beats both American Express and Bank of America.
| Feature | American Express | Bank of America |
|---|---|---|
| APY | 3.40% Verified: 12/12/2025 ↘︎ 0.10%90d Change | 0.01% Verified: 12/12/2025 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 |
| 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 |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | American Express | Bank of America |
|---|---|---|
| High Yield Savings Account | Advantage Savings | |
Current APY | 3.40% | 0.01% |
Trend | Stable | Stable |
Velocity (bps/mo) | -3.2 | -0.0 |
Days Since Change | 16 | 317 |
10-Month High | 3.80% | 0.01% |
10-Month Low | 3.40% | 0.01% |
Adjustments / Mo | 0.38 | 0.00 |
Volatility Score | 0.030 | 0.000 |
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
Higher Rates (With Checking)
Looking for something different? Check out these top-rated alternatives.