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 6, 2025FDIC InsuredNo MinimumsGreat iOS AppShow Fine Print & Trends Hide Details
American Express
High Yield Savings Account
Bank of America
Advantage Savings
0.01%APYDec 6, 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.
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.
Executive Summary
American Express offers a High Yield Savings Account with a competitive APY of 3.40%, making it a strong choice for savers seeking better returns without the need for direct deposit or minimum balance requirements. This account is online-only and allows for daily compounding, providing simplicity and accessibility. In contrast, Bank of America's Advantage Savings account yields only 0.01% APY, with a minimum deposit of $100 and a potential monthly maintenance fee of $8, although this fee can be waived under certain conditions. Overall, American Express is the clear winner based on the provided data.
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.
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| Feature | American Express | Bank of America |
|---|---|---|
| APY | 3.40% Verified: 12/6/2025 ↘︎ 0.10%90d Change | 0.01% Verified: 12/6/2025 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 |
Savings Comparison
American Express earns $2,044.8 more than Bank of America.
American Express
High Yield Savings Account
Savings Breakdown
- Interest Earned+$2,050.50(10.2%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$20,050.50
Bank of America
Advantage Savings
Savings Breakdown
- Interest Earned+$5.70(0.0%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$18,005.70
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
📈 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 | 10 | 311 |
10-Month High | 3.80% | 0.01% |
10-Month Low | 3.40% | 0.01% |
Adjustments / Mo | 0.38 | 0.00 |
Volatility Score | 0.029 | 0.000 |
How to read these metrics(Click to expand)
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