American Express vs Bank Of America
High-Yield Savings Accounts Comparison
Last Updated: June 20, 2025
Summary of American Express vs. Bank of America
As of June 20, 2025 American Express offers an APY of 3.60% for its High Yield Savings Account account, compared to Bank of America's 0.01% APY for its Advantage Savings account.
American Express yields $359 more than Bank of America on a $10,000 balance after one year. American Express pays $360, while Bank of America pays $1 - an APY advantage for American Express.
American Express
Strengths
- American Express offers a competitive APY of 3.60%.
- There are no maintenance fees for the High Yield Savings Account.
- American Express has a high App Store rating of 4.9.
Potential Drawbacks
- American Express has an F rating from the BBB and is not accredited.
- There are no branches for in-person banking.
- The Google Play rating is lower at 3.8.
Bank of America
Strengths
- Bank of America has an A rating from the BBB, indicating trustworthiness.
- The Google Play rating is higher at 4.6.
- Bank of America offers branch access for in-person banking.
Potential Drawbacks
- The Advantage Savings account has a very low APY of 0.01%.
- There is an $8 monthly maintenance fee that may apply.
- The minimum deposit requirement is $100.
Summary: American Express provides a significantly higher APY of 3.60% compared to Bank of America's 0.01%. However, American Express has an F BBB rating and no branches, while Bank of America boasts an A BBB rating and access to branches, albeit with a monthly fee. The App Store ratings are also comparable, with American Express at 4.9 and Bank of America at 4.8, but Bank of America has a better Google Play rating.
Compare American Express' vs Bank of America's Savings Accounts
| American Express | Bank of America | ||
|---|---|---|---|
| Product | High Yield Savings Account | vs | Advantage Savings |
| APY | 3.60% (as of 6/20/2025) | 0.01% (as of 6/20/2025) | |
| Bundled Account | No | No | |
| FDIC-insured | Yes | Yes | |
| Online Only | Yes | No | |
| Compound Frequency | Daily | Monthly | |
| Minimum Deposit | $0 | $100 | |
| Minimum Balance for APY | $0 | N/A | |
| Maintenance Fee | $0 | $8 | |
| Direct Deposit Required | No | No | |
| Note | N/A | 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. | |
| Visit Bank | High Yield Savings Account | Advantage Savings | |
| App Store Rating | 4.9/5 | 4.8/5 | |
| Google Play Rating | 3.8/5 | 4.6/5 | |
| BBB Rating | F | A |
Comparative Historical APY Insights (Last 5 Months)
| American Express | Bank of America | ||
|---|---|---|---|
| Product | High Yield Savings Account | vs | Advantage Savings |
| Latest APY | 3.60 % | 0.01 % | |
| Trend | Sideways | Sideways | |
| Slope (bps/mo) | -4.3 | -0.0 | |
| Rate Changes / Mo | 0.42 | 0.00 | |
| Days Since Last Change | 44 | 143 | |
| High (-5 m) | 3.80 % | 0.01 % | |
| Low (-5 m) | 3.60 % | 0.01 % | |
| Draw-down from High | -5.3 % | 0.0 % | |
| Volatility (CV) | 0.018 | 0.000 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 5 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 (-5 m)
- Highest APY in the last 144 days.
- Low (-5 m)
- Lowest APY in the last 144 days.
- Draw-down from High
- How far today sits below the 5-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.
Calculate Savings Growth for American Express vs Bank of America
All calculations are based on APY.
American Express
APY: 3.60%
Total savings breakdown:
- Interest earned: $36 (3.47%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (96.53%)
Your total balance
$1,036.00
Effective APY: 3.60% (based on your deposit and contributions)
Total balance: $1,036
Earnings: $36
Bank DetailsBank of America
APY: 0.01%
Total savings breakdown:
- Interest earned: $0.1 (0.01%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (99.99%)
Your total balance
$1,000.10
Effective APY: 0.01% (based on your deposit and contributions)
Total balance: $1,000.1
Earnings: $0.1
Bank DetailsAfter 1 year American Express would earn you $35.9 more than Bank of America.
More Comparisons
Compare American Express' APY of 3.60% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| American Express vs Ally Bank | 3.50% | $0 |
| American Express vs Axos Bank | 4.66% | $0 |
| American Express vs Barclays | 4.10% | $0 |
| American Express vs Capital One | 3.60% | $0 |
| American Express vs Chase Bank | 0.01% | $0 |
| American Express vs Chime | 3.75% | $0 |
| American Express vs CIT Bank | 4.00% | $100 |
| American Express vs Discover Bank | 3.60% | $0 |
| American Express vs Fitness Bank | 5.00% | $100 |
| American Express vs Marcus by Goldman Sachs | 3.65% | $0 |
| American Express vs SoFi Bank | 3.80% | $0 |
| American Express vs Synchrony Bank | 3.80% | $0 |
| American Express vs Varo Bank | 5.00% | $0 |
Compare Bank of America's APY of 0.01% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Bank of America vs Ally Bank | 3.50% | $0 |
| Bank of America vs Axos Bank | 4.66% | $0 |
| Bank of America vs Barclays | 4.10% | $0 |
| Bank of America vs Capital One | 3.60% | $0 |
| Bank of America vs Chase Bank | 0.01% | $0 |
| Bank of America vs Chime | 3.75% | $0 |
| Bank of America vs CIT Bank | 4.00% | $100 |
| Bank of America vs Discover Bank | 3.60% | $0 |
| Bank of America vs Fitness Bank | 5.00% | $100 |
| Bank of America vs Marcus by Goldman Sachs | 3.65% | $0 |
| Bank of America vs SoFi Bank | 3.80% | $0 |
| Bank of America vs Synchrony Bank | 3.80% | $0 |
| Bank of America vs Varo Bank | 5.00% | $0 |