American Express vs. Bank Of America
High-Yield Savings Account Comparison
Last Updated: October 14, 2025
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Summary of American Express vs. Bank of America
Key Metrics at a Glance
| Feature | American Express | Bank of America |
|---|---|---|
| Top Savings APY | 3.50% High Yield Savings Account | 0.01% Advantage Savings |
| Minimum to Open | $0 | $100 |
| Minimum Balance for APY | $0 |
American Express
Strengths
- American Express offers a competitive APY of 3.50%.
- 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 BBB rating and is not accredited.
- No physical branches available for customer support.
- No direct deposit requirement may limit some account features.
Bank of America
Strengths
- Bank of America has an A+ BBB rating, indicating strong trustworthiness.
- Bank of America offers a Google Play rating of 4.6.
- Physical branches may provide additional customer support options.
Potential Drawbacks
- The Advantage Savings account has a very low APY of 0.01%.
- Bank of America charges an $8 monthly maintenance fee.
- Minimum deposit requirement of $100 for the Advantage Savings account.
→ As of October 14, 2025 American Express offers an APY of 3.50% 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 yields $349 more than Bank of America on a $10,000 balance after one year. American Express pays $350, while Bank of America pays $1 - an APY advantage for American Express.
Calculate Savings Growth for American Express vs Bank of America
American Express
Total savings breakdown:
- Interest earned: $2,114.1 (10.51%)
- Total contributions: $13,000 (64.63%)
- Initial deposit: $5,000 (24.86%)
Your total balance
$20,114.10
Total balance: $20,114.1
Earnings: $2,114.1
Bank OverviewBank of America
Total savings breakdown:
- Interest earned: $5.7 (0.03%)
- Total contributions: $13,000 (72.20%)
- Initial deposit: $5,000 (27.77%)
Your total balance
$18,005.70
Total balance: $18,005.7
Earnings: $5.7
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, American Express's total earnings would be $2,108.4 higher than Bank of America's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Compare American Express' vs Bank of America's Savings Accounts
| American Express | Bank of America | ||
|---|---|---|---|
| Product | High Yield Savings Account | vs | Advantage Savings |
| APY | 3.50% (as of 10/14/2025) | 0.01% (as of 10/14/2025) | |
| 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 | 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. | ||
| App Store Rating | 4.9/5 | 4.8/5 | |
| Google Play Rating | 3.7/5 | 4.6/5 | |
| BBB Rating | F | A+ |
Comparative Historical APY Insights (Last 8 Months)
| American Express | Bank of America | ||
|---|---|---|---|
| Product | High Yield Savings Account | vs | Advantage Savings |
| Latest APY | 3.50 % | 0.01 % | |
| Trend | Sideways | Sideways | |
| Slope (bps/mo) | -3.7 | -0.0 | |
| Rate Changes / Mo | 0.35 | 0.00 | |
| Days Since Last Change | 83 | 258 | |
| High (-8 m) | 3.80 % | 0.01 % | |
| Low (-8 m) | 3.50 % | 0.01 % | |
| Draw-down from High | -7.9 % | 0.0 % | |
| Volatility (CV) | 0.027 | 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 259 days.
- Low (-8 m)
- Lowest APY in the last 259 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.