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 ExpressBank of America
ProductHigh Yield Savings AccountvsAdvantage Savings
APY
3.60% (as of 6/20/2025)0.01% (as of 6/20/2025)
Bundled Account
NoNo
FDIC-insured
YesYes
Online OnlyYesNo
Compound Frequency
DailyMonthly
Minimum Deposit$0$100
Minimum Balance for APY$0N/A
Maintenance Fee$0$8
Direct Deposit Required
NoNo
NoteN/AAPY 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 BankHigh Yield Savings AccountAdvantage Savings
App Store Rating4.9/54.8/5
Google Play Rating3.8/54.6/5
BBB RatingFA

Comparative Historical APY Insights (Last 5 Months)

American ExpressBank of America
ProductHigh Yield Savings AccountvsAdvantage Savings
Latest APY3.60 %0.01 %
TrendSidewaysSideways
Slope (bps/mo)-4.3-0.0
Rate Changes / Mo0.420.00
Days Since Last Change44143
High (-5 m)3.80 %0.01 %
Low (-5 m)3.60 %0.01 %
Draw-down from High-5.3 %0.0 %
Volatility (CV)0.0180.000
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 Details

Bank 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 Details

After 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
Compare Bank of America's APY of 0.01% with other banks