American Express vs Bank Of America
High-Yield Savings Accounts Comparison
Last Updated: August 29, 2025
We earn a commission if you open an account through some links on this page.
Summary of American Express vs. Bank of America
As of August 29, 2025 American Express offers an APY of 3.50% for its High Yield Savings Account account, compared to Bank of America's 0.01% APY for its Advantage Savings account.
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.
American Express
Strengths
- American Express offers a competitive APY of 3.50%.
- No maintenance fees for the High Yield Savings Account.
- High App Store rating of 4.9.
Potential Drawbacks
- American Express has an F BBB rating and is not accredited.
- No physical branches available.
- Lower Google Play rating of 3.8.
Bank of America
Strengths
- Bank of America has an A+ BBB rating.
- Higher Google Play rating of 4.6.
- Offers physical branches for customer support.
Potential Drawbacks
- Bank of America's Advantage Savings has a very low APY of 0.01%.
- Monthly maintenance fee of $8 may apply.
- Minimum deposit requirement of $100 to open an account.
Summary: American Express provides a significantly higher APY of 3.50% with no maintenance fees, but lacks physical branches and has a poor BBB rating. In contrast, Bank of America offers an A+ BBB rating and branch access, but its Advantage Savings account features a minimal APY of 0.01% and incurs an $8 monthly fee, making it less attractive for savers.
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 8/29/2025) | 0.01% (as of 8/29/2025) | |
| 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 | 3.8/5 | 4.6/5 | |
| BBB Rating | F | A+ |
Comparative Historical APY Insights (Last 7 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) | -4.2 | 0.0 | |
| Rate Changes / Mo | 0.42 | 0.00 | |
| Days Since Last Change | 38 | 213 | |
| High (-7 m) | 3.80 % | 0.01 % | |
| Low (-7 m) | 3.50 % | 0.01 % | |
| Draw-down from High | -7.9 % | 0.0 % | |
| Volatility (CV) | 0.025 | 0.000 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 7 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 (-7 m)
- Highest APY in the last 214 days.
- Low (-7 m)
- Lowest APY in the last 214 days.
- Draw-down from High
- How far today sits below the 7-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: 3.50%
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
Effective APY: 3.50% (based on your deposit and contributions)
Total balance: $20,114.1
Earnings: $2,114.1
Bank OverviewBank of America
APY: 0.01%
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
Effective APY: 0.01% (based on your deposit and contributions)
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.
More Comparisons
Compare American Express' APY of 3.50% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| American Express vs Ally Bank | 3.50% | $0 |
| American Express vs Axos Bank | 4.46% | $0 |
| American Express vs Barclays | 4.10% | $0 |
| American Express vs Capital One | 3.50% | $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 | 3.50% | $0 |
| American Express vs Fitness Bank | 4.85% | $100 |
| American Express vs Marcus by Goldman Sachs | 3.65% | $0 |
| American Express vs Presidential Bank | 4.50% | $5,000 |
| American Express vs SoFi Bank | 3.80% | $0 |
| American Express vs Synchrony Bank | 3.80% | $0 |
| American Express vs UFB Direct | 4.21% | $5000 |
| American Express vs Varo Bank | 5.00% | $0 |
| American Express vs Wells Fargo | 2.51% | $25 |
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 | 4.46% | $0 |
| Bank of America vs Barclays | 4.10% | $0 |
| Bank of America vs Capital One | 3.50% | $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 | 3.50% | $0 |
| Bank of America vs Fitness Bank | 4.85% | $100 |
| Bank of America vs Marcus by Goldman Sachs | 3.65% | $0 |
| Bank of America vs Presidential Bank | 4.50% | $5,000 |
| Bank of America vs SoFi Bank | 3.80% | $0 |
| Bank of America vs Synchrony Bank | 3.80% | $0 |
| Bank of America vs UFB Direct | 4.21% | $5000 |
| Bank of America vs Varo Bank | 5.00% | $0 |
| Bank of America vs Wells Fargo | 2.51% | $25 |