Bank of America vs. Carver Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | Bank of AmericaAdvantage Savings Jan 6, 2026 | Carver BankHigh Yield Savings Jan 6, 2026 |
|---|---|---|
| APY | 0.01% | 4.00% |
Est. Earnings | $5,000+$1 $10,000+$1 $25,000+$3 | $5,000+$200 $10,000+$400 $25,000+$1,000 |
Min Deposit | $100 | $5,000 |
Snapshot view. Rates subject to change. | ||
Terms | 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. | - |
| Features | FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppIn-Person AccessZelle® Supported | FDIC InsuredMod. MinimumGreat iOS AppGreat Android AppZelle® Supported |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.21% APY.
Comparison Analysis
Comparing Bank of America vs. Carver Bank
As of Bank of America offers an APY of 0.01% for its Advantage Savings account, with a minimum balance of , compared to Carver Bank's 4.00% APY for its High Yield Savings account, with a minimum balance of $5,000.
Carver Bank pays $399 more than Bank of America on a $10,000 balance after one year. Bank of America pays $1, while Carver Bank pays $400 - an APY advantage for Carver Bank.
Why Bank of America?
No distinct advantages found vs Carver Bank.
Why Carver Bank?
- ✓Higher potential APY (4.00% vs 0.01%)
- ✓No checking account or direct deposit required
— Key Feature Differences —
Better Returns at $10,000
Carver BankCarver Bank's High Yield Savings earns more on smaller deposits (approx. $400 vs $1/yr).
Better Returns at $25,000
Carver BankCarver Bank's High Yield Savings pulls ahead with larger amounts (approx. $1000 vs $3/yr).
Best for Simplicity
Carver BankCarver Bank's High Yield Savings offers 4.00% APY with no bundling, direct deposit requirement or caps.
Best Mobile App Experience
Bank of AmericaBank of America offers an iOS app rated 4.8 (vs. 4.7) and Android app rated 4.6 (vs. 4.5)
Shared Benefits
Over a 1-year period, Carver Bank's High Yield Savings pays $399 more interest on a $10,000 balance than Bank of America's Advantage Savings.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
Executive Summary as of
Carver Bank offers a High Yield Savings account with a competitive APY of 4.00%, significantly higher than Bank of America's Advantage Savings, which yields only 0.01%. Carver Bank's account requires a minimum deposit and balance of $5,000, but it has no monthly maintenance fees if this requirement is met. Additionally, it provides daily compounding, enhancing the potential returns. In contrast, Bank of America's savings account has a monthly maintenance fee of $8, which can be waived under certain conditions. While Bank of America is not online-only and boasts a highly rated mobile app, Carver Bank is exclusively online, making it ideal for those seeking simplicity and higher returns.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
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Top Market Contenders
Bank of America vs. Carver Bank Savings Calculator
You earn $399 more with Carver Bank than Bank of America on a $10,000 initial deposit for 1 year*.
*This calculation assumes that APYs remain unchanged for 1 year, and takes into account known promo rate periods, but does not factor in bonuses. You can see how often these banks have changed their rates in the Compare Savings Rates Over Time section below.
Bank of America
Advantage Savings
Savings Breakdown
- Interest Earned+$1.00(0.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,001.00
Carver Bank
High Yield Savings
Savings Breakdown
- Interest Earned+$400.00(3.8%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,400.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | Bank of America | Carver Bank |
|---|---|---|
| APY | 0.01% Verified: 1/6/2026 Stable (90d) | 4.00% Verified: 1/6/2026 Stable (90d) |
| Product Name | Advantage Savings | High Yield Savings |
| Minimum Deposit | $100 | $5,000 |
| Min. Balance for APY | N/A | $5,000 |
| Monthly Fee | $8 | $0, of minimum balance requirement met. Otherwise $6. |
| Branch Access | Yes | None |
| Account Type | Online & Branches | Online Only |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | iOS4.8 Android4.6 | iOS4.7 Android4.5 |
| Zelle® Support | Available Limit: $3,500/dayFounding member; highest limits for established users. | Available Full native integration in digital banking. |
| BBB Rating | A+ | 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 | Visit SiteVerify at Bank of America Non-sponsored link to official site | Visit SiteVerify at Carver Bank Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Bank of America | Carver Bank |
|---|---|---|
| Advantage Savings | High Yield Savings | |
Current APY | 0.01% | 4.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | 0.0 | -1.0 |
Days Since Change | 21 | 308 |
11-Month High | 0.03% | 4.25% |
11-Month Low | 0.01% | 4.00% |
Adjustments / Mo | 0.18 | 0.09 |
Volatility Score | 0.123 | 0.017 |
How to read these metrics(Click to expand)
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High Rates (With Checking Bundle)
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