Bank of America vs. Charles Schwab Bank
Comparing Bank of America and Charles Schwab Bank for savings: Bank of America's Advantage Savings pays 0.01% APY while Charles Schwab Bank's Schwab Bank Investor Savings™ pays 0.15% APY.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? Charles Schwab Bank pays $14 more than Bank of America annually ($15 vs $1).
Choose Bank of America if you're an Android user, or choose Charles Schwab Bank if getting the best rate matters most.
| Metric | Bank of AmericaAdvantage Savings Feb 6, 2026 | Charles Schwab BankSchwab Bank Investor Savings™ Feb 6, 2026 |
|---|---|---|
| APY | 0.01% | 0.15% |
Est. Earnings | $5,000+$1 $10,000+$1 $25,000+$3 | $5,000+$8 $10,000+$15 $25,000+$38 |
Min Deposit | $100 | $0 |
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® SupportedRate Changes Often | FDIC InsuredNo MinimumsGreat iOS AppIn-Person AccessZelle® SupportedDaily CompoundingStable Rate |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.15% APY.
Comparison Analysis
Comparing Bank of America vs. Charles Schwab Bank
Executive Summary
Charles Schwab Bank offers a clear advantage with its Schwab Bank Investor Savings™ account, featuring a competitive APY of 0.15%, significantly higher than Bank of America's Advantage Savings, which yields only 0.01%. The Schwab account has no minimum deposit requirement and no maintenance fees, making it a more attractive option for savers. In contrast, Bank of America requires a minimum deposit of $100 and charges an $8 monthly fee unless certain conditions are met. Both accounts do not require direct deposit, but Schwab's higher yield and lower fees position it as the preferable choice for those looking to maximize their savings.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Bank of America?
- ✓No checking account or direct deposit required
- ✓Higher rated Android app (4.6 vs 2.9)
Why Charles Schwab Bank?
- ✓Higher potential APY (0.15% vs 0.01%) on all balances
— Key Feature Differences —
Better Returns at $10,000
Charles Schwab BankCharles Schwab Bank's Schwab Bank Investor Savings™ earns more on smaller deposits (approx. $15 vs $1/yr).
Better Returns at $25,000
Charles Schwab BankCharles Schwab Bank's Schwab Bank Investor Savings™ pulls ahead with larger amounts (approx. $38 vs $3/yr).
Shared Benefits
Over a 1-year period, Charles Schwab Bank's Schwab Bank Investor Savings™ pays $14 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.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
Bank of America vs. Charles Schwab Bank Savings Calculator
You earn $14 more with Charles Schwab 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
Charles Schwab Bank
Schwab Bank Investor Savings™
Savings Breakdown
- Interest Earned+$15.00(0.1%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,015.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | Bank of America | Charles Schwab Bank |
|---|---|---|
| APY | 0.01% Verified: 2/6/2026 Stable (90d) | 0.15% Verified: 2/6/2026 Stable (90d) |
| Product Name | Advantage Savings | Schwab Bank Investor Savings™ |
| Minimum Deposit | $100 | $0 |
| Min. Balance for APY | N/A | $0.01 |
| Monthly Fee | $8 | $0 |
| Compound Frequency | Monthly | Daily |
| Branch Access | Yes | Yes |
| Account Type | Online & Branches | Online & Branches |
| Physical Branches | N/A | N/A |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | ||
| FDIC Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Available Limit: $3,500/dayFounding member; highest limits for established users. | Available Integrated into Investor Checking; high liquidity. |
| 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 Charles Schwab Bank Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Bank of America | Charles Schwab Bank |
|---|---|---|
| Advantage Savings | Schwab Bank Investor Savings™ | |
Current APY | 0.01% | 0.15% |
Trend | Stable | Stable |
Velocity (bps/mo) | 0.0 | 0.0 |
Days Since Change | 52 | 365 |
12-Month High | 0.03% | 0.15% |
12-Month Low | 0.01% | 0.15% |
Adjustments / Mo | 0.16 | 0.00 |
Volatility Score | 0.117 | 0.000 |
How to read these metrics(Click to expand)
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High Rates (With Checking Bundle)
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More Comparisons
Compare Bank of America's APY of 0.01% with other banks
Compare Charles Schwab Bank's APY of 0.15% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Charles Schwab Bank vs Ally Bank | 3.30% | $0 |
| Charles Schwab Bank vs American Express | 3.30% | $0 |
| Charles Schwab Bank vs Axos Bank | 4.21% | $0 |
| Charles Schwab Bank vs Barclays | 4.00% | $0 |
| Charles Schwab Bank vs Capital One | 3.30% | $0 |
| Charles Schwab Bank vs Chase Bank | 0.01% | $0 |
| Charles Schwab Bank vs Chime | 3.00% | $0 |
| Charles Schwab Bank vs CIT Bank | 3.75% | $100 |
| Charles Schwab Bank vs Citibank | 3.20% | $0 |
| Charles Schwab Bank vs Discover Bank | 3.30% | $0 |
| Charles Schwab Bank vs EverBank | 3.90% | $0 |
| Charles Schwab Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Charles Schwab Bank vs Newtek Bank | 4.20% | $0.01 |
| Charles Schwab Bank vs Openbank | 4.09% | $500 |
| Charles Schwab Bank vs Pibank | 4.60% | $0 |
| Charles Schwab Bank vs SoFi Bank | 4.00% | $0 |
| Charles Schwab Bank vs Synchrony Bank | 3.50% | $0 |
| Charles Schwab Bank vs Varo Bank | 5.00% | $0 |
| Charles Schwab Bank vs Wealthfront | 3.95% | $0 |
| Charles Schwab Bank vs Wells Fargo | 0.05% | $25 |