Bank of America vs. Elevault
Comparing Bank of America and Elevault for savings: Bank of America's Advantage Savings pays 0.01% APY while Elevault's High Yield Savings Account pays 3.82% APY.
Note: Elevault caps its top rate at $250,000.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? Elevault pays $381 more than Bank of America annually ($382 vs $1).
Choose Bank of America if you want a no-strings-attached account, mobile app quality matters, or you want Zelle for quick transfers. Choose Elevault if getting the best rate matters most.
| Metric | Bank of AmericaAdvantage Savings Feb 25, 2026 | ElevaultHigh Yield Savings Account Mar 7, 2026 |
|---|---|---|
| APY | 0.01% | 3.82% |
Est. Earnings | $5,000+$1 $10,000+$1 $25,000+$3 | $5,000+$191 $10,000+$382 $25,000+$955 |
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. | The 3.82% APY is up to $250,000. Balances above that earn no interest. Daily deposit limit is $2,500. |
| Features | FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppIn-Person AccessZelle® SupportedRate Changes Often | FDIC InsuredNo MinimumsDaily CompoundingRate Changes Often |
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. Elevault
Executive Summary
Elevault offers a High Yield Savings Account with a competitive APY of 3.82%, significantly higher than Bank of America's Advantage Savings account, which yields only 0.01%. Elevault's account has no maintenance fees or minimum balance requirements, making it an attractive option for savers. In contrast, Bank of America charges an $8 monthly fee unless certain conditions are met. Both banks do not require direct deposit for their savings products. Additionally, Elevault operates online only, while Bank of America provides a more traditional banking experience with a highly rated mobile app.
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 iOS app (4.8 vs 3.7)
- ✓Higher rated Android app (4.6 vs 3.9)
- ✓Fast transfers via Zelle® (up to $3,500 a day)
Why Elevault?
- ✓Higher potential APY (3.82% vs 0.01%) on all balances
— Key Feature Differences —
Better Returns at $10,000
ElevaultElevault's High Yield Savings Account earns more on smaller deposits (approx. $382 vs $1/yr).
Better Returns at $25,000
ElevaultElevault's High Yield Savings Account pulls ahead with larger amounts (approx. $955 vs $3/yr).
Best Mobile App Experience
Bank of AmericaBank of America offers an iOS app rated 4.8 (vs. 3.7) and Android app rated 4.6 (vs. 3.9)
Shared Benefits
Over a 1-year period, Elevault's High Yield Savings Account pays $381 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. Elevault Savings Calculator
You earn $381 more with Elevault 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
Elevault
High Yield Savings Account
3.82% on first $250,000 and 0.00% thereafter.
Savings Breakdown
- Interest Earned+$382.00(3.7%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,382.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | Bank of America | Elevault |
|---|---|---|
| APY | 0.01% Verified: 2/25/2026 Stable (90d) | 3.82% Verified: 3/7/2026 ↘︎ 0.26%90d Change |
| Product Name | Advantage Savings | High Yield Savings Account |
| Minimum Deposit | $100 | $0 |
| Min. Balance for APY | N/A | $0 |
| Monthly Fee | $8 | $0 |
| Compound Frequency | Monthly | Daily |
| Branch Access | Yes | None |
| Account Type | Online & Branches | Online Only |
| 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. | Not Supported |
| 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. | The 3.82% APY is up to $250,000. Balances above that earn no interest. Daily deposit limit is $2,500. |
| Next Steps | Visit SiteVerify at Bank of America Non-sponsored link to official site | Visit SiteVerify at Elevault Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Bank of America | Elevault |
|---|---|---|
| Advantage Savings | High Yield Savings Account | |
Current APY | 0.01% | 3.82% |
Trend | Stable | Stable |
Velocity (bps/mo) | 0.0 | -14.0 |
Days Since Change | 71 | 71 |
7-Month High | 0.03% | 4.60% |
7-Month Low | 0.01% | 3.82% |
Adjustments / Mo | 0.30 | 0.44 |
Volatility Score | 0.147 | 0.071 |
How to read these metrics(Click to expand)
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More Comparisons
Compare Bank of America's APY of 0.01% with other banks
Compare Elevault's APY of 3.82% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Elevault vs Ally Bank | 3.20% | $0 |
| Elevault vs American Express | 3.30% | $0 |
| Elevault vs Axos Bank | 4.21% | $0 |
| Elevault vs Barclays | 3.85% | $0 |
| Elevault vs Capital One | 3.30% | $0 |
| Elevault vs Chase Bank | 0.01% | $0 |
| Elevault vs Chime | 3.00% | $0 |
| Elevault vs CIT Bank | 3.75% | $100 |
| Elevault vs Citibank | 3.20% | $0 |
| Elevault vs Discover Bank | 3.30% | $0 |
| Elevault vs EverBank | 3.90% | $0 |
| Elevault vs Marcus by Goldman Sachs | 3.65% | $0 |
| Elevault vs Newtek Bank | 4.20% | $0.01 |
| Elevault vs Openbank | 4.09% | $500 |
| Elevault vs Pibank | 4.60% | $0 |
| Elevault vs SoFi Bank | 4.00% | $0 |
| Elevault vs Synchrony Bank | 3.50% | $0 |
| Elevault vs Varo Bank | 5.00% | $0 |
| Elevault vs Wealthfront | 4.20% | $0 |
| Elevault vs Wells Fargo | 0.05% | $25 |