Bank of America vs. Elevault
Compare rates, requirements, and features side-by-side to find the best option for you.
Bank of America
Advantage Savings
0.01%APYDec 6, 2025FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppIn-Person AccessShow Fine Print & Trends Hide Details
Bank of America
Advantage Savings
Elevault
High Yield Savings Account
4.08%APYDec 6, 2025FDIC InsuredNo MinimumsShow Fine Print & Trends Hide Details
Elevault
High Yield Savings Account
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.25% APY.
Comparison Analysis
Comparing Bank of America vs. Elevault
Why Bank of America?
- ✓Higher rated iOS app (4.8 vs 3.7)
- ✓Higher rated Android app (4.6 vs 3.9)
Why Elevault?
- ✓Higher potential APY (4.08% vs 0.01%) on all balances
- ✓No checking account or direct deposit required
— Key Feature Differences —
Better Returns at $10,000
ElevaultElevault's High Yield Savings Account earns more on smaller deposits (approx. $408 vs $1/yr).
Better Returns at $25,000
ElevaultElevault's High Yield Savings Account pulls ahead with larger amounts (approx. $1020 vs $3/yr).
Best for Simplicity
ElevaultElevault's High Yield Savings Account offers 4.08% 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. 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 $407 more interest on a $10,000 balance than Bank of America's Advantage Savings.
Executive Summary
Elevault offers a High Yield Savings Account with a competitive APY of 4.08%, significantly outpacing Bank of America's Advantage Savings account, which yields only 0.01%. Elevault's account has no minimum deposit or maintenance fees, and it is an online-only product, making it a straightforward choice for savers. In contrast, Bank of America requires a minimum deposit of $100 and has an $8 monthly fee, which can be waived under certain conditions. While Bank of America provides a robust mobile app experience, Elevault's higher APY and simpler terms make it the more attractive option for those looking to maximize their savings.
Analysis generated based on current Banksparency database records
* AI-generated content provided for informational purposes only. Accuracy is not guaranteed; always verify details with the provider.
Top Market Contenders
See who beats both Bank of America and Elevault.
| Feature | Bank of America | Elevault |
|---|---|---|
| APY | 0.01% Verified: 12/6/2025 Stable (90d) | 4.08% Verified: 12/6/2025 ↘︎ 0.52%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 |
| 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 | iOS3.7 Android3.9 |
| 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 4.08% APY is up to $250,000. Balances above that earn no interest. Daily deposit limit is $2,500. |
| Next Steps |
Savings Comparison
Elevault earns $2,480.7 more than Bank of America.
Bank of America
Advantage Savings
Savings Breakdown
- Interest Earned+$5.70(0.0%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$18,005.70
Elevault
High Yield Savings Account
Savings Breakdown
- Interest Earned+$2,486.40(12.1%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$20,486.40
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Bank of America | Elevault |
|---|---|---|
| Advantage Savings | High Yield Savings Account | |
Current APY | 0.01% | 4.08% |
Trend | Stable | Stable |
Velocity (bps/mo) | -0.0 | -16.6 |
Days Since Change | 121 | 32 |
4-Month High | 0.01% | 4.60% |
4-Month Low | 0.01% | 4.08% |
Adjustments / Mo | 0.00 | 0.49 |
Volatility Score | 0.000 | 0.048 |
How to read these metrics(Click to expand)
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