Bank of America vs. EverBank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | Bank of AmericaAdvantage Savings Jan 21, 2026 | EverBankPerformance Savings Jan 21, 2026 |
|---|---|---|
| APY | 0.01% | 3.90% |
Est. Earnings | $5,000+$1 $10,000+$1 $25,000+$3 | $5,000+$195 $10,000+$390 $25,000+$975 |
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® Supported | FDIC InsuredNo MinimumsGreat 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 4.20% APY.
Comparison Analysis
Comparing Bank of America vs. EverBank
As of Bank of America offers an APY of 0.01% for its Advantage Savings account, with a minimum balance of , compared to EverBank's 3.90% APY for its Performance Savings account, with a minimum balance of $0.
EverBank pays $389 more than Bank of America on a $10,000 balance after one year. Bank of America pays $1, while EverBank pays $390 - an APY advantage for EverBank.
Why Bank of America?
No distinct advantages found vs EverBank.
Why EverBank?
- ✓Higher potential APY (3.90% vs 0.01%) on all balances
- ✓No checking account or direct deposit required
- ✓Physical branch access (11 locations in Florida and California)
— Key Feature Differences —
Better Returns at $10,000
EverBankEverBank's Performance Savings earns more on smaller deposits (approx. $390 vs $1/yr).
Better Returns at $25,000
EverBankEverBank's Performance Savings pulls ahead with larger amounts (approx. $975 vs $3/yr).
Best for Simplicity
EverBankEverBank's Performance Savings offers 3.90% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, EverBank's Performance Savings pays $389 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
EverBank offers a superior savings option with its Performance Savings account, featuring an impressive APY of 3.90%, compounded daily, and no maintenance fees or minimum balance requirements. This online-only account is ideal for those seeking higher returns without the need for direct deposit or complex bundling. In contrast, Bank of America's Advantage Savings account provides a significantly lower APY of 0.01%, with a monthly maintenance fee of $8 that can be waived under certain conditions. While Bank of America requires a minimum deposit of $100, EverBank has no minimum deposit, making it a more attractive choice for savers.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Non-sponsored link to official site
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Top Market Contenders
Bank of America vs. EverBank Savings Calculator
You earn $389 more with EverBank 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
EverBank
Performance Savings
Savings Breakdown
- Interest Earned+$390.00(3.8%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,390.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | Bank of America | EverBank |
|---|---|---|
| APY | 0.01% Verified: 1/21/2026 Stable (90d) | 3.90% Verified: 1/21/2026 ↘︎ 0.15%90d Change |
| Product Name | Advantage Savings | Performance Savings |
| 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 | iOS4.7 Android4.8 |
| Zelle® Support | Available Limit: $3,500/dayFounding member; highest limits for established users. | Available Native integration verified. |
| 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 EverBank Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Bank of America | EverBank |
|---|---|---|
| Advantage Savings | Performance Savings | |
Current APY | 0.01% | 3.90% |
Trend | Stable | Stable |
Velocity (bps/mo) | 0.0 | -3.7 |
Days Since Change | 36 | 33 |
12-Month High | 0.03% | 4.30% |
12-Month Low | 0.01% | 3.90% |
Adjustments / Mo | 0.17 | 0.17 |
Volatility Score | 0.120 | 0.036 |
How to read these metrics(Click to expand)
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