Savings Account Comparison

Bank of America vs. EverBank

Comparing Bank of America and EverBank for savings: Bank of America's Advantage Savings pays 0.01% APY while EverBank's Performance Savings pays 3.90% APY.

See how they compare on rate stability, mobile app ratings, and more below.

Analysis by Aviel Fahl
Updated February 25, 2026

The Bottom Line

Who pays more interest on $10,000? EverBank pays $389 more than Bank of America annually ($390 vs $1).

Choose EverBank if getting the best rate matters most.

Comparison of Bank of America vs EverBank savings accounts
Metric

Bank of America

Advantage Savings

Feb 25, 2026

EverBank

Performance Savings

Apr 21, 2026
APY0.01%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® SupportedRate Changes Often
FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppZelle® SupportedDaily 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 4.07% APY.

See Top Rates

Comparison Analysis

Comparing Bank of America vs. EverBank

Updated: Feb 25, 2026

Executive Summary

EverBank offers a standout product with its Performance Savings account, boasting an impressive APY of 3.90%. This online-only account has no minimum deposit or maintenance fees, making it a simple and accessible option for savers. In contrast, Bank of America’s Advantage Savings account provides a significantly lower APY of 0.01%, with a minimum deposit requirement of $100 and a monthly maintenance fee of $8, which can be waived under certain conditions. Overall, EverBank's Performance Savings is the clear winner for those seeking higher returns without the complexities of fees or minimum balance requirements.

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 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
EverBank

EverBank's Performance Savings earns more on smaller deposits (approx. $390 vs $1/yr).

Better Returns at $25,000
EverBank

EverBank's Performance Savings pulls ahead with larger amounts (approx. $975 vs $3/yr).

Best for Simplicity
EverBank

EverBank's Performance Savings offers 3.90% APY with no bundling, direct deposit requirement or caps.

Shared Benefits

Fast transfers via Zelle® Available Nationwide Available to New & Existing Customers
The Bottom Line on APY (Interest Only)

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.

Bank of AmericaEverBank
Verify At
Bank of America

Non-sponsored link to official site

Verify At
EverBank

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Top Market Contenders

Bank of America vs. EverBank Savings Calculator

Calculations based on current APY for Advantage Savings and Performance Savings
$
$

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

0.01% APY

Savings Breakdown

  • Interest Earned
    +$1.00(0.0%)
  • Total Contributions
    $0
  • Initial Deposit
    $10,000

Projected Balance

$10,001.00

Effective APY
0.01%

EverBank

Performance Savings

3.90% APY

Savings Breakdown

  • Interest Earned
    +$390.00(3.8%)
  • Total Contributions
    $0
  • Initial Deposit
    $10,000

Projected Balance

$10,390.00

Effective APY
3.90%

The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.

FeatureBank of AmericaEverBank
APY
0.01%
Verified: 2/25/2026
Stable (90d)
3.90%
Verified: 4/21/2026
Stable (90d)
Product NameAdvantage SavingsPerformance Savings
Minimum Deposit$100$0
Min. Balance for APYN/A$0
Monthly Fee$8$0
Compound FrequencyMonthlyDaily
Branch AccessYesNone
Account Type
Online & Branches
Online Only
Physical BranchesN/A11 locations in Florida and California
Direct Deposit Req.NoneNone
Checking BundleNoNo
Mobile Apps
iOS4.8
Android4.6
iOS4.7
Android4.7
FDIC Insured
Zelle® Support
Available
Limit: $3,500/dayFounding member; highest limits for established users.
Available
Native integration verified.
BBB RatingA+A+
Important NotesAPY 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
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📈 Compare Savings Rates Over Time

Historical Performance

Last 12 Months Analysis
MetricBank of AmericaEverBank
Advantage SavingsPerformance Savings
Current APY
0.01%3.90%
Trend
Stable Stable
Velocity (bps/mo)
0.0-4.0
Days Since Change
7168
12-Month High
0.03%4.30%
12-Month Low
0.01%3.90%
Adjustments / Mo
0.160.16
Volatility Score
0.1160.043
How to read these metrics(Click to expand)

Trends & Velocity

  • Trend: The general direction of the rate over the analyzed period. Useful for spotting if a bank is currently aggressive or pulling back.
  • Velocity (bps/mo): Speed of change. A high positive number means they raise rates quickly. 10 bps = 0.10%.
  • Adjustments/Mo: "Twitchiness." High frequency means the rate changes constantly; low frequency means it's stable.

Risk & Range

  • High/Low: The absolute ceiling and floor of the rate during the 365-day window.
  • Volatility Score: Lower is better for predictability. It indicates how wildly the rate swings relative to its average.
  • Days Since Change: If this number is high (e.g., >90), the rate is very sticky. If low, it changed recently.

More Comparisons

Compare Bank of America's APY of 0.01% with other banks
Compare EverBank's APY of 3.90% with other banks