Bank of America vs. EverBank
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
EverBank
Performance Savings
4.05%APYDec 6, 2025FDIC InsuredNo MinimumsShow Fine Print & Trends Hide Details
EverBank
Performance Savings
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. EverBank
Why Bank of America?
- ✓Higher rated iOS app (4.8 vs 2.3)
- ✓Higher rated Android app (4.6 vs 1.4)
Why EverBank?
- ✓Higher potential APY (4.05% 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. $405 vs $1/yr).
Better Returns at $25,000
EverBankEverBank's Performance Savings pulls ahead with larger amounts (approx. $1013 vs $3/yr).
Best for Simplicity
EverBankEverBank's Performance Savings offers 4.05% 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. 2.3) and Android app rated 4.6 (vs. 1.4)
Shared Benefits
Over a 1-year period, EverBank's Performance Savings pays $404 more interest on a $10,000 balance than Bank of America's Advantage Savings.
Executive Summary
EverBank offers a standout Performance Savings account with a competitive APY of 4.05%, making it the clear winner in this comparison. This account requires no minimum deposit or balance, and it has no maintenance fees, providing a straightforward and accessible option for savers. In contrast, Bank of America's Advantage Savings account offers a significantly lower APY of 0.01%, with a minimum deposit requirement of $100 and a potential monthly maintenance fee of $8, which can be waived under certain conditions. While Bank of America boasts a strong mobile app experience, EverBank's online-only platform focuses on maximizing returns without complex requirements.
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 EverBank.
| Feature | Bank of America | EverBank |
|---|---|---|
| APY | 0.01% Verified: 12/6/2025 Stable (90d) | 4.05% Verified: 12/6/2025 ↘︎ 0.25%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 | iOS2.3 Android1.4 |
| 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 |
Savings Comparison
EverBank earns $2,461.3 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
EverBank
Performance Savings
Savings Breakdown
- Interest Earned+$2,467.00(12.1%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$20,467.00
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 | EverBank |
|---|---|---|
| Advantage Savings | Performance Savings | |
Current APY | 0.01% | 4.05% |
Trend | Stable | Stable |
Velocity (bps/mo) | -0.0 | -2.9 |
Days Since Change | 311 | 78 |
10-Month High | 0.01% | 4.30% |
10-Month Low | 0.01% | 4.05% |
Adjustments / Mo | 0.00 | 0.10 |
Volatility Score | 0.000 | 0.027 |
How to read these metrics(Click to expand)
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