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.
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.
| Metric | Bank of AmericaAdvantage Savings Feb 25, 2026 | EverBankPerformance Savings Mar 7, 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® 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 4.15% APY.
Comparison Analysis
Comparing Bank of America vs. EverBank
Executive Summary
EverBank stands out with its Performance Savings account, offering an impressive APY of 3.90%, significantly higher than Bank of America's Advantage Savings, which yields only 0.01%. EverBank's account has no minimum deposit or maintenance fees, and it compounds daily, making it a strong choice for savers. In contrast, Bank of America's account requires a minimum deposit of $100 and may incur an $8 monthly fee unless certain conditions are met. Both accounts do not require direct deposit, but EverBank's account is exclusively online, while Bank of America offers physical branch access.
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
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.
Non-sponsored link to official site
Non-sponsored link to official site
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: 2/25/2026 Stable (90d) | 3.90% Verified: 3/7/2026 ↘︎ 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 |
| Compound Frequency | Monthly | Daily |
| Branch Access | Yes | None |
| Account Type | Online & Branches | Online Only |
| Physical Branches | N/A | 11 locations in Florida and California |
| 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. | 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 | -4.2 |
Days Since Change | 71 | 68 |
12-Month High | 0.03% | 4.30% |
12-Month Low | 0.01% | 3.90% |
Adjustments / Mo | 0.16 | 0.16 |
Volatility Score | 0.116 | 0.041 |
How to read these metrics(Click to expand)
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