Bank of America vs. Forbright Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | Bank of AmericaAdvantage Savings Jan 6, 2026 | Forbright BankGrowth Savings Jan 6, 2026 |
|---|---|---|
| APY | 0.01% | 4.00% |
Est. Earnings | $5,000+$1 $10,000+$1 $25,000+$3 | $5,000+$200 $10,000+$400 $25,000+$1,000 |
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 4.21% APY.
Comparison Analysis
Comparing Bank of America vs. Forbright Bank
As of Bank of America offers an APY of 0.01% for its Advantage Savings account, with a minimum balance of , compared to Forbright Bank's 4.00% APY for its Growth Savings account, with a minimum balance of $0.
Forbright Bank pays $399 more than Bank of America on a $10,000 balance after one year. Bank of America pays $1, while Forbright Bank pays $400 - an APY advantage for Forbright Bank.
In addition, Forbright Bank also offers 3.65% APY for the Bright Savings account, with a minimum balance of $250,000.
Why Bank of America?
No distinct advantages found vs Forbright Bank.
Why Forbright Bank?
- ✓Higher potential APY (3.65%-4.00% vs 0.01%) on all balances
- ✓No checking account or direct deposit required
- ✓Physical branch access (Locations in the Washington D.C. area (Maryland and Virginia))
- ✓Offers 3 different high-yield savings options
— Key Feature Differences —
Better Returns at $10,000
Forbright BankForbright Bank's Growth Savings earns more on smaller deposits (approx. $400 vs $1/yr).
Better Returns at $25,000
Forbright BankForbright Bank's Growth Savings pulls ahead with larger amounts (approx. $1000 vs $3/yr).
Best for Simplicity
Forbright BankForbright Bank's Growth Savings offers 4.00% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, Forbright Bank's Growth Savings pays $399 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
Forbright Bank offers a superior savings option with its Growth Savings account, boasting a competitive APY of 4.00%. This account is online-only and has no minimum deposit or maintenance fees, making it an attractive choice for savers. In contrast, Bank of America provides an Advantage Savings account with a significantly lower APY of 0.01%, along with a minimum deposit requirement of $100 and a monthly maintenance fee of $8, which can be waived under certain conditions. For those seeking higher returns without the complexities of minimum balances or fees, Forbright Bank stands out as the clear winner.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
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Top Market Contenders
Bank of America vs. Forbright Bank Savings Calculator
You earn $399 more with Forbright Bank 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
Forbright Bank
Growth Savings
Savings Breakdown
- Interest Earned+$400.00(3.8%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,400.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | Bank of America | Forbright Bank |
|---|---|---|
| APY | 0.01% Verified: 1/6/2026 Stable (90d) | 4.00% Verified: 1/6/2026 ↘︎ 0.25%90d Change |
| Product Name | Advantage Savings | Growth 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 | iOS4.8 Android4.5 |
| Zelle® Support | Available Limit: $3,500/dayFounding member; highest limits for established users. | Available Branch accounts only; Growth Savings online does NOT support. |
| 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 Forbright Bank Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Bank of America | Forbright Bank | ||
|---|---|---|---|---|
| Advantage Savings | Sprout Savings | Bright Savings | Growth Savings | |
Current APY | 0.01% | 3.65% | 3.65% | 4.00% |
Trend | Stable | Stable | Stable | Stable |
Velocity (bps/mo) | 0.0 | -3.3 | -3.3 | -2.8 |
Days Since Change | 21 | 97 | 97 | 89 |
11-Month High | 0.03% | 3.90% | 3.90% | 4.25% |
11-Month Low | 0.01% | 3.65% | 3.65% | 4.00% |
Adjustments / Mo | 0.17 | 0.09 | 0.09 | 0.09 |
Volatility Score | 0.123 | 0.032 | 0.032 | 0.028 |
How to read these metrics(Click to expand)
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