Bank of America vs. Ivy Bank
Comparing Bank of America and Ivy Bank for savings: Bank of America's Advantage Savings pays 0.01% APY while Ivy Bank's High-Yield Savings Account pays 3.85% APY.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? Ivy Bank pays $384 more than Bank of America annually ($385 vs $1).
Choose Bank of America if you're an Android user, or you want Zelle for quick transfers. Choose Ivy Bank if getting the best rate matters most.
| Metric | Bank of AmericaAdvantage Savings Feb 20, 2026 | Ivy BankHigh-Yield Savings Account Feb 20, 2026 |
|---|---|---|
| APY | 0.01% | 0.05% - 3.85% |
Est. Earnings | $5,000+$1 $10,000+$1 $25,000+$3 | $5,000+$193 $10,000+$385 $25,000+$963 |
Min Deposit | $100 | $2,500 |
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 InsuredMod. MinimumGreat iOS AppDaily 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. Ivy Bank
Executive Summary
Ivy Bank offers a High-Yield Savings Account with a significantly higher APY of 3.85%, making it the clear winner compared to Bank of America's Advantage Savings, which has an APY of just 0.01%. Ivy Bank's account is online-only and requires a minimum deposit and balance of $2,500, while it imposes no maintenance fees. In contrast, Bank of America charges an $8 monthly fee, which can be waived under certain conditions. Additionally, Ivy Bank's account is available to residents of California and U.S. Territories, excluding the District of Columbia, while Bank of America does not specify eligibility restrictions.
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 checking account or direct deposit required
- ✓Higher rated Android app (4.6 vs 0.0)
- ✓Fast transfers via Zelle® (up to $3,500 a day)
- ✓Available Nationwide
Why Ivy Bank?
- ✓Higher potential APY (3.85% vs 0.01%) on all balances
— Key Feature Differences —
Better Returns at $10,000
Ivy BankIvy Bank's High-Yield Savings Account earns more on smaller deposits (approx. $385 vs $1/yr).
Better Returns at $25,000
Ivy BankIvy Bank's High-Yield Savings Account pulls ahead with larger amounts (approx. $963 vs $3/yr).
Best Mobile App Experience
Bank of AmericaBank of America offers an iOS app rated 4.8 (vs. 4.7) and Android app rated 4.6 (vs. 0.0)
Shared Benefits
Over a 1-year period, Ivy Bank's High-Yield Savings Account pays $384 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. Ivy Bank Savings Calculator
You earn $384 more with Ivy 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
Ivy Bank
High-Yield Savings Account
Savings Breakdown
- Interest Earned+$385.00(3.7%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,385.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | Bank of America | Ivy Bank |
|---|---|---|
| APY | 0.01% Verified: 2/20/2026 Stable (90d) | 3.85% Range: 0.05% - 3.85% Verified: 2/20/2026 ↘︎ 0.40%90d Change |
| Product Name | Advantage Savings | High-Yield Savings Account |
| Minimum Deposit | $100 | $2,500 |
| Min. Balance for APY | N/A | $2,500 |
| Monthly Fee | $8 | $0 |
| Compound Frequency | Monthly | Daily |
| Branch Access | Yes | None |
| Account Type | Online & Branches | Online Only |
| Physical Branches | N/A | None |
| 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. | Not Supported |
| 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 Ivy Bank Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Bank of America | Ivy Bank |
|---|---|---|
| Advantage Savings | High-Yield Savings Account | |
Current APY | 0.01% | 3.85% |
Trend | Stable | Stable |
Velocity (bps/mo) | -0.0 | -11.0 |
Days Since Change | 66 | 2 |
3-Month High | 0.03% | 4.25% |
3-Month Low | 0.01% | 3.85% |
Adjustments / Mo | 0.61 | 0.91 |
Volatility Score | 0.195 | 0.027 |
How to read these metrics(Click to expand)
Compare Similar Savings Accounts
Compare Bank of America vs...
Comparing against Standard Savings
Compare Ivy Bank vs...
Comparing against Standard Savings
High Rates (With Checking Bundle)
Looking for something different? Check out these top-rated alternatives.
More Comparisons
Compare Bank of America's APY of 0.01% with other banks
Compare Ivy Bank's APY of 3.85% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Ivy Bank vs Ally Bank | 3.20% | $0 |
| Ivy Bank vs American Express | 3.30% | $0 |
| Ivy Bank vs Axos Bank | 4.21% | $0 |
| Ivy Bank vs Barclays | 3.85% | $0 |
| Ivy Bank vs Capital One | 3.30% | $0 |
| Ivy Bank vs Chase Bank | 0.01% | $0 |
| Ivy Bank vs Chime | 3.00% | $0 |
| Ivy Bank vs CIT Bank | 3.75% | $100 |
| Ivy Bank vs Citibank | 3.20% | $0 |
| Ivy Bank vs Discover Bank | 3.30% | $0 |
| Ivy Bank vs EverBank | 3.90% | $0 |
| Ivy Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Ivy Bank vs Newtek Bank | 4.20% | $0.01 |
| Ivy Bank vs Openbank | 4.09% | $500 |
| Ivy Bank vs Pibank | 4.60% | $0 |
| Ivy Bank vs SoFi Bank | 4.00% | $0 |
| Ivy Bank vs Synchrony Bank | 3.50% | $0 |
| Ivy Bank vs Varo Bank | 5.00% | $0 |
| Ivy Bank vs Wealthfront | 3.95% | $0 |
| Ivy Bank vs Wells Fargo | 0.05% | $25 |