Bank of America vs. Ivy Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | Bank of AmericaAdvantage Savings Jan 6, 2026 | Ivy BankHigh-Yield Savings Account Jan 6, 2026 |
|---|---|---|
| APY | 0.01% | 0.05% - 4.10% |
Est. Earnings | $5,000+$1 $10,000+$1 $25,000+$3 | $5,000+$205 $10,000+$410 $25,000+$1,025 |
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® Supported | FDIC InsuredMod. MinimumGreat iOS App |
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. Ivy Bank
As of Bank of America offers an APY of 0.01% for its Advantage Savings account, with a minimum balance of , compared to Ivy Bank's 4.10% APY for its High-Yield Savings Account, with a minimum balance of $2,500.
Ivy Bank pays $409 more than Bank of America on a $10,000 balance after one year. Bank of America pays $1, while Ivy Bank pays $410 - an APY advantage for Ivy Bank.
Why Bank of America?
- ✓No checking account or direct deposit required
- ✓Higher rated Android app (4.6 vs 3.5)
- ✓Fast transfers via Zelle® (up to $3,500 a day)
- ✓Available Nationwide
Why Ivy Bank?
- ✓Higher potential APY (4.10% 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. $410 vs $1/yr).
Better Returns at $25,000
Ivy BankIvy Bank's High-Yield Savings Account pulls ahead with larger amounts (approx. $1025 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. 3.5)
Shared Benefits
Over a 1-year period, Ivy Bank's High-Yield Savings Account pays $409 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
Ivy Bank offers a High-Yield Savings Account with a competitive APY of 4.10%, significantly higher than Bank of America's Advantage Savings, which has an APY of just 0.01%. Ivy Bank's account requires a minimum deposit and balance of $2,500, but it has no maintenance fees and compounds daily. In contrast, Bank of America charges an $8 monthly fee, which can be waived under certain conditions. Additionally, Ivy Bank's account is online-only and not available to residents of California and U.S. Territories (except the District of Columbia), while Bank of America provides a more accessible option with a lower minimum deposit of $100.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
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 $409 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+$410.00(3.9%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,410.00
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: 1/6/2026 Stable (90d) | 4.10% Range: 0.05% - 4.10% Verified: 1/6/2026 - |
| 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 |
| 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 | iOS4.7 Android3.5 |
| 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% | 4.10% |
Trend | Stable | Stable |
Velocity (bps/mo) | 0.0 | -12.1 |
Days Since Change | 21 | 21 |
2-Month High | 0.03% | 4.25% |
2-Month Low | 0.01% | 4.10% |
Adjustments / Mo | 1.11 | 0.56 |
Volatility Score | 0.260 | 0.018 |
How to read these metrics(Click to expand)
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High Rates (With Checking Bundle)
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