Bank of America vs. My Banking Direct
Comparing Bank of America and My Banking Direct for savings: Bank of America's Advantage Savings pays 0.01% APY while My Banking Direct's High Yield Savings Account pays 4.02% APY.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? My Banking Direct pays $401 more than Bank of America annually ($402 vs $1).
Choose My Banking Direct if getting the best rate matters most.
| Metric | Bank of AmericaAdvantage Savings Feb 20, 2026 | My Banking DirectHigh Yield Savings Account Feb 20, 2026 |
|---|---|---|
| APY | 0.01% | 4.02% |
Est. Earnings | $5,000+$1 $10,000+$1 $25,000+$3 | $5,000+$201 $10,000+$402 $25,000+$1,005 |
Min Deposit | $100 | $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 InsuredLow MinimumsGreat iOS AppGreat Android AppZelle® SupportedRate 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. My Banking Direct
Executive Summary
My Banking Direct offers a High Yield Savings Account with a competitive APY of 4.02%, significantly higher than Bank of America's Advantage Savings, which yields only 0.01%. The High Yield Savings Account does not require direct deposit and has no maintenance fees, making it an attractive option for savers. In contrast, Bank of America's account has a monthly fee of $8, which can be waived under certain conditions, such as maintaining a minimum balance of $500. Additionally, My Banking Direct's account is online-only, while Bank of America provides traditional banking services.
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?
- ✓Higher rated Android app (4.6 vs 4.3)
Why My Banking Direct?
- ✓Higher potential APY (4.02% vs 0.01%) on all balances
- ✓No checking account or direct deposit required
— Key Feature Differences —
Better Returns at $10,000
My Banking DirectMy Banking Direct's High Yield Savings Account earns more on smaller deposits (approx. $402 vs $1/yr).
Better Returns at $25,000
My Banking DirectMy Banking Direct's High Yield Savings Account pulls ahead with larger amounts (approx. $1005 vs $3/yr).
Best for Simplicity
My Banking DirectMy Banking Direct's High Yield Savings Account offers 4.02% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, My Banking Direct's High Yield Savings Account pays $401 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. My Banking Direct Savings Calculator
You earn $401 more with My Banking Direct 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
My Banking Direct
High Yield Savings Account
Savings Breakdown
- Interest Earned+$402.00(3.9%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,402.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | Bank of America | My Banking Direct |
|---|---|---|
| APY | 0.01% Verified: 2/20/2026 Stable (90d) | 4.02% Verified: 2/20/2026 Stable (90d) |
| Product Name | Advantage Savings | High Yield Savings Account |
| Minimum Deposit | $100 | $500 |
| Min. Balance for APY | N/A | $1 |
| Monthly Fee | $8 | $0 |
| Compound Frequency | Monthly | N/A |
| Branch Access | Yes | None |
| Account Type | Online & Branches | Online Only |
| Physical Branches | N/A | None. You cannot make use of Flagstar Bank's branches. |
| 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 Uses Flagstar/NYCB parent infrastructure. |
| BBB Rating | A+ | Not Rated |
| 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 My Banking Direct Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Bank of America | My Banking Direct |
|---|---|---|
| Advantage Savings | High Yield Savings Account | |
Current APY | 0.01% | 4.02% |
Trend | Stable | Stable |
Velocity (bps/mo) | 0.0 | -4.1 |
Days Since Change | 66 | 97 |
12-Month High | 0.03% | 4.45% |
12-Month Low | 0.01% | 4.02% |
Adjustments / Mo | 0.16 | 0.41 |
Volatility Score | 0.116 | 0.037 |
How to read these metrics(Click to expand)
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High Rates (With Checking Bundle)
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More Comparisons
Compare Bank of America's APY of 0.01% with other banks
Compare My Banking Direct's APY of 4.02% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| My Banking Direct vs Ally Bank | 3.20% | $0 |
| My Banking Direct vs American Express | 3.30% | $0 |
| My Banking Direct vs Axos Bank | 4.21% | $0 |
| My Banking Direct vs Barclays | 3.85% | $0 |
| My Banking Direct vs Capital One | 3.30% | $0 |
| My Banking Direct vs Chase Bank | 0.01% | $0 |
| My Banking Direct vs Chime | 3.00% | $0 |
| My Banking Direct vs CIT Bank | 3.75% | $100 |
| My Banking Direct vs Citibank | 3.20% | $0 |
| My Banking Direct vs Discover Bank | 3.30% | $0 |
| My Banking Direct vs EverBank | 3.90% | $0 |
| My Banking Direct vs Marcus by Goldman Sachs | 3.65% | $0 |
| My Banking Direct vs Newtek Bank | 4.20% | $0.01 |
| My Banking Direct vs Openbank | 4.09% | $500 |
| My Banking Direct vs Pibank | 4.60% | $0 |
| My Banking Direct vs SoFi Bank | 4.00% | $0 |
| My Banking Direct vs Synchrony Bank | 3.50% | $0 |
| My Banking Direct vs Varo Bank | 5.00% | $0 |
| My Banking Direct vs Wealthfront | 3.95% | $0 |
| My Banking Direct vs Wells Fargo | 0.05% | $25 |