Bank of America vs. My Banking Direct
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | Bank of AmericaAdvantage Savings Jan 6, 2026 | My Banking DirectHigh Yield Savings Account Jan 6, 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® Supported | FDIC InsuredLow 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. My Banking Direct
As of Bank of America offers an APY of 0.01% for its Advantage Savings account, with a minimum balance of , compared to My Banking Direct's 4.02% APY for its High Yield Savings Account, with a minimum balance of $1.
My Banking Direct pays $401 more than Bank of America on a $10,000 balance after one year. Bank of America pays $1, while My Banking Direct pays $402 - an APY advantage for My Banking Direct.
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.
Executive Summary as of
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 has an APY of only 0.01%. The My Banking Direct account requires a minimum deposit of $500 and has no maintenance fees, making it an attractive option for savers. Additionally, it is an online-only product, providing simplicity with no direct deposit requirements or caps. In contrast, Bank of America’s account has a monthly maintenance fee of $8, which can be waived under certain conditions. Overall, My Banking Direct stands out as the superior choice for higher returns.
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. 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: 1/6/2026 Stable (90d) | 4.02% Verified: 1/6/2026 ↘︎ 0.18%90d Change |
| Product Name | Advantage Savings | High Yield Savings Account |
| Minimum Deposit | $100 | $500 |
| Min. Balance for APY | N/A | $1 |
| 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 Android4.3 |
| Zelle® Support | Available Limit: $3,500/dayFounding member; highest limits for established users. | Available Uses Flagstar/NYCB parent infrastructure. |
| BBB Rating | A+ | F |
| 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 | -4.0 |
Days Since Change | 21 | 52 |
11-Month High | 0.03% | 4.45% |
11-Month Low | 0.01% | 4.02% |
Adjustments / Mo | 0.17 | 0.44 |
Volatility Score | 0.123 | 0.034 |
How to read these metrics(Click to expand)
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High Rates (With Checking Bundle)
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