Bank of America vs. Openbank
Comparing Bank of America and Openbank for savings: Bank of America's Advantage Savings pays 0.01% APY while Openbank's High-Yield Savings Account pays 4.00% APY.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? Openbank pays $399 more than Bank of America annually ($400 vs $1).
Choose Bank of America if mobile app quality matters, or you want Zelle for quick transfers. Choose Openbank if getting the best rate matters most.
| Metric | Bank of AmericaAdvantage Savings Feb 25, 2026 | OpenbankHigh-Yield Savings Account Apr 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 | $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 MinimumsRate 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. Openbank
Executive Summary
Openbank's High-Yield Savings Account stands out with a competitive APY of 4.00%, significantly higher than Bank of America's Advantage Savings, which offers just 0.01% APY. Openbank's account has no maintenance fees and requires a minimum deposit of $500, while Bank of America charges an $8 monthly fee unless certain conditions are met. Additionally, Openbank's account is online-only, providing a straightforward option without direct deposit requirements or bundling. In contrast, Bank of America offers a mobile app rated highly but with much lower returns.
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 iOS app (4.8 vs 3.1)
- ✓Higher rated Android app (4.6 vs 2.5)
- ✓Fast transfers via Zelle® (up to $3,500 a day)
Why Openbank?
- ✓Higher potential APY (4.00% vs 0.01%) on all balances
- ✓No checking account or direct deposit required
— Key Feature Differences —
Better Returns at $10,000
OpenbankOpenbank's High-Yield Savings Account earns more on smaller deposits (approx. $400 vs $1/yr).
Better Returns at $25,000
OpenbankOpenbank's High-Yield Savings Account pulls ahead with larger amounts (approx. $1000 vs $3/yr).
Best for Simplicity
OpenbankOpenbank's High-Yield Savings Account offers 4.00% APY with no bundling, direct deposit requirement or caps.
Best Mobile App Experience
Bank of AmericaBank of America offers an iOS app rated 4.8 (vs. 3.1) and Android app rated 4.6 (vs. 2.5)
Shared Benefits
Over a 1-year period, Openbank's High-Yield Savings Account 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.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
Bank of America vs. Openbank Savings Calculator
You earn $399 more with Openbank 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
Openbank
High-Yield Savings Account
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 | Openbank |
|---|---|---|
| APY | 0.01% Verified: 2/25/2026 Stable (90d) | 4.00% Verified: 4/6/2026 ↘︎ 0.20%90d Change |
| Product Name | Advantage Savings | High-Yield Savings Account |
| Minimum Deposit | $100 | $500 |
| Min. Balance for APY | N/A | $0 |
| Monthly Fee | $8 | $0 |
| Compound Frequency | Monthly | Monthly |
| 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+ | 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 Openbank Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Bank of America | Openbank |
|---|---|---|
| Advantage Savings | High-Yield Savings Account | |
Current APY | 0.01% | 4.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | 0.0 | -2.8 |
Days Since Change | 71 | -34 |
12-Month High | 0.03% | 4.75% |
12-Month Low | 0.01% | 4.00% |
Adjustments / Mo | 0.16 | 0.41 |
Volatility Score | 0.116 | 0.029 |
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
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|---|---|---|
| Bank of America vs Ally Bank | 3.20% | $0 |
| Bank of America vs American Express | 3.20% | $0 |
| Bank of America vs Axos Bank | 4.21% | $0 |
| Bank of America vs Barclays | 3.85% | $0 |
| Bank of America vs Capital One | 3.20% | $0 |
| Bank of America vs Chime | 3.00% | $0 |
| Bank of America vs CIT Bank | 3.75% | $100 |
| Bank of America vs Discover Bank | 3.30% | $0 |
| Bank of America vs EverBank | 3.90% | $0 |
| Bank of America vs Marcus by Goldman Sachs | 3.65% | $0 |
| Bank of America vs Newtek Bank | 4.20% | $0.01 |
| Bank of America vs Pibank | 4.60% | $0 |
| Bank of America vs SoFi Bank | 4.00% | $0 |
| Bank of America vs Synchrony Bank | 3.50% | $0 |
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| Bank of America vs Wealthfront | 4.20% | $0 |