Bank of America vs. Openbank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | Bank of AmericaAdvantage Savings Jan 6, 2026 | OpenbankHigh-Yield Savings Account Jan 6, 2026 |
|---|---|---|
| APY | 0.01% | 4.20% |
Est. Earnings | $5,000+$1 $10,000+$1 $25,000+$3 | $5,000+$210 $10,000+$420 $25,000+$1,050 |
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 Minimums |
Comparison Analysis
Comparing Bank of America vs. Openbank
As of Bank of America offers an APY of 0.01% for its Advantage Savings account, with a minimum balance of , compared to Openbank's 4.20% APY for its High-Yield Savings Account, with a minimum balance of $0.
Openbank pays $419 more than Bank of America on a $10,000 balance after one year. Bank of America pays $1, while Openbank pays $420 - an APY advantage for Openbank.
Why Bank of America?
- ✓Higher rated iOS app (4.8 vs 3.1)
- ✓Higher rated Android app (4.6 vs 2.9)
- ✓Fast transfers via Zelle® (up to $3,500 a day)
Why Openbank?
- ✓Higher potential APY (4.20% 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. $420 vs $1/yr).
Better Returns at $25,000
OpenbankOpenbank's High-Yield Savings Account pulls ahead with larger amounts (approx. $1050 vs $3/yr).
Best for Simplicity
OpenbankOpenbank's High-Yield Savings Account offers 4.20% 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. 2.9)
Shared Benefits
Over a 1-year period, Openbank's High-Yield Savings Account pays $419 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
Openbank offers a High-Yield Savings Account with a notable APY of 4.20%, significantly higher than Bank of America's Advantage Savings, which provides only 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 product is online-only, whereas Bank of America offers a mobile app rated 4.8 for iOS and 4.6 for Android, highlighting its strong mobile experience. For those seeking higher returns, Openbank is the clear choice.
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. Openbank Savings Calculator
You earn $419 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+$420.00(4.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,420.00
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: 1/6/2026 Stable (90d) | 4.20% Verified: 1/6/2026 Stable (90d) |
| Product Name | Advantage Savings | High-Yield Savings Account |
| Minimum Deposit | $100 | $500 |
| Min. Balance for APY | N/A | $0 |
| 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 | iOS3.1 Android2.9 |
| 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% | 4.20% |
Trend | Stable | Stable |
Velocity (bps/mo) | 0.0 | -3.0 |
Days Since Change | 21 | 168 |
10-Month High | 0.03% | 4.75% |
10-Month Low | 0.01% | 4.20% |
Adjustments / Mo | 0.19 | 0.29 |
Volatility Score | 0.128 | 0.027 |
How to read these metrics(Click to expand)
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High Rates (With Checking Bundle)
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