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 4.09% 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 $408 more than Bank of America annually ($409 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 20, 2026 | OpenbankHigh-Yield Savings Account Feb 20, 2026 |
|---|---|---|
| APY | 0.01% | 4.09% |
Est. Earnings | $5,000+$1 $10,000+$1 $25,000+$3 | $5,000+$205 $10,000+$409 $25,000+$1,023 |
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 |
Comparison Analysis
Comparing Bank of America vs. Openbank
Executive Summary
Openbank offers a High-Yield Savings Account with a competitive APY of 4.09%, significantly higher than Bank of America's Advantage Savings, which has an APY of only 0.01%. Openbank's account requires a minimum deposit of $500 but has no maintenance fees or direct deposit requirements, making it an attractive option for savers. In contrast, Bank of America charges an $8 maintenance fee that can be waived under certain conditions. While Bank of America provides a strong mobile app experience, Openbank's online-only platform simplifies the savings process with better 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 2.6)
- ✓Fast transfers via Zelle® (up to $3,500 a day)
Why Openbank?
- ✓Higher potential APY (4.09% 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. $409 vs $1/yr).
Better Returns at $25,000
OpenbankOpenbank's High-Yield Savings Account pulls ahead with larger amounts (approx. $1023 vs $3/yr).
Best for Simplicity
OpenbankOpenbank's High-Yield Savings Account offers 4.09% 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. 2.6)
Shared Benefits
Over a 1-year period, Openbank's High-Yield Savings Account pays $408 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 $408 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+$409.00(3.9%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,409.00
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: 2/20/2026 Stable (90d) | 4.09% Verified: 2/20/2026 ↘︎ 0.11%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+ | 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 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% | 4.09% |
Trend | Stable | Stable |
Velocity (bps/mo) | 0.0 | -2.7 |
Days Since Change | 66 | 15 |
12-Month High | 0.03% | 4.75% |
12-Month Low | 0.01% | 4.09% |
Adjustments / Mo | 0.17 | 0.33 |
Volatility Score | 0.117 | 0.027 |
How to read these metrics(Click to expand)
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