Bank Of America vs. Openbank
High-Yield Savings Account Comparison
By Aviel Fahl|Last Updated: November 12, 2025
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Summary of Bank of America vs. Openbank
Key Metrics at a Glance
| Feature | Bank of America | Openbank |
|---|---|---|
| Top Savings APY | 0.01% Advantage Savings | 4.20% High-Yield Savings Account |
| Minimum to Open | $100 | $500 |
| Minimum Balance for Top APY | $0 | |
| Note | 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. |
Bank of America
Strengths
- Bank of America has an A+ BBB rating, indicating strong trustworthiness.
- The Advantage Savings account has a low minimum deposit requirement of $100.
Potential Drawbacks
- The current APY for the Advantage Savings account is only 0.01%.
- Bank of America charges an $8 maintenance fee unless certain conditions are met.
Openbank
Strengths
- Openbank offers a competitive APY of 4.2% for its High-Yield Savings Account.
- There are no maintenance fees for the High-Yield Savings Account.
Potential Drawbacks
- Openbank is not BBB accredited and has no BBB rating.
- The High-Yield Savings Account requires a minimum deposit of $500.
→ As of November 12, 2025 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 yields $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.
Calculate Savings Growth for Bank of America vs Openbank
Bank of America - Advantage Savings
Total savings breakdown:
- Interest earned: $5.7 (0.03%)
- Total contributions: $13,000 (72.20%)
- Initial deposit: $5,000 (27.77%)
Your total balance
$18,005.70
Total balance: $18,005.7
Earnings: $5.7
Bank OverviewOpenbank - High-Yield Savings Account
Total savings breakdown:
- Interest earned: $2,564.3 (12.47%)
- Total contributions: $13,000 (63.22%)
- Initial deposit: $5,000 (24.31%)
Your total balance
$20,564.30
Total balance: $20,564.3
Earnings: $2,564.3
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, Bank of America's total earnings would be $2,558.6 lower than Openbank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Compare Bank of America's vs Openbank's Savings Accounts
| Bank of America | Openbank | ||
|---|---|---|---|
| Product | Advantage Savings | vs | High-Yield Savings Account |
| APY | 0.01% (as of 11/12/2025) | 4.20% (as of 11/12/2025) | |
| Bundled Account | No | No | |
| FDIC-insured | Yes | Yes | |
| Online Only | No | Yes | |
| Compound Frequency | Monthly | Monthly | |
| Minimum Deposit | $100 | $500 | |
| Minimum Balance for APY | N/A | $0 | |
| Maintenance Fee | $8 | $0 | |
| Direct Deposit Required | No | No | |
| Note | 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. | ||
| App Store Rating | 4.8/5 | 3.2/5 | |
| Google Play Rating | 4.6/5 | 3.2/5 | |
| BBB Rating | A+ | Not Rated |
Comparative Historical APY Insights (Last 9 Months)
| Bank of America | Openbank | ||
|---|---|---|---|
| Product | Advantage Savings | vs | High-Yield Savings Account |
| Latest APY | 0.01 % | 4.20 % | |
| Trend | Sideways | Sideways | |
| Slope (bps/mo) | 0.0 | -4.0 | |
| Rate Changes / Mo | 0.00 | 0.35 | |
| Days Since Last Change | 260 | 114 | |
| High (-9 m) | 0.01 % | 4.75 % | |
| Low (-9 m) | 0.01 % | 4.20 % | |
| Draw-down from High | 0.0 % | -11.6 % | |
| Volatility (CV) | 0.000 | 0.028 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 9 months (regression slope).
- Slope (bps/mo)
- Average monthly change; 10 bps = 0.10 pp.
- Rate Changes / Mo
- Typical number of APY moves per month.
- Days Since Last Change
- Recency of the latest APY adjustment.
- High (-9 m)
- Highest APY in the last 260 days.
- Low (-9 m)
- Lowest APY in the last 260 days.
- Draw-down from High
- How far today sits below the 9-month peak.
- Volatility (CV)
- Coefficient of variation = stdev ÷ mean.
Why Track Savings-Account APYs?
- See how quickly a bank reacts to Fed moves or competition.
- Gauge “twitchiness” - frequent moves can annoy savers.
- Spot if you're buying near a peak (draw-down) or riding a rise.
- Slope (bps/mo) shows speed of change.
- Volatility (CV) scales jumps by average level.