Bank of America vs. Peak Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | Bank of AmericaAdvantage Savings Jan 21, 2026 | Peak BankEnvision High Yield Savings Jan 21, 2026 |
|---|---|---|
| APY | 0.01% | 3.99% |
Est. Earnings | $5,000+$1 $10,000+$1 $25,000+$3 | $5,000+$200 $10,000+$399 $25,000+$998 |
Min Deposit | $100 | $100 |
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 App |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.20% APY.
Comparison Analysis
Comparing Bank of America vs. Peak Bank
As of Bank of America offers an APY of 0.01% for its Advantage Savings account, with a minimum balance of , compared to Peak Bank's 3.99% APY for its Envision High Yield Savings account, with a minimum balance of .
Peak Bank pays $398 more than Bank of America on a $10,000 balance after one year. Bank of America pays $1, while Peak Bank pays $399 - an APY advantage for Peak Bank.
Why Bank of America?
- ✓Fast transfers via Zelle® (up to $3,500 a day)
Why Peak Bank?
- ✓Higher potential APY (3.99% vs 0.01%) on all balances
- ✓No checking account or direct deposit required
— Key Feature Differences —
Better Returns at $10,000
Peak BankPeak Bank's Envision High Yield Savings earns more on smaller deposits (approx. $399 vs $1/yr).
Better Returns at $25,000
Peak BankPeak Bank's Envision High Yield Savings pulls ahead with larger amounts (approx. $998 vs $3/yr).
Best for Simplicity
Peak BankPeak Bank's Envision High Yield Savings offers 3.99% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, Peak Bank's Envision High Yield Savings pays $398 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
Peak Bank offers a significant advantage with its Envision High Yield Savings account, boasting an impressive APY of 3.99%, which is substantially higher than Bank of America's Advantage Savings account at 0.01%. The Peak Bank account is online-only and requires a minimum deposit of $100, while also having no maintenance fees. In contrast, Bank of America's account incurs an $8 monthly fee unless certain conditions are met. Both accounts require a minimum deposit of $100, but only Peak Bank's product provides a compelling yield with no direct deposit requirement, making it the clear winner for savers seeking 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.
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Top Market Contenders
Bank of America vs. Peak Bank Savings Calculator
You earn $398 more with Peak Bank 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
Peak Bank
Envision High Yield Savings
Savings Breakdown
- Interest Earned+$399.00(3.8%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,399.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | Bank of America | Peak Bank |
|---|---|---|
| APY | 0.01% Verified: 1/21/2026 Stable (90d) | 3.99% Verified: 1/21/2026 ↘︎ 0.21%90d Change |
| Product Name | Advantage Savings | Envision High Yield Savings |
| Minimum Deposit | $100 | $100 |
| Min. Balance for APY | N/A | N/A |
| 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 | iOS4.8 Android4.6 |
| 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 Peak Bank Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Bank of America | Peak Bank |
|---|---|---|
| Advantage Savings | Envision High Yield Savings | |
Current APY | 0.01% | 3.99% |
Trend | Stable | Stable |
Velocity (bps/mo) | 0.0 | -4.3 |
Days Since Change | 36 | 20 |
11-Month High | 0.03% | 4.54% |
11-Month Low | 0.01% | 3.99% |
Adjustments / Mo | 0.18 | 0.62 |
Volatility Score | 0.122 | 0.037 |
How to read these metrics(Click to expand)
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