Bank Of America vs Peak Bank
High-Yield Savings Accounts Comparison
Last Updated: September 5, 2025
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Summary of Bank of America vs. Peak Bank
As of September 5, 2025 Bank of America offers an APY of 0.01% for its Advantage Savings account, with a minimum balance of , compared to Peak Bank's 4.35% APY for its Envision High Yield Savings account, with a minimum balance of .
Peak Bank yields $434 more than Bank of America on a $10,000 balance after one year. Bank of America pays $1, while Peak Bank pays $435 - an APY advantage for Peak Bank.
Bank of America
Strengths
Potential Drawbacks
- Advantage Savings has a low APY of 0.01%, unchanged from 30 days ago.
- Bank of America charges an $8 monthly maintenance fee unless conditions are met.
Peak Bank
Strengths
- Envision High Yield Savings offers a competitive APY of 4.35%, unchanged from 30 days ago.
- Peak Bank has no monthly maintenance fees.
Potential Drawbacks
- Peak Bank has no physical branches.
- Peak Bank is not BBB Accredited despite an A+ rating.
Summary: Bank of America offers a low APY of 0.01% on its Advantage Savings account with an $8 monthly fee. In contrast, Peak Bank provides a significantly higher APY of 4.35% on its Envision High Yield Savings account with no fees, but lacks physical branches and is not BBB Accredited.
Compare Bank of America's vs Peak Bank's Savings Accounts
| Bank of America | Peak Bank | ||
|---|---|---|---|
| Product | Advantage Savings | vs | Envision High Yield Savings |
| APY | 0.01% (as of 9/5/2025) | 4.35% (as of 9/5/2025) | |
| Bundled Account | No | No | |
| FDIC-insured | Yes | Yes | |
| Online Only | No | Yes | |
| Compound Frequency | Monthly | Daily | |
| Minimum Deposit | $100 | $100 | |
| Minimum Balance for APY | N/A | N/A | |
| 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 | 4.8/5 | |
| Google Play Rating | 4.6/5 | 4.6/5 | |
| BBB Rating | A+ | A+ |
Comparative Historical APY Insights (Last 7 Months)
| Bank of America | Peak Bank | ||
|---|---|---|---|
| Product | Advantage Savings | vs | Envision High Yield Savings |
| Latest APY | 0.01 % | 4.35 % | |
| Trend | Sideways | Sideways | |
| Slope (bps/mo) | 0.0 | -2.2 | |
| Rate Changes / Mo | 0.00 | 0.44 | |
| Days Since Last Change | 203 | 35 | |
| High (-7 m) | 0.01 % | 4.54 % | |
| Low (-7 m) | 0.01 % | 4.35 % | |
| Draw-down from High | 0.0 % | -4.2 % | |
| Volatility (CV) | 0.000 | 0.016 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 7 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 (-7 m)
- Highest APY in the last 203 days.
- Low (-7 m)
- Lowest APY in the last 203 days.
- Draw-down from High
- How far today sits below the 7-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.
Calculate Savings Growth for Bank of America vs Peak Bank
All calculations are based on APY.
Bank of America
APY: 0.01%
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
Effective APY: 0.01% (based on your deposit and contributions)
Total balance: $18,005.7
Earnings: $5.7
Bank OverviewPeak Bank
APY: 4.35%
Total savings breakdown:
- Interest earned: $2,662 (12.88%)
- Total contributions: $13,000 (62.92%)
- Initial deposit: $5,000 (24.20%)
Your total balance
$20,662.00
Effective APY: 4.35% (based on your deposit and contributions)
Total balance: $20,662
Earnings: $2,662
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, Bank of America's total earnings would be $2,656.3 lower than Peak Bank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
More Comparisons
Compare Bank of America's APY of 0.01% with other banks
Compare Peak Bank's APY of 4.35% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Peak Bank vs Ally Bank | 3.50% | $0 |
| Peak Bank vs American Express | 3.50% | $0 |
| Peak Bank vs Axos Bank | 4.46% | $0 |
| Peak Bank vs Barclays | 4.10% | $0 |
| Peak Bank vs BrioDirect | 4.30% | $5,000 |
| Peak Bank vs Capital One | 3.50% | $0 |
| Peak Bank vs Chase Bank | 0.01% | $0 |
| Peak Bank vs Chime | 3.75% | $0 |
| Peak Bank vs CIT Bank | 4.00% | $100 |
| Peak Bank vs Discover Bank | 3.50% | $0 |
| Peak Bank vs Elevault | 4.60% | $0 |
| Peak Bank vs EverBank | 4.30% | $0 |
| Peak Bank vs Fitness Bank | 4.75% | $100 |
| Peak Bank vs FVCbank | 4.35% | $500 |
| Peak Bank vs GO2bank | 4.50% | $0 |
| Peak Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Peak Bank vs Neighbors Bank | 4.60% | $0 |
| Peak Bank vs Newtek Bank | 4.35% | $0 |
| Peak Bank vs Pibank | 4.60% | $0 |
| Peak Bank vs Presidential Bank | 4.50% | $5,000 |
| Peak Bank vs Santander Bank | 0.03% | $25 |
| Peak Bank vs SoFi Bank | 3.80% | $0 |
| Peak Bank vs Synchrony Bank | 3.80% | $0 |
| Peak Bank vs TIMBR | 4.40% | $1,000 |
| Peak Bank vs UFB Direct | 4.21% | $5000 |
| Peak Bank vs Varo Bank | 5.00% | $0 |
| Peak Bank vs Wells Fargo | 2.51% | $25 |
| Peak Bank vs Zynlo Bank | 4.35% | $10 |