Bank of America vs. Peak Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
Bank of America
Advantage Savings
0.01%APYDec 6, 2025FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppIn-Person AccessShow Fine Print & Trends Hide Details
Bank of America
Advantage Savings
Peak Bank
Envision High Yield Savings
4.20%APYDec 6, 2025FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppShow Fine Print & Trends Hide Details
Peak Bank
Envision High Yield Savings
Comparison Analysis
Comparing Bank of America vs. Peak Bank
Why Bank of America?
No distinct advantages found vs Peak Bank.
Why Peak Bank?
- ✓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
Peak BankPeak Bank's Envision High Yield Savings earns more on smaller deposits (approx. $420 vs $1/yr).
Better Returns at $25,000
Peak BankPeak Bank's Envision High Yield Savings pulls ahead with larger amounts (approx. $1050 vs $3/yr).
Best for Simplicity
Peak BankPeak Bank's Envision High Yield Savings offers 4.20% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, Peak Bank's Envision High Yield Savings pays $419 more interest on a $10,000 balance than Bank of America's Advantage Savings.
Executive Summary
Peak Bank offers a significant advantage with its Envision High Yield Savings account, boasting an impressive APY of 4.20%. This online-only product requires a minimum deposit of $100 and has no maintenance fees, making it a strong choice for savers. In contrast, Bank of America's Advantage Savings account provides a much lower APY of 0.01%, with a monthly maintenance fee of $8 that can be waived under certain conditions. While both accounts require a minimum deposit of $100, Peak Bank's offering stands out for its higher returns and lack of fees.
Analysis generated based on current Banksparency database records
* AI-generated content provided for informational purposes only. Accuracy is not guaranteed; always verify details with the provider.
Top Market Contenders
See who beats both Bank of America and Peak Bank.
| Feature | Bank of America | Peak Bank |
|---|---|---|
| APY | 0.01% Verified: 12/6/2025 Stable (90d) | 4.20% Verified: 12/6/2025 ↘︎ 0.15%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 |
| 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 |
Savings Comparison
Peak Bank earns $2,558.6 more than Bank of America.
Bank of America
Advantage Savings
Savings Breakdown
- Interest Earned+$5.70(0.0%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$18,005.70
Peak Bank
Envision High Yield Savings
Savings Breakdown
- Interest Earned+$2,564.30(12.5%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$20,564.30
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Bank of America | Peak Bank |
|---|---|---|
| Advantage Savings | Envision High Yield Savings | |
Current APY | 0.01% | 4.20% |
Trend | Stable | Stable |
Velocity (bps/mo) | 0.0 | -3.7 |
Days Since Change | 295 | 66 |
10-Month High | 0.01% | 4.54% |
10-Month Low | 0.01% | 4.20% |
Adjustments / Mo | 0.00 | 0.41 |
Volatility Score | 0.000 | 0.028 |
How to read these metrics(Click to expand)
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