Bank of America vs. Salem Five Direct
Comparing Bank of America and Salem Five Direct for savings: Bank of America's Advantage Savings pays 0.01% APY while Salem Five Direct's eOne Savings pays 3.61% APY.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? Salem Five Direct pays $360 more than Bank of America annually ($361 vs $1).
Choose Bank of America if you're an Android user, or choose Salem Five Direct if getting the best rate matters most.
| Metric | Bank of AmericaAdvantage Savings Feb 20, 2026 | Salem Five DirecteOne Savings Feb 20, 2026 |
|---|---|---|
| APY | 0.01% | 3.61% |
Est. Earnings | $5,000+$1 $10,000+$1 $25,000+$3 | $5,000+$181 $10,000+$361 $25,000+$903 |
Min Deposit | $100 | $10 |
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 MinimumsGreat iOS AppGreat Android AppZelle® SupportedRate Changes Often |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.15% APY.
Comparison Analysis
Comparing Bank of America vs. Salem Five Direct
Executive Summary
Salem Five Direct offers a significant advantage with its eOne Savings account, boasting a competitive APY of 3.61%, which is far superior to Bank of America's Advantage Savings account, which yields only 0.01%. The eOne Savings account requires a minimum deposit of just $10 and has no maintenance fees, making it an attractive option for savers. In contrast, Bank of America charges an $8 monthly fee unless specific conditions are met. While Bank of America’s account does not require direct deposit, the eOne Savings account is online-only, providing a straightforward savings solution without the need for bundling or direct deposit.
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 Android app (4.6 vs 4.1)
Why Salem Five Direct?
- ✓Higher potential APY (3.61% vs 0.01%) on all balances
- ✓No checking account or direct deposit required
— Key Feature Differences —
Better Returns at $10,000
Salem Five DirectSalem Five Direct's eOne Savings earns more on smaller deposits (approx. $361 vs $1/yr).
Better Returns at $25,000
Salem Five DirectSalem Five Direct's eOne Savings pulls ahead with larger amounts (approx. $903 vs $3/yr).
Best for Simplicity
Salem Five DirectSalem Five Direct's eOne Savings offers 3.61% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, Salem Five Direct's eOne Savings pays $360 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. Salem Five Direct Savings Calculator
You earn $360 more with Salem Five Direct 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
Salem Five Direct
eOne Savings
Savings Breakdown
- Interest Earned+$361.00(3.5%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,361.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | Bank of America | Salem Five Direct |
|---|---|---|
| APY | 0.01% Verified: 2/20/2026 Stable (90d) | 3.61% Verified: 2/20/2026 ↘︎ 0.10%90d Change |
| Product Name | Advantage Savings | eOne Savings |
| Minimum Deposit | $100 | $10 |
| Min. Balance for APY | N/A | $0.01 |
| 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. | Available Uses shared Salem Five mobile platform. |
| 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 Salem Five Direct Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Bank of America | Salem Five Direct |
|---|---|---|
| Advantage Savings | eOne Savings | |
Current APY | 0.01% | 3.61% |
Trend | Stable | Stable |
Velocity (bps/mo) | 0.0 | -4.2 |
Days Since Change | 66 | 65 |
12-Month High | 0.03% | 4.01% |
12-Month Low | 0.01% | 3.61% |
Adjustments / Mo | 0.16 | 0.25 |
Volatility Score | 0.116 | 0.045 |
How to read these metrics(Click to expand)
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High Rates (With Checking Bundle)
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More Comparisons
Compare Bank of America's APY of 0.01% with other banks
Compare Salem Five Direct's APY of 3.61% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Salem Five Direct vs Ally Bank | 3.20% | $0 |
| Salem Five Direct vs American Express | 3.30% | $0 |
| Salem Five Direct vs Axos Bank | 4.21% | $0 |
| Salem Five Direct vs Barclays | 3.85% | $0 |
| Salem Five Direct vs Capital One | 3.30% | $0 |
| Salem Five Direct vs Chase Bank | 0.01% | $0 |
| Salem Five Direct vs Chime | 3.00% | $0 |
| Salem Five Direct vs CIT Bank | 3.75% | $100 |
| Salem Five Direct vs Citibank | 3.20% | $0 |
| Salem Five Direct vs Discover Bank | 3.30% | $0 |
| Salem Five Direct vs EverBank | 3.90% | $0 |
| Salem Five Direct vs Marcus by Goldman Sachs | 3.65% | $0 |
| Salem Five Direct vs Newtek Bank | 4.20% | $0.01 |
| Salem Five Direct vs Openbank | 4.09% | $500 |
| Salem Five Direct vs Pibank | 4.60% | $0 |
| Salem Five Direct vs SoFi Bank | 4.00% | $0 |
| Salem Five Direct vs Synchrony Bank | 3.50% | $0 |
| Salem Five Direct vs Varo Bank | 5.00% | $0 |
| Salem Five Direct vs Wealthfront | 3.95% | $0 |
| Salem Five Direct vs Wells Fargo | 0.05% | $25 |