Bank of America vs. Salem Five Direct
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | Bank of AmericaAdvantage Savings Jan 6, 2026 | Salem Five DirecteOne Savings Jan 6, 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® Supported | FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppZelle® Supported |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.21% APY.
Comparison Analysis
Comparing Bank of America vs. Salem Five Direct
As of Bank of America offers an APY of 0.01% for its Advantage Savings account, with a minimum balance of , compared to Salem Five Direct's 3.61% APY for its eOne Savings account, with a minimum balance of $0.01.
Salem Five Direct pays $360 more than Bank of America on a $10,000 balance after one year. Bank of America pays $1, while Salem Five Direct pays $361 - an APY advantage for Salem Five Direct.
Why Bank of America?
- ✓Higher rated Android app (4.6 vs 4.2)
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.
Executive Summary as of
Salem Five Direct offers a significant advantage with its eOne Savings account, providing 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 is online-only, requires a minimum deposit of just $10, and has no maintenance fees, making it an attractive option for savers. In contrast, Bank of America requires a minimum deposit of $100 and charges an $8 monthly fee unless certain conditions are met. Overall, for those seeking higher returns and simplicity, Salem Five Direct is the clear winner.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
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: 1/6/2026 Stable (90d) | 3.61% Verified: 1/6/2026 ↘︎ 0.40%90d Change |
| Product Name | Advantage Savings | eOne Savings |
| Minimum Deposit | $100 | $10 |
| Min. Balance for APY | N/A | $0.01 |
| 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 | iOS4.7 Android4.2 |
| 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 | -3.4 |
Days Since Change | 21 | 20 |
11-Month High | 0.03% | 4.01% |
11-Month Low | 0.01% | 3.61% |
Adjustments / Mo | 0.17 | 0.26 |
Volatility Score | 0.123 | 0.037 |
How to read these metrics(Click to expand)
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