Bank of America vs. Sallie Mae Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
Bank of America
Advantage Savings
0.01%APYDec 10, 2025FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppIn-Person AccessShow Fine Print & Trends Hide Details
Bank of America
Advantage Savings
Sallie Mae Bank
High-Yield Savings Account
3.90%APYDec 10, 2025FDIC InsuredNo MinimumsShow Fine Print & Trends Hide Details
Sallie Mae Bank
High-Yield Savings Account
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.25% APY.
Bank of America vs. Sallie Mae Bank Savings Calculator
Sallie Mae Bank earns $2,364.5 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
Sallie Mae Bank
High-Yield Savings Account
Savings Breakdown
- Interest Earned+$2,370.20(11.6%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$20,370.20
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Comparison Analysis
Comparing Bank of America vs. Sallie Mae Bank
Why Bank of America?
- ✓Higher rated iOS app (4.8 vs 1.5)
- ✓Higher rated Android app (4.6 vs 1.6)
Why Sallie Mae Bank?
- ✓Higher potential APY (3.90% vs 0.01%) on all balances
- ✓No checking account or direct deposit required
— Key Feature Differences —
Better Returns at $10,000
Sallie Mae BankSallie Mae Bank's High-Yield Savings Account earns more on smaller deposits (approx. $390 vs $1/yr).
Better Returns at $25,000
Sallie Mae BankSallie Mae Bank's High-Yield Savings Account pulls ahead with larger amounts (approx. $975 vs $3/yr).
Best for Simplicity
Sallie Mae BankSallie Mae Bank's High-Yield Savings Account offers 3.90% APY with no bundling, direct deposit requirement or caps.
Best Mobile App Experience
Bank of AmericaBank of America offers an iOS app rated 4.8 (vs. 1.5) and Android app rated 4.6 (vs. 1.6)
Shared Benefits
Over a 1-year period, Sallie Mae Bank's High-Yield Savings Account pays $389 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
Sallie Mae Bank offers a High-Yield Savings Account with an impressive APY of 3.90%, significantly higher than Bank of America's Advantage Savings, which provides a mere 0.01% APY. Sallie Mae's account has no minimum deposit or balance requirements, and there are no maintenance fees, making it a straightforward option for savers. In contrast, Bank of America requires a minimum deposit of $100 and has an $8 monthly maintenance fee, though this fee can be waived under certain conditions. Additionally, Sallie Mae's account is online-only, while Bank of America provides access to physical branches.
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 Sallie Mae Bank.
| Feature | Bank of America | Sallie Mae Bank |
|---|---|---|
| APY | 0.01% Verified: 12/10/2025 Stable (90d) | 3.90% Verified: 12/10/2025 Stable (90d) |
| Product Name | Advantage Savings | High-Yield Savings Account |
| Minimum Deposit | $100 | $0 |
| Min. Balance for APY | N/A | $0 |
| 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 | iOS1.5 Android1.6 |
| 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 |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Bank of America | Sallie Mae Bank |
|---|---|---|
| Advantage Savings | High-Yield Savings Account | |
Current APY | 0.01% | 3.90% |
Trend | Stable | Stable |
Velocity (bps/mo) | -0.0 | -0.0 |
Days Since Change | 315 | 313 |
10-Month High | 0.01% | 4.00% |
10-Month Low | 0.01% | 3.90% |
Adjustments / Mo | 0.00 | 0.09 |
Volatility Score | 0.000 | 0.002 |
How to read these metrics(Click to expand)
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