Bank of America vs. Santander Bank

Both Bank of America and Santander Bank offer savings accounts with an APY of 0.01%. However, Santander Bank's savings account has a lower minimum deposit requirement of $25 compared to Bank of America's $100. Additionally, Santander's account has a daily compounding frequency, which may be advantageous for savers. While both accounts have maintenance fees ($8 for Bank of America and $1 for Santander), the fee at Santander can be more easily avoided as it does not require a minimum balance. Neither account requires direct deposit, making them accessible to a wider audience.