Bank of America vs. Santander Bank
Bank of America and Santander Bank both offer 0.01% APY on their savings accounts. With identical rates, your choice comes down to other factors like mobile app quality, branch access, or customer service reputation.
The Bottom Line
The Bank of America and Santander Bank savings accounts are very similar. Choose Bank of America if you're an Android user, or choose Santander Bank if you value in-person banking.
| Metric | Bank of AmericaAdvantage Savings Feb 25, 2026 | Santander BankSantander Savings Jan 29, 2026 |
|---|---|---|
| APY | 0.01% | 0.01% |
Est. Earnings | $5,000+$1 $10,000+$1 $25,000+$3 | $5,000+$1 $10,000+$1 $25,000+$3 |
Min Deposit | $100 | $25 |
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 AppIn-Person AccessZelle® SupportedDaily CompoundingRate 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. Santander Bank
Executive Summary
Both Bank of America and Santander Bank offer savings accounts with an APY of 0.01%. However, Santander's savings account has a lower minimum deposit requirement of $25 compared to Bank of America's $100. Additionally, Santander charges a lower maintenance fee of $1, while Bank of America has an $8 fee, which can be waived under certain conditions. Both accounts do not require direct deposit and are not online-only, providing flexibility for customers. Given the comparable APY rates, Santander Bank may be more appealing due to its lower fees and deposit requirements.
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?
- ✓No checking account or direct deposit required
- ✓Higher rated Android app (4.6 vs 4.0)
Why Santander Bank?
- ✓Physical branch access (Primarily in the Northeast and Miami, Florida)
Shared Benefits
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
Bank of America vs. Santander Bank Savings Calculator
Both accounts earn exactly the same amount.
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
Santander Bank
Santander Savings
Savings Breakdown
- Interest Earned+$1.00(0.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,001.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | Bank of America | Santander Bank |
|---|---|---|
| APY | 0.01% Verified: 2/25/2026 Stable (90d) | 0.01% Verified: 1/29/2026 Stable (90d) |
| Product Name | Advantage Savings | Santander Savings |
| Minimum Deposit | $100 | $25 |
| Min. Balance for APY | N/A | $0 |
| Monthly Fee | $8 | $1 |
| Compound Frequency | Monthly | Daily |
| Branch Access | Yes | Yes |
| Account Type | Online & Branches | Online & Branches |
| Physical Branches | N/A | Primarily in the Northeast and Miami, Florida |
| 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 Branch-based retail accounts only. |
| BBB Rating | A+ | Not Rated |
| 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 Santander Bank Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Bank of America | Santander Bank |
|---|---|---|
| Advantage Savings | Santander Savings | |
Current APY | 0.01% | 0.01% |
Trend | Stable | Stable |
Velocity (bps/mo) | 0.0 | -0.2 |
Days Since Change | 44 | 132 |
12-Month High | 0.03% | 0.03% |
12-Month Low | 0.01% | 0.01% |
Adjustments / Mo | 0.16 | 0.08 |
Volatility Score | 0.113 | 0.462 |
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 Santander Bank's APY of 0.01% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Santander Bank vs Ally Bank | 3.20% | $0 |
| Santander Bank vs American Express | 3.30% | $0 |
| Santander Bank vs Axos Bank | 4.21% | $0 |
| Santander Bank vs Barclays | 3.85% | $0 |
| Santander Bank vs Capital One | 3.30% | $0 |
| Santander Bank vs Chase Bank | 0.01% | $0 |
| Santander Bank vs Chime | 3.00% | $0 |
| Santander Bank vs CIT Bank | 3.75% | $100 |
| Santander Bank vs Citibank | 3.20% | $0 |
| Santander Bank vs Discover Bank | 3.30% | $0 |
| Santander Bank vs EverBank | 3.90% | $0 |
| Santander Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Santander Bank vs Newtek Bank | 4.20% | $0.01 |
| Santander Bank vs Openbank | 4.09% | $500 |
| Santander Bank vs Pibank | 4.60% | $0 |
| Santander Bank vs SoFi Bank | 4.00% | $0 |
| Santander Bank vs Synchrony Bank | 3.50% | $0 |
| Santander Bank vs Varo Bank | 5.00% | $0 |
| Santander Bank vs Wealthfront | 4.20% | $0 |
| Santander Bank vs Wells Fargo | 0.05% | $25 |