Bank of America vs. Synchrony Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
Bank of America
Advantage Savings
0.01%APYDec 6, 2025FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppIn-Person AccessShow Fine Print & Trends Hide Details
Bank of America
Advantage Savings
Synchrony Bank
High Yield Savings
3.65%APYDec 6, 2025FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppShow Fine Print & Trends Hide Details
Synchrony Bank
High Yield Savings
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.
Comparison Analysis
Comparing Bank of America vs. Synchrony Bank
Why Bank of America?
No distinct advantages found vs Synchrony Bank.
Why Synchrony Bank?
- ✓Higher potential APY (3.65% vs 0.01%) on all balances
- ✓No checking account or direct deposit required
— Key Feature Differences —
Better Returns at $10,000
Synchrony BankSynchrony Bank's High Yield Savings earns more on smaller deposits (approx. $365 vs $1/yr).
Better Returns at $25,000
Synchrony BankSynchrony Bank's High Yield Savings pulls ahead with larger amounts (approx. $913 vs $3/yr).
Best for Simplicity
Synchrony BankSynchrony Bank's High Yield Savings offers 3.65% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, Synchrony Bank's High Yield Savings pays $364 more interest on a $10,000 balance than Bank of America's Advantage Savings.
Executive Summary
Synchrony Bank offers a clear advantage with its High Yield Savings account, boasting an impressive APY of 3.65%, significantly higher than Bank of America's Advantage Savings, which yields only 0.01%. Synchrony Bank's account requires no minimum deposit or balance, 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 charges an $8 monthly fee, which can be waived under certain conditions. Overall, for those seeking higher returns without the complexities of minimums or fees, Synchrony Bank is the superior choice.
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 Synchrony Bank.
| Feature | Bank of America | Synchrony Bank |
|---|---|---|
| APY | 0.01% Verified: 12/6/2025 Stable (90d) | 3.65% Verified: 12/6/2025 ↘︎ 0.15%90d Change |
| Product Name | Advantage Savings | High Yield Savings |
| 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 | iOS4.8 Android4.5 |
| 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 |
Savings Comparison
Synchrony Bank earns $2,204 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
Synchrony Bank
High Yield Savings
Savings Breakdown
- Interest Earned+$2,209.70(10.9%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$20,209.70
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Bank of America | Synchrony Bank |
|---|---|---|
| Advantage Savings | High Yield Savings | |
Current APY | 0.01% | 3.65% |
Trend | Stable | Stable |
Velocity (bps/mo) | -0.0 | -3.3 |
Days Since Change | 311 | 18 |
10-Month High | 0.01% | 4.10% |
10-Month Low | 0.01% | 3.65% |
Adjustments / Mo | 0.00 | 0.29 |
Volatility Score | 0.000 | 0.030 |
How to read these metrics(Click to expand)
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