Bank of America vs. Synchrony Bank
Comparing Bank of America and Synchrony Bank for savings: Bank of America's Advantage Savings pays 0.01% APY while Synchrony Bank's High Yield Savings pays 3.50% APY.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? Synchrony Bank pays $349 more than Bank of America annually ($350 vs $1).
Choose Bank of America if you want Zelle for quick transfers. Choose Synchrony Bank if getting the best rate matters most.
| Metric | Bank of AmericaAdvantage Savings Feb 25, 2026 | Synchrony BankHigh Yield Savings Mar 7, 2026 |
|---|---|---|
| APY | 0.01% | 3.50% |
Est. Earnings | $5,000+$1 $10,000+$1 $25,000+$3 | $5,000+$175 $10,000+$350 $25,000+$875 |
Min Deposit | $100 | $0 |
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 InsuredNo MinimumsGreat iOS AppGreat Android AppDaily 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. Synchrony Bank
Executive Summary
Synchrony Bank offers a clear advantage with its High Yield Savings account, boasting an impressive APY of 3.50%. This online-only product requires no minimum deposit or balance, and there are no maintenance fees, making it a straightforward choice for savers. In contrast, Bank of America’s Advantage Savings account provides a significantly lower APY of 0.01%, with a minimum deposit of $100 and a monthly maintenance fee of $8, which can be waived under certain conditions. Overall, for those seeking higher returns without complex requirements, Synchrony Bank stands out as the preferred option.
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?
- ✓Fast transfers via Zelle® (up to $3,500 a day)
Why Synchrony Bank?
- ✓Higher potential APY (3.50% 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. $350 vs $1/yr).
Better Returns at $25,000
Synchrony BankSynchrony Bank's High Yield Savings pulls ahead with larger amounts (approx. $875 vs $3/yr).
Best for Simplicity
Synchrony BankSynchrony Bank's High Yield Savings offers 3.50% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, Synchrony Bank's High Yield Savings pays $349 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.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
Bank of America vs. Synchrony Bank Savings Calculator
You earn $349 more with Synchrony Bank 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
Synchrony Bank
High Yield Savings
Savings Breakdown
- Interest Earned+$350.00(3.4%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,350.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | Bank of America | Synchrony Bank |
|---|---|---|
| APY | 0.01% Verified: 2/25/2026 Stable (90d) | 3.50% Verified: 3/7/2026 ↘︎ 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 |
| Compound Frequency | Monthly | Daily |
| Branch Access | Yes | None |
| Account Type | Online & Branches | Online Only |
| Physical Branches | N/A | N/A |
| 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. | Not Supported |
| 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 Synchrony Bank Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Bank of America | Synchrony Bank |
|---|---|---|
| Advantage Savings | High Yield Savings | |
Current APY | 0.01% | 3.50% |
Trend | Stable | Stable |
Velocity (bps/mo) | 0.0 | -4.0 |
Days Since Change | 71 | 29 |
12-Month High | 0.03% | 4.00% |
12-Month Low | 0.01% | 3.50% |
Adjustments / Mo | 0.16 | 0.25 |
Volatility Score | 0.116 | 0.042 |
How to read these metrics(Click to expand)
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High Rates (With Checking Bundle)
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