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 3.40% 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 $339 more than Bank of America annually ($340 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 Apr 21, 2026 |
|---|---|---|
| APY | 0.01% | 3.40% |
Est. Earnings | $5,000+$1 $10,000+$1 $25,000+$3 | $5,000+$170 $10,000+$340 $25,000+$850 |
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 4.07% APY.
Comparison Analysis
Comparing Bank of America vs. Synchrony Bank
Executive Summary
Synchrony Bank offers a significantly higher APY of 3.40% on its High Yield Savings account, making it the clear winner compared to Bank of America's Advantage Savings, which provides a mere 0.01% APY. Synchrony Bank's account requires no minimum deposit or balance and has no maintenance fees, while Bank of America charges an $8 monthly fee unless certain conditions are met. Additionally, Synchrony Bank's account is online-only, providing a straightforward option without the need for a checking account or direct deposit. In contrast, Bank of America's account may have varying APYs based on market conditions.
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 (3.40% 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. $340 vs $1/yr).
Better Returns at $25,000
Synchrony BankSynchrony Bank's High Yield Savings pulls ahead with larger amounts (approx. $850 vs $3/yr).
Best for Simplicity
Synchrony BankSynchrony Bank's High Yield Savings offers 3.40% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, Synchrony Bank's High Yield Savings pays $339 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 $339 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+$340.00(3.3%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,340.00
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) | 3.40% Verified: 4/21/2026 ↘︎ 0.25%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% | 3.40% |
Trend | Stable | Stable |
Velocity (bps/mo) | 0.0 | -4.1 |
Days Since Change | 71 | -55 |
12-Month High | 0.03% | 4.00% |
12-Month Low | 0.01% | 3.40% |
Adjustments / Mo | 0.16 | 0.33 |
Volatility Score | 0.116 | 0.047 |
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
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Bank of America vs Ally Bank | 3.10% | $0 |
| Bank of America vs American Express | 3.20% | $0 |
| Bank of America vs Axos Bank | 4.21% | $0 |
| Bank of America vs Barclays | 3.75% | $0 |
| Bank of America vs Capital One | 3.20% | $0 |
| Bank of America vs Chime | 3.00% | $0 |
| Bank of America vs CIT Bank | 3.75% | $100 |
| Bank of America vs Discover Bank | 3.30% | $0 |
| Bank of America vs EverBank | 3.90% | $0 |
| Bank of America vs Marcus by Goldman Sachs | 3.50% | $0 |
| Bank of America vs Newtek Bank | 4.20% | $0.01 |
| Bank of America vs Openbank | 4.00% | $500 |
| Bank of America vs Pibank | 4.40% | $0 |
| Bank of America vs SoFi Bank | 4.00% | $0 |
| Bank of America vs Varo Bank | 5.00% | $0 |
| Bank of America vs Wealthfront | 4.20% | $0 |