Bank of America vs. Upgrade
Comparing Bank of America and Upgrade for savings: Bank of America's Advantage Savings pays 0.01% APY while Upgrade's Premier Savings pays 3.05% APY.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? Upgrade pays $304 more than Bank of America annually ($305 vs $1).
Choose Bank of America if you want Zelle for quick transfers. Choose Upgrade if getting the best rate matters most.
| Metric | Bank of AmericaAdvantage Savings Feb 6, 2026 | UpgradePremier Savings Feb 6, 2026 |
|---|---|---|
| APY | 0.01% | 3.05% |
Est. Earnings | $5,000+$1 $10,000+$1 $25,000+$3 | $5,000+$153 $10,000+$305 $25,000+$763 |
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 InsuredLow 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. Upgrade
Executive Summary
Upgrade offers a clear advantage with its Premier Savings account, boasting a competitive APY of 3.05%. This online-only product requires a minimum deposit of $0 and a minimum balance of $1,000, with no maintenance fees. In contrast, Bank of America’s Advantage Savings account yields just 0.01% APY, requiring a minimum deposit of $100 and potentially incurring an $8 monthly fee unless certain conditions are met. While Bank of America provides a traditional banking option, Upgrade's higher yield and simplicity make it the preferred choice for savers.
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 Upgrade?
- ✓Higher potential APY (3.05% vs 0.01%) on all balances
- ✓No checking account or direct deposit required
— Key Feature Differences —
Better Returns at $10,000
UpgradeUpgrade's Premier Savings earns more on smaller deposits (approx. $305 vs $1/yr).
Better Returns at $25,000
UpgradeUpgrade's Premier Savings pulls ahead with larger amounts (approx. $763 vs $3/yr).
Best for Simplicity
UpgradeUpgrade's Premier Savings offers 3.05% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, Upgrade's Premier Savings pays $304 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. Upgrade Savings Calculator
You earn $304 more with Upgrade 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
Upgrade
Premier Savings
Savings Breakdown
- Interest Earned+$305.00(3.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,305.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | Bank of America | Upgrade |
|---|---|---|
| APY | 0.01% Verified: 2/6/2026 Stable (90d) | 3.05% Verified: 2/6/2026 Stable (90d) |
| Product Name | Advantage Savings | Premier Savings |
| Minimum Deposit | $100 | $0 |
| Min. Balance for APY | N/A | $1,000 |
| 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+ | A+ |
| 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 Upgrade Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Bank of America | Upgrade |
|---|---|---|
| Advantage Savings | Premier Savings | |
Current APY | 0.01% | 3.05% |
Trend | Stable | Stable |
Velocity (bps/mo) | 0.0 | -11.6 |
Days Since Change | 52 | 97 |
12-Month High | 0.03% | 4.14% |
12-Month Low | 0.01% | 3.05% |
Adjustments / Mo | 0.16 | 0.25 |
Volatility Score | 0.117 | 0.128 |
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 Upgrade's APY of 3.05% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Upgrade vs Ally Bank | 3.30% | $0 |
| Upgrade vs American Express | 3.30% | $0 |
| Upgrade vs Axos Bank | 4.21% | $0 |
| Upgrade vs Barclays | 4.00% | $0 |
| Upgrade vs Capital One | 3.30% | $0 |
| Upgrade vs Chase Bank | 0.01% | $0 |
| Upgrade vs Chime | 3.00% | $0 |
| Upgrade vs CIT Bank | 3.75% | $100 |
| Upgrade vs Citibank | 3.20% | $0 |
| Upgrade vs Discover Bank | 3.30% | $0 |
| Upgrade vs EverBank | 3.90% | $0 |
| Upgrade vs Marcus by Goldman Sachs | 3.65% | $0 |
| Upgrade vs Newtek Bank | 4.20% | $0.01 |
| Upgrade vs Openbank | 4.09% | $500 |
| Upgrade vs Pibank | 4.60% | $0 |
| Upgrade vs SoFi Bank | 4.00% | $0 |
| Upgrade vs Synchrony Bank | 3.50% | $0 |
| Upgrade vs Varo Bank | 5.00% | $0 |
| Upgrade vs Wealthfront | 3.95% | $0 |
| Upgrade vs Wells Fargo | 0.05% | $25 |