American Express vs. Bank of America
American Express's High Yield Savings Account pays 3.00% APY while Bank of America's Advantage Savings pays 0.04% APY.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? American Express pays $296 more than Bank of America annually ($300 vs $4).
Choose American Express if getting the best rate matters most, or choose Bank of America if BBB rating matters to you.
| Metric | American ExpressHigh Yield Savings Account Sep 5, 2026 | Bank of AmericaAdvantage Savings Sep 5, 2026 |
|---|---|---|
| APY | 3.00% | 0.04% |
Earns in a year | $5,000+$150 $10,000+$300 $25,000+$750 | $5,000+$2 $10,000+$4 $25,000+$10 |
Min. Deposit | $0 | $100 |
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 InsuredNo MinimumsGreat iOS AppGreat Android AppZelle® SupportedDaily CompoundingRate Changes Often | FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppIn-Person AccessZelle® SupportedRate Changes Often |
Market Reality Check
Both of these institutions offer rates below the top 10 savings and money market accounts we track. Those institutions all pay at least 4.01% APY.
Comparison Analysis
Comparing American Express vs. Bank of America
Executive Summary
American Express offers a High Yield Savings Account with a competitive APY of 3.00%, making it a strong choice for savers seeking higher returns. This account is online-only, requires no minimum deposit, and has no maintenance fees. In contrast, Bank of America's highest yielding product, the Advantage Savings account, provides a significantly lower APY of 0.04%, with a minimum deposit requirement of $10,000 and a potential monthly fee of $8 unless certain conditions are met. Overall, American Express stands out as the better option for those prioritizing higher interest rates.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why American Express?
- Higher potential APY (3.00% vs 0.01%-0.04%) on all balances
- No checking account or direct deposit required
Why Bank of America?
- Offers 3 different high-yield savings options
Key Feature Differences
Better Returns at $10,000
American ExpressAmerican Express's High Yield Savings Account earns more on smaller deposits (approx. $300 vs $4/yr).
Better Returns at $25,000
American ExpressAmerican Express's High Yield Savings Account pulls ahead with larger amounts (approx. $750 vs $10/yr).
Shared Benefits
Over a 1-year period, American Express's High Yield Savings Account pays $296 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
American Express vs. Bank of America Savings Calculator
You earn $296 more with American Express 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.
American Express
High Yield Savings Account
Savings Breakdown
- Interest Earned+$300.00(2.9%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,300.00
Bank of America
Advantage Savings
Savings Breakdown
- Interest Earned+$4.00(0.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,004.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | American Express | Bank of America |
|---|---|---|
| APY | 3.00% Observed: 9/5/2026 0.10%90-day change | 0.04% Observed: 9/5/2026 Stable over 90 days |
| Product Name | High Yield Savings Account | Advantage Savings |
| Minimum Deposit | $0 | $100 |
| Min. Balance for APY | $0 | $0.01 |
| Monthly Fee | $0 | $8 |
| Compound Frequency | Daily | Monthly |
| In-Branch Access | No | Yes |
| Account Type | Online Only | Online & Branches |
| Physical Branches | 1 (UT) | 3,823 (AR, AZ, CA, CO, CT, DC, DE, FL (+31 more)) |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | ||
| FDIC or NCUA Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Available Requires Amex Rewards Checking; not available for standalone HYSA. | Available Limit: $3,500/dayFounding member; highest limits for established users. |
| BBB Rating | F | 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 American Express Non-sponsored link to official site | Visit SiteVerify at Bank of America Non-sponsored link to official site |
Compare Savings Rates Over Time
Historical Performance
| Metric | American Express | Bank of America | ||
|---|---|---|---|---|
| High Yield Savings Account | Advantage Relationship Banking | Business Advantage Savings | Advantage Savings | |
Current APY | 3.00% | 0.02% | 0.01% | 0.04% |
Trend | Stable | Stable | Stable | Stable |
Speed of change | -0.05 | 0.00 | -0.00 | 0.00 |
Days Since Change | 57 | 99 | 108 | 103 |
12-Month High | 3.50% | 0.11% | 0.02% | 0.04% |
12-Month Low | 3.00% | 0.02% | 0.01% | 0.01% |
Changes per month | 0.41 | 0.33 | 0.33 | 0.25 |
Steadiness | 0.029 | 0.894 | 0.354 | 0.390 |
How to read these metrics(Click to expand)
Trends and speed
- Trend: The general direction of the rate over the analyzed period. Useful for seeing whether a bank is raising its rate or letting it slip.
- Speed of change: How fast the rate moves. A high positive number means they raise rates quickly. A reading of 0.10 is a tenth of a percentage point each month.
- Changes per month: How often the rate moves. A high number means it changes constantly; a low number means it holds.
Risk & Range
- High/Low: The absolute ceiling and floor of the rate during the 362-day window.
- Steadiness: How far the rate swings around its average. A lower score means a steadier, more predictable rate.
- Days Since Change: A high number, for example above 90, means the rate rarely moves. A low number means it changed recently.
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More Comparisons
Compare American Express' APY of 3.00% with other banks
Compare Bank of America's APY of 0.04% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Bank of America vs Ally Bank | 3.00% | $0 |
| Bank of America vs Axos Bank | 4.21% | $0 |
| Bank of America vs Barclays | 3.65% | $0 |
| Bank of America vs Capital One | 3.50% | $0 |
| Bank of America vs Chime | 3.75% | $0 |
| Bank of America vs CIT Bank | 3.75% | $100 |
| Bank of America vs EverBank | 3.90% | $0 |
| Bank of America vs Marcus by Goldman Sachs | 3.40% | $0 |
| Bank of America vs Newtek Bank | 4.20% | $100 |
| Bank of America vs Openbank | 3.80% | $500 |
| Bank of America vs Pibank | 4.10% | $0 |
| Bank of America vs SoFi Bank | 4.00% | $0 |
| Bank of America vs Synchrony Bank | 3.30% | $0 |
| Bank of America vs Varo Bank | 3.75% | $0 |
| Bank of America vs Wealthfront | 3.95% | $0 |