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. Choose Bank of America if BBB rating matters to you, or you're an Android user.
| Metric | American ExpressHigh Yield Savings Account Aug 21, 2026 | Bank of AmericaAdvantage Savings Aug 21, 2026 |
|---|---|---|
| APY | 3.00% | 0.04% |
Est. Earnings | $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 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
A detailed summary for this comparison is being prepared. Check back soon.
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?
- ✓Higher rated Android app (4.6 vs 3.6)
- ✓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% Verified: 8/21/2026 ↘︎ 0.10%90d Change | 0.04% Verified: 8/21/2026 - |
| 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 | None | N/A |
| 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 Savings | Advantage Relationship Banking | Business Advantage Savings | |
Current APY | 3.00% | 0.04% | 0.02% | 0.01% |
Trend | Stable | Stable | Stable | Stable |
Velocity (bps/mo) | -4.9 | 0.1 | 0.1 | -0.0 |
Days Since Change | 42 | 88 | 84 | 93 |
12-Month High | 3.50% | 0.04% | 0.11% | 0.02% |
12-Month Low | 3.00% | 0.01% | 0.02% | 0.01% |
Adjustments / Mo | 0.41 | 0.25 | 0.33 | 0.33 |
Volatility Score | 0.029 | 0.377 | 0.894 | 0.354 |
How to read these metrics(Click to expand)
Compare Similar Savings Accounts
Compare American Express vs...
Comparing against Standard Savings
Compare Bank of America vs...
Comparing against Standard Savings
High Rates (With Checking Bundle)
Looking for something different? Check out these top-rated alternatives.
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 | 3.80% | $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 |