Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
Bank of America (Member FDIC) is the best national bank in the Southwest — but its savings rates aren't its strength. Similar to other national, brick-and-mortar financial institutions, Bank of America pays low savings rates overall.
Bank of America has one primary savings account.
Bank of America Savings Rates
Bank of America savings rates are lower than the average savings account. The
Generally, the savings account pays 0.01% APY, but you can earn 0.02% to 0.04% APY by becoming a member of the Preferred Rewards program. To join, you must also have a Bank of America personal checking account and maintain a certain three-month total average balance in all your Bank of America bank accounts or Merrill Lynch investments.
The three-month total average balance requirement is $20,000 for the Gold tier, $50,000 for the Platinum tier, and $100,000 for the Platinum Honors tier.
Here are the rates for the Bank of America Advantage Savings Account:
| Account Tier | Annual Percentage Yield (APY) |
| Advantage Savings (if you don't qualify for Preferred Rewards) | 0.01% |
| Advantage Savings Gold | 0.02% |
| Advantage Savings Platinum | 0.03% |
| Advantage Savings Platinum Honors | 0.04% |
Bank of America Savings Rates Pros and Cons
| Pros | Cons |
|
|
Bank of America Advantage Savings FAQs
What is the current rate for the Bank of America Advantage Savings Account?
The Bank of America Advantage Savings Account pays
Is Bank of America Advantage Savings a good savings account?
Bank of America Advantage Savings may be a good option if you qualify to waive monthly service fees and are interested in the bank's other services. Bank of America isn't a strong option for earning a competitive savings rate, though.
What are the disadvantages of a Bank of America savings account?
The biggest disadvantage of the Bank of America Advantage Savings Account is that it pays a low interest rate. The average savings account pays
How do I avoid monthly service fees on the Bank of American Advantages Savings Account?
The fee for the Advantage Savings Account is automatically waived for new customers for the first six months. After that, you'll need to maintain at least $500 in your account daily, sign up for the bank's Preferred Rewards program, or link to an Advantage Relationship Checking Account. If you're under the age of 18 or a student under the age of 25, there's no monthly service fee.
How Bank of America Savings Rates Compare
Bank of America Savings Rates vs. Wells Fargo Savings Rates
Your Wells Fargo savings rate will be
Wells Fargo's main advantage over Bank of America is that it compounds interest daily rather than monthly. But because both banks pay low rates compared to the best online banks, you'll likely find other financial institutions that are ultimately much better for earning a competitive savings rate.
When it comes down to it, you may just choose the bank that has a location closest to your home.
Bank of America Savings Rates vs. Chase Savings Rates
Chase and Bank of America's savings accounts are pretty similar.
Overall, Chase savings rates are significantly lower than the national average. The standard rate for
If you're set on a brick-and-mortar bank, then your choice between Bank of America and Chase could come down to which bank has a location near your home.
Why You Should Trust Us: How We Review Bank of America Advantage Savings
We rate bank accounts on a scale from zero to five stars. For our Bank of America Savings Rates review, we used our savings account methodology which looks at interest rates, minimum opening deposits, monthly service fees, customer support availability, mobile app ratings, and ethics of the company.