Bank of America Savings Account Interest Rates (original) (raw)

Last Updated: Nov 1, 2024

Bank of America offers tiered interest rates, but the highest tops out at 0.04% APY – well under the national average

Jared Macarin Editor Jared Macarin Editor

Jared Macarin is an editorial veteran who joined the MarketWatch Guides team after more than 20 years in the newspaper industry. He has written for, edited for or designed more than 50 newspapers across the country, winning numerous awards.

Editor Adam Frankel Editor Adam Frankel Contributor

Adam B. Frankel is a personal finance writer and financial adviser with over 30 years of experience. When he’s not managing money in the stock market, he teaches financial topics and other core concepts at local schools from elementary through high school.

Brandon Renfro, CFP, Ph.D.

Editor Brandon Renfro, Ph.D. Editor Brandon Renfro, Ph.D. Reviewer

Brandon Renfro, Ph.D., is a certified financial planner and owner at Belonging Wealth Management in Longview, Texas. He has contributed to numerous publications including Fox News, Forbes, The Wall Street Journal and AARP. His certifications as a retirement income certified professional and enrolled agent — the highest credential the Internal Revenue Service (IRS) awards — allow him to offer strong financial advice. Brandon enjoys kayaking, fishing and camping with his family. He also serves as an infantry officer in the Arkansas Army National Guard.

Editor Adam Frankel Editor Adam Frankel Contributor

Brandon Renfro, CFP, Ph.D.

Editor Brandon Renfro, Ph.D. Editor Brandon Renfro, Ph.D. Reviewer

Our Research Process

Here’s a breakdown of how we reviewed and rated top banks and credit unions

Learn more about MarketWatch Guides

154 Institutions Monitored

Our team reviewed 154 of the country’s largest and most prominent financial institutions, from big banks like Chase and Bank of America to credit unions like Navy Federal Credit Union and PenFed Credit Union.

688 Products Studied

Total number of checking, saving, CDs, and money-market accounts that inform our review ratings.

719 Rates Tracked

The accounts with an annual percentage yield (APY) several times the national average rate receive the highest scores. Accounts with the lowest APY offering (under 1%) earn the least points.

10 Professionals Consulted

Before we began our research process, we consulted with financial advisors and industry experts to ensure our evaluations covered the banking product aspects that matter most to potential customers.

Bank of America’s savings account offers rates between 0.01% and 0.04%, far below the national average. Unlike many other savings accounts, which don’t require a minimum deposit and are fee-free, Bank of America requires both. You’ll need at least 100toopenaBankofAmericasavingsaccountandcouldfacean100 to open a Bank of America savings account and could face an 100toopenaBankofAmericasavingsaccountandcouldfacean8 monthly fee if you don’t meet specific requirements.

This isn’t ideal for many consumer’s goals. In our 2024 banking survey, the top three savings account features our 1,000 respondents most valued were no monthly fees (67%), a competitive interest rate (51%) and no minimum balance requirement (33%).

Key Takeaways

Bank of America has an annual percentage yield (APY) ranging from 0.01% to 0.04%, depending on your balance.
To open a Bank of America Advantage Savings account, you’ll need a minimum deposit of $100.
Bank of America offers many other financial products including credit cards, checking accounts, certificates of deposit, investing management, auto loans and home loans.

The listings that appear are from companies from which this website may receive compensation, which may impact how, where and in what order products appear. Not all companies, products or offers were reviewed in connection with this listing.

Featured Savings Accounts

FEATURED

Lending Club

4.3

APY 3.50%

Bonus N/A

Min. Deposit Amount $0

Earn up to 4.75% APY with $250+ deposits per month

SoFi Checking + Savings

4.8

APY 3.80%

Bonus Up to $300

Min. Deposit Amount $0

SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either 50(withatleast50 (with at least 50(withatleast1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR 300(withatleast300 (with at least 300(withatleast5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.

UFB Portfolio Savings

4.6

APY 4.01%

Bonus N/A

Min. Deposit Amount $0

Unlock up to 4.21% APY, Combine Freedom Checking with Portfolio Savings to boost your savings APY by up to 0.20%

Discover

4.6

APY 3.75%

Bonus N/A

Min. Deposit Amount $0

Bank of America Interest Rates

Standard Savings APY 0.01%

Diamond Tier Savings APY 0.04%

Minimum Opening Deposit $100

Bank of America’s annual percentage yield (APY) on its savings account starts at 0.01%. It is a low rate, no matter how you slice it – lower than other major banks and significantly below the best high-yield savings accounts.

Bank of America offers a rewards program that helps raise its APY, but only slightly. To qualify for the Preferred Rewards program, you must have a linked Bank of America personal checking account and a combined balance of at least $20,000 among your BofA banking and investment accounts.

There are four tiers of the program, each with their own corresponding APY:

Gold: This tier is reserved for those with balances of 20,000tolessthan20,000 to less than 20,000tolessthan50,000.
Platinum: BofA’s Platinum tier is for balances of 50,000tolessthan50,000 to less than 50,000tolessthan100,000.
Platinum Honors: This tier begins at a balance of 100,000tolessthan100,000 to less than 100,000tolessthan1 million.
Diamond: For high-earners, BofA’s Diamond tier is for customers with balances of 1millionto1 million to 1millionto10 million.

Here’s a look at the APYs for each of Bank of America’s tiers:

Bank of America Account	Standard APY*	Preferred Rewards APY*
Advantage Savings	0.01%	Gold: 0.02%Platinum: 0.03%Platinum Honors: 0.04%Diamond: 0.04%

*APY accurate as of 11/15/2024. Rates may vary by location.

Bank of America Savings Rates vs. Other Top Banks

Compared to its competitors, Bank of America savings account rates don’t make much of a splash. It’s by no means a high-yield account, offering a small fraction of what banks like American Express and Discover offer. BofA’s minimum deposit requirement, while not high, is still higher than most other banks that have no opening deposit.

Here’s a look at how BofA compares to savings accounts from major banks:

>> Related: Use our savings account calculator

Bank of America vs. Highest APY Rates

Check out how Bank of America compares to the banks with the highest APYs.

Bank	APY*
Bank of America	0.01%
Veritex Community Bank	4.90%
Great Southern Bank	5.00%
Illinois Bank & Trust	4.75%
Quontic Bank	4.75%

*APY accurate as of 11/15/2024. Rates may vary by location.

>> Related: Learn more about the best savings accounts

Bank of America Savings Account Features

Bank of America’s savings account doesn’t shine in terms of its APY, but it does come with features that could make it a worthwhile account for certain borrowers. With a BofA savings account, you get access to:

Personalized planning: With your account, you get access to Life Plan, a financial goal-tracking app that offers personalized advice.
Cashback deals: BankAmeriDeals are cash-back options at various retailers. All you do is activate these deals online and use your BofA debit card when you pay.
Automatic savings: Bank of America offers a “Keep the Change” program where you can round up your debit card purchases and transfer the difference to your BofA savings account.

>> Related: Learn more about the best bank bonuses

Bank of America Savings Account Fees

Bank of America’s Advantage Savings comes with a 100minimumopeningdepositanda100 minimum opening deposit and a 100minimumopeningdepositanda8 monthly maintenance fee. You can have the maintenance fee waived if you meet one of the following qualifications:

Maintain a daily balance of at least $500
Link your savings account to your Bank of America Advantage Relationship Banking® account

You can also have the monthly fee waived if:

You’re a Preferred Rewards member
You’re under age 18
You’re between 18 and 25 and qualify as a student

New account holders also have their fees waived for the first six months.

Who is a Bank of America Savings Account Best For?

Since BofA isn’t the strongest bank in terms of interest, who is it right for? There are certain customers BofA’s Advantage Savings can benefit:

Current customers: The only way to earn a worthwhile interest rate is to participate in BofA’s Preferred Rewards programs. This program is only available to BofA checking account customers.
High-income customers: Not only do you need a linked BofA checking account, but you also need to meet certain balance requirements to earn higher interest rates. The highest APY is reserved for customers with balances of at least $100,000.
Cash-back hungry customers: BofA shines in its cash-back deals, offering significant savings through many retailers, as long as you make sure to activate the offer.
Those looking for a hybrid banking experience: BofA offers both in-person and online banking options, making it a good option for those who want a branch with the convenience of mobile banking.

How To Open a Bank of America Savings Account

Bank of America states that its application should take about 10 minutes, and explains right away what you’ll need to apply:

Name
Date of birth
Social Security number
Phone number and email address
Physical U.S-based address
Driver’s license (if BofA has a hard time verifying your identity)

You can apply online, and BofA prompts you through the process. You’ll see your progress across the top of the page. You’ll give your personal information and answer questions about your income and any co-applicants.

Source: Bank of America

Before you can finally open your account, you’ll need to transfer the $100 minimum required from an external account. After you open your account, you’ll start accruing interest, which BofA compounds and adds to your balance monthly.

>> Related: Learn more about how to open a Bank of America account

The Bottom Line: Is a Bank of America Savings Account Right for You?

Bank of America’s Advantage Saving account isn’t the highest interest-earner, offering an APY far below the national average. To earn its highest rate, you need a total banking account balance of at least $100,000, making it impractical for many customers.

BofA instead focuses on other features many other savings accounts push to the side. It’s built a financial planning tool to help you get the advice you need to meet your savings goals. Plus, you get access to cash-back deals at popular retailers and autosave features.

Our review of Bank of America dives deeper into the financial institution.

FAQ: Bank of America Savings Account Rate

If you’re not a Preferred Rewards member, you earn an APY of just 0.01%. Gold tier Preferred Rewards members earn 0.02%, Platinum tier members earn 0.03% and Platinum Honors tier members earn 0.04%.

There are no U.S.-based banks that offer 7% on savings accounts. Some CDs offer this rate, but even that’s uncommon.

It’s difficult to find a bank that offers 6% on its savings accounts consistently. The highest available rate today is 4.90% APY from Veritex Community Bank.

*Data accurate at time of publication

Editor’s Note: The provided content structure is based on typical article structures found in competitor articles. Adjustments can be made to headings, subheadings, and content based on specific research findings and audience needs.

Editor’s Note: Parts of this story were auto-populated using data from Curinos, a research firm that collects data from more than 3,600 banks and credit unions. For more details on how we compile daily rate data, check out our methodology here.