Does Bank of America Have a High Yield Savings?
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Bank of America offers various banking products and services. But does it have a high-yield savings account? Find out here.
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High-yield savings accounts have become popular for their impressive rates. And, many online banks currently have at least one in their offerings.
But what about a brick-and-mortar institution like Bank of America? Unfortunately, they don't. Read on to learn more and find out what they have available instead.
Does Bank of America Have a High-Yield Savings?
As of now, Bank of America does not have a high-yield savings option. It only offers a basic savings account, called Bank of America Advantage Savings, which has an insignificant 0.01% APY.
Bank of America Advantage Savings - Preferred Rewards
Account Balance | Gold APY | Platinum APY | Platinum Honors APY | Diamond and Diamond Honors APY |
---|---|---|---|---|
Less than $2,500 | 0.02% | 0.03% | 0.04% | 0.04% |
$2,500 and over | 0.02% | 0.03% | 0.04% | 0.04% |
Bank of America Advantage Savings - 0.01% APY
Account Balance | Standard APY |
---|---|
Less than $2,500 | 0.01% |
$2,500 and over | 0.01% |
What Is Bank of America Advantage Savings?
Bank of America Advantage Savings is a standard savings account with a very low 0.01% APY. Low rates on savings accounts are quite common among traditional banks, unfortunately.
However, Bank of America does have a Preferred Rewards program that gives slightly higher rates than their standard offering.
It has four tiers based on a member's 3-month combined average daily balance:[1]
- Gold: $20,000 to $49,999
- Platinum: $50,000 to $99,999
- Platinum Honors: $100,000 to $999,999
- Diamond: $1,000,000 or more
But even with the rewards program, the rates may not be as attractive compared to most online high-yield savings accounts.
Fees to Look Out For
Bank of America's savings account has some fees you need to be aware of. These are:[2]
- $100 minimum opening deposit
- $8 monthly service fee
- $2.50 out-of-network ATM fee within the U.S.
- $30 outgoing domestic wire transfer fee
But you can waive the monthly charge if you are able to meet any of the following criteria:[3]
- Are under 25 years old
- Maintain a daily balance of at least $500
- Have a Bank of America Advantage Savings account linked to a Bank of America Advantage Relationship Banking®, Bank of America Advantage® with Tiered Interest Checking, or Bank of America Advantage® Regular Checking account (first 4 savings accounts)
- Are a Bank of America Preferred Rewards member
Also, if you are new to opening a Bank of America Advantage Savings account, you get to waive the monthly maintenance fee for 6 months.
How Bank of America Savings Compares
CIT Bank Platinum Savings - $300 Bonus
- Transfer a one-time deposit of $50,000+ for a Bonus of $300
- 4.10% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- No monthly maintenance fee
- Member FDIC
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY325 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding, see FAQs on Discover.com/Bank. See advertiser website for full details.
UFB Portfolio Savings - Earn up to 4.01% APY
- Earn up to 4.01% APY.*
- No monthly maintenance fees.
- No minimum deposit required to open an account.
- Access your funds 24/7 with easy-to-use digital banking tools.
- Enjoy peace of mind with FDIC insurance up to the maximum allowance limit – Certificate #35546.
High Yield Savings Account - 4.31% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
Pros and Cons
Pros
- Access to thousands of ATMs and financial centers
- ATM card available
- FDIC-insured
Cons
- Very low rates
- $8 monthly service fee
- $100 opening deposit requirement
Can You Lose Money with Bank of America Advantage Savings?
Generally, you can't lose money with the Bank of America Advantage Savings Account.
Bank of America is an FDIC member (Cert #3510) so your deposits are insured by the FDIC up to $250,000 for individual accounts and $500,000 for joint accounts.
This means you're guaranteed to get your money back should the bank fail. However, the $8 monthly service charge can reduce your balance if you are unable to waive the fees.
Is Bank of America Savings Worth It?
If you're simply looking for a safe place to stow your money away, Bank of America's savings account is a good choice.
It is a trusted bank that allows users easy access to their money through their wide network of finance centers and ATMs and through online banking.
But if your goal is to earn passively through high rates, then this account is not for you. You're better off checking out online banks and credit unions that offer high-yield savings options.
How to Open a Bank of America Savings Account
You can open a Bank of America savings account in person or online. Here's how to do it through their official website:
- Go to Bank of America's Advantage Savings page and select Open Now.
- Fill out the application form with your information.
- Fund your account with at least $100 and you're good to go.
You can fund your new account by transferring funds from another bank account. If you're already a Bank of America client, you can move money from your current account. You can also use a debit card, check, or money order for the initial deposit.[4]
Bottom Line
Even though Bank of America Advantage Savings is reliable and convenient, it is not a high-yield savings account. You can't earn passively or make your money work harder, which makes it unappealing to some.
Regardless, it is a good account to consider — especially if it aligns with your financial goals and preferences!
References
- ^ Bank of America. Preferred Rewards, Retrieved 11/17/2023
- ^ Bank of America. Bank Account Fees, Retrieved 12/06/2023
- ^ Bank of America. Personal Schedule of Fees, Retrieved 11/17/2023
- ^ Bank of America. Applying for Bank Accounts FAQs, Retrieved 11/17/2023
Bank of America Advantage Banking - $300 Bonus Offer
- The $300 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 05/31/2025.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Silver Business Checking account - $500 Bonus
Promo code Q1AFL25 MUST be used when opening a U.S. Bank Silver, Platinum, or Business Essentials Business Checking account. Limit of one bonus per business. A $100 minimum deposit is required to open one of the referenced accounts. Business Essentials is not available in all markets; contact a banker for more details.
Earn your $500 Business Checking bonus by opening a new U.S. Bank Silver Business Checking or Business Essentials account between 1/16/2025 and 3/31/2025. You must make deposit(s) of at least $5,000 in new money within 30 days of account opening and thereafter maintain a daily balance of at least $5,000 until the 60th day after account opening. You must also complete 5 qualifying transactions within 60 days of account opening.
Qualifying transactions include debit card purchases, ACH credits, Wire Transfer credits and debits, Zelle credits and debits, U.S. Bank Mobile Check Deposit or Bill Pay. Other transactions such as (but not limited to) other Person to Person payments, transfers to credit card or transfers between U.S. Bank accounts are not eligible.
New money is considered money that is new to U.S. Bank. Funds must come from outside U.S. Bank and cannot be transferred from another U.S. Bank product or a U.S. Bank Affiliate. For accounts opened on non-business days, weekends or federal holidays, the open date is considered the next business day. Account fees (e.g., monthly maintenance, paper statement fee, etc.) could reduce the qualifying daily balance, therefore you must make deposit(s) to cover the fees to maintain the daily balance during the qualifying period to be awarded the bonus. Refer to the Business Pricing Information or Business Essentials® Pricing Information Document for a list of fees.
Bonus will be deposited into your new eligible U.S. Bank Business Checking account within 30 days following the last calendar day of the month you complete all of the offer requirements, as long as the account is open and has a positive available balance.
Offer may not be combined with any other business checking account bonus offers. Existing customers (businesses) with a business checking account or customers (businesses) who had an account in the last 12 months, do not qualify.
All regular account-opening procedures apply. For a comprehensive list of checking account pricing, terms and policies, reference your Business Pricing Information or Business Essentials® Pricing Information and YDAA disclosure. These documents can be obtained by contacting a U.S. Bank branch or calling 800.872.2657.
Bonus will be reported as interest earned on IRS Form 1099-INT and recipient is responsible for any applicable taxes. Current U.S. Bank employees are not eligible. U.S. Bank reserves the right to withdraw this offer at any time without notice. Member FDIC.
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY325 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding, see FAQs on Discover.com/Bank. See advertiser website for full details.
CIT Bank Platinum Savings - $300 Bonus
- Transfer a one-time deposit of $50,000+ for a Bonus of $300
- 4.10% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- No monthly maintenance fee
- Member FDIC
Write to Darlene Santos at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
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