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If you're looking for a safe place to build up savings at a well-known national bank, consider Bank of America savings accounts. The banking giants popular option is the Bank of America Advantage Savings. It also offers savings accounts for kids, including the aptly-named Minor Savings Account and a custodial savings accounts.
With low rates, however, Bank of America savings accounts aren’t among the best savings accounts. But the bank does offer automated savings features and an extensive network of branches and fee-free ATMs. Our in-depth Bank of America savings review walks through the good and bad to help you decide if this savings account is right for you.
Rates as
of Oct. 12, 2021
Bank of America's savings accounts
Bank of America offers a lineup of savings accounts for adults and minors. What we appreciate most is the bank keeps its account suite simple. Here's a brief rundown of the accounts offered.
Bank of America Advantage Savings
This savings account is the most popular choice for most Bank of America accountholders. The Bank of America Advantage Savings does charge a $8 monthly maintenance fee that can be avoided when maintaining at least a $500 average monthly balance, when linking qualifying Bank of America checking accounts, or for Preferred Rewards members.
Minor Savings Account
This jointly-owned bank account has a low opening deposit of $25, no minimum daily balance, and no monthly maintenance fee, if the accountholder is under 18. The minor does have access to the funds, as does the parent/guardian, before reaching 18 years old.
Custodial Savings Account
This account is meant for children who won't be accessing the funds before turning 18. As with other custodial accounts, the parent/guardian fully controls the account. A $8 monthly fee is charged if a $500 average monthly balance isn't maintained. There is a $100 opening deposit requirement.
Top perks
Bank of America's savings accounts stand mostly for their budgeting features and relationship benefits. Here's more on some solid perks the bank offers.
Automatic savings option: Bank of America's Keep the Change program lets customers round up debit card purchases and transfer the difference to their savings account.
Cash back deals: Bank of America Advantage Savings customers can earn up to 10% cash back on select purchases through the BankAmeriDeals program.
Fee waivers for college students: Students under 24 years may be eligible for fee waivers on Advantage Savings accounts.
Relationship benefits: A free Bank of America Preferred Rewards membership comes with several relationship bonuses. The perks include discounts on investment fees, interest rate discounts on loans, and bonus rewards on select Bank of America credit cards. You'll need to meet account and balance requirements to be eligible for the program.
What could be improved
Low rates: Bank of America savings accounts offer 0.01% APY. That's lower than the national average for banks. If your goal is to maximize savings, Bank of America savings accounts aren't the best choice. Bank of America Preferred Rewards members can earn higher bonus rates. Unfortunately, the highest bonus tier tops out at just 0.05% APY.
Monthly fees: You can have fees waived by meeting specific criteria. Still, many top savings accounts don't charge any monthly fees.
No debit card: Bank of America has thousands of fee-free ATMs. Unfortunately, savings accounts don't come with a debit card. You'll need a Bank of America checking account to get a debit card.
How to access your money
With roughly 4,300 bank branches and 17,000 fee-free ATMs across the country, Bank of America customers can get to their funds almost anywhere. The national bank also offers several other ways to access money, often without fees.
Deposit options
There are several ways to deposit funds into your Bank of America savings account, including:
- In person at local bank branches
- ATMs
- Mobile check deposit
- Electronic fund transfer from another account
- Check by mail
- Direct deposit
- Wire transfer
Deposited funds are typically available within one business day. Cutoff times and deposit holds could affect how soon your money is available.
Withdrawal options
Bank of America customers can use similar methods to withdraw money from their savings accounts, including:
- In person at local bank branches
- ATMs
- Electronic fund transfer
- Wire transfer
Bank of America savings accounts are limited to six transfers and withdrawals total each statement cycle (because of Regulation D). There's a $10 fee for each withdrawal and transfer over the limit.
If you have an Advantage Savings or Custodial Savings account, remember to keep at least $500 in your account to avoid monthly fees unless you meet other requirements.
Online savings account comparison
Bank of America is a popular banking choice but may not be a fit for everyone, particularly people looking for a high APY. Take time to compare its savings accounts to other top picks.
Rates as of Oct. 12, 2021
This savings account is right for you if:
If you like in-person access to your savings, few banks offer more options than Bank of America. The bank also offers the gold standard for relationship banking under one roof, with its free Preferred Rewards program.
While most Bank of America savings accounts carry monthly fees, it's not an issue if you meet account requirements. Opening a savings account also makes sense if you plan to take advantage of discounts and other perks through Bank of America relationship benefits.
If your goal is to find the best APY, you won't find it at Bank of America. Check out our list of the best online savings accounts to find the highest rates.
About the Author
Kevin Payne is a personal finance writer specializing in credit cards, banking and student loans. He is a regular contributor to Forbes, Student Loan Planner, and FinanceBuzz. Kevin is the budget and family travel expert behind FamilyMoneyAdventure.com. He lives in Cleveland, Ohio with his wife and four kids.
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