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Bank of America Savings Accounts Review: In-person Banking and Relationship Perks

Refreshed Review Updated April 26, 2022
Kevin Payne
By: Kevin Payne

Our Banking Expert

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

Bank of America is one of the largest national banks in the U.S. and home to the Advantage Savings account. This basic savings account is a great option for those who want to keep their money at a well-known bank. Unfortunately, the account comes with a low interest rate. Read our in-depth Bank of America savings review to learn more about account offerings to help you decide if a Bank of America account is right for you.

Rates as of Feb. 3, 2023
Member FDIC.
Rating image, 2.50 out of 5 stars.
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
2.50/5
APY
Up to 0.04%
Min. To Earn APY
N/A
  • Excellent relationship benefits
  • Strong online and mobile banking tools
  • Large network of branches
  • Flexible checking account
  • Wide variety of CD terms
  • Quality mobile app
  • Low APYs on savings and CD accounts
  • Only one savings account option
Member FDIC.
Rating image, 3.50 out of 5 stars.
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
3.50/5
APY
0.01%
Min. To Earn APY
N/A
  • Excellent relationship benefits
  • Strong online and mobile banking tools
  • Large network of branches
  • Flexible checking account
  • Wide variety of CD terms
  • Quality mobile app
  • Low APYs on savings and CD accounts
  • Only one savings account option
Member FDIC.
Rating image, 3.50 out of 5 stars.
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
3.50/5
APY
0.01%
Min. To Earn APY
N/A
  • Excellent relationship benefits
  • Strong online and mobile banking tools
  • Large network of branches
  • Flexible checking account
  • Wide variety of CD terms
  • Quality mobile app
  • Low APYs on savings and CD accounts
  • Only one savings account option

Bank of America's savings account

Bank of America used to offer several savings accounts, but currently there is only one account offering available.

Bank of America Advantage Savings

This savings account is the most popular choice for most Bank of America account holders. The Bank of America Advantage Savings account 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.

Bank of America also waives the fee on Advantage Savings accounts for qualified students under 25 years of age.

Top perks

Bank of America's savings account stands out mostly for its 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 25 years old 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 lower interest rates than the national average. 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 0.04% 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 4,200 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. 

Remember to keep at least $500 in your Advantage Savings 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 Feb. 3, 2023
Offer
 
 
 
Account
Rating
Rating image, 4.00 out of 5 stars.
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.00/5
Rating image, 4.25 out of 5 stars.
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.25/5
Rating image, 4.00 out of 5 stars.
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.00/5
APY 3.30% 3.50% 3.30%
Min. to earn APY $1 $100 $1
Next Steps

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. 

Our Banking Expert