Bank of America Advantage Savings Review: Secure, Trustworthy Bank Offering Comparatively Low APY

Whether the Bank of America Advantage Savings account is right for you depends on what you're looking for. Unlike other banks, APYs on the Bank of America Advantage Savings account are nothing to write home about. However, there is stability associated with banking at Bank of America, and the ability to automatically transfer money from checking to savings is a time-saver.

In this in-depth expert review, we'll cover the shortcomings and benefits of banking with Bank of America, and help you determine whether a Bank of America Advantage Savings is right for you.

The low APY on Bank of America's savings account isn't so surprising -- after all, brick-and-mortar banks aren't known for their high rates. If access to bank branches is important to you, this may not be enough to disqualify the account -- but if you want a higher APY, opt for an online bank. The opening deposit amount isn't very high, at least.

Despite the multiple benefits of banking with Bank of America, the Advantage Savings account is not for everyone.

Top perks

Automatic transfers: One thing a brick-and-mortar bank like Bank of America offers that some online banks can't is the ability to have all of your bank accounts under one roof and to transfer money between those accounts. At Bank of America, you can arrange for a "set-it-and-forget-it" automatic transfer from checking to savings or from direct deposit to savings. That way, money is tucked away in savings with no effort on your part.

Easy-to-make withdrawals: It is far easier to make quick withdrawals from a brick-and-mortar bank than from an online bank. One option is to keep enough money in a brick-and-mortar savings account to cover emergencies, and transfer other funds to an online savings account offering a higher APY.

Custom alerts: Bank of America allows you to create alerts to stay informed about activity on your account. It's a nice way to stay atop what's happening with your hard-earned money.

FDIC insured: Funds in a Bank of America Advantage Savings account are FDIC insured for up to $250,000 per depositor.

Highly rated mobile apps: With a 4.6/5 star rating for Android devices and a 4.8/5 star rating for iOS devices, the Bank of America banking app appears to be precisely what most customers are looking for.

What could be improved

Low APY: While Bank of America Advantage Savings APYs are in line with what other brick-and-mortar banks currently offer, they are far lower than the rates offered by many online competitors.

Monthly maintenance fee: It's possible to be charged an $8 per month maintenance fee, unless you meet Bank of America criteria, like maintaining a minimum balance of at least $500 or being a Bank of America Preferred Rewards member.

Min. deposit required: Though not a high dollar amount, you'll need at least $100 available to open your Bank of America Advantage Savings account.

One advantage Bank of America has over online banks is how quickly you can access your money. With approximately 3,900 brick-and-mortar locations and 15,000 ATMs, it's easy to get to your money when needed.

Deposit options

There are multiple ways to deposit cash or checks into your Bank of America Advantage Savings account, including:

• Direct deposit
• Mailing a deposit
• Dropping a deposit off at a Bank of America ATM
• Transfer from existing Bank of America accounts
• Via mobile check deposit
• Wire transfer

Withdrawal options

Similarly, there are also a multitude of ways to withdraw cash from your account.

• In-branch withdrawal
• ATM withdrawal
• Electronic bank transfer
• Wire transfer
• Transfer to another Bank of America account

If the convenience of banking with a full-service, brick-and-mortar bank outweighs the desire to earn a high APY, and if you have at least $100 available to open the account, then you might find the Bank of America Advantage Savings account to be a good fit for you.

If it's not the best choice for you, see our full list of best high-yield savings accounts for more ideas.

Keep reading about Bank of America

• Bank of America Review
• Bank of America CD Rates
• Bank of America Business Advantage Fundamentals Review

Our savings account methodology

At The Ascent, a Motley Fool Service, we rate savings accounts on a five-star scale (1 = poor, 5 = best). Our criteria? We dive deep into factors like APY, account minimums and fees, along with features that really make a difference -- think ATM access, linked checking accounts, or even branch access. We blend this with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best. Our aim is to maintain a balanced best-of list featuring top-scoring products from reputable brands offering competitive APYs and standout features.