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Bank of America (Member FDIC) is the best national bank in the Southwest — but its savings rates aren't its strength. Similar to other national, brick-and-mortar financial institutions, Bank of America pays low savings rates overall.
Bank of America has one primary savings account. Bank of America Advantage Savings Account rates depend on whether you qualify for Preferred Rewards, a rewards program that offers higher interest rates on savings accounts and discounts on bank accounts, auto loans, and mortgages.
Bank of America Savings Rates
Bank of America savings rates are lower than the average savings account. The Bank of America Advantage Savings Account pays 0.01% to 0.04% APY.
Generally, the savings account pays 0.01% APY, but you can earn 0.02% to 0.04% APY by becoming a member of the Preferred Rewards program. To join, you must also have a Bank of America personal checking account and maintain a certain three-month total average balance in all your Bank of America bank accounts or Merrill Lynch investments.
The three-month total average balance requirement is $20,000 for the Gold tier, $50,000 for the Platinum tier, and $100,000 for the Platinum Honors tier.
Here are the rates for the Bank of America Advantage Savings Account:
| Account Tier | Annual Percentage Yield (APY) |
| Advantage Savings (if you don't qualify for Preferred Rewards) | 0.01% |
| Advantage Savings Gold | 0.02% |
| Advantage Savings Platinum | 0.03% |
| Advantage Savings Platinum Honors | 0.04% |
Compare Today's Savings Rates
Bank of America Savings Rates Pros and Cons
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Bank of America Advantage Savings FAQs
The Bank of America Advantage Savings Account pays 0.01% to 0.04% APY. The rate will depend on whether you qualify for a tier in the Preferred Rewards program.
Bank of America Advantage Savings may be a good option if you qualify to waive monthly service fees and are interested in the bank's other services. Bank of America isn't a strong option for earning a competitive savings rate, though.
The biggest disadvantage of the Bank of America Advantage Savings Account is that it pays a low interest rate. The average savings account pays 0.43% APY, and online banks have high-yield savings accounts that pay up to 5.50% APY.
The fee for the Advantage Savings Account is automatically waived for new customers for the first six months. After that, you'll need to maintain at least $500 in your account daily, sign up for the bank's Preferred Rewards program, or link to an Advantage Relationship Checking Account. If you're under the age of 18 or a student under the age of 25, there's no monthly service fee.
How Bank of America Savings Rates Compare
Bank of America Savings Rates vs. Wells Fargo Savings Rates
Your Wells Fargo savings rate will be 0.15% APY if you have the Wells Fargo Way2Save® Savings Account. If you get the Wells Fargo Platinum Savings Account, you may be able to earn a more competitive interest rate depending on your account balance. This account pays 0.25% to 2.51% APY.
Wells Fargo's main advantage over Bank of America is that it compounds interest daily rather than monthly. But because both banks pay low rates compared to the best online banks, you'll likely find other financial institutions that are ultimately much better for earning a competitive savings rate.
When it comes down to it, you may just choose the bank that has a location closest to your home.
Bank of America Savings Rates vs. Chase Savings Rates
Chase and Bank of America's savings accounts are pretty similar.
Overall, Chase savings rates are significantly lower than the national average. The standard rate for Chase Savings℠ is 0.01% (as of 3/24/2023) APY. But if you have the Chase Premier Savings℠ Account you have the potential to earn 0.01% to 0.02% APY depending on whether you qualify for a relationship rate. To earn 0.02% APY, you'll need to have Chase Premier Plus Checking℠ or Chase Sapphire℠ Banking , and make at least five monthly transactions from your checking account.
If you're set on a brick-and-mortar bank, then your choice between Bank of America and Chase could come down to which bank has a location near your home.
Why You Should Trust Us: How We Review Bank of America Advantage Savings
We rate bank accounts on a scale from zero to five stars. For our Bank of America Savings Rates review, we used our savings account methodology which looks at interest rates, minimum opening deposits, monthly service fees, customer support availability, mobile app ratings, and ethics of the company.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
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