checking and savings) and/or a Merrill investment account. To get approved for a higher APY account, you’ll need a Bank of America checking account and a three-month combined daily average in any of your your Bank of America deposit accounts (i.e. If you maintain a higher balance, you may be eligible for Preferred Rewards membership, which can earn a higher APY on the money in your Advantage Savings account. Preferred Rewards Bank of America Advantage Savings You’ll be charged an $8 monthly maintenance fee, unless you meet one of Bank of America’s listed criteria, such as maintaining a minimum balance of $500 or linking to Bank of America Advantage Relationship Banking®.įor any new account opened, though, Bank of America will waive the fee for the first six months. You can open this account with an initial deposit of $100. You earn 0.01% APY (well below the national average APY for savings accounts) and interest compounding monthly. Bank of America Advantage SavingsĪdvantage Savings is Bank of America’s standard savings account. You’ll need to check your ZIP code on Bank of America’s website to see your options. Note: APYs vary by region, and Bank of America’s savings account may not be available everywhere. **Three-month combined average daily balance in Bank of America deposit accounts and/or Merrill investment accounts. Bank of America savings account options, compared Account name The only difference among them is the amount of APY you can earn. The Preferred Rewards tiers are: Advantage Savings Gold Tier, Platinum Tier and Platinum Honors Tier. The base APY is 0.01%, but if you’re eligible and enroll for the Preferred Rewards program, you can earn up to 0.04%. Read on for more information about Bank of America’s savings account, what APY you can earn and how it compares to other banks.īank of America has just one savings account: Advantage Savings. However, if getting a higher interest rate is not as important as having nationwide access to physical branches or bringing all your finances under one roof, Bank of America might make sense for you. But other large banks haven’t moved an inch… yet.īank of America continues to offer relatively low APYs, even if you have tens of thousands of dollars in a savings account. Though APYs have been low for the past few years, many banks are boosting their APYs. (APY is the compounding interest rate you earn on your savings.) The higher the APY, the more you’ll earn in interest over time. Some banks are now offering annual percentage yields just north of 4%, making it a more attractive time to park your money in a savings account. Why are rates rising? The Federal Reserve is hiking interest rates to try to cool runaway inflation, which is indirectly driving up interest rates on financial accounts like credit cards, loans and mortgages, as well as savings accounts. Savings account interest rates continue to rise after years of remaining dormant, making them a solid option for safely growing your money. That noted, its basic bank accounts offer dispiritingly low annual percentage yields compared to many other institutions. Bank of America also features a strong online experience with a robust website and a fully featured mobile app. It offers a wide variety of financial products - including checking and savings accounts, credit cards, loans and investing services - as well as thousands of retail locations and ATMs across the country. See full bioīank of America is one of the largest banks in the US. Mark has two Bachelor's degrees in mathematics and philosophy from the Massachusetts Institute of Technology and a Master's degree in computer science from Carnegie Mellon University. Mark previously served as publisher of the FinAid, Fastweb, Edvisors, Cappex and. His most recent book are "Who Graduates from College? Who Doesn't?" and "How to Appeal for More College FInancial Aid." Mark serves on the editorial board of the Journal of Student Financial Aid, the editorial advisory board of Bottom Line/Personal and is a member of the board of trustees of the Center for Excellence in Education. Mark is the author of five bestselling books about scholarships and financial aid and holds eight patents. News & World Report, MarketWatch, Money Magazine, Forbes, Newsweek and Time. Mark has written for the New York Times, Wall Street Journal, Washington Post, Reuters, U.S. He has been quoted in more than 10,000 newspaper and magazine articles about college admissions and financial aid. His mission is to deliver practical information, advice and tools to students and their families so they can make smarter, more informed decisions about planning and paying for college. Mark Kantrowitz is an expert on student financial aid, the FAFSA, scholarships, 529 plans, education tax benefits and student loans.
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