Bank of America Savings Account Review
By: Conor Keenan | Last updated: April 14, 2026
Conor Keenan, AWMA®, is the Co-Founder of CompareAccounts. An Accredited Wealth Management Advisor™ professional with over a decade of experience covering consumer banking and investing trends, his work has appeared in The Wall Street Journal, Reuters, and Yahoo Finance.
Editorial Independence: Our opinions, reviews, and recommendations are our own. Partner commissions keep our site free, but our content remains independent.
In This Article:
What is the Bank of America Advantage Savings Account? It is the primary consumer savings account from one of the largest financial institutions in the country. Therefore, it is a highly convenient choice for individuals who want immediate access to thousands of physical branch locations. Bank of America specifically designed this account to work seamlessly alongside its checking products. For example, you can link your accounts to utilize automated saving tools and earn valuable fee waivers.
However, the account pays a notoriously low interest rate. Consequently, it is much better suited for everyday convenience rather than aggressively growing your wealth. If you want to explore high-growth alternatives, check out our full savings account comparison.
Key Takeaways / Pros & Cons
- Pro: Unmatched physical accessibility with thousands of branches and fee-free ATMs nationwide.
- Pro: The Keep the Change® program automatically saves your spare change from daily debit card purchases.
- Pro: The $8 monthly fee is automatically waived if the account holder is under the age of 25.
- Con: The base APY is incredibly low, meaning rate-focused savers must look elsewhere to combat inflation.
- Con: Requires a $100 minimum deposit to open.
- Con: You must maintain a $500 minimum daily balance to avoid the $8 monthly fee (if over age 24).
Main Benefits: Why Choose Bank of America?
Bank of America provides several helpful features that make managing your daily money incredibly efficient. Firstly, the physical accessibility is unmatched. If you prefer depositing cash with a teller, the massive branch network makes in-person banking highly convenient. Furthermore, your money is completely safe, as the account is FDIC-insured up to $250,000 per depositor.
Secondly, the digital experience is excellent. The bank offers a top-rated mobile app featuring mobile check deposit, real-time alerts, and highly useful budgeting tools. One of the best digital features is the Keep the Change® program. This fantastic tool rounds up your debit card purchases to the nearest dollar. After that, it automatically transfers the spare change directly into your savings account, allowing you to build your savings passively without any manual effort.
Finally, Bank of America rewards loyalty. As your combined balance grows across your checking, savings, and investment accounts, you unlock higher tiers in the BofA Rewards program. Consequently, qualifying for these premium tiers can earn you a slight interest rate boost.
The Disadvantages to Consider
This account offers massive physical convenience; however, it also carries significant drawbacks. The most glaring issue is the incredibly low APY. The base interest rate is a tiny fraction of a percent, meaning your money will barely grow. Therefore, anyone who wants to earn serious interest to combat inflation should look for an online bank.
In addition, the account poses a monthly fee risk. While many modern banks have eliminated maintenance charges, Bank of America enforces an $8 monthly fee. If your balance drops below the $500 threshold, this fee will quickly eat away at your savings.
Lastly, while the BofA Rewards program offers an APY boost, the thresholds are exceptionally high. You must hold tens of thousands of dollars in eligible accounts to unlock these boosts. Even at the highest tier, the APY remains extremely low compared to standard high-yield alternatives.
Account Fees & Minimum Requirements
Opening an Advantage Savings account is a very straightforward process that requires a $100 minimum opening deposit. You can easily apply online in 10 to 15 minutes or schedule an appointment at a local branch.
The bank charges an $8 monthly maintenance fee; however, it is fairly easy to avoid. Here is the full breakdown of waiver options:
- Grace Period: The bank waives this fee automatically for the first six months after opening.
- Minimum Balance: You can permanently waive the fee by maintaining a minimum daily balance of $500.
- Age-Based Waiver: The fee is automatically waived if the account owner is under the age of 25, making it an excellent starter account for students.
- Relationship Waiver: Linking an Advantage Relationship Banking account or joining the BofA Rewards program also waives the fee entirely.
Alternatives Comparison
When compared directly to online high-yield savings accounts like Ally, SoFi, or Marcus by Goldman Sachs, Bank of America falls incredibly short on interest rates. Online banks routinely offer APYs that are massively higher. Furthermore, digital banks usually charge zero monthly fees and require zero minimum balances to open an account.
However, Bank of America offers something online banks cannot: immediate physical branch access and integrated tools like Keep the Change®. Therefore, a smart financial strategy is to use Bank of America for your daily checking and baseline emergency fund. Then, you can sweep your larger, long-term savings into an online bank to earn high interest.
The Bottom Line
In conclusion, the Bank of America Advantage Savings account is highly valuable for its convenience, but it is not worth opening solely for the interest rate. If you simply want a safe place to hold a basic emergency fund, it is a remarkably solid choice.
Specifically, if you are an existing checking customer, a student under 25, or someone who struggles to save manually, the integrated tools offer genuine value. The branch access, intuitive mobile app, and automatic saving features make it incredibly reliable for everyday use. Conversely, if your primary goal is to grow your wealth, you should absolutely explore higher-yield alternatives.
Frequently Asked Questions
How much interest does the Bank of America Advantage Savings account earn?
The Advantage Savings account earns a nominal base APY. Because this rate is usually just a tiny fraction of a percent, it sits far below the national average. While you can earn a slight rate boost by joining the BofA Rewards program, the interest remains extremely low compared to online high-yield savings accounts.
How can I waive the $8 monthly fee on the Advantage Savings account?
You can easily waive the $8 monthly maintenance fee through several methods. For example, you simply need to maintain a minimum daily balance of $500. Alternatively, the bank automatically waives the fee if the account owner is under the age of 25. Furthermore, linking an Advantage Relationship Banking account will also waive the charge.
What is the Bank of America Keep the Change program?
Keep the Change® is an automatic savings tool. Whenever you make a purchase with your Bank of America debit card, the bank rounds the transaction up to the nearest dollar. After that, it transfers the spare change directly into your Advantage Savings account. Consequently, it is a fantastic way to passively build your savings without any manual effort.
What is the BofA Rewards program?
BofA Rewards (frequently operating under the Preferred Rewards umbrella) is the bank’s loyalty program. As your combined balance across your checking, savings, and Merrill investment accounts grows, you unlock higher relationship tiers. Consequently, these premium tiers provide valuable perks, such as fee waivers, credit card bonuses, and slight interest rate boosts on your savings account.