Bank of America Savings Account Review
By: Conor Keenan, AWMA® | Updated: April 14, 2026
CompareAccounts co-founder and Accredited Wealth Management Advisor® designee with 10+ years covering banking and investing. His work has appeared in The Wall Street Journal, Reuters, and Yahoo Finance.
Editorial Independence: Opinions, recommendations, and reviews are our own. Partner commissions help keep our site free. They do not influence our editorial content.
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.
APY
Annual Percentage Yield (APY)
- Min. to Earn APY: $0
- Min. to Open2: $0
- 3.00% APY1
- APY as of August 15, 2026
- Interest Compounded Daily
- $0 Monthly Fees
- 24/7 Customer Service
- FDIC Insured up to $250,000
- Backed by the Award-Winning Service & Reliability of American Express®
- Terms Applyⓘ
- See Site for Details
Terms Disclosure:
1. The Annual Percentage Yield (APY) as advertised is accurate as of August 15, 2026. Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened. Interest Rate and APY of a Certificate of Deposit account is fixed once the account is funded
2. There is no minimum balance required to open your Account, to avoid being charged a fee, or to obtain the Annual Percentage Yield (APY) disclosed to you.
3. iOS and Android only. See app store listings for operating system info.
4. For purposes of transferring funds to or from an external bank, business days are Monday through Friday, excluding federal holidays. Transfers can be initiated 24/7 via the website or phone, but any transfers initiated after 7:00 PM Eastern Time or on non-business days will begin processing on the next business day. Funds deposited into your account may be subject to holds. See the Funds Availability section of your Consumer Deposit Account Agreement and Savings Schedules for more information.
On American Express
National Bank's Secure Site,
Member FDIC
High APY • No Rate Tiers
APY
Annual Percentage Yield (APY)
- #1 Best Bank in Arizona – Forbes 2026
- Earn 3.80% APYⓘ
- FDIC Insured up to $250,000 per depositor
- $0 Account Fees
- No Rate Tiers
- Ranked as a top U.S. bank by American Banker & Bank Director since 2016.
- Open an Individual or Joint Account
- U.S.-Based Customer Service
- $500 Minimum to Open
- See Site for Details
Western Alliance Bank APY Disclosure
ⓘ The annual percentage yield (APY) is accurate as of January 20, 2026 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.On Western Alliance Bank's
Secure Site, Member FDIC
Up to $400 Bonus
up to
3.80%
Annual Percentage Yield (APY)
- Checking & Savings Account
- Min. to Open: $0
- Bonus: up to $400 with Direct Depositⓘ
- Up to 3.80% APY on Savings Balances with Qualifying Activities
- $0 Monthly Fees
- FDIC Insured up to $250,000
- Earn $50 or $400 with direct deposit, terms apply
- Limited Time Offer: +0.70% Boost to 3.80% APY for up to 6 Months on New Accounts with Eligible Direct Deposit.
- Terms Applyⓘ
- See Site for Details
1. Up to $400 Bonus Tiered Disclosure
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct
Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible
Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have
satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct
Deposit Promotion begins on 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking/checking-offer/
2. APY disclosures
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet
3. Fee Policy
We do not charge any account, service, or maintenance fees for SoFi Checking and Savings. We do charge transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
4. Additional FDIC Insurance
SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
5. ATM Access
We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees
may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.
6. Early Access to Direct Deposit Funds
Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
7. Overdraft Coverage
Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.
8. 0.70% Savings APY Boost
Earn up to 3.80% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.10% APY) for up to 6 months. Open a new SoFi Checking & Savings account with
Eligible Direct Deposit by 12/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
On SoFi's Secure Site,
Member FDIC
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.
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as of August 15, 2026
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