Bank of America Advantage Savings
APY Savings
Minimum Deposit
Our Rating
Fees
Bank of America Advantage Savings
APY Savings
Minimum Deposit
Our Rating
Fees
Bank of America is the second-largest bank in the United States, falling just behind JPMorgan Chase. It is responsible for more than 10% of all American bank deposits.
In short, Bank of America is ubiquitous across the US. There’s a good chance you’re near a few of its branches and ATMs, which means you might wonder if it’s the right bank to use for a savings account. If you value easy access to branches and ATMs, an Advantage Savings account could be a good choice.
However, the account does carry a monthly fee and an incredibly low-interest rate. A different account may be a better fit if you’re trying to grow your savings.
Pros | Cons |
|---|---|
All-in-one banking | Poor interest rates |
Huge network | Fees |
Cash back deals | |
Automate your savings | |
Overdraft protection |
What Does The Bank of America Advantage Savings Offer?
Bank of America’s Advantage Savings has one big benefit – it comes from one of the largest banks in the world. That means finding a branch or ATM will be easy, even if things like the interest rate won’t turn any heads.
The main benefits of the Bank of America Advantage Savings account are:
- All-in-one banking. Bank of America offers a variety of financial services, including lending and investing. You get benefits for your savings accounts as your relationship with Bank of America grows.
- Huge network. One of the main benefits of Bank of America is the nationwide network of ATMs and branches, making it easy to access your money anywhere.
- Cashback deals. With BankAmeriDeals, you can get rewarded for your regular purchases, earning up to 10% in cash back that you can deposit to savings.
- Automate your savings. Bank of America offers tools to make automatic transfers from your checking to your savings account, making it easy to save automatically.
- Overdraft protection. You can link your Bank of America Savings account to a Bank of America checking account to help avoid BoFa overdraft fees.
Low Interest Rates Is The Main Drawback
The Bank of America Advantage Savings account has a few major drawbacks, primarily related to fees and rates.
- Poor interest rates. The Advantage Savings account offers a 0.01% – 0.04% APY, so low as to be almost equivalent to nothing. Even with the highest loyalty level, you’ll only earn the highest s APY in the range, which is still low. If you want to maximize your savings rates, check our other savings account rates.
- Fees. The account charges an $8 monthly fee, though you can avoid it with a linked Relationship Banking or Preferred Rewards account or by being a minor or student under 25. There’s also a $10 fee for transfers after the sixth in each statement cycle
How to Deposit and Withdraw Money?
Deposit | Withdrawl |
|---|---|
Visit a branch | Visit a branch |
Visit an ATM | Visit an ATM |
Online transfers | Online transfers |
Mobile check deposit | |
Direct deposit | |
Mail-in deposit |
Bank of America has a huge network of branches and ATMs, making it easy to make deposits and withdrawals. Your options include:
- Visit a branch: Drop in at one of the bank’s 3,900 branches and talk to a teller to deposit or withdraw cash
- Visit an ATM: Find one of the bank’s 16,000+ ATMs across the United States. Then, Insert your debit card and follow the prompts to complete your desired deposit or withdrawal.
- Mobile check deposit: Sign in to the Bank of America app, select mobile deposit, take a photo of your signed check
- Direct deposit: Set up a Bank Of America direct deposit of your paycheck to have some of your pay go directly to the account
- Online transfers: Here are the steps:
- Sign in to the Bank of America app
- Select the transfer option
- Select the originating and destination accounts
- Select the amount to transfer
- Wait for the transfer to finish
- Mail-in deposit: Sign a check and add your account number, then mail it to Bank of America
Should I Open a Bank of America Advantage Savings Account?
If you’re considering a Bank of America Advantage Savings Account, you can ask yourself the following questions to make sure it’s a good fit.
- Is the interest rate important? Bank of America offers an incredibly low interest rate. If growing your savings is important to you, look elsewhere.
- Do I want an all-in-one experience? Bank of America offers all sorts of financial services and gives you perks based on your relationship with them. If you want to keep all your money in one place, Bank of America makes it easy to do that.
- Can I avoid fees? Bank of America's monthly fee is quite low and there are plenty of ways to avoid the fee, so make sure you can meet at least one of the fee waiver requirements.
- Do I value having access to a branch? If you’re the type of person who likes being able to visit a bank branch and talk to a human, the Advantage Savings account might be a good fit.
How to Open Bank of America Advantage Savings
You can open a Bank of America Advantage Savings account in-person or online, though online is likely much easier. The process takes just a few minutes.
To open an account:
- Visit the Bank of America website and click the “Open Now” button
- Select whether you’re an existing or new customer
- Provide your personal information, including name, address, and Social Security number
- Provide your employment and income details
- Set up your online account and password
- Agree to the account disclosures
- Transfer funds to your account
FAQs
Does Bank of America offer IRA savings accounts?
Bank of America lets you open an Individual Retirement Account. However, you cannot open a savings account within the IRA. The only savings products available are money market accounts and CDs.
Does Bank of America offer health savings accounts?
Yes, Bank of America offers Health Savings Accounts. To be eligible, you must have an eligible High-Deductible Health Plan.
Can you direct deposit into a Bank of America savings account?
Yes, Bank of America allows direct deposits to your savings account. That can be a great way to automate your savings.
How to close a Bank of America Advantage Savings account?
You can close your Advantage Savings account in person at a branch by making an appointment, over the phone by calling 800-432-1000, or by sending a request in writing.
If your account balance exceeds $25,000, you’ll need a notarized letter to close the account.
How much can I withdraw from Bank of America Advantage Savings?
Bank of America limits each ATM withdrawal to $1,000 or 60 bills. Your daily or single-transaction limit may vary depending on your account type or settings.
Like most savings accounts, there is also a limit of six transfers per statement period, with a fee of $10 for each additional transfer. Some transactions, like ATM or teller withdrawals, don’t count toward this limit.
Can I open a Bank of America Advantage Savings joint account?
Yes, Bank of America lets you open an Advantage Savings account with a joint account holder.
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