Banking » Reviews » Bank of America Advantage Savings Review
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Bank of America Advantage Savings Review

Bank of America Advantage Savings does carry a monthly fee and an incredibly low-interest rate, so you may want to check for alternatives
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Bank of America Advantage Savings

APY Savings

0.01% – 0.04%

Minimum Deposit

$100

Our Rating

2.5
2.5/5

Fees

$8 per month Can be waived by maintaining a balance of $500+, becoming a Preferred Rewards member or linking to your B of A Advantage Banking account. Fees are also waived for enrolled students aged under 24

Bank of America Advantage Savings

APY Savings

0.01% – 0.04%

Minimum Deposit

$100

Our Rating

2.5
2.5/5

Fees

$8 per month Can be waived by maintaining a balance of $500+, becoming a Preferred Rewards member or linking to your B of A Advantage Banking account. Fees are also waived for enrolled students aged under 24

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.
  • 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.
BofA Overdraft protection
BofA Overdraft protection (Screenshot from Bank Of America app)
  • 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.
BofA set an appointment with specialist
(Screenshot from Bank Of America app)

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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
BofA see Savings Rates
(Screenshot from Bank Of America app)

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:

  1. Visit the Bank of America website and click the “Open Now” button
  2. Select whether you’re an existing or new customer
  3. Provide your personal information, including name, address, and Social Security number
  4. Provide your employment and income details
  5. Set up your online account and password
  6. Agree to the account disclosures
  7. Transfer funds to your account
Application - Bank of America Advantage Savings
(Screenshot from bankofamerica.com)

FAQs

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.

Yes, Bank of America offers Health Savings Accounts. To be eligible, you must have an eligible High-Deductible Health Plan.

Yes, Bank of America allows direct deposits to your savings account. That can be a great way to automate your savings.

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.

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.

Yes, Bank of America lets you open an Advantage Savings account with a joint account holder.

Compare Bank Of America

Since its inception as a credit card provider, Discover has come a long way.Of course, credit cards are available, but you can also get home loans, personal loans, and a variety of checking and savings products such as retirement accounts, CDs, and money market accounts.

Bank of America offers a far more comprehensive range of banking services. There are numerous credit card options, as well as various savings and checking accounts.

Bank of America also provides mortgages, auto loans, and investments. This makes switching from a traditional bank much easier because you won't have to compromise on your banking products.

Read Full Comparison: Discover vs Bank of America: Compare Bank

Bank of America is a nationwide network that offers deposit, loan, and credit card services. There are also increased daily limits on ATM and debit purchases, which is an excellent incentive to improve your financial situation. Aspiration's company was presented in a very different manner than their bank competitors.

One feature that sets them apart from their competitors is that they let their customers decide how much they want to pay for their services. The fee that the customer believes is fair or appropriate for the level of service they receive is set by the customer.

Read Full Comparison: Aspiration vs Bank of America: Which Bank Account Is Better?

Wells Fargo's product offering is even more extensive. This bank offers checking accounts, a variety of savings accounts, mortgages, loans, and investment options such as IRAs, 401ks, and wealth management services. This makes switching from another bank even easier because you'll have access to all of your favorite banking products.

Bank of America offers a diverse range of banking services. Checking and savings accounts, auto loans, home loans, credit cards, and investment options are all available.

Read Full Comparison: Bank of America vs Wells Fargo: Which Bank Is Better?

Bank of America has an impressive line of banking products, as one would expect from a large banking institution. Aside from various checking and savings accounts, there are auto loans, home loans, a variety of credit cards, and investment options. This makes switching from your current bank easier because you'll find many familiar products.

Chase also has a good selection of banking products. There are checking and savings accounts, auto loans, home loans, and home equity options, as well as a fantastic selection of credit cards.

Read Full Comparison: Bank of America vs Chase: Where to Save Your Money?

US Bank offers an even more impressive range of banking services. Savings and checking account options, investments, personal loans, mortgage products, and wealth management are all available.

Bank of America offers a wide range of banking services. There are numerous credit cards available, as well as various checking and savings accounts, home loans, investments, and auto loans.

Read Full Comparison: Bank of America vs US Bank: Which is Best For You?

Bank of America is a large banking institution, and its impressive banking product line reflects this. Aside from savings and checking accounts, there are home loans, auto loans, investment options, and a variety of credit cards. Citi also has a diverse product offering. Credit cards, CDs, personal loans, mortgages, IRAs, investment options, wealth management plans, and checking and savings accounts are all available.

As a result, if you want to switch from your current bank, either bank is a viable option because you won't have to make any compromises in terms of banking products.

Read Full Comparison: Bank of America vs Citi: Which Bank Suits You Best?

Spend and Save is a SoFi savings and checking account hybrid. For the purposes of this comparison, we'll look at the savings features, of which there are a few. The most visible are the savings vaults. These enable you to set up separate funds to work toward different savings goals without the need for multiple accounts. This helps you organize your money, and you can even designate a vault for your round-up funds.

Bank of America offers a more traditional savings account, but it pays far less interest, ranging from 0.01 percent to 0.04 percent depending on your Preferred Rewards status, compared to SoFi's 0.25 percent. In addition, there is a $8 monthly maintenance fee that can be waived by keeping a balance of $500 or more in the account or linking your checking account. By linking your accounts, you can avoid going overdrawn with Balance Connect.

Read Full Comparison: SoFi Money vs Bank of America: Which Is Better For Your Needs?

How We Rate And Review Savings Account: Methodology

The Smart Investor team has conducted an in-depth analysis of savings accounts offered by banks and credit unions tailored to the needs of savers. Our review focused on four key categories, with specific considerations for savers, and here's how we rated them:

  • Savings Rates and Terms (40%): We thoroughly examined the interest rates provided by financial institutions, along with any unique terms and conditions attached to their savings accounts. Higher scores were awarded to banks and credit unions, offering competitive rates, reasonable minimum deposit requirements, and minimal fees, ensuring savers get the best value for their money.
  • Savings Account Features (30%): This category assessed the array of features designed to cater to savers' needs, including fees, minimum deposit requirements, mobile app functionality, ATM access, and withdrawal options. Financial institutions providing a diverse range of features and convenient banking solutions received higher ratings in this category, reflecting their commitment to meeting the specific needs savers.
  • Customer Experience (20%): The ease of account opening, the responsiveness of customer service, the usability of mobile apps (thoroughly tested by our team), and the bank's policies for assisting customers were evaluated in this category. Banks and credit unions offering seamless account opening processes, efficient customer service, and user-friendly digital platforms were rated higher, ensuring a positive banking experience for  savers.
  • Bank Reputation (10%): We considered the reputation of each financial institution, incorporating ratings from trusted sources such as JD Power, TrustPilot, and local Better Business Bureau reviews. Higher scores were awarded to banks and credit unions with positive reputations and satisfied customers, reflecting their reliability and trustworthiness.

By weighing these categories appropriately and focusing on factors relevant to savers, our review provides valuable insights to help residents of the state make informed decisions when selecting a savings account.

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Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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