Discover the Ultimate In-Store Savings Account for Banking with Bank of America!

Important Note: The APYs that are cited in this piece are current as of the publishing time. It's possible for them to fluctuate (either increase or decrease) as a result of changes to the Fed rate. CNBC intends to update the piece as and when any changes are made public.

Typically, more Americans prefer brick-and-mortar banks as their preferred choice for saving their money, rather than online-only banks. If you require one-on-one attention and personalized banking services, these kinds of banks are perfect for your needs. A lot of brick-and-mortar banks around the country have thousands of physical branches, making them a prime choice for individuals interested in in-person banking. Building a relationship with your bank is also possible, allowing you to secure better loans in the future.

The Bank of America has over 4,000 branches and 16,000-plus ATMs, and it is known for the special rewards programs it offers its customers. The Bank of America Advantage Savings is on CNBC Select's list of top brick-and-mortar savings accounts due to the virtual assistant it provides, its cash-back program, and its tiered membership rewards program. It is an especially good option if you are already using Bank of America credit cards or if you intend to open a Bank of America checking account in conjunction with your savings account.

In the following text, we will do a deep dive into the Bank of America Advantage Savings account, breaking down its APY, fees, perks and access to your cash, so you can decide if this is the brick-and-mortar savings account that fits your specific needs.

The Bank of America Advantage Savings account's APY is currently at 0.01%, which is on par with most brick-and-mortar savings accounts.

If you do become a Preferred Rewards member, your earnings can increase, but the threshold for this kind of membership is pretty steep. The Bank of America’s Preferred Rewards program has three tiers, and the three-month average daily balance across all your Bank of America deposit and Merrill Lynch/Merrill Edge investment accounts is what determines which of the tiers you qualify for. Additionally, eligible Bank of America personal checking accounts are necessary to qualify. The tiers include Gold, Platinum, and Platinum Honors, with a minimum balance of $20,000 to start.

The Bank of America has over 4,000 branches and more than 16,000 ATMs scattered throughout the country. The current temporary lifting of the federal law known as Regulation D, due to the coronavirus pandemic, means a withdrawal limit fee of $10 is applied for every withdrawal made over six per month. There is also the convenience of overdraft protection when you link your savings account to your checking account.

Gain up to 15% cash back on eligible purchases at select stores, restaurants and more by using your Bank of America debit or credit card with BankAmeriDeals®. If you wish to improve your savings habits, Bank of America offers a program called Keep the Change®. Here, account holders can round up their debit card purchases and have the difference deposited into their savings account each day.

Bank of America presents Erica®, a virtual financial assistant, to assist customers with tasks such as tracking their spending, bill payment reminders, scheduling payments, and staying up-to-date on their FICO credit score. The Bank of America Advantage Savings account has a $100 opening deposit requirement which makes it fall on the higher end of brick-and-mortar savings accounts. New account holders to this account type receive the benefit of waived monthly fees for the first six months. This benefit is not offered elsewhere. Monthly fees can vary between $4 to $25, depending on the bank.

To avoid paying the monthly fee after the introductory period, Bank of America customers can keep a minimum daily balance of $500, link their savings account to their Bank of America Advantage Relationship Banking® checking account, or become a Bank of America Preferred Rewards member. Students below the age of 24 attending school may also receive a waiver.

Bank of America Advantage Savings is an excellent choice for those nearby one of the bank's thousands of physical branches. It is also a beneficial option for those who frequently use Bank of America credit cards to earn more cash back on purchases. There is also the benefit of qualifying for the Preferred Rewards program if you make substantial deposits into your account.

If you prefer banking with Wells Fargo or Chase Bank, our favorites in brick-and-mortar savings accounts are Wells Fargo Way2Save® Savings and Chase Premier Savings℠. To rank the most convenient brick-and-mortar savings accounts, CNBC Select analyzed dozens of U.S. savings accounts offered by national banks and credit unions. Only savings accounts from brick-and-mortar banks with broad availability, offering access to at least 2,000 physical branches and over 4,000 non-fee ATMs in the U.S., are taken into account.

In this piece, we have meticulously selected savings accounts offered by the most prominent banks in the market and compared them based on a plethora of features, including fees, interest rates, customer service, and additional special offers or programs. We also took into account variables like insurance policies, deposit options, other savings accounts that the bank provides, and customer feedback where available.

We would like to highlight that all the accounts featured in this article fall under the purview of FDIC insurance up to $250,000. It is pertinent to note that the interest rates and fee structure for traditional savings accounts are liable to change without prior notice. Furthermore, the availability of product features varies across different markets, depending on where you are situated. As such, many brick-and-mortar banks require your zip code to provide you with the correct account options. Your accrued savings interest will depend on factors like associated fees and the balance you maintain in your traditional savings account. To open a savings account, banks and institutions mandate a deposit of new money. Therefore, you cannot transfer money from any existing account with that particular bank.

We would like to reiterate that any opinions, reviews, or recommendations expressed in this article are the independent ideas and views of the Select editorial staff and are not endorsed, approved, or reviewed by any third party.