Interest Rates for Savings Accounts at Bank of America.
Bankrate endeavors to assist you in making informed financial choices. While we uphold strict guidelines, it is possible that this post includes references to our partners' products. The following is an explanation of Bank of America's savings accounts.
Bank of America features a variety of savings accounts in which you can store your money, but their very low rates will not significantly improve your savings. They are markedly lower than the national average, and many competing banks provide more lucrative rates for their savings accounts.
Bankrate rated Bank of America's deposit accounts with an overall score of 3.4 out of 5 stars. The bank received a score of 2.9 out of 5 stars for its savings accounts. One of Bank of America's primary advantages for customers is its vast branch network, which includes over 3,900 financial centers and more than 15,000 ATMs.
Here's a closer look at the interest rates offered by Bank of America's savings accounts. The rates specified are for individuals who reside in the New York tri-state area and may differ by state.
Account Name Interest Rate APY Minimum Deposit
Advantage Savings 0.01% 0.01% $100
Advantage Savings, Gold 0.02% 0.02% $100
Advantage Savings, Platinum 0.03% 0.03% $100
Advantage Savings, Platinum Honors 0.04% 0.04% $100
Advantage Savings, Diamond 0.04% 0.04% $100
Advantage Savings, Diamond Honors 0.04% 0.04% $100
Be aware that the annual percentage yields (APYs) shown are as of May 16, 2023, in the New York City region and may differ by state for various products.
The tiered rates on Bank of America's Advantage Savings account are based on the amount of money you deposit in your account. The higher your balance, the greater the interest you can earn. However, even with the highest payout option of 0.04% APY, Bank of America's savings account rates are easily surpassed by many other financial institutions.
Savings accounts offered by Ally Bank, Capital One, and Marcus by Goldman Sachs, among others, all offer considerably higher rates. Bankrate's list of institutions with high yields may assist you in finding the best savings account rates.
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